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☆ Online pet goods retailer Chewy surges on sales forecast lift, Canada foray plans
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Shares of Chewy Inc (CHWY.N) rose nearly 20% in premarket trading on Thursday after the online pet supplies retailer raised its annual revenue forecast and said it would enter the Canadian market. The company posted a surprise profit for the first quarter as its sales benefited from strong customer loyalty, prompting at least two brokerages to raise their price target. "Canadian marketplace represents upwards of $15 billion in annual pet sales and is ~10% points underpenetrated online vs. the U.S.," said Roth MKM in a note. The company now expects its full-year revenue between $11.15 billion and $11.35 billion, compared with its prior forecast range of $11.10 billion to $11.30 billion. Excluding items, the company posted net income per share of $0.20 for the first quarter, compared with analysts' expectations of a loss of $0.04 per share.

Persons: Chewy, Roth, Ryan Cohen, Sumit Singh, Vansh Agarwal, Shweta Agarwal Organizations: Chewy Inc, Thomson Locations: Canada, U.S, Bengaluru

☆ C3.ai shares slide as revenue forecast fails to live up to AI hype
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Shares of C3.ai Inc (AI.N) dropped nearly 20% in premarket trading on Thursday after the AI software maker's quarterly revenue forecast missed estimates, dampening some of Wall Street's recent euphoria around AI-linked stocks. AI analytics firm BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O) and Thailand's security firm Guardforce AI (GFAI.O) were down between 0.5% and 7.5%. The midpoint of C3.ai's full-year revenue forecast was $307.50 million, below Wall Street expectations of $317.1 million, according to Refinitiv data. The company, however, said it had received bookings from diverse industries, benefitting from the strong AI software demand and remained on track to post a profit by the end of April 2024. Average Wall Street rating was "hold".

Persons: We've, we've, Canaccord Genuity, Piper Sandler, Arvind Ramnani, Medha Singh, Vansh Agarwal, Rashmi Organizations: Nvidia, Thomson Locations: Wall, Redwood City , California, Bengaluru

☆ CrowdStrike raises full-year revenue, profit forecasts
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - CrowdStrike Holdings Inc (CRWD.O) raised its annual forecast for revenue and profit on Wednesday, as spending on cybersecurity products stays strong in a turbulent economy. The company expects 2024 revenue in the range of $3 billion and $3.04 billion, compared with its previous forecast of $2.96 billion and $3.01 billion. Excluding items, the company expects 2024 net income per share of $2.32 and $2.43, compared with $2.21 and $2.39 projected earlier. Analysts on average expect 2024 revenue of $3 billion, according to Refinitiv data. Reporting by Vansh Agarwal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Vansh Agarwal, Shilpi Majumdar Organizations: CrowdStrike Holdings, Thomson Locations: Austin , Texas, Bengaluru

☆ Nvidia rally: Retail investors stay out on growing slowdown worries
▼ + stars: | 2023-05-31 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - The rally in the shares of Nvidia Corp (NVDA.O) that briefly propelled its market value to the trillion-dollar club saw little participation by retail traders, data showed, the latest sign they were turning cautious due to growing recession fears. Retail buying in Nvidia shares on an average nearly halved to $27.9 million in May compared to February, Vanda Research data showed, even as it remained the fourth most-traded stock by individual investors. After a record net buying in U.S. stocks the first quarter, retail investors have largely remained on the sidelines amid stresses in the banking sector and signs of an economic slowdown. The total value of the stock traded by retail investors surged to $2.5 billion last Thursday, but still net purchases remained marginal at $43 million, Vanda Research said. J.P.Morgan data showed Nvidia was the third most traded stock by retail investors but the buy and sell orders were nearly even, indicating lower retail interest than in the first quarter.

Persons: Lucas Mantle, Mantle, Tesla, Morgan, Vanda, Medha Singh, Vansh Agarwal, Lance Tupper, Arun Koyyur Organizations: Nvidia Corp, Vanda Research, Retail, Nvidia, U.S, Thomson Locations: Bengaluru

Palo Alto Networks (PANW.O), the largest player in the space by market share and valuation, will kick off sector earnings on Tuesday with what analysts polled by Refinitiv estimate to be a near 24% increase in quarterly revenue. Reuters GraphicsVendors that are a one-stop shop for cybersecurity solutions help their clients analyze security data better as well as integrate a variety of applications, optimize costs and improve risk management. Top cybersecurity providers Palo Alto Networks, CrowdStrike Holdings (CRWD.O) and Fortinet Inc (FTNT.O), which offer a range of services including cloud and identity protection, are set to benefit from the consolidation trend, said D.A. CrowdStrike and ZScaler Inc (ZS.O) are expected to report revenue growth of 39% and 45% when they report earnings on May 31 and June 1, respectively. Palo Alto Networks, Fortinet lead cybersecurity stocks in the past yearReporting by Vansh Agarwal, Samrhitha Arunasalam and Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ TSX tumbles after hotter-than-expected inflation data
▼ + stars: | 2023-05-16 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

A report by Statistics Canada showed that April annual consumer inflation had surprisingly ticked up, fueled by higher rental and mortgage interest costs. "Underlying core inflation is settling in around 4%, which is clearly still too high for the BoC's comfort." ET (14:14 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 235.32 points, or 1.15%, at 20,304.65. The materials sector (.GSPTTMT) tumbled 1.4% and was the biggest drag on the TSX, tracking weak base- and precious-metal prices. Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Bumble posts robust quarterly revenue on sustained user spending
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Bumble Inc (BMBL.O) beat estimates for first-quarter revenue on Thursday as user spending on its dating app remained strong despite a looming recession, sending the company's shares up 4.6% in aftermarket trading. The parent company of the eponymous dating app, Badoo, and Fruitz, benefited from strong user growth during the quarter as more people opted to pay to find love and companionship. The company reported revenue of $242.9 million in the quarter ended March 31, compared with analysts' estimates of $241.0 million, according to Refinitiv data. Bumble, however, reported its slowest revenue growth since going public in February 2021, with first-quarter revenue rising 15.7% year-over-year. Total paying users increased to 3.5 million in the reported quarter, from 3 million a year earlier.

☆ Pinterest's ad woes hurt revenue growth, shares slump
▼ + stars: | 2023-04-27 | by ( Vansh Agarwal | ) www.reuters.com time to read: +2 min

While Pinterest said that the ad market was stabilizing, it warned the market was still uncertain. Shares of peer Snap Inc (SNAP.N) fell about 18% aftermarket on weak first-quarter revenue and the company warned it could miss estimates for the second as well. Analysts on average had expected $592.99 million, according to Refinitiv data. Pinterest said it expected revenue growth in the current quarter to be in line with revenue growth in the first quarter and the fourth quarter of 2022. Fourth quarter revenue grew 4%.

☆ CrowdStrike eyes strong annual revenue as cybersecurity spending holds up
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - CrowdStrike Holdings Inc (CRWD.O) forecast fiscal year 2024 revenue above market estimates on Tuesday, the latest sign that spending on cybersecurity products was holding up in a turbulent economy. Rival Palo Alto Networks Inc (PANW.O) raised its annual profit forecast last month and beat estimates for quarterly earnings, saying it expects cybersecurity demand to be resilient. For the fourth quarter ended Jan. 31, CrowdStrike's revenue rose 48% to $637.4 million compared with a year earlier. CrowdStrike's net loss for the fourth quarter widened to $47.5 million from $42 million a year earlier. The company said it expects fiscal year 2024 revenue between $2.96 billion and $3.02 billion, compared with analysts' estimates of $2.96 billion, according to Refinitiv data.

☆ Bumble positive on 2023 as user growth defies economic gloom
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Bumble forecast 2023 revenue growth between 16% and 19%, the midpoint of which was higher than analysts' estimates of 16.97%, according to Refinitiv data. Revenue at Badoo and its other apps, which accounts for nearly one-fifth of the total, fell 11.9% to $50.8 million. The company also said it expects paying users will continue to drop at Badoo - which has a more economically sensitive user base and has a large presence in Western Europe. In the last three months of 2022, Bumble's total paying users increased to 3.4 million from 3 million a year earlier. Quarterly net loss widened to $159.2 million, or 85 cents per share, from $13.9 million, or 7 cents per share, a year earlier.

☆ Bumble confident on 2023 as user growth defies recession fears
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Bumble Inc (BMBL.O) projected full-year revenue growth for 2023 above market estimates on Wednesday as users continued to sign up to its dating app despite a looming recession, sending the company's shares up 6% in extended trading. For the full year 2023, Bumble forecast revenue growth between 16% and 19%, the midpoint of which is above analysts' estimate of 16.97%, according to Refinitiv data. In the last three months of 2022, Bumble's total paying users increased to 3.4 million, from 3 million a year earlier. The company reported revenue of $241.6 million for the quarter, compared with analysts' estimate of $235.9 million, according to Refinitiv data. Reporting by Samrhitha Arunasalam and Vansh Agarwal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Palo Alto Networks sees strong year on solid demand for cybersecurity
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Palo Alto Networks Inc (PANW.O) raised its full-year profit forecast on Tuesday as spending on cyber-security products stays strong in the face of a turbulent economy, sending the company's shares up about 5.5% in trading after the bell. A rise in cyberattacks and the growing digital presence of businesses and governments have ensured strong demand for software from cybersecurity companies such as Palo Alto Networks, even as rising interest rates and high inflation weigh on technology budgets. "We continue to see our teams execute well in the midst of macroeconomic challenges," said Nikesh Arora, chairman and chief executive officer of Palo Alto Networks. Excluding items, the company expects full-year net income per share in the range of $3.97 and $4.03, compared with its previous forecast of $3.37 and $3.44. The company maintained its earlier full-year revenue forecast of $6.85 billion to $6.91 billion.

☆ Moody's cuts Egypt rating to B3, changes outlook to stable
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - Ratings agency Moody's lowered Egypt's sovereign rating by one notch to B3 from B2 on Tuesday, citing the country's reduced external buffers and shock absorption capacity. The agency changed its outlook for Egypt to stable from negative. "Moody's does not expect Egypt's liquidity and external positions to rebound quickly", the agency said. The agency also lowered Egypt's local-currency ceilings to Ba3 from Ba2. Reporting by Vansh Agarwal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Pinterest misses quarterly revenue estimates on lower ad spends
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Pinterest Inc (PINS.N) shares fell about 10% in aftermarket trade on Monday after the company missed quarterly revenue estimates as user growth slowed on the image-sharing platform and businesses cut advertising spending in a turbulent economy. The company announced chief financial officer and head of business operations Todd Morgenfeld would be leaving Pinterest on July 1, 2023. The image-sharing platform said it expected revenue to grow in low single digits year-over-year in the current quarter, compared with Wall Street estimates of 6.95% growth. The company's global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million. The company's revenue in the fourth quarter ended Dec. 31 grew 4% to $877 million.

The company gave a lackluster quarterly revenue forecast a day earlier that it blamed on a tough economy, a strong dollar and "significant" poor product execution at Tinder. The cuts have already taken place in the United States and are being implemented in other countries. "In addition to the cuts, we expect Match to place greater emphasis on marketing its Tinder and Hinge brands, core areas of growth for 2023," CFRA Research analyst Angelo Zino said. It forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. The company also reported its first-ever quarterly revenue decline.

REUTERS/Dado Ruvic/IllustrationFeb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations. Shares of the Texas-based firm were down 7.8%, having lost 11% after the bell on Tuesday following its downbeat forecast. The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession. The workforce reductions at Match are in-line with staff cuts across the broader tech sector, Zino added. Reuters GraphicsMatch forecast first-quarter revenue between $790 million and $800 million on Tuesday, lower than analysts' estimates of $817.3 million, according to Refinitiv data.

☆ Tinder owner Match to cut staff by about 8%
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, becoming the latest tech company to cut jobs in the face of rising interest rates and lower spending from consumers. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. Revenue fell 2% to $786 million in the fourth quarter ended Dec. 31, also missing expectations of $787.3 million.

☆ Google Cloud's top U.S. sales executive departs
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Alphabet Inc's (GOOGL.O) Google promoted the head of its international cloud businesses, Adaire Fox-Martin, to take on a top sales role as part of an operating model rejig, a spokesperson said on Thursday. The head of Google Cloud unit in the Americas, Kirsten Kliphouse, has left the company, the spokesperson said. Fox-Martin's appointment aims at "unifying global go-to-market organization," the company said and the role will focus on all global sales as well as service and support. The company is also under pressure amid disappointing ad sales, with advertisers cutting back on their spending in the face of an economic slowdown. Reporting by Tiyashi Datta and Vansh Agarwal in Bengaluru; Editing by Shailesh Kuber and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Faraday Future targets April for EV deliveries, sees fresh funding
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

[1/4] Faraday Future's luxury electric car FF91 is seen at the company's headquarters in Gardena, California, U.S. November 21, 2019. The Los Angeles-based company said it expects to start production of its FF 91 Futurist electric car at its manufacturing facility at the end of March 2023. Faraday Future, which has been struggling to raise capital to start production, said on Thursday it had received a $30 million binding letter of intent from an existing investor. Existing investors are also expected to provide capital to support production of its debut model, according to the company. In November, the company said it had "substantial doubt" about its ability to continue as a going concern and postponed deliveries of its FF 91 electric car.

☆ Disney's Bob Iger returns to lead post-pandemic revamp
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Bob Iger is returning as Walt Disney Co's (DIS.N) chief executive officer in a bid to restore confidence in the entertainment giant and chart a faster path to profitability for its streaming business. He replaces Bob Chapek, who took charge in February 2020 just before the COVID-19 crisis hit and under whose reign the company's stock has lost about a third of its value. In 2021, he was involved in a tussle with Scarlett Johansson, star of Marvel's "Black Widow" film, over Disney's move to simultaneously release the movie in theaters and online. Disney said on Monday that Iger is "uniquely situated to lead the company through this pivotal period." Here is a timeline on his career at the company:Reporting by Akash Sriram, Chavi Mehta and Vansh Agarwal in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Grab lifts revenue outlook on rideshare, food delivery strength
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Grab Holdings Ltd (GRAB.O) on Wednesday raised its forecast for annual revenue as demand for its ride-hailing service and food deliveries remains strong across Southeast Asia. U.S.-listed shares of Southeast Asia's biggest ride-hailing and food delivery firm rose 8% in trading before the bell. It had previously forecast revenue between $1.25 billion and $1.30 billion for the year. Grab also raised its forecast for annual gross merchandise volume growth (GMV) to between 22% and 25%. It had previously forecast GMV growth of 21% to 25% for the year.

☆ Bumble shares tumble after weak fourth-quarter revenue forecast on forex hit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Bumble also faces competition from larger rival Match Group Inc (MTCH.O), which topped revenue estimates last week on the back of a jump in paying users for its flagship app Tinder. Bumble now expects current-quarter revenue between $232 million and $237 million, compared to Wall Street's estimates of $254.5 million, according to Refinitiv data. Earlier in March, Bumble said it is discontinuing operations in Russia, including the removal of all of its apps from Apple App Store and Google Play Store in Russia and Belarus. Bumble, which made its market debut in February 2021, said its total paying users increased to 3.3 million during the quarter. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix explores investing in live sports, bids for streaming rights- WSJ
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Netflix Inc (NFLX.O) is exploring investments in live sports broadcasting and has recently bid for the streaming rights for sports leagues, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company recently bid for the streaming rights for the ATP tennis tour for some European countries, including France and the U.K., but dropped out, the report said. The company also discussed bidding for other events, including U.K. rights to the Women's Tennis Association and cycling competitions, and was in talks late last year to acquire the World Surf League, the WSJ said. Streaming platforms are also looking at live sports to gain market share in an already saturated market. read moreReporting by Shreyaa Narayanan and Vansh Agarwal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ S&P upgrades Qatar's credit rating on shrinking debt burden
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - Ratings agency S&P on Friday raised Qatar's long-term sovereign credit rating to "AA" from "AA-", citing improvements in the government's fiscal position. "Qatar's debt interest costs as a share of government revenue have fallen, and we expect them to remain low because the government is repaying maturing debt," the agency said in a statement. read moreS&P believes that higher oil prices should result in strong government surpluses in 2022-2023. read moreS&P said Qatar government's revenue stream will substantially increase by the North Field Expansion, which is part of the world's biggest gas field that Qatar shares with Iran. Reporting by Vansh Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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