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☆ Orange Steam Funnels Are a New York Symbol. What Are They For?
▼ + stars: | 2024-04-02 | by ( Patrick Mcgeehan | Yuvraj Khanna | ) www.nytimes.com time to read: 1 min

Woody Allen included one that rose from Fifth Avenue in the opening montage of “Manhattan.” In one of the final episodes of HBO’s “Succession,” Kieran Culkin’s character leaves his father’s funeral and walks past one in the middle of East 55th Street. “Movie producers ask if they can rent them or buy them from us,” said Frank Cuomo, Con Edison’s general manager of steam services. He said one producer had contemplated using dry ice to simulate steam for a shot. But, he cautioned, if you ever see one onscreen in a scene set in Brooklyn or the Bronx, it has to be a fake.

Persons: Woody Allen, HBO’s, ” Kieran Culkin’s, ”, Frank Cuomo, Con Edison’s Organizations: ”, “ Locations: Manhattan, Brooklyn

☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ Verizon announces Netflix, Max streaming bundle for customers
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsDec 4 (Reuters) - Verizon Communications (VZ.N) said on Monday it would offer streaming subscriptions to Netflix (NFLX.O) and Warner Bros Discovery-owned (WBD.O) Max platforms as a bundle to its customers. Verizon "myPlan" subscribers can opt for the ad-supported plans for Netflix and Max for a combined $10 a month starting Thursday. It is the latest bundle Verizon has added to its "myPlan" package, which allows users to subscribe to services such as Apple Music, Walmart+, Walt Disney's streaming services, among others, each for $10 a month. Telecom providers are increasingly tying up with streaming platforms to make their plans more attractive for consumers, while streamers are looking at these partnerships as ways to attract viewers.

Persons: Mike Blake, Max, Yuvraj Malik, Shilpi Majumdar Organizations: Netflix, REUTERS, Verizon Communications, Warner Bros Discovery, Verizon, Apple Music, Walmart, Telecom, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ EV maker Fisker slashes 2023 production target
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsDec 1 (Reuters) - Electric-vehicle maker Fisker (FSR.N) said on Friday it will scale down production this month, and produce lesser cars this year than its previous guidance, to prioritize cash for working capital needs. Shares of the EV maker, which has been struggling with a cash crunch, rose 7% in premarket. "Fisker has made a strategic decision to reduce December production to prioritize liquidity to unlock over $300 million of working capital," the company said. Fisker cut its production target for the year to just over 10,000 units, compared with its earlier forecast of 13,000 to 17,000.

Persons: Stephane Mahe, Fisker, Yuvraj Malik, Sriraj Kalluvila, Krishna Chandra Organizations: Fisker, REUTERS, Thomson Locations: Paris, France, premarket, Bengaluru

☆ Amazon announces new data center chip as Microsoft rivalry intensifies
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

The logo of Amazon is seen at the company's logistics centre in Boves, France, October 6, 2021 REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsNov 28 (Reuters) - Amazon.com (AMZN.O) on Tuesday introduced its newest data center chip for its cloud computing service as competition with Microsoft (MSFT.O) to dominate the market for artificial intelligence heats up. At a conference in Las Vegas, Amazon Web Services Chief Executive Adam Selipsky announced Graviton4, the cloud firm's fourth custom central processor chip, which it said is 30% faster than its predecessor. The news comes weeks after Microsoft announced its own custom chip called Cobalt designed to compete with Amazon's Graviton series. Reporting by Yuvraj Malik in Bangalore and Stephen Nellis in San FranciscoOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Adam Selipsky, Graviton4, Amazon's, Yuvraj Malik, Stephen Nellis Organizations: Microsoft, Web Services, Thomson Locations: Boves, France, Las Vegas, Bangalore, San Francisco

Revenue for the quarter ended Sept. 30 was 34.45 billion yuan ($4.72 billion), compared with analysts' estimates of 34.33 billion yuan, according to LSEG data. Baidu has in recent years focused increasingly on AI, creating a self-driving vehicle and investing heavily in generative AI, which is capable of creating text, images and other media. Baidu's Chief Financial Officer Rong Luo said the firm will continue to prioritise AI investments, especially in generative AI and foundation models, to power its growth. Baidu's online marketing revenue rose 5% in the third quarter to 19.7 billion yuan. During the quarter, Baidu reported adjusted net income of 7.27 billion yuan, up 23% from 5.89 billion yuan for the same period last year.

Persons: Tingshu Wang, Ernie, Rong Luo, Luo, Alibaba, Yuvraj Malik, Varun H, Miral Fahmy, Sharon Singleton Organizations: Baidu, REUTERS, HK, Tuesday, International Monetary Fund, Nvidia, Reuters, Huawei, Thomson Locations: Beijing, China, Washington, Bengaluru, Yelin Mo

☆ Jack Ma positive on Alibaba, will continue to hold shares - South China Morning Post
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Founder and Chairman of Chinese internet giant Alibaba Jack Ma gives a speech at Paris' high profile startups and high tech leaders gathering, Viva Tech, in Paris, France May 16, 2019. REUTERS/Charles Platiau Acquire Licensing RightsNov 17 (Reuters) - Alibaba co-founder Jack Ma is "very positive" about the company and will continue to hold its shares, the South China Morning Post reported on Friday, citing a communiqué from his office. The comments from Ma's office come a day after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million. The sale will be on Nov. 21 by JSP Investment and JC Properties, funds that are part of Ma's family trust. Ma stepped down as Alibaba chairman in 2019 but remains a major shareholder through his family trust.

Persons: Jack Ma, Charles Platiau, Alibaba, Ma, Yuvraj Malik, Saumyadeb Organizations: Viva Tech, REUTERS, China Morning Post, Alibaba Group Holdings, HK, JSP Investment, JC, Hong, Alibaba, Thomson Locations: Paris, France, U.S, Hong Kong, Bengaluru

☆ IBM suspends ads on X after corporate ads appeared next to pro-Nazi content
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. Media watchdog Media Matters said it found that corporate advertisements by IBM, Apple (AAPL.O), Oracle (ORCL.N) and Comcast's (CMCSA.O) Xfinity were being placed alongside antisemitic content. "IBM has zero tolerance for hate speech and discrimination and we have immediately suspended all advertising on X while we investigate this entirely unacceptable situation," IBM said in a statement. Musk's Wednesday comments on the social media platform are not the first time he has engaged in discussions that reference antisemitic tropes or conspiracy theories. "When it comes to this platform - X has also been extremely clear about our efforts to combat antisemitism and discrimination.

Persons: Dado Ruvic, Adolf Hitler, Musk, Xfinity, X, Linda Yaccarino, Jonathan Greenblatt, Yuvraj Malik, David Gaffen, Lisa Shumaker Organizations: Twitter, REUTERS, IBM, Elon, Nazi Party, Media, Apple, Oracle, Defamation League, ADL, Reuters, U.S, X, Hamas, Thomson Locations: America, United States, Israel, Palestinian, Bengaluru, New York

☆ Meta strikes deal with Tencent to sell VR headset in China - WSJ
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

The preliminary deal will make Tencent the exclusive seller of the headset in China and the videogame maker will start its sale in late 2024, the Journal said, citing soucres. It also gives Meta a chance to return to China after 14 years and compete with TikTok-owner Bytedance, which makes the VR headset Pico. Meta sells Quest 2 headset in the United States at a starting price of $300 and Quest Pro headsets at $1,000. For China, Meta is planning to use lenses in the headset that are cheaper than those in the Quest 3, according to Journal report. The headset is priced more than three times Meta's most expensive Quest headset and is aimed at enthusiasts.

Persons: Yves Herman, Bytedance, Tencent, Biden, Shubham Kalia, Yuvraj Malik, Sonia Cheema, Arun Koyyur Organizations: REUTERS, Tencent Holdings, HK, Facebook, Wall Street, TikTok, Pico, Meta, Quest, Twitter, IDC, Thomson Locations: Brussels, Belgium, China, United States, Beijing, Xinjiang, Bengaluru

☆ Apple to file challenge over Digital Markets Act in EU court - Bloomberg News
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. Apple did not immediately respond to Reuters request for comment, while the EU declined to comment. Even with the potential appeal, Apple will still be required to comply with the rules from March. Apple said in a filing this month it expects to make changes to the App Store as a result of the bloc's new rules. Reporting by Chandni Shah and Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Apple, Chandni Shah, Yuvraj Malik, Anil D'Silva, Arun Koyyur Organizations: Apple Inc, Apple, REUTERS, Bloomberg, Markets, EU Commission, Google, Digital Services, Thomson Locations: Manhattan , New York, U.S, EU's, Bengaluru

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 8 (Reuters) - Semiconductor company Arm Holdings (O9Ty.F), on Wednesday gave a fiscal third-quarter sales outlook below Wall Street estimates, with the company attributing the forecast to a large deal that will likely land later than expected. Arm became publicly listed again in September after Japan's SoftBank Group (9984.T), which still owns more than 90% of Arm, sold off some of its shares. For the current fiscal third quarter, Arm expects a revenue range with a midpoint of $760 million, below analyst estimates of $767.84 million, according to LSEG data. Arm said that royalty revenue for the fiscal second quarter declined to $418 million, below analyst expectations of $420.3 million, according to data from Visible Alpha. Child told Reuters that Arm's second quarter royalty revenues still reflected a chip glut that affected the chip industry broadly.

Persons: Dado Ruvic, Japan's, Ben Bajarin, Jason Child, Child, Stephen Nellis, Max A, Yuvraj Malik, Aurora Ellis, Lisa Shumaker Organizations: REUTERS, - Semiconductor, Arm Holdings, Wednesday, Analysts, Creative, Reuters, Nvidia, Intel, Alpha, Thomson Locations: San Francisco, Bengaluru

☆ Uber bets on holiday demand after dull third quarter
▼ + stars: | 2023-11-07 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

An Uber sign is seen at a shopping mall in San Diego, California, U.S., November 23, 2022. Uber is grappling with tough competition from Lyft, which has cut fares to gain customers as sticky inflation sparks worries about ride-share demand. "Consumer demand on our platform remains healthy as we enter the busiest period of the year," he said. Uber expects fourth-quarter adjusted core profit, a key profitability measure, between $1.18 billion and $1.24 billion, above estimates of $1.15 billion, LSEG data showed. In the third quarter, Uber's revenue grew at the slowest pace since 2021 to $9.29 billion, missing estimates of $9.52 billion.

Persons: Mike Blake, Dara Khosrowshahi, Uber, Gross, William Blair, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Thomson Locations: San Diego , California, U.S, Lyft, Bengaluru

☆ Uber bets on holiday travel demand to forecast strong fourth quarter
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

After a bruising 2022, the dominant U.S. ride-hailing company has benefited from the return-to-office push by companies and resilient travel demand despite inflation. Uber expects adjusted core profit, a profitability measure watched by investors, between $1.18 billion and $1.24 billion. The company's core profit topped expectations for the third quarter, but its revenue growth missed estimates. Revenue rose 11%, its slowest since the March 2021 quarter, to $9.29 billion, missing analysts' average estimate of $9.52 billion. Adjusted core profit was $1.09 billion compared to expectations of $1.02 billion.

Persons: Mike Blake, Dara Khosrowshahi, Gross, Uber, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Technologies, Revenue, Thomson Locations: San Diego , California, U.S, Bengaluru

☆ Bumble shares drop as founder Wolfe Herd to relinquish CEO role
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Bumble CEO Whitney Wolfe Herd has her photo taken on the red carpet after arriving for the TIME 100 Gala in Manhattan, New York, U.S., April 24, 2018. She will take over on Jan. 2, while Wolfe Herd will remain executive chair. "Lidiane's expertise and track record in product and technology is exceptional," said Wolfe Herd as the company looks to adopt artificial intelligence across its products. Wolfe Herd, 33, launched the company in 2014 after an acrimonious departure from Match Group-owned rival app Tinder, which she had co-founded. This is the second big executive departure this year at Bumble following the exit of President Tariq Shaukat, who stepped down after three years in the role.

Persons: Bumble, Whitney Wolfe Herd, Shannon Stapleton, Whitney Wolfe, Lidiane Jones, Jones, Slack, Wolfe, Wolfe Herd, Gen, Tariq Shaukat, Yuvraj Malik, Maju Samuel, Arun Koyyur Organizations: REUTERS, Microsoft, Match Group, Bumble, Thomson Locations: Manhattan , New York, U.S, Eastern Europe, Bengaluru

A woman looks at a new iPhone 15 Pro and a Huawei Mate 60 Pro as Apple's new iPhone 15 officially goes on sale across China, at an Apple store in Shanghai, China September 22, 2023. Research firm Canalys estimated that overall smartphone sales in China fell 3% in July-September from a year earlier as consumers bought fewer smartphones as an economic recovery was choppy. On the other hand, analysts estimate that Huawei's China smartphone sales grew strongly in the quarter. Apple said on Thursday that its overall sales in China dipped 2.5% but it blamed tough Mac computer and iPad sales for that. Aggressive discounting on the iPhone 15 series in the run up to the annual Singles Day shopping festival by major Chinese online retailers is also encouraging demand.

Persons: Aly, Tim Cook, Apple, Cook, Canalys, Apple's, Huawei's, Yuvraj Malik, Bengaluru ， Stephen Nellis, Yelin, Arsheeya Bajwa, Harshita Varghese, Sayantani Ghosh, Gerry Doyle Organizations: Huawei, Apple, REUTERS, Huawei Technologies, Reuters, Research, HK, Taobao, Pro Max, Qualcomm, Thomson Locations: China, Shanghai, Bengaluru ，, San Francisco, Yelin Mo, Beijing, Bengaluru

Apple shares, which have risen 37% so far this year, dropped 3.4% after-hours, following the forecast. Maestri said Apple expects to have higher iPhone sales for the fiscal first quarter, even though this year's holiday quarter has one fewer week of sales than the year-ago. Cook said the company's new high-end handset models - the iPhone 15 Pro and Pro Max devices - are facing supply constraints. Apple's sales in China fell to $15.08 billion from $15.47 billion in the fourth quarter a year ago. Cook said that after accounting for foreign-exchange rates, Apple's business in China grew year-over-year, driven by iPhone sales and services revenue.

Persons: Tim Cook, Apple, Cook, Luca Maestri, Bob O'Donnell, Davidson, Tom Forte, Aly, Max, Nabila Popal, Lionel Messi, Stephen Nellis, Yuvraj Malik, Sayantani Ghosh, Peter Henderson, Matthew Lewis, Leslie Adler Organizations: Huawei, Apple, TECHnalysis Research, Mac, REUTERS, Huawei Technologies, U.S, Reuters, Pro, Apple Watch, Thomson Locations: China, Cupertino , California, Shanghai, San Francisco, Bengaluru

☆ Apple's holiday-quarter forecast faces threat from Huawei, weak China market
▼ + stars: | 2023-11-01 | by ( Yuvraj Malik | ) www.reuters.com time to read: +4 min

People stand outside an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. Apple's (AAPL.O) own iPhone 15 line-up has gotten off to a slow start in the crucial international market. Counterpoint estimates China sales of the latest series were nearly 5% lower compared with the iPhone 14 in the first 17 days after launch. Reuters GraphicsWall Street analysts expect iPhone sales to rise about 6% in the October-December period, according to LSEG data. The segment has often outpaced growth in Apple's hardware business in recent years and now accounts for nearly a quarter of its total revenue.

Persons: Aly, Bernstein, Jefferies, Yuvraj Malik, Aditya Soni, Saumyadeb Organizations: Apple, REUTERS, Huawei, Data, Wall, IDC, Thomson Locations: China, Shanghai, Bengaluru

☆ Roku forecasts quarterly revenue above estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: 1 min

The Roku company logo is displayed on a building in Austin, Texas, U.S., October 25, 2021. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 1 (Reuters) - Roku (ROKU.O) forecast fourth-quarter revenue above Wall Street estimates on Wednesday, anticipating higher sales of its streaming devices and ad collections on signs of stability in the global economy. The streaming platform said it expected net revenue of $955 million. Analysts were expecting $952 million, according to LSEG data. Total net revenue grew 20% to $912 million in the quarter ended September 30, comfortably beating analysts' consensus estimate of $855.2 million, according to LSEG.

Persons: Mike Blake, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Thomson Locations: Austin , Texas, U.S, Bengaluru

☆ Tinder-owner Match issues dour forecast; shares tumble
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

That has, in turn, impacted its dating platforms, which include Hinge, OKCupid, and Plenty of Fish. Tinder, its largest brand, grew revenue by 7% last year compared to its chief rival Bumble (BMBL.O), which expanded its top line at twice that rate. In the third quarter ended Sept. 30, revenue grew 9% to $882 million, beating analysts' estimate of $880.6 million, according to LSEG. Sales in the Americas, which accounts for over half of its revenue, rose 10%, while those in Europe were up 17%. Direct revenue at Tinder and Hinge, its top two dating platforms, grew 11% and 44% respectively.

Persons: Akhtar Soomro, Bumble, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Google, Thomson Locations: Israel, Plenty, Americas, Europe, Bengaluru

☆ BlackBerry CEO John Chen to depart - The Globe and Mail
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Blackberry CEO John Chen takes part in an event at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies BlackBerry Ltd FollowOct 30 (Reuters) - BlackBerry's (BB.TO) CEO John Chen has resigned and will exit the company on Friday, the Globe and Mail reported on Monday citing a source familiar with the matter. Chen joined BlackBerry in November 2013 and led the company's turnaround efforts in pivoting it from consumer hardware business to one that focused on enterprise software. Earlier this month, the company said it would separate the IoT and cybersecurity units and target a subsidiary initial public offering for the IoT business next fiscal year. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.

Persons: John Chen, Chris Wattie, Chen, Yuvraj Malik, Chavi Mehta, Shailesh Kuber, Krishna Chandra Organizations: BlackBerry, REUTERS, Globe and Mail, U.S, Thomson Locations: Ottawa , Ontario, Canada, Canadian, Bengaluru

☆ Canada bans WeChat, Kaspersky applications on government devices
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOTTAWA, Oct 30 (Reuters) - Canada on Monday banned Chinese messaging application WeChat and Russian antivirus program Kaspersky on government-issued mobile devices due to privacy and security risks, but said government information had not been compromised. WeChat and Kaspersky did not immediately respond to requests for comment. "The decision to remove and block the WeChat and the Kaspersky applications was made to ensure that government of Canada networks and data remain secure and protected and are in line with the approach of our international partners," the statement said. The applications will be removed from government-issued mobile devices on Monday, and users will be blocked from downloading them in the future. Canada in February banned TikTok, the short-video app owned by Chinese company Bytedance, from government-issued devices due to similar privacy and security concerns.

Persons: Dado Ruvic, Kaspersky, TikTok, Ismail Shakil, Yuvraj Malik, Grant McCool Organizations: REUTERS, Rights OTTAWA, HK, Treasury Board of Canada, Treasury, Thomson Locations: Canada, Moscow, Ottawa, Bengaluru

☆ Social media platform X rolls out audio, video calling
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File photo Acquire Licensing RightsOct 25 (Reuters) - Social media platform X, formerly known as Twitter, is launching an early version of video and audio calling for some users, according to chief technology officer and owner Elon Musk, as the billionaire pushes for X to become an "everything app". Musk described a post on the platform instructing users on enabling the feature as an "Early version of video & audio calling on X". The latest functionality comes amid a series of new features and changes to the platform's core experience under Musk, who acquired the social media company nearly a year ago. After rebranding Twitter as X, Musk signaled he would turn the platform into a super-app, offering a range of services from messaging and social networking to peer-to-peer payments.

Persons: Carlos Barria, Elon Musk, Musk, Yuvraj Malik, Akash Sriram, Pooja Desai Organizations: REUTERS, Twitter, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ Facebook-parent Meta beats revenue estimates, forecasts additional spending
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsOct 25 (Reuters) - Meta Platforms (META.O) beat expectations for third-quarter revenue on Wednesday, while warning of additional spending and regulatory pressures ahead for 2024. Shares of Meta rose 4% in extended trading. Revenue rose 23% to $34.15 billion for the quarter ended September. Facebook's daily active users grew 5%, while ad impressions across Meta's apps grew 31%.

Persons: Yves Herman, Meta, Yuvraj Malik, Katie Paul, Anil D'Silva, Matthew Lewis Organizations: REUTERS, Meta, Revenue, Facebook, Thomson Locations: Brussels, Belgium, Bengaluru, New York

The company's revenue rose 13% to $56.5 billion in the quarter ended Sept. 30, compared with analysts' consensus estimate of $54.52 billion, according to LSEG data. Revenue from Microsoft's Intelligent Cloud unit, which houses the Azure cloud-computing platform, grew to $24.3 billion, compared with analysts' estimate of $23.49 billion, LSEG data showed. Microsoft said on Tuesday that its fiscal first-quarter profit was $2.99 per share, above analyst estimates of $2.65 per share, according to LSEG data. Sales of its Windows operating system and other products in the segment grew to $13.7 billion, compared with analysts' consensus estimate of $12.82 billion, according to data from LSEG. The segment containing the LinkedIn social network and its office productivity software grew to $18.6 billion, compared with analysts' consensus estimate of $18.20 billion, according to LSEG data.

Persons: Dado Ruvic, Jesse Cohen, Jeremy Goldman, Anna Tong, Stephen Nellis, Yuvraj Malik, Devika Syamnath, Peter Henderson, Matthew Lewis Organizations: Microsoft, REUTERS, Investing.com, Alpha, Intelligence, Thomson Locations: Investing.com ., Redmond, Washington, San Francisco, Bengaluru

Microsoft's chief financial officer Amy Hood said on a conference call with analysts that higher-than-expected AI consumption was responsible for a 3 percentage point boost to its cloud business. Alphabet has prioritized snaring AI startups as customers for its cloud division, while Microsoft has relied on its existing relationships to secure larger customers. Azure revenue rose 29%, higher than a 26.2% growth estimate from market research firm Visible Alpha. RBC Capital Markets has previously estimated that Microsoft will clock over $3 billion in revenue from generative AI offerings this fiscal year. Quite surprising to see strong growth reacceleration in the Azure Cloud segment, which is clearly driven by AI-as-a-service related demand," said Global X analyst Tejas Dessai.

Persons: Microsoft's, Bob O'Donnell, Bing, Bard, Amy Hood, Krishna Chintalapalli, capex, Akash Sriram, Anna Tong, Max Cherney, Yuvraj Malik, Greg Bensinger, Stephen Nellis, Sayantani Ghosh, Sonali Paul Organizations: Microsoft, Wall, Microsoft's, TECHnalysis, Parnassus Investments, DAZZLES, Alpha, RBC Capital Markets, Reuters Graphics Microsoft, Tejas Dessai, AWS, Thomson Locations: Bengaluru, Anna, San Francisco

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