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☆ ChatGPT one year on: From viral AI bot to OpenAI's boardroom battle
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 30 (Reuters) - We asked ChatGPT, OpenAI's viral chatbot, how it felt on its first birthday. The generative AI craze has disrupted several industries from cloud computing and customer service to movie editing and screenplay writing. Reuters GraphicsCHATGPT APP DOWNLOADSSix months after ChatGPT's website launch, OpenAI introduced the chatbot application to Apple's (AAPL.O) iOS in May and later on Android in July. With these applications running mostly on the cloud, vendors of cloud computing services, including Microsoft, Amazon and Alphabet, have also seen their shares surge. Microsoft (MSFT.O) and Alphabet (GOOGL.O) have invested billions to improve their cloud computing capabilities and take on more AI workloads as businesses embrace such tools.

Persons: Dado Ruvic, ChatGPT, Sam Altman, chatbots, Bard, Anthropic's Claude, Character.AI, Microsoft's, OpenAI, John Grisham, George R.R, Martin, Jonathan Franzen, Akash Sriram, Harshita Mary Varghese, Zaheer Kachwala, Jaspreet Singh, Sweta Singh, Saumyadeb Organizations: REUTERS, Microsoft, Reuters, Android, Nvidia, Nasdaq, TECH, Thomson Locations: Bengaluru

☆ Disney CEO Iger promises 2026 exit, says ABC not for sale
▼ + stars: | 2023-11-29 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

Disney's Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsLOS ANGELES, Nov 29 (Reuters) - Walt Disney (DIS.N) Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale. Iger returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. Disney's ABC unit is not up for sale, Iger said as the company deals with a decline in linear television because viewers are shifting toward streaming. Iger had said earlier this year that networks such as ABC may not be "core" to Disney going forward.

Persons: Bob Iger, Aly, Walt Disney, Iger, Bob Chapek, Zaheer Kachwala, Lisa Richwine, Maju Samuel, Cynthia Osterman Organizations: Shanghai Disney Resort, REUTERS, ABC, New York Times Dealbook Conference, Shanghai, Disney, New York Stock Exchange, Thomson Locations: Shanghai, China, Bengaluru, Los Angeles

☆ Salesforce raises annual profit view on steady cloud demand
▼ + stars: | 2023-11-29 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 29 (Reuters) - Salesforce (CRM.N) raised its annual profit forecast and its third-quarter results beat Wall Street targets on Wednesday, benefiting from a strong demand for its cloud and business products in an uncertain economy. Salesforce expects fourth-quarter adjusted profit in the range of $2.25 to $2.26 per share compared with estimates of $2.17. It forecast revenue between $9.18 billion and $9.23 billion, the midpoint of which exceeded estimates of $9.21 billion, according to LSEG data. The company's third-quarter revenue of $8.72 billion narrowly beat expectations, while adjusted profit of $2.11 per share beat estimates by 5 cents. It also raised the lower end of its annual revenue forecast to $34.75 to $34.8 billion.

Persons: Porte, Benoit Tessier, Salesforce, Charlie Miner, Einstein, Slack, Zaheer Kachwala, Arun Koyyur Organizations: Viva Technology, Porte de, REUTERS, Wall, Thomson Locations: Paris, France, Bengaluru

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNov 28 (Reuters) - ChatGPT owner OpenAI is not expected to offer Microsoft (MSFT.O) and other investors including Khosla Ventures and Thrive Capital seats on its new board, a person familiar with the matter told Reuters on Tuesday. In a few tumultuous days last week, OpenAI ousted its CEO and founder Sam Altman without any detailed cause, setting off alarm bells among investors and employees. Microsoft, which has invested more than $10 billion in OpenAI, is one of the biggest backers of OpenAI that operates ChatGPT, its viral generative AI chatbot. In response to a question on the OpenAI board, a Microsoft spokesperson said, "We will wait until the board officially says something." OpenAI and Thrive did not immediately respond to requests for comment, while Khosla declined to comment.

Persons: Dado Ruvic, OpenAI, Sam Altman, Thomas Hayes, Bret Taylor, Larry Summers, Adam D'Angelo, D'Angelo, Altman, Satya Nadella, Khosla, Zaheer Kachwala, Mary Varghese, Kenneth Li, Arun Koyyur Organizations: REUTERS, Microsoft, Khosla Ventures, Reuters, CNBC, Thomson Locations: OpenAI, Bengaluru

☆ Splunk beats quarterly revenue estimates on robust cybersecurity demand
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Splunk (SPLK.O) beat quarterly estimates for revenue on Tuesday, helped by resilient demand for its cybersecurity offerings in an uncertain economy. Cisco Systems (CSCO.O), which cut its annual revenue and profit forecasts earlier this month, entered into an agreement to buy Splunk for about $28 billion in September to strengthen its software business. Splunk is known for its strengths in the area of data observability, which helps companies monitor their systems for cybersecurity risks and other threats. Splunk's total annual recurring revenue for the third quarter ended Oct. 31 rose 15% to $4 billion. It reported total revenue of $1.07 billion, beating analysts' expectations of $1.03 billion, according to LSEG data.

Persons: laud Splunk's, Zaheer Kachwala, Shailesh Organizations: Cisco Systems, Thomson Locations: Bengaluru

☆ Workday raises annual subscription revenue forecast on steady product demand
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Workday (WDAY.O) raised its annual subscription revenue forecast and beat estimates for quarterly profit and revenue on Tuesday, benefiting from an easing macro environment and strong demand for its cloud-based software services. Shares of the Pleasanton, California-based company rose 3.2% in extended trading. The company now expects full-year subscription revenue of $6.598 billion, compared with its previous expectation of $6.570 billion to $6.590 billion. The company reported third-quarter total revenue of $1.87 billion, higher than analysts' estimates of $1.85 billion, according to LSEG data. Workday's subscription revenue rose 18.1% to $1.69 billion.

Persons: Carl Eschenbach, Zaheer Kachwala, Maju Samuel Organizations: ADP, Accenture, Thomson Locations: Pleasanton , California, Bengaluru

☆ EV battery startup ONE cuts workforce by 25%
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo for Our Next Energy (ONE) is seen outside the company's headquarters in Novi, Michigan, U.S., April 25, 2022. Photo taken April 25, 2022. REUTERS/ Rebecca Cook/File Photo Acquire Licensing RightsNov 27 (Reuters) - Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy. Tesla (TSLA.O) supplier Panasonic Holdings (6752.T) said last month that it had cut automotive battery production in Japan in the September quarter, underscoring a global slowdown in EV sales due to high interest rates. Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Mujeeb Ijaz, Zaheer Kachwala, Maju Samuel Organizations: Next Energy, REUTERS, Energy, Apple, Panasonic Holdings, Thomson Locations: Novi , Michigan, U.S, Michigan, American, Japan, Bengaluru

☆ Broadcom plans to close $69 billion VMWare deal on Wednesday
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 21 (Reuters) - Broadcom (AVGO.O) said it planned to close its $69 billion acquisition of cloud computing firm VMWare (VMW.N) on Wednesday, wrapping up one of the biggest takeover deals in the technology industry that was closely scrutinized by regulators globally. Some investors in the companies had feared about the outcome of the deal after reports said last month that rising Sino-U.S. tensions could lead China's regulator to scuttle the deal. Broadcom shares were down more than 1%, while VMware was down 4.6%. The deal was previously expected to close by Nov. 26.

Persons: Dado Ruvic, Biden, Bernstein, Zaheer Kachwala, Mary Varghese, Siu, Anil D'Silva, Shounak Organizations: VMware, REUTERS, Broadcom, VMWare, Thomson Locations: China, U.S, Beijing, Washington, Bengaluru, Hong Kong

☆ Autodesk sees annual revenue above estimates amid robust client spending
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Autodesk (ADSK.O) forecast full-year revenue above market estimates on Tuesday, in a sign that client spending on its design software remains resilient in an uncertain economy. Shares of the San Francisco-based company rose 2.8% after market, as it also posted higher revenue and profit in the third quarter. The company has been benefiting from higher sales and recurring revenue as clients in the construction sector look to optimize their industrial design software despite high borrowing costs. Autodesk, whose AutoCAD software is used by construction, engineering and manufacturing companies, expects full-year revenue to be in the range of $5.45 billion to $5.47 billion, compared with LSEG estimates of $5.43 billion. Autodesk's architecture, engineering and construction segment reported a 17% rise in revenue from a year earlier to $675 million.

Persons: Zaheer Kachwala, Pritam Biswas, Shilpi Majumdar Organizations: Autodesk, Cadence Design Systems, Thomson Locations: San Francisco, Bengaluru

☆ Jeff Bezos expected to sell more Amazon shares worth $1 billion - CNBC
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Paul Ellis/Pool via REUTERS/File Photo Acquire Licensing RightsNov 21 (Reuters) - Amazon.com (AMZN.O) founder Jeff Bezos is expected to offload more of his stake in the company on Tuesday after selling shares worth about $240 million last week, CNBC reported, citing a source. Bezos may sell as many as 8 million to 10 million shares, amounting to more than $1 billion, the report said. A representative for Bezos did not immediately respond to a Reuters request for comment and neither did Amazon, whose shares were trading 2.5% lower on Tuesday. After stepping down as Amazon's CEO, Bezos has been liquidating his shares in the e-commerce behemoth to fund his space venture Blue Origin.

Persons: Jeff Bezos, Paul Ellis, Bezos, Blue, Zaheer Kachwala, Devika Organizations: Amazon, Change, CNBC, Thomson Locations: Glasgow, Scotland, Britain, Miami, Seattle, Canaveral, Bengaluru

☆ Amazon's prototype Kuiper satellites operating successfully
▼ + stars: | 2023-11-16 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

REUTERS/Joe Skipper/File Photo Acquire Licensing RightsNov 16 (Reuters) - Amazon.com (AMZN.O) said on Thursday its two prototype satellites for its planned Kuiper internet network have been operating successfully in orbit, with the project on track to start launching operational satellites by mid-2024. The Kuiper internet network is set to compete against billionaire Elon Musk's Starlink, the world's largest satellite operator, to offer broadband internet service globally to consumers, companies and governments. Amazon said it used the prototype satellites for brief two-way video calls, streaming a high-definition movie on Prime Video and ordering items off Amazon's website. Badyal declined to say how many satellites Amazon would launch per rocket. The Boeing-Lockheed joint venture United Launch Alliance is set to loft the first several batches of Kuiper satellites aboard its Atlas 5 and the company's upcoming Vulcan rocket.

Persons: Joe Skipper, Elon Musk's Starlink, Rajeev Badyal, Badyal, Jeff Bezos, Joey Roulette, Zaheer Kachwala, Tasim Zahid, Will Dunham Organizations: United, Alliance, Cape Canaveral Space Force, REUTERS, United Launch Alliance, U.S . Federal Communications Commission, Reuters, Vodafone, Verizon, Amazon, Boeing, Lockheed, Vulcan, SpaceX, Thomson Locations: Cape Canaveral , Florida, U.S, Florida, New York, Bengaluru

☆ Palo Alto projects downbeat second-quarter billings, shares fall
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Palo Alto Networks (PANW.O) on Wednesday forecast second-quarter billings below market expectations and said its billings were "impacted by the cost of money", sending the cybersecurity company's shares down about 6% after the bell. Santa Clara, California-based Palo Alto forecast second-quarter billings in the range of $2.34 billion to $2.39 billion, compared with analysts' expectations of $2.42 billion, according to LSEG data. The company expects its annual billings to be between $10.7 billion and $10.8 billion, compared with its prior forecast range of $10.9 billion to $11 billion. Palo Alto posted a 20% rise in its first-quarter revenue to $1.88 billion, higher than average analysts' estimate of $1.84 billion. Palo Alto earlier this month announced its intention to buy Israeli startup Talon Cyber Security as it looks to beef up its cyber security offerings to enterprises.

Persons: Fortinet, Zaheer Kachwala, Shilpi Majumdar Organizations: Palo Alto Networks, Palo, Palo Alto, Thomson Locations: billings, Santa Clara , California, Bengaluru

☆ Trade Desk shares plummet on dour Q4 revenue forecast
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Trade Desk (TTD.O) forecast fourth-quarter revenue below market expectations on Thursday, in a sign that an uncertain economy could weigh on demand for its digital advertising solutions, sending its shares down about 30% in extended trading. The downbeat forecast is in contrast with ad industry majors such as Meta Platforms (META.O) and Alphabet's (GOOGL.O) Google, which benefited from higher advertising spending. The ad tech firm expects fourth-quarter revenue of at least $580 million, compared with analysts' average estimate of $610.4 million, according to LSEG data. Its revenue for the quarter ended Sept. 30 stood at $493.3 million, compared with analysts' estimate of $487 million. Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zaheer Kachwala, Shilpi Majumdar Organizations: Google, ESPN, Hulu, Fox, Walmart, Thomson Locations: Bengaluru

☆ Netflix, Warner Bros partner with Verizon to offer discounted streaming bundle - source
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsNov 9 (Reuters) - Verizon (VZ.N) is planning to offer the ad-supported versions of Netflix (NFLX.O) and Warner Bros Discovery's (WBD.O) Max streaming services for about $10 a month combined instead of about $17, according to a source familiar with the matter. The discounted bundle is expected to be announced in the coming weeks, the source added. Netflix and Warner Bros will have to share revenue with Verizon, the source said. Verizon and Warner Bros Discovery did not immediately respond to Reuters' requests for a comment. Netflix launched its ad-supported tier late last year, and it increased the prices for its premium ad-free tier in October 2023.

Persons: Lucy Nicholson, Zaheer Kachwala, Shilpi Majumdar Organizations: Netflix, REUTERS, Verizon, Warner Bros, Reuters, Street Journal, Thomson Locations: Hollywood, Los Angeles , California, U.S, Bengaluru

☆ Take-Two Interactive forecasts downbeat bookings on sluggish demand
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

NBA 2K22 and Grand Theft Auto 5 by Take-Two Interactive Software Inc are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 8 (Reuters) - Take-Two Interactive Software (TTWO.O) on Wednesday forecast third-quarter net bookings below market expectations, hurt by a slowdown in spending on the company's gaming titles such as "Grand Theft Auto" and "Red Dead Redemption". However, investors remain optimistic about the launch of Take-Two's "Grand Theft Auto VI", the latest installment in the franchise. Take-Two forecast third-quarter net bookings between $1.30 billion and $1.35 billion, compared with estimates of $1.44 billion, according to LSEG data. Total net bookings in the quarter fell 4% to $1.44 billion, compared with analysts' estimates of $1.43 billion.

Persons: Andrew Kelly, Zaheer Kachwala, Shounak Dasgupta Organizations: Software Inc, REUTERS, Electronic Arts, Rockstar Games, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. Smaller rival Lucid (LCID.O) cut its production forecast on Tuesday "to prudently align with deliveries", sending its shares down 3%. Last month, it reported third-quarter deliveries above market expectations. The company reported a net loss of $1.37 billion, compared with a loss of $1.72 billion a year earlier. Its third-quarter production fell nearly 30% to 1,550 vehicles.

Persons: Mike Blake, Tesla, Elon Musk, I'm, RJ Scaringe, Scaringe, Rivian, Alec Lucas, Akash Sriram, Zaheer Kachwala, Abhirup Roy, Krishna Chandra Organizations: Rivian Automotive Inc, REUTERS, Rivian, Reuters, Global, Saudi Arabia's Public Investment Fund, Amazon, Wall, Thomson Locations: Costa Mesa , California, U.S, Bengaluru, San Francisco

☆ Lucid cuts full-year production forecast
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Lucid Motors facility is pictured in Costa Mesa, California, U.S.,November 1, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Lucid Group Inc FollowNov 7 (Reuters) - Lucid Group (LCID.O) said on Tuesday it now expects to produce 8,000–8,500 vehicles this year from its earlier projection of more than 10,000 units. The company said it was cutting production forecast "to prudently align with deliveries". The company reported third-quarter revenue of $137.8 million compared with analysts' estimates of $183.8 million, according to LSEG. Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Zaheer Kachwala, Krishna Chandra Organizations: REUTERS, Thomson Locations: Costa Mesa , California, U.S, Bengaluru

☆ Lucid cuts prices of electric sedans for limited time amid EV price wars
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Lucid slashed the price of its Air Touring model to $87,500 from $95,000 and the more powerful Grand Touring by $10,000 to $115,600. Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990. Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy. The price cut offer will be valid till Nov 30, the company said.

Persons: Hyunjoo Jin, Elon, Lucid, Tesla, Zaheer Kachwala, Tasim Zahid Organizations: REUTERS, Cox Automotive, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, Bengaluru

☆ Aurora opens first commercial route for driverless trucks
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Tina Bellon/File Photo Acquire Licensing RightsNov 1 (Reuters) - Aurora Innovation (AUR.O) on Wednesday opened its first lane for driverless trucks connecting Dallas and Houston, supported by its commercial trucking terminal in Houston, ahead of a launch in 2024. "Bringing our commercial-ready terminals and services online a year ahead of our planned commercial driverless launch between Dallas and Houston enables us to focus next year on integrating our driver-ready trucks into our customers' operations," said Chief Product Officer Sterling Anderson. Aurora said it would operate its terminals day and night, which will support more than 75 commercial loads for pilot customers. Aurora's portfolio of products includes Aurora Driver, its self-driving technology that can be employed across vehicle types, and driverless trucking subscription service Aurora Horizon. Aurora has partnerships with Uber Technologies (UBER.N), Toyota (7203.T), Volvo (VOLVb.ST), and PACCAR (PCAR.O), among others.

Persons: Tina Bellon, Sterling Anderson, Aurora, Zaheer Kachwala, Varun Organizations: REUTERS, Aurora, Wednesday, Dallas, Command, General Motors, California Department of Motor Vehicles, Uber Technologies, Toyota, Volvo, Thomson Locations: Palmer, Dallas , Texas, U.S, Dallas, Houston, Bengaluru

☆ Paycom forecasts weak fourth-quarter revenue; shares tank
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Payroll processor Paycom Software (PAYC.N) on Tuesday forecast fourth-quarter revenue that was below market estimates hit by sluggish demand for payroll solutions and human resource management amid an uncertain economy, sending the company's shares down 28% in extended trading. Sticky inflation and high borrowing costs have clouded Paycom's outlook and hurt demand for the company's human resource and payroll services amid a resilient job market. Paycom forecast current-quarter revenue in the range of $420 million to $425 million, compared with estimates of $452.3 million, according to LSEG data. The company also cut its annual revenue forecast to a range of $1.679 billion to $1.684 billion. It posted revenue of $406.3 million for the third quarter ended Sept. 30, missing analyst estimates of $411.2 million.

Persons: Zaheer Kachwala, Shailesh Organizations: Paycom, Thomson Locations: Bengaluru

☆ Wolfspeed jumps on upbeat quarterly forecast
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

That facility, which started generating revenue at the end of Wolfspeed's fiscal 2023, contributed $4 million to its third-quarter revenue. The company said it expects second-quarter revenue from continuing operations of between $192 million and $222 million. Net loss widened to $3.22 per share from 21 cents per share a year earlier. Its quarterly revenue of $197.4 million missed analyst expectations of $207.7 million. Reporting by Zaheer Kachwala and Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Wolfspeed, Gregg Lowe, Piper Sandler, Zaheer Kachwala, Chavi Mehta, Anil D'Silva Organizations: Thomson Locations: New York, Mohawk, Bengaluru

☆ Elon Musk's X launches two new premium subscription plans
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of social media platform X, formerly Twitter, is seen alongside the former logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 27 (Reuters) - Elon Musk's social media platform X, formerly known as Twitter, rolled out two new subscription plans on Friday, including a Premium+ tier for users willing to pay for an ad-free experience. It will, however, be available for users accessing the platform through a web browser for now, it added. X is also planning to bundle video and audio calling for some users, in a push to turn the platform into an everything app. Musk has been exploring several options to extensively monetize the social media platform, which he acquired for $44 billion in October 2022.

Persons: Dado Ruvic, Zaheer Kachwala, Anil D'Silva Organizations: REUTERS, Elon, Thomson Locations: Bengaluru

☆ Teradyne beats quarterly revenue estimates on strong chip-testing equipment demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Teradyne (TER.O) reported third-quarter revenue above market expectations on Wednesday, helped by resilient demand for the company's chip-testing solutions. The boom in demand for artificial intelligence chips used in data centers has helped suppliers of chip-testing products like Teradyne offset the weakness in sales of smartphones and personal computers. The company designs and develops technology to test chips and electronic equipment and sells robotic systems to customers in the manufacturing sector. One of its largest customers, Taiwan Semiconductor Manufacturing Company (2330.TW), showed optimism about the demand stabilization in the smartphone and computing markets after beating expectations for third-quarter net profit. Teradyne's net revenue for the third quarter fell around 15%, to $703.7 million, from $827.1 million a year ago, but beat analysts' expectations of $684.6 million.

Persons: Zaheer Kachwala, Pooja Desai Organizations: Taiwan Semiconductor Manufacturing Company, Qualcomm, Samsung, Thomson Locations: Bengaluru

☆ ServiceNow raises annual forecast, beats profit estimates on AI strength
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - ServiceNow (NOW.N) raised its annual subscription revenue forecast on Wednesday, after beating third-quarter profit estimates helped by strong demand for the company's automation and artificial intelligence (AI) services. Enterprises have been dialing up spending on generative AI products and workflow automation, attempting to gain a foothold in the nascent AI market, benefiting companies like ServiceNow. "With the capabilities unlocked by generative AI, the window of opportunity is even more expansive, positioning us well to continue delivering a strong balance of growth and profitability," said ServiceNow CFO Gina Mastantuono. ServiceNow, which has tie-ups with companies like Nvidia (NVDA.O) and Accenture , reported quarterly revenue of $2.29 billion, above analysts' estimates of $2.27 billion. Subscription revenue came in at $2.22 billion, compared with estimates of $2.19 billion.

Persons: Gina Mastantuono, Zaheer Kachwala, Shailesh Organizations: Enterprises, Nvidia, Accenture, Subscription, Thomson Locations: Bengaluru

☆ F5 forecasts weak annual revenue on sluggish IT spending
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Cybersecurity and cloud services company F5 (FFIV.O) on Tuesday forecast fiscal 2024 revenue below Wall Street estimates, signaling that businesses were tightening tech spending amid an uncertain economic outlook. The company has transitioned to a model that prioritizes software and subscription services but sluggish IT spending has proved a roadblock. F5 forecast full-year revenue would range from flat to a low-single-digit percentage decline, compared with fiscal 2023. For the first quarter, it forecast revenue in the range of $675 million to $695 million, slightly below estimates of $695.8 million. The company, which provides software and hardware that supports applications over the internet, said its quarterly revenue grew 1% to $707 million, compared with estimates of $701.4 million.

Persons: Zaheer Kachwala, Devika Organizations: Wall, Big, Accenture, Thomson Locations: Bengaluru

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