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☆ Mom and pop shops are cutting software spending, creating jitters on Wall Street
▼ + stars: | 2023-11-16 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +9 min

Joe Coffee founders Nick and Brenden Martin Joe CoffeeWall Street is on edge. Over the past two decades, small businesses have accounted for 40% of U.S. gross domestic product, according to the Chamber of Commerce. "If America is really built on the backbone of small business owners, why are they the ones that never catch the break?" In 2021, Joe Coffee, which now has 17 employees, created a full software and payments suite for coffee shops. WATCH: Xero will remain focused on core segments such as small businesses

Persons: PAYC ZI, Nick Martin, Joe Coffee, Martin, Joe Coffee's, aren't, Bill, Nick, Brenden Martin Joe Coffee, John Rettig, Cameron Hyzer, Yamini Rangan, Rangan, Bill didn't, Jake Dollarhide, Martins, Brenden Martin, Nick's, Brenden, Zhang Peng, they'd, Taylor McGinnis, ZoomInfo, we've, Bryan Keane Organizations: Starbucks, CNBC, Bill Holdings, Bureau of Labor Statistics, Joe, Nasdaq, Chamber of Commerce, Longbow Asset Management, Microsoft, Coffee Fest, UBS, Deutsche Bank Locations: Seattle, Paycom, West Richland , Washington, Coffee, Los Angeles

☆ Datadog tops quarterly estimates on robust bookings, raises annual forecast
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Datadog (DDOG.O) on Tuesday topped estimates for third-quarter results and raised its forecast for annual adjusted profit and revenue, driven by demand from customers seeking better security solutions due to increasing cybersecurity threats. Shares of the software solutions provider soared nearly 23% in trading before the bell. The Delaware, New-York-based company said it expects annual adjusted profit between $1.52 and $1.54 per share, up from its prior outlook of $1.30 and $1.34. Quarterly adjusted profit of 45 cents per share also topped expectations. Datadog's total number of new and existing customers rose 20% to 3,130, with an annual recurring revenue of $100,000 or more as of Sept. 30.

Persons: Yamini, Devika Syamnath, Shweta Agarwal Organizations: MGM Resorts, Google, Thomson Locations: The Delaware, New, York, Bengaluru

☆ Zebra Technologies beats quarterly profit expectations, sees soft demand
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Barcode scanner maker Zebra Technologies Corp (ZBRA.O) beat third-quarter profit and revenue estimates on Tuesday but forecast a bigger-than-expected drop in the fourth-quarter net sales due to slowing tech spending in a tough economy. With inflation and weak consumer spending still weighing on the company's operations, it expects free cash flow to remain negative this year. Zebra Technologies initiated several cost-cutting measures in the second quarter, such as slowing hiring and downsizing its offices, to combat the impact of soft demand across its end-markets. Its third-quarter revenue of $956 million beat expectations of $926.3 million, while adjusted earnings of 87 cents per share came above estimates of 81 cents per share. The company said it now expects annual cost savings to be about $100 million, up from $85 million, from its cost initiatives.

Persons: Bill Burns, Yamini, Saumyadeb Organizations: Zebra Technologies, . Postal Service, Walgreens Boots Alliance, The Lincolnshire ,, Thomson Locations: The Lincolnshire, The Lincolnshire , Illinois, Bengaluru

☆ Canada's MDA taps SpaceX to launch CHORUS satellite constellation
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Canada's MDA Ltd (MDA.TO) said on Wednesday it had selected Elon Musk's SpaceX to be the launch service provider for CHORUS, the space technology firm's next-generation satellite constellation for Earth observation. MDA's satellite constellation, or a group of artificial satellites working together as a system, is set to be launched on SpaceX's Falcon 9 rocket in the fourth quarter of 2025 from Florida. "The production of CHORUS is well underway and we are looking forward to once again working with SpaceX to launch our next generation Earth observation capability," said Mike Greenley, CEO of MDA. MDA was SpaceX's first private customer for a commercial mission using the Falcon 9 rocket about a decade ago, in which the spacecraft carried Canadian commercial and scientific satellites. Reporting by Yamini Kalia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Greenley, Yamini, Devika Organizations: Canada's MDA, Elon, SpaceX, SpaceX's, MDA, Thomson Locations: Florida, Bengaluru

☆ After Salesforce hiked its product prices by an average of 9%, some unhappy customers are considering switching to Microsoft or HubSpot
▼ + stars: | 2023-08-30 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +7 min

Already, consultants see Salesforce customers scrambling to address these price hikes. Jon Winsett, CEO and managing partner at Atlanta-based IT spending advisory NPI Financial, said his firm immediately alerted all its clients to the price increase news. "We were working with one of our accounts right as the price increase was announced, and they were gobsmacked," Winsett said. Customer relationship management software company HubSpot uses customer self-service to sell its software — a stark contrast from Salesforce's sales-driven culture. You don't need a full-time Salesforce admin when you're a HubSpot customer.

Persons: Salesforce, Marc Benioff, Adam Mansfield, — they're, HubSpot, Bernstein, Mark Moerdler, Moerdler, Jon Winsett, Winsett, Microsoft Mansfield, Mansfield, Satya Nadella Justin Sullivan, OpenAI, I've, we're, you've, that's, Yamini Rangan, HubSpot Matt Winkelmeyer, Rishi Jaluria, he'd, Jaluria Organizations: Wall Street, Microsoft, Cloud, Industries, Management, RBC Capital, Salesforce Locations: Salesforce, Atlanta, ChatGPT

☆ NetApp beats revenue estimates on rising demand for cloud services
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Aug 23 (Reuters) - NetApp (NTAP.O) reported first-quarter revenue above Wall Street estimates on Wednesday, driven by strong demand for cloud based services from businesses. Enterprise spending on cloud held strong as businesses moved to upgrade their technology infrastructure that is core to their operations and also incorporate newer AI capabilities. NetApp also reiterated its profit and revenue outlook for fiscal 2024. NetApp's total revenue for the quarter ended July 28 was $1.43 billion, compared to analysts' estimate of $1.41 billion, according to Refinitiv data. The company earned an adjusted profit of $1.15 per share, which beat expectations of $1.07 per share.

Persons: NetApp, Yamini, Shailesh Organizations: Enterprise, Thomson Locations: Sunnyvale , California, Bengaluru

☆ Fortinet slashes annual revenue forecast, shares plummet
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

Aug 3 (Reuters) - Cybersecurity firm Fortinet (FTNT.O) cuts annual revenue forecast on Thursday as enterprise spending remains tight amid a turbulent economy. The company's shares plunged about 16% in extended trading. Fortinet said it now expects annual revenue to range between $5.35 billion and $5.45 billion, compared with its prior prediction of $5.43 billion to $5.49 billion. Reporting by Yamini Kalia in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Fortinet, Yamini, Maju Samuel Organizations: Thomson Locations: Bengaluru

☆ DXC Technology cuts annual revenue forecast, shares tumble
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Aug 2 (Reuters) - DXC Technology (DXC.N) on Wednesday posted weaker-than-expected quarterly sales and lowered its annual revenue forecast, as the IT services provider grapples with tough competition and lower spending from businesses worried about a turbulent economy. DXC said it now expects annual revenue to range between $13.88 billion and $14.03 billion, compared with its prior prediction of $14.40 billion to $14.55 billion. The company also generates sizeable revenue from outside the United States which makes it vulnerable to exchange rate fluctuations and geopolitical issues in an already uncertain market. For the quarter to June 30, the company reported revenue of $3.45 billion, missing analysts' average estimate of $3.56 billion, according to Refinitiv data. The company's adjusted profit fell to 63 cents per share in the quarter, compared with estimates of 82 cents.

Persons: DXC, Yamini, Maju Samuel Organizations: DXC, Accenture, Thomson Locations: United States, Bengaluru

☆ Lumen Technologies shares slide after posting loss of nearly $9 billion
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

A street sign marks Wall Street outside the New York Stock Exchange (NYSE) in New York, U.S., February 24, 2022. REUTERS/Caitlin Ochs/File PhotoAug 1 (Reuters) - Lumen Technologies (LUMN.N) reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter. The company, whose second-quarter loss was more than four times its $2 billion market capitalization, recorded a steep fall from a profit of $344 million a year ago. The company said its long-term debt at the end of the second quarter was $19.9 billion, down from $20.42 billion, at the end of last year. Revenue in the second quarter stood at $3.66 billion, narrowly missing analysts' average estimate of $3.67 billion, according to Refinitiv data.

Persons: Caitlin Ochs, Lumen, Yamini Organizations: New York Stock Exchange, REUTERS, Lumen Technologies, Revenue, Thomson Locations: New York, U.S, Monroe , Louisiana, Bengaluru

☆ Israeli chipmaker Tower beats revenue estimates on demand from automakers
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Contract chipmaker Tower Semiconductor topped second-quarter revenue estimates on Wednesday on the back of solid demand from the automotive industry, sending its U.S.-listed shares up 12.7%. Israel-based Tower provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries. Its revenue came in at $357 million for the quarter ended June 30, higher than the $354.53 million expected by analysts, according to Refinitiv data. Tower reported net income per share of 46 cents, falling slightly short of analysts' estimates of 49 cents per share. During the quarter, the company repaid $10 million of its debt, as compared with $27 million in the first quarter of 2023.

Persons: carmakers, Tanya Jain, Yamini, Shailesh Organizations: Semiconductor, Intel, Thomson Locations: Israel, Bengaluru

☆ ServiceNow beats quarterly revenue estimates on AI-fueled growth
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - ServiceNow (NOW.N) reported quarterly revenue above Wall Street estimates on Wednesday, boosted by a growing demand for its artificial intelligence solutions. The rising demand for workflow automation and the company's continued efforts to expand its portfolio with new generative AI solutions helped drive growth. The company forecast third-quarter subscription revenue in the range of $2.19 billion to $2.20 billion. ServiceNow's overall subscription revenue for the quarter was $2.15 billion, higher than analysts' average estimate of $2.13 billion, according to Refinitiv data. On an adjusted basis, the company earned $2.37 per share during the quarter, compared with a profit estimate of $2.05 per share, according to Refinitiv.

Persons: Bill McDermott, ServiceNow, Yamini Kalia, Tanya Jain, Pooja Desai Organizations: Nvidia, Accenture, Thomson Locations: Bengaluru

☆ YouTube to stop removing content making false claims on past elections
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Alphabet Inc's (GOOGL.O) YouTube said on Friday that the platform would stop removing content that might have spread false claims related to U.S. presidential elections in 2020 and before. The new set of updates is part of YouTube's elections misinformation policy that will go into effect immediately. "In the current environment, we find that while removing this content does curb some misinformation, it could also have the unintended effect of curtailing political speech," YouTube said in a blog post. The proliferation of disinformation has raised questions about how social media platforms enforce their policies against misleading content about elections. Other social media platforms like Twitter and Meta Platforms Inc's (META.O) Facebook have also seen a spike in disinformation related to elections.

Persons: Yamini Kalia, Anil D'Silva Organizations: YouTube, Facebook, Thomson

☆ Take-Two gains on gaming demand rebound, title delivery forecast
▼ + stars: | 2023-05-17 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

The company also said it expects to deliver 36 video game titles through 2025 and 2026, and forecast $8 billion in 2025 net bookings and over $1 billion in operating cash flow. Take-Two, however, did not make any announcements about its highly anticipated title "Grand Theft Auto VI". Its fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street's estimate of $1.34 billion, according to Refinitiv data. During an earnings call with analysts, Chief Executive Strauss Zelnick said Take-Two was assuming a continuation of the current challenging consumer backdrop within its forecast. Its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street's estimate of $6.07 billion.

☆ Take-Two beats adjusted sales estimates on higher gaming demand
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) on Wednesday beat Wall Street estimates for fourth-quarter adjusted sales on strong demand for legacy titles "NBA 2K" and "Grand Theft Auto", sending the video game maker's shares up over 7% after the bell. Take-Two has established itself as one of the dominant players in the U.S. with strong sales from its successful video game franchises and a solid pipeline including titles "Grand Theft Auto VI" and "Star Wars Hunters". Fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street's estimate of $1.34 billion, according to Refinitiv data. However, its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street's estimate of $6.07 billion. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

May 10 (Reuters) - Roblox Corp (RBLX.N) on Wednesday topped quarterly bookings estimates on Wednesday, as a wider audience swarmed to the platform for games such as "Adopt Me!" However, adjusted loss of 44 cents per share was bigger than analysts' expectation of 40 cents loss per share, according to Refinitiv data. Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. "We also expect our operating expenses to increase significantly in future periods", the company said, adding it intends to continue to make investments to grow its business and hire more people. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Roblox quarterly loss widens on higher expenses, shares tank
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Roblox Corp (RBLX.N) posted a larger-than-expected quarterly loss on Wednesday, hurt by higher expenses to support the expansion of its business, sending the company's shares down 12% in premarket trading. California-based Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. Net loss attributable to common stockholders was $268.3 million, or 44 cents per share, in the reported quarter, compared with net loss of $160.20 million, or 27 cents per share, a year earlier. However, the company posted net bookings of $773.8 million in the first quarter, compared with $631.2 million a year earlier. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ AMC earnings a hit on Wall Street as 'Ant-Man' attracts more moviegoers
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel's "Ant-Man" drove more moviegoers to theaters. Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading before the bell. AMC has been trying different combinations to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences. Revenue for the quarter was $954.4 million, compared with analysts' expectation of $948.5 million, according to Refinitiv IBES data. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Mobileye lowers annual revenue forecast
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Mobileye Global Inc (MBLY.O) on Thursday lowered its forecast for annual revenue, hurt by increasing competition from start-ups as well as automakers developing their own driver-assistance products. The autonomous driving technology company now expects revenue to range between $2.07 billion and $2.11 billion from $2.19 billion and $2.28 billion estimated previously. The timeline for autonomous vehicle deployment due to tough regulatory scrutiny and delayed commercial adoption of the technology has also left investors worried. Mobileye, however, posted revenue of $458 million in the first quarter, compared with analysts' estimates of $454.7 million, according to Refinitiv IBES data. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

The free food programme, however, cost the government around $47 billion, worsened the fiscal deficit and reduced wheat stocks in government warehouses to multi-year lows. The government expects to save nearly $20 billion a year by ending the COVID free food scheme. MODI TRUSTED BY VOTERSSome economists had wanted the food programme gone months ago as COVID curbs eased. Had the trust not been there, and for any other leader, it would have been difficult to end such a food programme ahead of elections." But senior BJP leader and former minister Ravi Shankar Prasad said that the decision to reduce food aid should not be linked to elections or politics.

☆ The 25 big companies with the best CEOs
▼ + stars: | 2022-12-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

1 on Comparably's 2022 list of the top CEOs from big companies. 1 on Comparably's Best Company Culture list that was published on Monday. The CEOs of ADP, Nextdoor, and Google also made this year's top 10 CEOs. Several CEOs of companies in tech made the top of the list. The following are the CEOs that made the top of the large company list this year.

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