DIRS.INFO The most relevant business & tech news

☆ Cisco slumps after cutting annual profit, revenue forecasts
▼ + stars: | 2023-11-16 | by ( Arsheeya Bajwa | ) www.reuters.com time to read: +2 min

The Cisco logo is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. REUTERS/Nacho Doce/File Photo Acquire Licensing RightsNov 16 (Reuters) - Cisco (CSCO.O) tumbled more than 12% on Thursday after cuts to its annual forecasts raised fears that excess inventory with customers was sapping new orders in its mainstay networking equipment business. Cisco blamed the weakness on a slowdown in orders in the first quarter, saying "customers are currently focused on installing and implementing products in their environments". "Now, they've exhausted their excess backlog and the business is stepping back down to lower revenue run rates," Jefferies analyst George Notter said in a note. Cisco trades at more than 13 times its 12-month forward earnings estimates, compared with the industry median of 10.98.

Persons: Nacho, Jefferies, George Notter, Notter, Morningstar, William Kerwin, Arsheeya, Pooja Desai Organizations: Cisco, Congress, REUTERS, Thomson Locations: Barcelona, Spain, Bengaluru

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. The bright outlook lifted shares of other retailers including Macy's (M.N) and Kohl's (KSS.N), while the S&P 500 consumer staples index (.SPLRCS), which includes Target, was among the top sector gainers. "Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) had posted their biggest daily percentage gains in more than six months on Tuesday, after the consumer prices data. The S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 104 new highs and 69 new lows.

Persons: Brendan McDermid, ValueAct, Stocks, Ronald Temple, Temple, Joe Biden, Xi Jinping, Biden, Walt Disney, Warren Buffett's Berkshire Hathaway, decliners, Sinéad Carew, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel, Pooja Desai, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, Lazard, Dow Jones, U.S . House, Senate, Republican, ValueAct Capital, Sirius XM, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ China's Tencent Music beats revenue estimates on paid subscriber growth
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.

Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru

☆ Google-parent Alphabet dissolves stake in trading app Robinhood
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Robinhood logo is seen on a smartphone in front of a displayed same logo in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 13 (Reuters) - Google-parent Alphabet (GOOGL.O) said on Monday it had dissolved its stake in trading app operator Robinhood Markets (HOOD.O). The disclosure comes months after Alphabet slashed its stake in the company by nearly 90%. Alphabet had reportedly invested in Robinhood when the latter was an unlisted startup that had captured the enthusiasm of retail traders with its commission-free trades and easy-to-use interface. In its third quarter earnings report last week, Robinhood missed Wall Street estimates for revenue, weighed by a slowdown in trading.

Persons: Dado Ruvic, Robinhood, Niket, Pooja Desai Organizations: REUTERS, Thomson Locations: Robinhood, Bengaluru

☆ Israel's Tower Semiconductor forecasts quarterly revenue decline, shares fall
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

The logo of Israeli analog integrated circuits developer, Tower Semiconductor is seen at their offices in Migdal HaEmek, northern Israel, February 28, 2022. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsNov 13 (Reuters) - Israeli firm Tower Semiconductor forecast a decline in quarterly revenue on Monday as chip firms faced with a supply glut continue to correct inventory. Chip giant Intel (INTC.O) had terminated its plans to acquire Tower Semiconductor in August after it was unable to get timely regulatory approval from China for the $5.4 billion deal. Approval from Chinese competition regulators is needed if companies involved in a deal have a sizable business presence in the country. Tower reported revenue of $358.2 million for the quarter ended Sept. 30, a decline of about 16% from a year ago.

Persons: Amir Cohen, Arsheeya, Pooja Desai Organizations: Semiconductor, REUTERS, Tower Semiconductor, Intel, LSEG, Thomson Locations: Migdal HaEmek, Israel, automotives, China, Intel's New Mexico, 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

☆ 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

REUTERS/Brian Snyder/File photo Acquire Licensing RightsOct 25 (Reuters) - IT software and consultancy services provider IBM (IBM.N) reported third-quarter revenue slightly above Wall Street targets on Wednesday, buoyed by stable demand for its software solutions and a stronger-than-expected mainframe business. Shares of the Armonk, New York-based company rose 2% in trading after the bell. While the company has seen a slowdown in the growth of its overall business compared to last year, it reiterated its annual target for revenue growth and free-cash-flow generation. Revenue at its software segment, which now includes newly acquired IT budgeting software maker Apptio, rose nearly 8%, excluding the impact from a strong dollar. IBM's revenue in the third quarter rose about 5% to $14.8 billion, compared to an estimate of $14.73 billion, according to LSEG data.

Persons: Brian Snyder, Ernst &, James Kavanaugh, Chavi Mehta, Pooja Desai Organizations: REUTERS, IBM, Ernst & Young, Reuters, Big, Revenue, Thomson Locations: Cambridge , Massachusetts, U.S, , New York, United States, Bengaluru

☆ Visa profit beats estimates on post-pandemic travel boost
▼ + stars: | 2023-10-24 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSummaryCompanies Cross-border volumes surge on steady travel demandStrong results signal consumer resilienceVisa Q4 adjusted EPS $2.33 beats estimate of $2.24Oct 24 (Reuters) - Card giant Visa (V.N) sailed past estimates for fourth-quarter profit on Tuesday as consumers on a post-pandemic travel rebound shrugged off worries of a looming economic slowdown and cost-of-living crisis. Visa's CFO Chris Suh said U.S. inbound travel recovery accelerated in the quarter, while travel into Asia also continued to improve. Visa's payment volumes rose 9% in the quarter, while cross-border volumes excluding transactions within Europe, a gauge of travel demand, surged 18%. Visa posted adjusted profit of $2.33 per share in the three months ended Sept. 30, topping expectations of $2.24 per share, according to LSEG data.

Persons: Benoit Tessier, Chris Suh, Suh, Michael Ashley Schulman, Logan Purk, Edward Jones, Manya Saini, Pooja Desai Organizations: REUTERS, Card, Running, Capital Advisors, Reuters, American Express, Visa, Thomson Locations: Asia, Europe, U.S, Bengaluru

☆ GM, Ford slip after UAW warns of more walkouts, analysts say deal is close
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Though Fain signaled a deal may be close, some analysts expressed worries about the financial impact of the demands on the automakers. The UAW wants workers at EV battery plants to be covered by union contracts, and defined benefit pensions restored for all workers. The strikes and the negotiations with the UAW have weighed on automakers' shares. Since the contract talks began in mid-July, U.S.-listed shares of Stellantis have marginally risen, while Ford and GM shares were down at about 23% and nearly 27%, respectively.

Persons: Rebecca Cook, Shawn Fain, Fain, Wells, Colin Langan, Nathan Gomes, Pooja Desai Organizations: General Motors, REUTERS, U.S, Ford Motor, United Auto Workers, UAW, EV, General Dynamics, Ford, GM, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Bengaluru

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 20 (Reuters) - Credit card giant American Express (AXP.N) on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn. AmEx reported a profit of $3.30 per share, up from $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data. "Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.

Persons: Lucy Nicholson, AmEx, “, Christophe Le Caillec, Gen Zs, Stephen Squeri, Niket Nishant, Pooja Desai Organizations: Dow Jones Industrial, American Express, REUTERS, American, Entertainment, Consolidated, Thomson Locations: Los Angeles , California, United States, Bengaluru

☆ Freeport-McMoRan beats quarterly profit estimates on production boost
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

The logo of copper miner Freeport-McMoRan Inc is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsOct 19 (Reuters) - Copper miner Freeport-McMoRan (FCX.N) beat Wall Street estimates for third-quarter profit on Thursday, helped by higher copper production and sales volumes. Average copper prices were up about 8% in the reported quarter compared to last year, as economic stimulus in China spurred hopes of a rise in industrial activity. The mining giant said its quarterly production of copper rose to 1.09 billion pounds, from 1.06 billion pounds a year earlier. Reporting by Sourasis Bose in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Ernest Scheyder, Sourasis Bose, Pooja Desai Organizations: McMoRan, REUTERS, Thomson Locations: Freeport, Phoenix , Arizona, U.S, McMoRan, China, Indonesia, Bengaluru

☆ Alaska Air cuts profit view as rising labor costs cast shadow
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

File photo: An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File photo Acquire Licensing RightsOct 19 (Reuters) - Alaska Air Group (ALK.N) cut its full-year profit outlook on Thursday on rising labor expenses, as airlines draw up costly contracts to retain employees. Alaska Air forecast full-year profit between $4.25 and $4.75 per share, lower than its prior expectation of $5.50 to $7.50. The airline also trimmed its annual revenue growth forecast to between 7% and 8%, from a range of 8% to 10% expected previously. Excluding items, Alaska Air reported quarterly profit of $1.83 per share, missing analysts' average estimate of $1.87, according to LSEG data.

Persons: Ben Nelms, Mehr Bedi, Pooja Desai Organizations: Alaska Airlines Boeing, REUTERS, Alaska Air Group, Major U.S, Washington State, Alaska Air, Thomson Locations: Richmond , British Columbia, Canada, airfare, Alaska, Bengaluru

☆ Northern Trust posts smaller drop in Q3 profit on robust fee-based income
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

An employee walks past a company logo at Northern Trust offices in London, Britain August 1, 2019. REUTERS/Toby Melville/File Photo Acquire Licensing RightsOct 18 (Reuters) - Asset and wealth manager Northern Trust (NTRS.O) on Wednesday posted a smaller-than-expected drop in third-quarter profit as a rise in fee-based income cushioned the hit from a drop in its interest income. Analysts on an average expected a profit of $1.47 per share, according to LSEG data. Total assets under the custody or administration of Northern Trust increased 10.5%, to $14.16 trillion, from the same quarter last year. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Jaiveer Singh, Pooja Desai Organizations: Northern Trust, REUTERS, Analysts, Investment, Thomson Locations: London, Britain, Bengaluru

☆ ChatGPT creator OpenAI partners with Abu Dhabi's G42 as UAE scales up AI adoption
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

G42, founded by the emirate of Abu Dhabi, said it would utilize OpenAI's generative AI models in areas including financial services, energy, healthcare and public services. Mubadala-backed G42 has been at the forefront of AI adoption in the UAE. Abu Dhabi's Advanced Technology Research Council (ATRC) also made its Falcom 40B large language model (LLM) open source for research and commercial use in May. G42 said it would use Microsoft's (MSFT.O) Azure data centers as part of its AI infrastructure to boost regional adoption. OpenAI CEO Sam Altman had visited Abu Dhabi in June as part of his AI "world tour", where he advocated for AI developments to be regulated by international bodies.

Persons: Dado Ruvic, OpenAI, Abu, Sam Altman, Arsheeya, Pooja Desai Organizations: REUTERS, United Arab, U.S, Cerebras Systems, Abu, Technology Research, Thomson Locations: Abu Dhabi, United Arab Emirates, UAE, Bengaluru

☆ Nasdaq beats profit estimates on strong demand for investment products
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Nasdaq (NDAQ.O) on Wednesday reported third-quarter profit that beat Wall Street estimates, helped by stronger demand for its indexes and anti-financial-crime products. The diversification has helped it offset a prolonged slump in the initial public offering (IPO) market. Listings at Nasdaq are yet to gather pace despite the IPO market beginning to show "green shoots", underscoring risks to recovery even as hopes of a soft landing grow. A total of 87 companies listed on the Nasdaq Stock Market in the quarter, compared to 98 a year earlier.

Persons: Adena Friedman, Pritam Biswas, Pooja Desai Organizations: Nasdaq, REUTERS, Wall, Thomson Locations: New York City, U.S, Bengaluru

☆ Global smartphone market slumps to lowest Q3 level in decade - Counterpoint
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 16 (Reuters) - The global smartphone market contracted by 8% to its lowest third-quarter level in a decade on subdued demand for major brands including Apple (AAPL.O) and Samsung (005930.KS) in most developed markets, according to data from Counterpoint Research. Market leader Samsung posted a 13% drop in sell-through volumes in the period. It said the festive season in India, the 11.11 sale event in China and end-of-year promotions across regions would also support the market. So far, emerging markets have been a bright spot for smartphone sales in an otherwise dour year. In the third quarter, the Middle East and Africa were the only regions to record year-on-year growth, according to Counterpoint data.

Persons: Shannon Stapleton, Samsung, Akash Sriram, Juby Babu, Aditya Soni, Pooja Desai Organizations: REUTERS, Apple, Samsung, Counterpoint Research, Reuters, HK, Huawei, Thomson Locations: Midtown, New York City, U.S, United States, Europe, Korea, India, China, East, Africa, Bengaluru

☆ Charles Schwab posts profit beat on robust asset management growth, shares rise
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 16 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) posted a smaller-than-expected drop in quarterly profit on Monday as strength in asset management fees softened the blow from a fall in its net interest revenue. Charles Schwab's shares surged 6.2%, to $54.49, set for their best day in nearly three months, if gains hold. Drops in deposits have drained firms like Charles Schwab of a cheap source of funding, forcing them to either raise new capital or cut costs. Excluding one-time costs, Charles Schwab's profit fell 31% year-over-year, to $1.52 billion, or 77 cents per share, for the three months ended Sept. 30.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Jaiveer Singh, Pooja Desai Organizations: REUTERS, Thomson Locations: New York, U.S, Westlake , Texas, Bengaluru

☆ Drug retailer Rite Aid files for bankruptcy, gets $3.45 bln commitment
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The bankruptcy process will allow Rite Aid to resolve litigation claims in an "equitable manner", the company said. Rite Aid has appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr. Rite Aid has also reached an in-principle agreement with some of its senior secured noteholders that would significantly reduce its debt. MedImpact will serve as the 'stalking horse bidder' in a court-supervised sale process, Rite Aid said.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Stein, Burr, noteholders, Abinaya Vijayaraghavan, Mariam Sunny, Sriparna Roy, Shweta Agarwal, Pooja Desai Organizations: REUTERS, Rite Aid Corp, U.S, Aid, Walgreens Boots Alliance, CVS Health, MedImpact Healthcare Systems, Solutions, Rite Aid, Bankruptcy, District of, Thomson Locations: New York City , New York, U.S, District of New Jersey, Bengaluru

☆ PNC Financial Services to cut jobs after quarterly profit drop
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it would reduce its workforce by about 4% as part of its cost reduction plans after it posted a drop in profit in the third quarter. Average deposits at Pittsburgh-based PNC were also down 3.8%, at $422.5 billion in the third quarter, compared to $439.2 billion for the same quarter last year. The lender earned a profit of $1.57 billion, or $3.60 per share, compared to $1.64 billion, or $3.78 per share, from a year earlier. The lender said it expects a drop of 1% to 2% for the fourth quarter in its net interest income (NII), compared to the current quarter this year. In the third quarter, it posted a drop of 1.6% in NII, to $3.4 billion, from the same quarter last year.

Persons: Brendan McDermid, Banks, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai Organizations: PNC Financial Services Group Inc, New York Stock Exchange, REUTERS, PNC Financial Services, PNC, Analysts, Signature Bridge Bank, Federal Deposit Insurance Corp, Thomson Locations: New York City, U.S, Pittsburgh, NII, Bengaluru

☆ PNC Financial to cut jobs after profit drops, revenue misses estimates
▼ + stars: | 2023-10-13 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

[1/2] A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it has started reducing its staff by about 4% as part of a cost-cut initiative after the U.S. lender's third-quarter profit declined and revenue missed estimates. Average deposits at the bank fell 3.8%, to $422.5 billion. PNC posted a profit of $3.60 per share, compared to analysts' estimate of a profit of $3.11 per share, according to LSEG IBES data. Its third-quarter NII fell 1.6% from a year earlier.

Persons: Ashraf Fahim, Timothy Coffey, Janney Montgomery Scott, Scott, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai, Sriraj Kalluvila, Vinay Dwivedi Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, U.S, PNC, Thomson Locations: Washington , U.S, Pittsburgh, Bengaluru

☆ Walgreens forecasts weak annual profit as COVID sales shrink
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. Walgreens' lower forecast comes at a time when the company tackles multiple challenges, like persistently weak prescription drug demand, reported walkouts by its pharmacy staff and a shift in focus towards integrated health services. It has also contended with weak sales of its consumer health products due to persistently high inflation. Walgreens announced a planned cost reduction of at least $1 billion and lowered capital expenditure by about $600 million. Excluding items, the company reported earnings of $0.67 per share for the quarter, compared to average analysts' estimate of $0.69 per share, according to LSEG data.

Persons: Andrew Kelly, Tim Wentworth, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Shares of dialysis providers drop after Ozempic's early kidney trial success
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The outdoor sign seen at the DaVita Dialysis clinic in Denver February 16, 2016. U.S.-listed shares of Fresenius fell 16.4%, to $17.5, and Davita fell about 16%, to $76.7, in premarket hours. Shares of U.S.-based Baxter International (BAX.N), which makes products used by dialysis therapy providers, also fell about 9%, to $33.99 premarket. Davita and U.S.-listed shares of Fresenius Medical are among the top percentage losers on the New York Stock Exchange. As of Tuesday's close, U.S.-listed shares of Fresenius were up about 28.2%, Davita's shares were up 22.2%, while Baxter's shares were down about 27% so far this year.

Persons: Rick Wilking, Ozempic, Danish drugmaker, Veronika Dubajova, Davita, Eli Lilly's, Akash Tewari, Fresenius, Mariam Sunny, Janane Venkatraman, Pooja Desai Organizations: REUTERS, Novo Nordisk's, Citi, Baxter, Jefferies, Fresenius, New York Stock Exchange ., Thomson Locations: Denver, Danish, Fresenius, New York Stock Exchange . Frankfurt, U.S, Bengaluru

☆ Deloitte expands as PwC Maldives, Sri Lanka network firms exit - memo
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis Acquire Licensing RightsBENGALURU, Oct 9 (Reuters) - Accounting giant Deloitte is acquiring some of rival PricewaterhouseCoopers' (PwC) Maldives and Sri Lanka network firms, according to a Deloitte memo seen by Reuters, strengthening the company's presence in the South Asia region. PwC's Sri Lanka and Maldives firms will join Deloitte with effect from Oct. 28, the memo said. PwC Sri Lanka and Maldives also confirmed the Deloitte deal in a separate memo sent to some clients seen by Reuters. We are "committed to effecting a seamless transition as we prepare to join Deloitte," the memo said. Deloitte already has a presence in Sri Lanka, largely providing audit services in the region, the source with direct knowledge said.

Persons: Anushree, PwC, Romal Shetty, Nandan Mandayam, Aditya Kalra, Pooja Desai, Mark Potter Organizations: Deloitte, REUTERS, Rights, Accounting, PricewaterhouseCoopers, PwC, EY, KPMG, Reuters, Deloitte South Asia, Sri, Thomson Locations: Gurugram, India, Maldives, Sri Lanka, South Asia, Bengaluru, New Delhi

☆ Honeywell to realign business segments to boost growth
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsOct 10 (Reuters) - Honeywell International (HON.O) is restructuring its business operations to three segments down from four to boost sales growth and reallocate capital, the industrial conglomerate said on Tuesday. "This simplified structure will enable Honeywell to realize synergies that will accelerate our innovation playbook," Chief Executive Officer Vimal Kapur said. Honeywell said its results for the third quarter would be in line with previously issued guidance ranges on its aviation business performance. Honeywell said its new segmentation would take effect from the first quarter of 2024.

Persons: Denis Balibouse, Vimal Kapur, Pratyush Thakur, Pooja Desai Organizations: Honeywell, European Business Aviation Convention, REUTERS, Thomson Locations: Geneva, Switzerland, Charlotte, North Carolina, Bengaluru

Search resuls for: "Pooja Desai"

25 mentions found