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July 26 (Reuters) - Solar inverter maker Enphase Energy (ENPH.O) forecast third-quarter revenue below Wall Street estimates on weak demand in the United States, sending its shares down 13.4% in extended trading on Thursday. U.S. demand growth has been tepid as cheaper electricity prices in states like Texas and Arizona make the economics of residential solar less attractive. In the U.S., the solar market has also taken a hit from the Federal Reserve's aggressive tightening that has increased borrowing costs for consumers. The coastal state accounts for nearly a third of the U.S. residential solar market. Enphase reported an adjusted profit of $1.47 per share for the quarter ended June 30, beating estimates of $1.25.
Persons: Raymond James, Pavel Molchanov, Enphase, Tanay, Pooja Desai Organizations: Enphase Energy, Wall, SolarEdge Technologies, Thomson Locations: United States, Texas, Arizona, U.S, Europe, California, Bengaluru
Ebay forecasts third-quarter revenue above estimates
  + stars: | 2023-07-26 | by ( ) www.reuters.com   time to read: +1 min
July 26 (Reuters) - E-commerce platform eBay (EBAY.O) forecast third-quarter revenue slightly above market expectations on Wednesday, banking on its focus categories such as refurbished goods and auto parts to draw in new buyers to the marketplace. Price-conscious customers turned to eBay, which since 2020 has focused on selling secondhand goods as well as new sneakers, handbags and collectibles like trading cards such as for baseball. Still, Ebay faces tough competition from larger online retailers including Amazon.com (AMZN.O) and Shopify . The company forecast third-quarter revenue in the range of $2.46 billion and $2.52 billion, compared to analysts' average estimates of $2.47 billion, according to Refinitiv data. Revenue in the quarter ended June 30 was $2.54 billion, compared to expectations of $2.51 billion.
Persons: Chavi Mehta, Pooja Desai Organizations: eBay, Ebay, Revenue, Thomson Locations: Bengaluru
The California-based company also posted a surprise profit in the second quarter and its sales exceeded market expectations. The "Barbie" movie made a record-breaking debut in cinemas over the weekend, with $162 million in ticket sales in the United States and Canada. Mattel is slated to release a Disney Princess film later this year and another one in early 2024, with a Hot Wheels movie set for 2025. Kreiz said the "Barbie" movie's success will "serve as a template" for collaborations on other Mattel-owned intellectual property. Mattel maintained its full-year sales forecast, which it expects to be flat from last year, and adjusted profit per share between $1.10 and $1.20 per share.
Persons: America Ferrera, Margot Robbie, Maja Smiejkowska, Ynon Kreiz, Kreiz, Richard Dickson, Savyata Mishra, Pooja Desai Organizations: America, REUTERS, Mattel, Reuters, Disney, Thomson Locations: London, Britain, California, United States, Canada, billings, Bengaluru
July 26 (Reuters) - Alphabet Inc's (GOOGL.O) Waymo is focusing on its ride-hailing service, Waymo One, while pushing back its efforts to develop commercial autonomous trucking technology, the self-driving unit said on Wednesday. The company said it is seeing significant growth and demand for ride-hailing services in San Francisco, Phoenix and Los Angeles, and is focusing on achieving commercial success in the business. Waymo said it will continue its collaboration with strategic partner Daimler Truck North America to take its autonomous trucking platform forward. The unit's Waymo Driver technology is used in a variety of use cases, from ride-hailing to trucking. "We continue to see a significant future commercial opportunity for our trucking solution alongside other commercial applications of the Waymo Driver," Waymo said.
Persons: Waymo, Akash Sriram, Pooja Desai Organizations: Daimler Truck North, Thomson Locations: San Francisco, Phoenix, Los Angeles, Daimler Truck North America, Bengaluru
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
July 26 - Industrial software maker PTC (PTC.O) forecast fourth-quarter revenue below estimates on Wednesday, as economic uncertainty forces companies to cut back on spending to bolster their bottom lines. It expects fourth-quarter revenue between $540 million and $570 million, below analysts' estimate of $572.9 million, according to IBES data from Refinitiv. It reported third-quarter revenue of $542 million, compared with $462 million, a year earlier. Analysts expected the firm to report quarterly revenue of $523.7 billion, according to Refinitiv IBES data. Excluding items, PTC posted a profit of 99 cents per share in the April-to-June period, compared with estimates of $1 per share.
Persons: Neil Barua, James Heppelmann, Akash Sriram, Pooja Desai Organizations: PTC, Companies, Refinitiv, Lifecycle Management, Thomson Locations: United States, Boston, Bengaluru
Companies O'Reilly Automotive Inc FollowJuly 26 (Reuters) - Auto parts distributor O'Reilly Automotive (ORLY.O) on Wednesday named Brad Beckham as its top boss and raised its annual profit and sales outlook on strong demand for aftermarket products. Inflationary pressures such as high interest rates on leases have led to consumers opting to repair their vehicles instead of buying new ones, bolstering the aftermarket sales of parts suppliers. The company now expects 2023 profit between $37.05 and $37.55 per share, up from prior guidance of $36.50 to $37 per share. O'Reilly now sees full-year revenue to be between $15.4 billion and $15.7 billion, compared to prior expectation of $15.2 billion to $15.5 billion. The company also beat its second-quarter results with profit of $10.22 per share, above estimates of $10.09.
Persons: Brad Beckham, Beckham, Greg Johnson, Johnson, O'Reilly, Christopher Horvers, Raechel Thankam, Anandita, Pooja Desai, Arun Koyyur Organizations: O'Reilly, O'Reilly Automotive, Wednesday, Revenue, Thomson Locations: U.S, , Puerto Rico, Mexico, Bengaluru
July 25 (Reuters) - Analog chipmaker Texas Instruments (TXN.O) forecast third-quarter revenue below Wall Street targets on Tuesday, bogged down by sluggish recovery in consumer and enterprise demand that has kept clients from placing fresh chip orders. The company forecast revenue in the current quarter to be in the range of $4.36 billion to $4.74 billion. Analysts polled by Refinitiv expect revenue to come in at $4.60 billion. Revenue in the quarter ended June 30 was $4.53 billion, compared to estimates of $4.36 billion. Reporting by Chavi Mehta in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: Chavi Mehta, Pooja Desai Organizations: Texas, Texas Instruments, TSMC, Infineon, Refinitiv, Revenue, Thomson Locations: Dallas , Texas, Bengaluru
Growing electrification of cars and the use of advanced driver-assistance systems have kept demand for automotive chips steady, helping NXP, which made over half of its revenue from that sector last year. Revenue in those segments rose in the second quarter on a sequential basis. On an adjusted basis, the company forecast current-quarter revenue in the range of $3.30 billion to $3.50 billion, compared to analysts’ estimates of $3.31 billion, per Refinitiv data. Revenue in the quarter ended July 2 was $3.30 billion, compared to estimates of $3.21 billion. Excluding items, NXP earned $3.43 per share, beating estimates of $3.29.
Persons: , Kurt Sievers, NXP, Chavi Mehta, Pooja Desai Organizations: Wall, Nasdaq, Revenue, Thomson Locations: Eindhoven, Netherlands, United States, China, Bengaluru
July 24 (Reuters) - F5 (FFIV.O) beat third-quarter revenue and profit estimates on Monday, benefiting from higher customer spending on its cloud-related technology, sending its shares up nearly 9% after the bell. After a cut back in expenses related to software and hardware for several quarters, analysts say companies are now slowly increasing their spending in certain areas. F5's revenue and profit forecasts for the fourth quarter were largely in line with estimates. It expects revenue in the range $690 million to $710 million. Per share earnings are seen in the range $3.15 to $3.27, compared to the estimate of $3.22.
Persons: François, Donou, Refinitiv, Zaheer Kachwala, Yuvraj Malik, Pooja Desai Organizations: Thomson
BENGALURU, July 22 (Reuters) - Indian digital payments firm Paytm (PAYT.NS) reported a 39% rise in quarterly revenue, helped by soaring demand for loans. Operating profit came in at 840 million rupees, compared with an operating loss of 2.75 billion rupees, while the net loss narrowed to 3.57 billion rupees. Paytm defines operating profit as core profit before cost of employee stock-owning plans. It first reported an operating profit for the final three months of 2022 – nine months ahead of schedule. Quarterly expenses were up 15.9% at 28 billion rupees, with appraisals during the period driving up employee costs 21%.
Persons: Nandan Mandayam, Pooja Desai, Mike Harrison Organizations: Communications, Unified, Thomson Locations: BENGALURU, Bengaluru, Siddhi Nayak, Mumbai
July 21 (Reuters) - Industrial software maker Roper Technologies (ROP.O) raised its annual profit forecast on Friday on robust demand for software, as automation adoption grows across industries grappling with labor shortages. Companies such as Roper have benefited from high demand for software from industries, including health and logistics, which are looking to enhance efficiency and streamline operations by bringing in more automation. Roper now expects a full-year adjusted profit of $16.36 to $16.50 per share, compared to its previous outlook of $16.10 to $16.30 per share. The Sarasota, Florida-based company reported an adjusted profit of $4.12 per share, beating analysts' average expectations of $3.99 per share. Revenues from Application Software, the company's biggest unit that provides services to the healthcare and finance industries, rose 22.8%, to $770.3 million in the quarter.
Persons: Roper, Shivansh, Pooja Desai Organizations: Roper Technologies, Software, Thomson Locations: Sarasota , Florida, Bengaluru
Abbott CEO Robert Ford said the great momentum in device and diagnostics sales during the quarter was due to improving market conditions in healthcare. Rival J&J's (JNJ.N) medical device segment also topped estimates, aided by a recovery in demand for medical procedures. Shares of rival medical device makers Medtronic (MDT.N) and Boston Scientific Corp (BSX.N) rose nearly 3%. Abbott clocked quarterly sales for its medical devices at $4.3 billion, with $1.3 billion coming from diabetes device Freestyle Libre, beating analysts' estimates of $4.10 billion. Abbott's adjusted profit of $1.08 per share in the quarter beat analysts' estimates of $1.05.
Persons: Robert Ford, J, Shagun Singh, Abbott, Khushi Mandowara, Pooja Desai Organizations: Abbott Laboratories, RBC Capital Markets, Boston Scientific Corp, U.S, Thomson Locations: Michigan, Bengaluru
July 20 (Reuters) - MarketAxess Holdings (MKTX.O) reported a better-than-expected second-quarter profit on Thursday, as a bustling Eurobond market helped offset the hit from a decline in U.S. government bond trading. The New York-based bond trader reported a profit of $1.59 per share for the three months ended June 30, beating analysts’ estimates of $1.57 per share, according to Refinitiv data. MarketAxess is an electronic trading platform for institutional investors and broker-dealers to trade corporate bonds and other fixed-income products. That prompted Eurobond investors to keep rejigging their portfolios, boosting trading volumes for the segment by 30.2% in the second quarter. However, a 33.1% slump in trading volumes for U.S. government bonds proved a drag.
Persons: MarketAxess, Sri Hari, Pooja Desai, Maju Samuel Organizations: MarketAxess Holdings, The, European Central Bank, U.S . Federal Reserve, Treasury, Sri, Thomson Locations: The New York, Washington, Bengaluru
July 20 (Reuters) - Philip Morris International (PM.N) on Thursday beat Wall Street expectations for quarterly profit, boosted by a let-up in soaring tobacco and labor costs and buoyant demand for its smokeless Zyn and IQOS products. The company has bet heavily on Zyn and IQOS products as younger customers are showing a preference for these "smoke-free" alternatives to traditional combustible cigarettes. Demand for higher-margin IQOS devices - that heat cigarettes, instead of lighting them - and Zyn nicotine pouches has helped protect margins for the tobacco giant. The company raised the lower-end of its full year profit forecast, and now expects earnings per share between $6.13 and $6.22, compared to its previous forecast of $6.10 and $6.22. The company's second-quarter adjusted profit per share of $1.60 beat analysts' average estimates of a profit of $1.47, as per Refinitiv data.
Persons: Philip Morris, Juveria, Pooja Desai Organizations: Philip Morris International, Thomson Locations: Bengaluru
July 18 (Reuters) - OpenAI is committing $5 million to the American Journalism Project (AJP) under a partnership that will look for ways to support local news through artificial intelligence, the Microsoft-backed startup said on Tuesday. The deal will also give the non-profit and related organizations up to $5 million in OpenAI credits for the use of the technology popularized by ChatGPT. "With this partnership, we aim to promote ways for AI to enhance — rather than imperil — journalism," said Sarabeth Berman, CEO of AJP. AJP is a venture philanthropy that provides grants to local nonprofit news organizations, to help sustain their newsrooms. To date, it has raised $139 million from local and national funders to address the U.S.' local news crisis, and backed 41 nonprofit local news organizations across the country.
Persons: OpenAI, ChatGPT, Sarabeth Berman, Samrhitha, Pooja Desai Organizations: American Journalism, Microsoft, Associated Press, ., Thomson Locations: Bengaluru
July 17 (Reuters) - Investments in space startups stayed flat in the second quarter, a positive sign for a sector that faced a funding slump over the past few quarters due to the grim economic outlook, a report by venture capital firm Space Capital showed. The April-June period saw $6 billion in investments in 91 firms, compared with $2.2 billion in the previous three months and $5.9 billion a year earlier, the report, released on Monday, stated. That marks a big improvement from declines of 53% and 52% in the first quarter and 2022, respectively. "The era of free money is over and companies are beginning to adapt to this new normal," Space Capital said, adding that the pickup in financial markets has helped the space industry. Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: Chad Anderson, Akash Sriram, Jaspreet Singh, Pooja Desai Organizations: Space, Reuters, Federal, Nasdaq, Thomson Locations: Bengaluru
July 17 (Reuters) - Ford Motor (F.N) deepened a price war in the electric-vehicle industry on Monday by slashing the prices of its F-150 Lightning trucks, including a 17% cut for the base model, as it aims to boost its share of an EV market dominated by Tesla (TSLA.O). The Detroit automaker, which had raised Lightning prices earlier this year, said it was able to cut prices on improvements in scale and battery raw material costs. The move comes amid a price war started by Tesla a few months ago, which has seen the EVs of legacy automakers piling up at dealers as sales slow. Ford also said it has temporarily closed its Rouge Electric Vehicle Center in Michigan to complete final plant upgrades as it aims to triple the facility's annual run rate to 150,000 Lightning trucks, beginning this fall. Battery raw material prices have been one of the factors that pushed up EV prices.
Persons: Tesla, Marin Gjaja, We've, Ford, Nathan Gomes, Shivansh, Pooja Desai Organizations: Ford, Tesla, General, Rivian, Detroit, Reuters Graphics, Electric Vehicle Center, EV, Thomson Locations: Austin, Michigan, Bengaluru
July 17 (Reuters) - Ford Motor (F.N) on Monday slashed the prices of its popular electric F-150 Lightning trucks, with the base variant now starting at about 16.6% less, amid an electric vehicle (EV) price war started by market leader Tesla (TSLA.O). The move also comes as some legacy automakers struggle with slowing EV sales, as Tesla's move to cut prices led to an accumulation of rival EVs at dealers. Ford, which has been pushing to shift to more EV models, said on Monday it had lowered the prices for all variants of the Lightning model. Ford's base Pro variant will now cost customers $49,995, compared to its prior price of $59,974, while the higher end Platinum model will cost about 6.2% less, at $91,995. Reporting by Nathan Gomes in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: Tesla, EVs, Nathan Gomes, Pooja Desai Organizations: Ford, Thomson Locations: Bengaluru
July 14 (Reuters) - UnitedHealth Group's (UNH.N) quarterly profit beat Wall Street estimates on Friday as a smaller-than-expected jump in medical costs allayed fears that a resumption in long-delayed surgical procedures would hit profit growth, sending its shares up 5%. The beat from the industry bellwether lifted the shares of rivals Humana (HUM.N), Cigna (CI.N), CVS Health (CVS.N) and Elevance Health (ELV.N) between 2% and 5%. Chief financial officer John Rex said the company expects medical costs for the third quarter to be "a little bit lower" compared to the second quarter. UnitedHealth's profit of $6.14 per share for the second quarter beat analysts' expectations of $5.99, according to Refinitiv. Reporting by Bhanvi Satija and Raghav Mahobe in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: John Rex, Stephens, Scott Fidel, UnitedHealth, Humana, Bhanvi Satija, Pooja Desai Organizations: Wall, Humana, CVS Health, Elevance, Health, Medicare, Thomson Locations: Bengaluru
That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS customer losses of $4 billion and lost direct wages of more than $1 billion. A 15-day UPS strike in 1997 disrupted the supply of goods, cost the world's biggest parcel delivery firm $850 million and sent some customers to rivals like FedEx (FDX.N). Roughly 340,000 union-represented UPS workers handle about a quarter of U.S. parcel deliveries and serve virtually every city and town in the nation. A strike could delay millions of daily deliveries, including Amazon.com (AMZN.O) orders, electronic components and lifesaving prescription drugs, shipping experts warned. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations.
Persons: Patrick Anderson, Anderson, GM's, Bruce Chan, Chan, Lisa Baertlein, Priyamvada, Pooja Desai, Jonathan Oatis, David Gregorio Our Organizations: United Parcel Service, Anderson Economic Group, AEG, UPS, FedEx, stoke, International Brotherhood of Teamsters, Teamsters, Consumers, UAW, Teamster, Thomson Locations: U.S, Michigan, Los Angeles, Bengaluru
July 13 (Reuters) - A potential strike by about 340,000 workers of The Teamsters Union against United Parcel Service (UPS.N) could cause its customers to incur losses in excess of $4 billion, according to an analysis released by a consulting firm on Thursday. A 10-day strike would likely furlough those workers who are currently earning annual wages of about $90,000 per year (excluding benefits), resulting in wage losses of $1.1 billion, Anderson Economic Group said. Reporting by Priyamvada C in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: Priyamvada, Pooja Desai Organizations: The Teamsters Union, United Parcel Service, Anderson Economic, Thomson Locations: Bengaluru
July 13 (Reuters) - News publisher Associated Press said on Thursday it had reached an agreement with OpenAI to share select news content and technology, as the two firms explore the use of generative AI in news products. The arrangement involves OpenAI licensing part of AP's text archive, while AP will leverage the ChatGPT-maker's technology, according to a statement, which added that AP does not use generative AI for its news stories. "News organizations must have a seat at the table ... so that newsrooms large and small can leverage this technology to benefit journalism,” said Kristin Heitmann, AP's senior vice president and chief revenue officer. Reporting by Yuvraj Malik in Bengaluru; Editing by Pooja Desai and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: OpenAI, , Kristin Heitmann, AP's, Yuvraj Malik, Pooja Desai, Maju Samuel Organizations: Associated Press, AP, Thomson Locations: Bengaluru
Twitter, ChatGPT back up after brief outage
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: 1 min
July 12 (Reuters) - Twitter services recovered after a brief outage on Wednesday, according to outage tracking website Downdetector.com, while OpenAI said logins for its viral chatbot ChatGPT were starting to work. OpenAI said some ChatGPT logins had started to work. It later said there was an issue where some users received a "Failed to get service status" error. Downdetector tracks outages by collating status reports from a number of sources, including user-submitted errors, on its platform. Twitter did not immediately respond to a Reuters request for comment.
Persons: OpenAI, Downdetector, logins, Jaspreet Singh, Pooja Desai Organizations: Elon Musk, Twitter, Thomson Locations: Bengaluru
July 12 (Reuters) - Domino's Pizza (DPZ.N) shares surged 10% on Wednesday after the chain said customers can start using Uber's (UBER.N) Uber Eats and Postmates apps for orders, as it tries to jolt its sluggish delivery business. Domino's said Uber Eats will be its exclusive third-party platform in the U.S. until at least 2024, as per its "global agreement" with the ride-share company. Domino's had been a holdout in working with third-party delivery companies, preferring instead its own app, website and drivers. But being listed on Uber Eats and Postmates means it will now be easier for Domino's to reach new customers used to ordering there. At the same time, Domino's will continue using its own uniformed drivers for deliveries, allowing it to maintain control of its brand, image and food quality.
Persons: Domino's, Uber, Jim Sanderson, Peter Saleh, Angelo Zino, Granth Vanaik, Hilary Russ, Janane Venkatraman, Pooja Desai, Sharon Singleton Organizations: Domino's, CFRA Research, Thomson Locations: U.S, Uber's U.S, United Kingdom, Canada, Australia, Bengaluru, New York
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