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☆ Uber drops after its bookings results and forecast fail to impress
▼ + stars: | 2024-10-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Uber's stock fell Thursday after the ride-share company reported mixed third-quarter results. Uber is "pretty optimistic" about key US market going forward, CEO says. AdvertisementUber took a hit Thursday after the ride-hailing and delivery company reported mixed third-quarter results. The company reported gross bookings of $41 billion in the quarter, up 16% from the same period last year. Uber is "pretty optimistic" in general in terms of the US going forward, he said.

Persons: Gross, —, Uber, Dara Khosrowshahi, Prashanth Mahendra, Rajah, Khosrowshahi Organizations: Service, Bloomberg, CNBC

☆ Uber stock pops more than 10% on $7 billion share buyback
▼ + stars: | 2024-02-14 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Dara Khosrowshahi, chief executive officer of Uber Technologies speaks on a webcast during the company's initial public offering on the floor of the New York Stock Exchange, May 10, 2019. Uber 's stock spiked more than 10% Wednesday morning after the ride-sharing company announced it will buy back up to $7 billion worth of company shares. "Today's authorization of our first-ever share repurchase program is a vote of confidence in the company's strong financial momentum," Uber CFO Prashanth Mahendra-Rajah said in a press release Wednesday morning. Mahendra-Rajah added that Uber "will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working towards a consistent reduction in share count." The buyback news comes a week after Uber reported fourth-quarter results that beat Wall Street's earnings and revenue estimates.

Persons: Dara Khosrowshahi, Uber, Prashanth Mahendra, Rajah, Mahendra Organizations: Uber Technologies, New York Stock Exchange, CNBC

☆ Uber unveils $7 billion share buyback after first profitable year
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +1 min

A banner announcing the IPO of Uber Technologies hangs outside the New York Stock Exchange, May 10, 2019. Uber Technologies said on Wednesday it will buy back up to $7 billion worth of company shares after a strong recovery in ride-share and healthy demand at its food delivery business. "Today's authorization of our first-ever share repurchase program is a vote of confidence in the company's strong financial momentum," Uber CFO Prashanth Mahendra-Rajah said. Over the next three years Uber expects gross bookings growth in the mid to high teens percentage and adjusted core profit growth in the high 30s to 40%. Uber had a free cash flow of $3.4 billion in 2023, up from $390 million a year earlier.

Persons: Prashanth Mahendra, Rajah, Uber Organizations: Uber Technologies, New York Stock Exchange

☆ 40 Years Ago, This Ad Changed the Super Bowl Forever
▼ + stars: | 2024-02-09 | by ( Saul Austerlitz | ) www.nytimes.com time to read: +2 min

Four decades ago, the Super Bowl became the Super Bowl. It wasn’t because of anything that happened in the game itself: On Jan. 22, 1984, the Los Angeles Raiders defeated Washington 38-9 in Super Bowl XVIII, a contest that was mostly over before halftime. Conceived by the Chiat/Day ad agency and directed by Ridley Scott, then fresh off making the seminal science-fiction noir “Blade Runner,” the Apple commercial “1984,” which was intended to introduce the new Macintosh computer, would become one of the most acclaimed commercials ever made. It also helped to kick off — pun partially intended — the Super Bowl tradition of the big game serving as an annual showcase for gilt-edged ads from Fortune 500 companies. It all began with the Apple co-founder Steve Jobs’s desire to take the battle with the company’s rivals to a splashy television broadcast he knew nothing about.

Persons: George Orwell, Ridley Scott, Steve Jobs’s, — Scott, John Sculley, Steve Hayden, Fred Goldberg, Anya Rajah, JOHN SCULLEY, we’re, “ Organizations: Super Bowl, Los Angeles Raiders, Washington, XVIII, CBS, Apple, Fortune, Chiat, Businessweek, IBM Locations: Steve

SINGAPORE, Oct 3 (Reuters) - Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion). The government will set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case, she said. She was one of three cabinet ministers responding to almost 60 questions filed by lawmakers on the case. The case had been on the radar of police since 2021, after the filing of suspicious transaction reports by financial institutions, Teo said. "We started investigations because we suspected that offences had been committed in Singapore," Teo added.

Persons: Josephine Teo, Indranee Rajah, Teo, Xinghui Kok, Martin Petty, Clarence Fernandez, Alison Williams Organizations: Thomson Locations: SINGAPORE, Singapore, China

☆ Uber names semiconductor executive Mahendra-Rajah as CFO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 27 (Reuters) - Uber Technologies (UBER.N) on Wednesday named Analog Devices (ADI.O) CFO Prashanth Mahendra-Rajah as its finance chief at a time when the ride-hailing company is gearing up for growing competition in the industry. At semiconductor firm Analog Devices, Mahendra-Rajah oversaw the roughly $21-billion acquisition of rival Maxim Integrated Products. Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings and has held other financial leadership roles at Applied Materials (AMAT.O), Visa (V.N) and United Technologies. Still, with more than $1 billion in free cash flow in the second quarter, Uber said it was increasingly considering share repurchases and shareholder dividends.

Persons: Arnd, Prashanth Mahendra, Rajah, Mahendra, Nelson Chai, Uber, Deborah Sophia, Shounak Dasgupta Organizations: REUTERS, Technologies, Devices, Maxim Integrated Products, WABCO Holdings, Materials, Visa, United Technologies, Los Angeles Yellow Cab, Thomson Locations: Davos, Switzerland, San Francisco, Nelson, Europe, Asia, Bengaluru

☆ Unilever pivots to African suppliers as forex pressure mounts
▼ + stars: | 2023-05-31 | by ( Seun Sanni | Richa Naidu | ) www.reuters.com time to read: +6 min

The war in Ukraine exacerbated supply chain logjams and manufacturing issues that began with the COVID-19 pandemic. Managing foreign exchange costs is largely what is driving a pivot to African suppliers, Unilever said, even though sourcing from the continent can cost more than buying from parts of Asia. “Over 95% of the brands we sell to our (African) consumers are made in African factories,” Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, told Reuters. Today more than two-thirds of the ingredients that go into Unilever products sold in African markets come from the continent, the company said. Where is it on the scale of Unilever’s supply chain?” he said.

Persons: Kasali, ” Kasali, “, Knorr, Hellmann’s, Reginaldo, Tedd George, Nestle, ”, Pierre, André, Ecclissato, it’s, bouillon, Iranloye, Busari, Unilever’s Ecclissato Organizations: Reuters, Unilever, REUTERS, ” Unilever, Nestle, Danone, sorbitol Locations: ALAYIDE, Nigeria, Oyo, Africa, Ukraine, Asia, India, China, South Africa, Lagos, Oyo State

☆ Foreign equity funds pile into Indian financials as credit cycle picks up
▼ + stars: | 2022-12-06 | by ( Anushka Trivedi | ) www.reuters.com time to read: +4 min

MUMBAI, Dec 6 (Reuters) - Foreign investors are buying into Indian financial firms, lured by the prospects of a fresh credit cycle that may boost the stocks of the country's largest lenders. The optimism is reflected in inflows, with foreign investors buying a net of $1.74 billion worth of Indian financial stocks in November, data released by the National Securities Depository Ltd this week showed. Reuters Graphics"PALATABLE" VALUATIONIndian financial stocks are trading at a premium to their historical average, but that is not necessarily the comparison investors are looking at. This has prompted local and foreign investors to pour money into the domestic equity markets, which hit all-time highs last week. The optimism comes despite financial stocks trading at a premium to their two-year historical average on a price-to-book valuation basis.

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