DIRS.INFO The most relevant business & tech news

☆ Salesforce says Bret Taylor to step down as co-CEO
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Salesforce Inc (CRM.N) said on Wednesday that Bret Taylor would step down as co-chief executive officer in January and that co-founder Marc Benioff will become the CEO. "After a lot of reflection, I've decided to return to my entrepreneurial roots," said Taylor, who has previously served as chief operating officer and chief product officer of Salesforce. The San Francisco-based company expects annual adjusted profit per share between $4.92 and $4.94, compared with $4.71 to $4.73 forecast earlier. Revenue for the quarter ended Oct. 31 was $7.84 billion, compared with analysts' average expectation of $7.82 billion, according to Refinitiv IBES data. On an adjusted basis, the company earned $1.40 per share during the third quarter, compared with estimates of $1.21.

☆ CrowdStrike forecasts current-quarter revenue below estimates
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - CrowdStrike Holdings Inc (CRWD.O) on Tuesday forecast fourth-quarter revenue below Wall Street estimates, as an economic downturn hit spending for its cyber security services. The company expects revenue between $619.1 million and $628.2 million, compared with analysts' average estimate of $632.8 million, according to Refinitiv IBES data. CrowdStrike also said increased macroeconomic headwinds elongated sales cycles with smaller customers, and caused some larger ones to pursue multi-phase subscription start dates, which delays annual recurring revenue (ARR) recognition until future quarters. Total revenue for the third quarter was $580.8 million. On an adjusted basis, the company earned 40 cents for the quarter ended Oct. 31, compared to estimates of 31 cents.

☆ Abercrombie sees better holiday-quarter sales, posts surprise profit
▼ + stars: | 2022-11-22 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

The Ohio-based apparel retailer's shares that have lost nearly half of their value this year were up about 19% after the company also reported third-quarter sales above Wall Street estimates, defying inflation's impact on non-essential spending. Chief Executive Officer Fran Horowitz in a post-earnings call said the company expects the fourth quarter to "mirror more pre-pandemic" holiday. Abercrombie, however, said there was a little bit of softness in demand during late October and maybe into the first week of November. Abercrombie expects fourth-quarter net sales to fall about 2% to 4% in fiscal 2022, compared with analysts' average estimate of a 6.3% drop, according to Refinitiv IBES data. Excluding items, it reported a profit of 1 cent per share in the third quarter, compared with estimates of a loss of 16 cents.

☆ Dollar Tree forecasts lower 2022 profit as price cuts hit margins
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Dollar Tree Inc (DLTR.O) said on Thursday that its full-year profit would be at the lower end of its forecast, with the discount store retailer's margins under pressure from decades-high inflation. Dollar Tree has been hit by slowing demand for everything from toys and party supplies to homeware, which are typically more profitable than food and other perishables. Dollar Tree is also grappling with higher freight costs and price cuts at its Family Dollar banner that were rolled out in the second quarter. The price cuts, however, helped Family Dollar post its strongest quarterly same-store sales jump since 2020. Dollar Tree now expects annual profit at the lower half of its previously estimated range of $7.10 per share to $7.40 per share.

☆ Abercrombie posts surprise profit, sees better holiday-quarter sales
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Abercrombie & Fitch Co (ANF.N) on Tuesday posted a surprise third-quarter profit and forecast a smaller-than-expected drop in current-quarter sales as it remains "cautiously optimistic" for the holiday season. The Ohio-based retailer's shares were up about 14% in premarket trading after the company also reported better-than-expected third-quarter sales even as inflation dampened discretionary consumer spending. Abercrombie expects fourth-quarter net sales to fall about 2% to 4% in fiscal 2022, compared with analysts' average estimate of a 6.3% drop, according to Refinitiv IBES data. Excluding items, Abercrombie reported a profit of 1 cent per share in the third quarter, compared with estimates of a loss of 16 cents. The company's net sales fell 2.8% to $880.1 million, but beat estimates of $831.1 million.

☆ Dell quarterly profit jumps on higher server demand, lower costs
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Dell Technologies Inc (DELL.N) posted a 68% rise in quarterly operating profit on Monday, as strong demand for servers and network equipment cushioned weak PC sales and easing supply-chain pressures helped rein in costs. Consumer revenue tumbled 29% and large enterprises, or commercial, revenue, fell 13%. Operating expenses fell 8% in the third quarter ended Oct. 28, the company said. Net income tumbled 93% to $241 million, due to the $1 billion settlement of a lawsuit over a disputed 2018 stock swap. read moreOperating income rose to $1.76 billion, from $1.05 billion a year earlier.

☆ Kohl's withdraws annual sales, profit forecasts
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Kohl's Corp (KSS.N) withdrew its 2022 sales and profit forecasts on Thursday, blaming an uncertain economic outlook and the departure of top boss Michelle Gass. Kohl's has struggled to attract shoppers despite steep discounts to clear excess inventory, as Americans cut back spending on apparel and other discretionary purchases amid decades-high inflation. Its third-quarter comparable sales fell 6.9%, in line with analysts' estimates, according to Refinitiv IBES data. Net income fell to $97 million, or 82 cents per share, compared with $243 million, or $1.65 per share, a year earlier. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Gap beats quarterly estimates on steady demand for formal clothing
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Gap Inc (GPS.N) beat Wall Street estimates for quarterly sales and profit on Thursday, helped by steady demand for its formal clothing and dresses from affluent consumers despite a surge in inflation, sending its shares up about 8%. However, Gap echoed retailer Kohl's (KSS.N), which on Thursday warned soaring prices of essential commodities had dampened lower-income consumer's spending on non-essential spending like apparel. Gap expects fourth-quarter net sales to be down in mid-single digits, compared with analysts' expectations of a 0.6% decline, according to Refinitiv IBES data. In October, Gap removed products from its Yeezy Gap line created in partnership with Kanye West, and shut down YeezyGap.com following the rapper's anti-Semitic comments. Gap's third-quarter net sales rose 2.5% to $4.04 billion, topping analysts' estimates of $3.80 billion.

The valuations of listed financial technology firms have plunged 70% in 2022, analysts at Jefferies Group said in a note last week. The Columbus, Ohio regional bank is scouring for more targets after it bought Torana, a payments fintech, in May. PNC Financial Services Inc (PNC.N) in September bought Linga, a fintech focused on restaurant operations and sales. The slide in fintech valuations coincides with banks earning more from traditional lending businesses as interest rates rise. Fintech deals enable banks to buy new technology or products instead of developing them in-house.

☆ Applied Materials forecasts strong Q1 revenue on easing supply chain woes
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Chip tools maker Applied Materials Inc (AMAT.O) forecast first-quarter revenue above market estimates on Thursday, on hopes that easing supply chain constraints will help it meet pent up demand from chipmakers ramping up production. Shares of the Santa Clara, California-based company rose nearly 3% in trading after the bell. The company posted revenue of $6.75 billion for the fourth quarter ended Oct. 30, compared to analysts' average expectation of $6.45 billion, according to Refinitiv IBES data. The company forecast current-quarter revenue of $6.70 billion, plus or minus $400 million, compared with analysts' average estimate of $6.45 billion. Applied said the outlook includes expected impact of recently announced U.S. export regulations and ongoing supply chain challenges.

☆ Target warns of dour holiday sales, shares plunge 15%
▼ + stars: | 2022-11-16 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Shares of the big-box retailer fell more than 15% in premarket trading after it also said that its third-quarter profit had halved. In contrast, Walmart, which dedicates most of its shelf space to groceries and other daily essentials, raised its full-year sales and profit forecast on Tuesday. However, the top U.S. retailer warned that its customers could slow spending, especially in general merchandise categories, in the holiday quarter. FedEx (FDX.N) and Amazon (AMZN.O) have also warned of a slump in holiday season demand in recent weeks, while overall U.S. holiday sales are expected to rise at a slower pace this year, according to an industry trade group. On an adjusted basis, Target's profit was $1.54 per share for the quarter ended Oct. 29, missing analysts' expectations of $2.13.

☆ Home Depot gives 'mixed signals' with quarterly beat, dim holiday view
▼ + stars: | 2022-11-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Home Depot Inc (HD.N) tapped higher prices to override a drop in customer transactions for the third quarter and left its annual forecasts unchanged, signaling a weak holiday season amid a housing market slowdown. The fourth quarter will be the weakest of the year for comparable sales, it said, amid mounting uncertainties around the housing market. Home Depot saw customer transactions fall 4.3%, but higher prices of lumber, copper and other building materials helped drive average ticket - or the average amount of sales per customer - 8.8% higher, offsetting some pressure. Net earnings increased to $4.34 billion, or $4.24 per share, while analysts on average expected a profit of $4.12 per share. Shares of the company reversed course to gain about 2%, after Walmart Inc (WMT.N) raised its annual sales and profit forecasts, sending retail stocks higher.

☆ Home Depot beats comparable sales estimates on steady demand
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Home Depot Inc (HD.N) beat analysts' estimates for quarterly same-store sales on Tuesday, helped by higher prices and steady demand for home improvement tools from professional builders. With mortgage rates more than doubling since the beginning of the year, customers are sticking to their current lower-mortgage homes and renovating them instead of buying new houses, bolstering demand for tools and fittings at Home Depot. The company also reaffirmed its fiscal 2022 comparable sales growth forecast of about 3%. Comparable sales at the largest U.S. home improvement chain rose 4.3% in the third quarter, compared with estimates of a 3.1% increase, according to Refinitiv IBES data. Reporting by Deborah Sophia in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart expects smaller drop in annual profit, announces $20 bln share buyback
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

The company also raised its full-year net sales expectations and announced a new $20 billion share buyback plan, pushing its shares up 5% in premarket trading. Walmart said it expects fiscal 2023 net sales to increase 5.5%, compared to its previous forecast of a 4.5% increase. Walmart enters the holiday quarter with inventories valued at nearly $65 billion, up from about $60 billion three months ago. However, Walmart forecast holiday quarter U.S. same-store sales, excluding fuel, to increase about 3%, below estimates of a 3.4% increase. Fourth-quarter adjusted earnings per share are expected to decline 3% to 5%, compared to analysts' estimates of a 4.5% fall.

Nov 14 (Reuters) - Walmart (WMT.N) and Target (TGT.N) results this week are likely to show that major retailers are heading for a turbulent holiday season as rampant inflation has made everything from toothpaste to Christmas sweaters more expensive for shoppers. "We have our expectations set really low, it's a difficult environment," said Bill Smead, chief investment officer of Smead Capital Management, which owns Target shares worth more than $200 million. Smead said recent warnings around demand from FedEx and Amazon did not bode well for retailers this season. The economic slowdown has led to expectations of a more muted holiday shopping season with everyone from Amazon to Walmart kick-starting holiday deals early to clear excess merchandise. However, Walmart and Target's scale and ability to undercut smaller retailers on price may still help them fare better than others as they attract more cost-conscious consumers looking to do their Christmas shopping on a budget, analysts said.

☆ McDonald's India franchisee Westlife beats Q2 profit view on strong demand
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 9 - Westlife Foodworld Ltd (WEST.NS), which owns the franchise for McDonald's Corp (MCD.N) in west and south India, reported a bigger-than-expected second-quarter profit on Wednesday, helped by rising demand. Analysts on average had expected a profit of 246.6 million rupees, according to Refinitiv IBES data. Sales surged 33% to 5.7 billion rupees, its highest ever quarterly sales, and the company achieved more than 67.5 million rupees in average annualized sales per store. Westlife, which is on track to open 35-40 stores in 2023, saw a 52% rise in royalties to 261.9 million rupees. Rival Jubilant FoodWorks Ltd (JUBI.NS), which runs the Domino's Pizza (DPZ.N) chain in India, reported 10% rise in second-quarter profit on Tuesday.

☆ Lyft shares plunge after dull revenue forecast, slowing rider growth
▼ + stars: | 2022-11-07 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing firm Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue below Wall Street estimates as user growth on its platform slows, losing out to bigger rival Uber Technologies Inc and sending its shares down 13%. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion, according to Refinitiv IBES data. It forecast adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a profitability metric keenly watched by investors, between $80 million and $100 million, compared with analysts' forecast of $84.5 million.

☆ Lyft shares plunge after revenue forecast disappoints
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing company Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue slightly below Wall Street estimates, hurt by competition from Uber Technologies Inc , sending its shares down 13% in extended trading. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. Lyft forecast current-quarter operating profit above Wall Street estimates, as it bets on demand for rideshare and cost cuts such as headcount reduction and closing office spaces. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.

☆ India's Britannia Industries shares jump after profit beat
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 7 (Reuters) - Shares of India's Britannia Industries Ltd (BRIT.NS) rose as much as 10% on Monday, after the Good Day and Tiger biscuits maker reported late Friday a 28.4% jump in second-quarter consolidated net profit. The company's profit was 4.93 billion rupees ($59.97 million) for the three months ended on Sept. 30, beating analysts' expectations for a profit of 4.12 billion rupees, according to Refinitiv IBES data. Total revenue from operations rose 21.4% to 43.8 billion rupees from 36.07 billion rupees a year ago. Britannia's beat comes after peers Hindustan Unilever (HLL.NS) reported rise in profit, while Dabur India (DABU.NS) posted lower profit hit by high commodity prices. Britannia shares were the top gainer in the NSE Nifty 50 index (.NSEI).

☆ India's SBI sees loan growth staying strong after record profit
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +2 min

The bank reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality. Net profit rose to a record 132.64 billion Indian rupees ($1.62 billion) in June-September, beating analysts' forecast of 105.30 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earned and paid out, rose 13% to 351.82 billion rupees. "We should have credit growth of 14-16% in the current financial year," Chairman Dinesh Kumar Khara said in a press briefing. Total provisions declined to 30.39 billion rupees in June-September from 43.92 billion rupees the previous quarter.

☆ Starbucks beats quarterly sales estimate on pricey drinks, robust demand
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

Shares in the Seattle-based company rose about 3% in after-market trading, as Starbucks also posted a smaller-than-feared decline in sales in China - its fastest growing market. While restaurants such as McDonald's Corp (MCD.N) and Yum Brands Inc (YUM.N) have drawn inflation-hit Americans with cheaper meals, higher priced Starbucks coffee and cold beverages have enjoyed a steady stream of higher-income customers. Wall Street analysts expected Starbucks' comparable sales in China to drop by 20%, according to analysts at Gordon Haskett. "We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year," said interim Chief Executive Officer Howard Schultz. Global comparable sales at Starbucks rose 7% in the fourth quarter ended Oct. 2, while analysts on average had expected a 4.2% rise, according to Refinitiv IBES.

Nov 3 (Reuters) - Starbucks Corp (SBUX.O) topped Wall Street estimates for quarterly comparable sales and profits on Thursday, saying it will weather any coming recession by selling customized cold drinks through its rewards app to grow its ranks of younger, wealthier customers. Even so, wealthier people keep buying pricier food and drinks from Starbucks and Chipotle Mexican Grill Inc (CMG.N). Some analysts and investors have questioned how Starbucks can meet its global sales guidance of 7% to 9% growth for 2023, especially amid worsening economic conditions. Wall Street analysts expected Starbucks' comparable sales in China to drop by 20%, according to analysts at Gordon Haskett. read moreGlobal comparable sales at Starbucks rose 7% in the fourth quarter ended Oct. 2, while analysts on average had expected a 4.2% rise.

☆ Streaming platform Roku's shares slump on dour holiday-quarter forecast
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Shares of Roku Inc (ROKU.O) fell more than 20% in extended trading on Wednesday after the streaming platform forecast holiday-quarter revenue below Wall Street estimates as ad spending dries up. Top players including Google-parent Alphabet (GOOGL.O) and Snap Inc (SNAP.N) have warned of shrinking ad spending, which led to a broad tech sell-off in recent weeks. Roku added 2.3 million "active accounts" in the third quarter, compared with 1.3 million net additions last year. "Roku’s growth will be disrupted by a recessionary environment because advertising budgets on the whole will see cuts, while at the same time TV ad budgets continue to see migration to digital," Third Bridge analyst Jamie Lumle said. "We will continue to slow headcount and operating expense growth in response to the macro environment," Wood added.

☆ Airbnb's revenue forecast takes hit from strong dollar, slowing bookings
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Airbnb Inc forecast fourth-quarter revenue below market estimates on Tuesday, saying a strong U.S. dollar had started to pressure its business and that bookings would moderate after a bumper third quarter. The vacation rental firm expects fourth-quarter revenue between $1.80 billion and $1.88 billion, the midpoint of which missed analysts' expectations of $1.85 billion, according to Refinitiv IBES. San Francisco-based Airbnb recorded its highest ever third-quarter bookings, with nearly 100 million nights and experiences booked, but it said current-quarter bookings will "slightly moderate" from those levels. Still, it is "well-positioned for the road ahead", the company added, after surpassing quarterly revenue estimates. Net profit rose 45.6% to $1.21 billion, or $1.79 per share, while revenue increased 28.9% to $2.88 billion, beating estimates of $2.84 billion.

☆ Energy shares shine again on Wall Street, lifted by earnings
▼ + stars: | 2022-10-31 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

A standout all year, the S&P 500 energy sector (.SPNY) is up 26% in October alone, against an 8% rise for the overall S&P 500 (.SPX). Overall S&P 500 earnings are expected to have climbed just 4%. Indeed, excluding energy's contribution, S&P 500 earnings are set to have declined 3.5% in the quarter, according to IBES. Energy companies are benefiting from rising oil and gas prices, with U.S. crude prices up 16% so far this year. Indeed, energy sector earnings are expected to decline 11.5% in 2023, according to IBES data.

Search resuls for: "Refinitiv IBES"

25 mentions found