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☆ Palo Alto projects downbeat second-quarter billings, shares fall
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Palo Alto Networks (PANW.O) on Wednesday forecast second-quarter billings below market expectations and said its billings were "impacted by the cost of money", sending the cybersecurity company's shares down about 6% after the bell. Santa Clara, California-based Palo Alto forecast second-quarter billings in the range of $2.34 billion to $2.39 billion, compared with analysts' expectations of $2.42 billion, according to LSEG data. The company expects its annual billings to be between $10.7 billion and $10.8 billion, compared with its prior forecast range of $10.9 billion to $11 billion. Palo Alto posted a 20% rise in its first-quarter revenue to $1.88 billion, higher than average analysts' estimate of $1.84 billion. Palo Alto earlier this month announced its intention to buy Israeli startup Talon Cyber Security as it looks to beef up its cyber security offerings to enterprises.

Persons: Fortinet, Zaheer Kachwala, Shilpi Majumdar Organizations: Palo Alto Networks, Palo, Palo Alto, Thomson Locations: billings, Santa Clara , California, Bengaluru

☆ Britain's Ocado secures first deal beyond grocery retail
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

An Ocado grocery delivery van is driven along a street in London, Britain, March 25, 2023. It also holds a 50% share of Ocado Retail in the UK in a joint venture with Marks & Spencer (MKS.L). The deal with McKesson will see Ocado receive upfront fees during the construction process with the final payment upon final installation. Ocado said the impact of the deal will be minimal on cash flow and earnings in its current financial year. In July, the group reported a return to first half underlying profit.

Persons: Toby Melville, Canada Ocado, McKesson, Tim Steiner, we're, Spencer, Ocado, James Davey, Prerna Bedi, Shilpi Majumdar, Kirsten Donovan, Barbara Lewis Organizations: REUTERS, Kroger, Casino, Marks, Times, Thomson Locations: London, Britain, Canada, Ocado, United States, Japan, France, U.S, Bengaluru

☆ Airbnb acquires AI startup GamePlanner.AI
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Figurines are seen in front of the Airbnb logo in this illustration taken February 27, 2022. GamePlanner.AI was co-founded by Adam Cheyer, who was also one of the founders of Apple's voice assistant Siri. The startup will add to Airbnb's existing set of AI technologies that include large language models, computer vision models and machine learning. "AI will rapidly alter our world more than any other technology in our lifetime," Airbnb CEO Brian Chesky said in the statement. Other travel companies, including Booking.com and Expedia have also made efforts to integrate AI to their existing technologies in an attempt to enhance customer-booking experiences and create more suitable itineraries and suggestions.

Persons: Dado Ruvic, GamePlanner.AI, Adam Cheyer, Siri, Brian Chesky, Priyamvada, Shilpi Majumdar Organizations: REUTERS, CNBC, Thomson Locations: Bengaluru

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

☆ Australia's CBA Q1 profit flat as competition in home loan market intensifies
▼ + stars: | 2023-11-13 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

Even though rate hikes since last year have boosted interest incomes and margins at Australian banks, rising cost of repayments has intensified competition in the home loan market, capping profit margins and hindering credit growth. Australia's biggest lender said cash net profit after tax was A$2.50 billion ($1.59 billion) for the quarter ended Sept. 30, same as the year earlier. CBA dominates Australia's A$2 trillion mortgage industry, which benefited from a property boom through COVID-19 restrictions. That had prompted Australia's "Big Four" banks to start offering cash payments for mortgage refinancing to lure borrowers. CBA's rivals National Australia Bank (NAB.AX), Westpac (WBC.AX) and ANZ Group (ANZ.AX) all posted higher annual profit earlier this month despite inflationary headwinds.

Persons: Edgar Su, CBA's, Matt Comyn, Australia's, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of Australia, REUTERS, Commonwealth Bank of Australia's, Citi, CBA, National Australia Bank, Westpac, ANZ Group, Thomson Locations: Sydney, Australia, Australia's, COVID, Bengaluru

☆ Boeing shares take off on report that China may lift 737 freeze, bumper Dubai orders
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

Nov 13 (Reuters) - Shares of Boeing (BA.N) rose on Monday after a report said China was considering ending its freeze on purchases of the planemaker's best-selling 737 MAX aircraft after more than four years. This, coupled with bumper jet orders from Middle Eastern airlines at the Dubai Airshow, sent Boeing shares up 4%. China is considering resuming purchases of Boeing's 737 MAX aircraft when the U.S. and Chinese presidents meet this week at the APEC summit, Bloomberg News reported on Sunday, citing people familiar with the matter. Deliveries of Boeing's bestselling 737 MAX to Chinese airlines were halted following two deadly crashes. Boeing shares have underperformed S&P 500 in 2023Boeing shares were trading at $205.15, compared with analysts' current median price target of $250, according to LSEG data.

Persons: Thomas Hayes, Benoit Tessier, Hayes, Shivansh Tiwary, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: Boeing, Dubai Airshow, APEC, Bloomberg, Paris, REUTERS, Emirates, Thomson Locations: China, Middle, U.S, Le Bourget, Paris, France, Dubai, Bengaluru

CBA said cash profit was A$2.5 billion ($1.6 billion) for the quarter, which was 3% better than a consensus estimate for the period, according to data aggregator Visible Alpha. "Home lending margins stabilised in the quarter," it added, without giving figures. Shares of CBA rose as much as 1% in morning trading, in line with the broader market (.AXJO) as analysts welcomed the better-than-expected margin outcome and a smaller-than-expected provision for potential loan impairments. Commenting on the bank's stabilising home loan margins, E&P Financial analyst Azib Khan said that "it would be helping on this front that CBA has been willing to forgo market share". For the year to September, CBA said it grew its mortgage book at 0.7 times the rate of the overall mortgage industry.

Persons: Brendan Sproules, Azib Khan, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of, ANZ, Westpac, National Australia Bank, CBA, Citi, P, Thomson Locations: Bengaluru

Moody's is the last of the three major rating agencies to maintain a top rating for the U.S. government. Fitch changed its rating from triple-A to AA+ in August, joining S&P which has had an AA+ rating since 2011. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The sharp rise in Treasury yields "has increased pre-existing pressure on US debt affordability," Moody's said. “Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits," hardline Republican Representative Andy Harris said on X, formerly known as Twitter.

Persons: Shannon Stapleton, Joe Biden's, Fitch, Moody's, Karine Jean, Pierre, Moody’s, Wally Adeyemo, Adeyemo, Biden, Quincy Krosby, Donald Trump, Mike Johnson, “ Moody’s, Andy Harris, ”, Richard Rohan Francis, Davide Barbuscia, Andrea Shalal, David Morgan, Caroline Valetkevitch, Ira Iosebashvili, Megan Davies, Shilpi Majumdar, Shounak Dasgupta, David Gregorio, Chris Reese Organizations: REUTERS, . House, U.S ., Aaa, White, Republican, States ’ AAA, Treasury, Reserve, LPL, New York Times, Republicans, Democratic, Thomson Locations: New York City, U.S, WASHINGTON, American, Siena, Nevada , Georgia, Arizona , Michigan, Pennsylvania, Trump, Wisconsin

Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Fawad, Bullion, Jim Wyckoff, Ashitha Shivaprasad, Anushree Mukherjee, Tasim Zahid, Shilpi Majumdar Organizations: Federal, Index, Reuters Graphics U.S, Federal Reserve, Treasury, Kitco Metals, Thomson Locations: East, India, Bengaluru

☆ SingTel profit jumps 83% in first half on Indonesia gain
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A Singtel booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Telkomsel, the Indonesian associate of Southeast Asia's largest telecom firm, had agreed to merge with its parent's IndiHome broadband arm in an effort to expand into Indonesia's fixed broadband market. SingTel owns a 29.6% stake in the enlarged integrated mobile and fixed broadband company. SingTel said its net profit for the six months ended Sept. 30 was S$2.14 billion ($1.58 billion), compared with S$1.17 billion a year earlier. The company declared an interim dividend of 5.2 Singapore cents per share, higher than the 4.6 Singapore cents per share declared a year earlier.

Persons: Anshuman, SingTel, Archishma Iyer, John Biju, Shilpi Majumdar, Shounak Dasgupta, Subhranshu Organizations: Trade, REUTERS, Singapore Telecommunications, Thomson Locations: Asia, Singapore, Indonesian, Southeast, Telkomsel, Bengaluru

☆ Illumina cuts annual profit forecast for second straight quarter
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Grail Inc FollowIllumina Inc FollowNov 9 (Reuters) - U.S. genetic testing Illumina (ILMN.O) on Thursday trimmed its annual profit forecast for the second straight quarter, hurt by weakness in demand for its sequencing instruments, consumables and services. Illumina also disclosed it recognized $712 million in goodwill and $109 million in intangible asset impairment related to the Grail segment, in the quarter. Illumina sees full-year adjusted profit per share to be between $0.60 and $0.70, versus its prior forecast range of $0.75 to $0.90. On an adjusted basis, the company earned 33 cents per share during the quarter, versus analysts' estimate of 12 cents per share.

Persons: Mike Blake, Illumina, Pratik Jain, Shilpi Majumdar Organizations: REUTERS, Thomson Locations: San Diego , California, U.S, China, Bengaluru

☆ Trade Desk shares plummet on dour Q4 revenue forecast
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Trade Desk (TTD.O) forecast fourth-quarter revenue below market expectations on Thursday, in a sign that an uncertain economy could weigh on demand for its digital advertising solutions, sending its shares down about 30% in extended trading. The downbeat forecast is in contrast with ad industry majors such as Meta Platforms (META.O) and Alphabet's (GOOGL.O) Google, which benefited from higher advertising spending. The ad tech firm expects fourth-quarter revenue of at least $580 million, compared with analysts' average estimate of $610.4 million, according to LSEG data. Its revenue for the quarter ended Sept. 30 stood at $493.3 million, compared with analysts' estimate of $487 million. Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zaheer Kachwala, Shilpi Majumdar Organizations: Google, ESPN, Hulu, Fox, Walmart, Thomson Locations: Bengaluru

☆ Netflix, Warner Bros partner with Verizon to offer discounted streaming bundle - source
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsNov 9 (Reuters) - Verizon (VZ.N) is planning to offer the ad-supported versions of Netflix (NFLX.O) and Warner Bros Discovery's (WBD.O) Max streaming services for about $10 a month combined instead of about $17, according to a source familiar with the matter. The discounted bundle is expected to be announced in the coming weeks, the source added. Netflix and Warner Bros will have to share revenue with Verizon, the source said. Verizon and Warner Bros Discovery did not immediately respond to Reuters' requests for a comment. Netflix launched its ad-supported tier late last year, and it increased the prices for its premium ad-free tier in October 2023.

Persons: Lucy Nicholson, Zaheer Kachwala, Shilpi Majumdar Organizations: Netflix, REUTERS, Verizon, Warner Bros, Reuters, Street Journal, Thomson Locations: Hollywood, Los Angeles , California, U.S, Bengaluru

☆ Canadian Tire lays off 3% of full-time employees, misses profit estimates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

The Canadian Tire logo is seen in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo/File Photo Acquire Licensing RightsNov 9 (Reuters) - Canadian Tire (CTCa.TO) said on Thursday it had laid off 3% of its full-time employees, in an effort to lower costs amid slowing demand due to persisting inflation. Canadian Tire said it expects an annualized run-rate savings of about C$50 million ($36.31 million) as a result of the headcount reduction. Canadian Tire, whose shares were down 2% in afternoon trading, reported adjusted profit of C$2.96 per share, below LSEG estimates of C$3.29 per share. It, however, beat third-quarter revenue expectations, as well as announced an additional C$200.0 million share repurchase program.

Persons: Chris Wattie, Granth, Shilpi Majumdar Organizations: Canadian, REUTERS, Canadian Tire, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

☆ OpenAI seeks partnerships to generate AI training data
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 9 (Reuters) - ChatGPT maker OpenAI said on Thursday it intends to work with organizations to produce public and private datasets for training artificial intelligence (AI) models. Popular chatbot ChatGPT, which can generate poems and prose from simple prompts, is based on large language models that are trained entirely on open-source data available on the Internet. The company's latest effort could help it produce more nuanced training data that are more conversational in style. OpenAI said it is seeking partners to help it create an open-source dataset for training language models. The company said it is also preparing private datasets for training proprietary AI models.

Persons: Dado Ruvic, OpenAI, Jaspreet Singh, Shilpi Majumdar Organizations: REUTERS, Thomson Locations: Bengaluru

☆ China's Zeekr reveals wider loss, Beijing influence in US IPO paperwork
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold. For the six months ended June 30, the company reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion Chinese yuan a year earlier. It will list its shares on the New York Stock Exchange under the ticker symbol "ZK". ($1 = 7.2835 Chinese yuan renminbi)Reporting by Niket Nishant, Manya Saini, Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zeekr, Didi, Goldman Sachs, Morgan Stanley, Niket Nishant, Manya Saini, Jaiveer, Mehnaz Yasmin, Krishna Chandra Eluri, Shilpi Majumdar Organizations: Geely Auto, HK, Reuters, New York Stock Exchange, underwriters, Thomson Locations: Beijing, New York, U.S, York, China, Bengaluru

☆ Corteva posts smaller quarterly loss on higher seed prices
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - U.S. agricultural chemical and seed company Corteva (CTVA.N) on Wednesday reported a smaller third-quarter loss, helped by higher prices for its seeds. Corteva's third-quarter seed net sales rose to $878 million from $862 million a year earlier. However, sales volumes declined as a result of its exit from Russia and lower-than-expected corn planted area in Brazil. Corteva posted a net loss of $321 million, or 45 cents per share, in the quarter ended Sept. 30, compared with a loss of $331 million, or 46 cents per share, a year earlier.

Persons: Agriscience, Brendan McDermid, Corteva, Sourasis Bose, Shounak Dasgupta, Shilpi Majumdar, Rashmi Organizations: New York Stock Exchange, REUTERS, FMC Corp, Thomson Locations: DowDuPont, New York, U.S, Russia, Brazil, Indianapolis, South America, Bengaluru

☆ Suncor tops profit estimates on strong refining margins
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

The Suncor Energy logo is seen at the company's head office in Calgary, Alberta, Canada, April 17, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsNov 8 (Reuters) - Canada's Suncor Energy (SU.TO) beat market estimates for third-quarter profit on Wednesday, helped by strong refining margins and higher sales volumes from its oil sands operations. Refinery throughput declined marginally to 463,200 barrels per day (bpd) compared with a year earlier. Its net production of synthetic crude, a processed form of raw and heavy bitumen, rose to 469,300 bpd, compared with 405,100 bpd a year ago, due to lower maintenance activities. The company reported a net profit of C$1.54 billion, compared with a year-ago loss of C$609 million when it was hit by impairment charges.

Persons: Chris Wattie, Cenovus, Suncor, Mrinalika Roy, Sourasis Bose, Shilpi Majumdar Organizations: REUTERS, Energy, Thomson Locations: Calgary , Alberta, Canada, Saudi Arabia, Russia, U.S, Norway, Terra Nova, Bengaluru

☆ Viasat posts upbeat sales on satellite-based broadband services strength
▼ + stars: | 2023-11-08 | by ( Pratik Jain | ) www.reuters.com time to read: +2 min

A Viasat corporate logo is shown on a sign at the company's headquarters in Carlsbad, California, U.S. March 9, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 8 (Reuters) - Viasat (VSAT.O) reported second-quarter revenue on Wednesday that beat Wall Street estimates on strength in the segment that offers satellite-based broadband services. The satellite communications firm now expects full-year 2024 actual revenue to rise in the range of $4.10 billion to $4.25 billion. The forecast includes 10 months of contributions from British satellite rival Inmarsat, which Viasat acquired for $7.3 billion in May. The company's ViaSat-3 Americas satellite, which launched in April, suffered an antenna issue during deployment, while communications satellite from Inmarsat malfunctioned after launching to space in February.

Persons: Mike Blake, Guru Gowrappan, Gowrappan, Pratik Jain, Shounak Dasgupta, Shilpi Majumdar Organizations: Viasat, REUTERS, Wall, Reuters, ViaSat, Thomson Locations: Carlsbad , California, U.S, North America, British, Americas, Bengaluru

☆ Casino operator MGM beats third-quarter estimates as China travel rebounds
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsNov 8 (Reuters) - MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets. The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N). "MGM China is performing exceptionally well," MGM's CEO Bill Hornbuckle said in the statement. Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.

Persons: Bridget Bennett, Bill Hornbuckle, Priyamvada, Shilpi Majumdar Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Vegas Sands Corp, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, China, Macau, MGM China, Bengaluru

Nov 8 (Reuters) - Instacart (CART.O) on Wednesday forecast fourth-quarter core profit above Wall Street estimates in its first earnings report since going public in September, on higher transaction and advertisement fees, sending its shares up 4% after the bell. The grocery delivery firm, whose stock has lost more than a third of its value since debut, also announced a $500 million share repurchase program. It expects current-quarter adjusted EBITDA, a key measure of profitability, to be between $165 million and $175 million. Instacart's gross transaction value (GTV) - the value of products sold based on prices shown - rose 6% over the year earlier to $7.49 billion in the third quarter. For full year 2023, Instacart anticipates GTV to grow in mid-single digits, versus analysts' estimate of 4.7% growth at $30.18 billion.

Persons: Fidji Simo, Arun Sundaram, Instacart, DoorDash, Granth, Shilpi Majumdar Organizations: Wall, Reuters, CFRA, GTV, Thomson Locations: Bengaluru

☆ Bill Holdings nears $1.95 billion payments deal for Melio - Bloomberg News
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Software services provider Bill Holdings (BILL.N) is in advanced talks to acquire Melio Payments, a provider of digital payment tools, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. The transaction values Melio at $1.95 billion, according to the report, which added that the cash-and-stock deal could be announced as soon as this week. Bill Holdings' shares were down more than 13% at $54 in extended trading. Bill Holdings did not immediately respond to a Reuters request for comment, while Melio could not be reached for comment. Last week, Bill Holdings forecast annual and second-quarter adjusted net income below expectations as some of its larger businesses scale back spending.

Persons: Bill, Melio, Granth, Shilpi Majumdar, Shounak Organizations: Software, Bill Holdings, Melio, Bloomberg, Bloomberg News, Thomson Locations: Bengaluru

☆ Robinhood misses Q3 revenue estimates on muted trading activity
▼ + stars: | 2023-11-07 | 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

REUTERS/Brendan McDermid Acquire Licensing RightsNov 7 (Reuters) - Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading. Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company's commission-free platform to pump money into so-called "meme stocks" during the pandemic-era lockdowns. Reuters GraphicsAccording to company executives, Robinhood often sees lower trading volumes around the holidays in November and December. The company also expects its interest revenue to decline in the current quarter on a sequential basis. Reuters GraphicsRobinhood's net revenue rose 29% to $467 million in the three months ended Sept. 30, but missed analysts' expectations of $478.4 million, as per LSEG data.

Persons: Brendan McDermid, Robinhood, Jason Warnick, Manya Saini, Shilpi Majumdar, Shounak Organizations: Robinhood Markets, Inc, Nasdaq, REUTERS, Reuters, U.S, U.S . Federal, Reuters Graphics, Thomson Locations: New York City, U.S, U.S ., Bengaluru

☆ Akamai sees Q4 profit above estimates on strong demand for cybersecurity services
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Akamai Technologies (AKAM.O) forecast fourth-quarter adjusted profit above Wall Street estimates on Tuesday, helped by strong demand for its cloud security services as rapid digitalization raises the risk of high-profile hacks. Spending on cybersecurity services have stayed resilient amid growing cyber crimes and privacy concerns even as companies tightened the budgets for other IT services. Cambridge, Massachusetts-based Akamai expects fourth-quarter adjusted profit at about $1.57 per share, compared with analysts average estimate of $1.54 per share, according to LSEG data. The company reported revenue of $965 million and adjusted profit of $1.63 per share for the quarter ended Sept. 30. Analysts expected revenue at $943.32 million and adjusted profit at $1.50 per share.

Persons: Akamai, Tanya Jain, Shilpi Majumdar Organizations: Akamai Technologies, Wall, Data Corporation . Cambridge, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Data Corporation . Cambridge , Massachusetts, Bengaluru

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