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☆ Okta forecasts quarterly revenue above expectations, shares surge
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Okta's shares rose 10% after the bell, after the company also raised its annual revenue and adjusted earnings forecast. It also raised its revenue expectations for fiscal year 2024 to $2.21 billion to $2.21 billion from $2.18 billion to $2.19 billion earlier. Subscription backlog, a measure of future revenue, rose 8% to $3.03 billion. The identification software provider's revenue rose 23% in the second quarter from a year earlier to $556 million, beating expectations of $534.5 million. Its peer Cyberark Software (CYBG.F) also topped quarterly revenue expectations in June, in a positive sign for the sector.

Persons: Dado Ruvic, Okta, Arsheeya Bajwa, Krishna Chandra Organizations: REUTERS, Microsoft, Thomson Locations: San Francisco, Asia, Bengaluru

☆ Apple partner Globalstar taps former Qualcomm exec Jacobs as CEO
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Globalstar (GSAT.A) on Tuesday named former Qualcomm (QCOM.O) top boss Paul Jacobs as its CEO, sparking a near 20% surge in the shares of the satellite firm behind Apple's emergency communication services. Jacobs, 60, is also a board member of IPO-bound chip firm Arm and will replace David Kagan, who is retiring after about 5 years as CEO. It will pay XCOM licensing fees including the issuance of about 60 million common stock shares valued at around $64 million. "Some of XCOM's leaders contributed to the original Globalstar system while at Qualcomm." Iridium Comunications (IRDM.O) partnered with Qualcomm earlier in May to develop emergency SOS messaging for Android users, going head-to-head with Apple.

Persons: Paul Jacobs, Jacobs, David Kagan, Globalstar, Jay Monroe, Arsheeya, Devika Organizations: Qualcomm, XCOM Labs, Apple, Iridium, Thomson Locations: Bengaluru

☆ Analog Devices' fourth-quarter forecasts disappoint as consumer demand weakens
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 23 (Reuters) - Analog Devices (ADI.O) forecast fourth-quarter revenue below Wall Street targets on Wednesday, in a sign that the chip industry inventory glut, fueled by weak consumer demand, might prevent fresh orders from flowing in. U.S.-based Analog Devices projected fourth-quarter revenue of $2.70 billion, plus or minus $100 million, compared with analysts' average estimate of $3.01 billion, according to Refinitiv data. Rival Texas Instruments (TXN.O) also forecast third-quarter revenue below market estimates as weak consumer demand prompted electronics makers to be cautious about buying chips. Analog Devices also forecast fourth-quarter adjusted earnings of $2 per share, plus or minus 10 cents, below analysts' estimate of $2.39 per share profit. Its third-quarter revenue fell about 1% to $3.08 billion, missing estimates, weighed by the consumer sector.

Persons: Dado Ruvic, Vincent Roche, Arsheeya, Shilpi Majumdar Organizations: REUTERS, Research, Devices, Texas, ON Semiconductor, NXP Semiconductors, Thomson Locations: China, Vincent Roche ., Bengaluru

☆ IBM sells weather business to private equity firm Francisco Partners
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - International Business Machines (IBM.N) has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, the technology services giant said on Tuesday. IBM will retain its sustainability software business. The Big Blue said Tuesday it plans to continue using The Weather Company's weather data for its software offerings focused on environmental insights. Francisco Partners did not immediately respond to a request for comment. The deal with Francisco Partners is expected to close in the first quarter of 2024 and is subject to regulatory approval.

Persons: Brendan McDermid, Rob Thomas, Arsheeya, Pooja Desai Organizations: IBM, New York Stock Exchange, REUTERS, Business Machines, Francisco Partners, Storm, NASA, Street Journal, Thomson Locations: New York, U.S, Watsonx, Bengaluru

☆ Axiom Space raises $350 mln in round led by Saudi, Korean investors
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Aug 21 (Reuters) - Axiom Space has raised $350 million in a funding round led by Saudi Arabia's Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA to develop a private space station. Axiom said the round took its total raise so far to $505 million and made it the space startup to receive the second-most funding in 2023, only behind Elon Musk's SpaceX. Axiom, which also has a $1.26 billion contract with the U.S. space agency NASA to develop spacesuits for use on the moon and other space programs, expects the first module of its private space station to launch by 2026. The company has also trained astronauts taken by SpaceX rockets to the International Space Station (ISS) as the once government-dominated space industry in the United States becomes increasingly privatized. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Axiom, Arsheeya, Shailesh Organizations: Saudi Arabia's Aljazira, NASA, Elon, SpaceX, International Space, Thomson Locations: United States, Bengaluru

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