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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

☆ HP dials back profit expectations on PC market slump, China weakness
▼ + stars: | 2023-08-29 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 29 (Reuters) - HP Inc (HPQ.N) tempered expectations for annual profit on Tuesday, as it grapples with a more than a year-long slump in the personal computers segment and sluggish demand in key market China. Shares of the Palo Alto, California-based company fell 5.2% in after-market trading. HP now forecasts adjusted earnings per share to be in the range of $3.23 to $3.35 from earlier expectations of $3.30 to $3.50. However, a focus on controlling costs helped the PC maker report adjusted earnings per share of 86 cents, in line with analysts' estimates. The company remains on track to deliver 40% of its three-year cost savings target by the end of the fiscal year.

Persons: Brendan McDermid, Enrique Lores, Lores, Zaheer Kachwala, Krishna Chandra Organizations: Hewlett - Packard, New York Stock Exchange, REUTERS, HP Inc, Palo, HP, Thomson Locations: New York, U.S, China, Palo Alto , California, Bengaluru

☆ Cybersecurity startup Wiz considers potential bid for SentinelOne
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 25 (Reuters) - Cybersecurity startup Wiz said on Friday it is considering a potential bid for SentinelOne (S.N) after the $4.9 billion company started exploring strategic options. SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation. Earlier in the week, people familiar with the matter told Reuters the SentinelOne was exploring options that could include a sale. SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources had said. Wiz and SentinelOne in March had announced an exclusive partnership to deliver end-to-end cloud security.

Persons: Brendan McDermid, SentinelOne, Jaspreet Singh, Krishna Chandra Organizations: SentinelOne Inc, New York Stock Exchange, REUTERS, Reuters, Qatalyst Partners, Thomson Locations: New York City, U.S, Bengaluru

☆ Disney closes at lowest in nearly nine years as investors turn bearish
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Shares of Walt Disney (DIS.N) fell 3.9% on Thursday, closing at their lowest level in nearly nine years, with some investors betting that a further price drop is on the cards in the next few months. On Thursday, Disney options were busier than usual with some 321,000 contracts traded, or 1.4 times the average daily volume, according to data from options analytics firm Trade Alert. Traders work at the post where Walt Disney Co. stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. Put options convey the right to sell shares at a fixed price in the future. Disney's stock closed at $82.47, its lowest since October 16, 2014.

Persons: Walt Disney, Bob Iger, Brendan McDermid, Jerome Powell's, Iger, Yuvraj Malik, Saqib Ahmed, Leroy Leo, Krishna Chandra Organizations: Walt, Alert, Walt Disney Co, New York Stock Exchange, REUTERS, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

☆ Boeing prepares 737 MAX deliveries to China - Bloomberg News
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A Boeing 737 MAX-10 performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 25 (Reuters) - Boeing Co (BA.N) is preparing to restart deliveries of its 737 MAX jets to China after a four-year halt, Bloomberg News reported on Friday, citing people familiar with the matter. "For (737 MAX) deliveries, we will be ready to deliver for our customers when that time comes," Boeing said in a statement. China was the first country to ground Boeing's 737 MAX following fatal accidents, though about 90% of the jets resumed commercial operation in the country in June. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Nathan Gomes, Krishna Chandra Organizations: Boeing, Paris, REUTERS, Boeing Co, Bloomberg, Thomson Locations: Le Bourget, Paris, France, China, Bengaluru

☆ Tech firm Klaviyo reveals revenue rise ahead of US IPO
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Klaviyo's revenue rose 51% for the recent quarter, the data and marketing automation company disclosed in its paperwork for a U.S. initial public offering (IPO) submitted on Friday. Other marquee names testing the IPO market include SoftBank Group-backed chip designer Arm and grocery delivery app Instacart. Successful stock market flotations from these companies could underscore the return of investor appetite for high-growth technology firms and could buoy the IPO market, encouraging other startups to move ahead with their offerings. The company reported revenue of $164.6 million for the quarter ended June 30, compared with $109 million a year earlier. Goldman Sachs, Morgan Stanley and Citigroup are acting as lead underwriters of the offering, the company said in its filing.

Persons: IPOs, Klaviyo, Goldman Sachs, Morgan Stanley, Manya Saini, Niket, Shilpi Majumdar, Krishna Chandra Organizations: U.S, SoftBank, Reuters, New York Stock Exchange, Summit Partners, Citigroup, Thomson Locations: United States, Bengaluru

☆ Gap eyes weak third quarter sales as consumer spending weakens
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Gap Inc (GPS.N) forecast third-quarter sales below expectations and missed Wall Street estimates for quarterly sales on Thursday, hit by softness in demand as budget-strained American customers cut back their spending on accessories and apparel. The owner of Banana Republic and Athleta brands expects third-quarter net sales to decrease in the low double-digit percentage range, compared with analysts' expectations of a 6.76% decline, according to Refinitiv data. The company's net sales fell to $3.55 billion in the second quarter from $3.86 billion a year earlier. Analysts on average had estimated sales of $3.57 billion, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru and Kate Masters in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ananya Mariam Rajesh, Kate Masters, Krishna Chandra Organizations: Banana Republic, Thomson Locations: Bengaluru, New York

☆ Marvell Technology posts fall in second-quarter revenue on enterprise weakness
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Chipmaker Marvell Technologies (MRVL.O) posted a fall in second-quarter revenue, as weak enterprise market along with economic uncertainty weighed on demand for its chips and networking hardware. Shares of the California-based company fell 5% in after-market tradingCompanies are holding off on upgrades to their technology infrastructure as an uncertain economic outlook clouds future prospects. Marvell forecast per share earnings of 40 cents, plus or minus 5 cents for the third quarter, which was in line with expectations, according to Refinitiv data. Its revenue fell 12% from a year earlier to $1.34 billion. On an adjusted basis, the company earned 33 cents compared with estimates of a profit of 32 cents.

Persons: Zaheer Kachwala, Krishna Chandra Organizations: Chipmaker Marvell Technologies, Marvell, Thomson Locations: California, China, Bengaluru

☆ Aussie corporate regulator alleges IAG units misled home insurance customers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSummaryCompanies IMA and IAL misled customers about loyalty discountsIAG says units intend to defend the proceedingsRegulator is seeking declarations of contravention, pecuniary penalties and adverse publicity ordersAug 25 (Reuters) - Australia's corporate regulator said on Friday it filed a lawsuit against two units of Insurance Australia Group (IAG) (IAG.AX), alleging they misled customers about loyalty discounts available for certain types of home insurance policies. The Australian Securities & Investments Commission (ASIC) has commenced civil proceedings against Insurance Australia Ltd (IAL) and Insurance Manufacturers of Australia (IMA) in the Federal Court, alleging loyal customers may have had their premiums increased before the promised discounts were applied. "IMA and IAL do not agree that they have misled customers and intend to defend the proceedings further," IAG said in a separate release. The regulator is seeking declarations of contravention, pecuniary penalties and adverse publicity orders against IAL and IMA from the court.

Persons: Dado Ruvic, IAG, Sarah Court, IAL, Nausheen, Krishna Chandra Eluri Organizations: Insurance, REUTERS, Insurance Australia Group, Australian Securities & Investments Commission, Insurance Australia Ltd, Insurance Manufacturers of Australia, Federal, IMA, IAL, Thomson Locations: Bengaluru

☆ Disney drops to lowest in over three years as investors turn bearish
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Traders work at the post where Walt Disney Co. stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/file photo Acquire Licensing RightsAug 24 (Reuters) - Shares of Walt Disney (DIS.N) were down 3.7% on Thursday, hitting their lowest level in nearly three-and-a-half years, with some investors betting that a further price drop is on the cards in the next few months. On Thursday, Disney options were busier than usual with some 195,000 contracts traded by around 1 pm ET (1700 GMT). Put options convey the right to sell shares at a fixed price in the future. Reporting by Yuvraj Malik in Bengaluru and Saqib Ahmed in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Walt Disney, Bob Iger, Jerome Powell's, Iger, Yuvraj Malik, Saqib Ahmed, Krishna Chandra Organizations: Walt Disney Co, New York Stock Exchange, REUTERS, Walt, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. A day earlier, Coles said a cost blowout sent its underlying annual profit lower. Woolworths said its earnings margin from food was 6% in the year to end-June, from 5.3% a year earlier. The company gave no profit guidance except that growth in Australian food sales, its main earnings driver, remained strong although inflation was moderating. "We think the result will be taken well in the context of yesterday’s weaker result from Coles," Citi analysts said.

Persons: Loren Elliott, Coles, Brad Banducci, Jim Stanford, Byron Kaye, Nausheen, Archishma Iyer, Krishna Chandra Eluri, Stephen Coates, Muralikumar Organizations: Woolworths, REUTERS, JPMorgan, Macquarie Group, Citi, Centre, Future, Australia Institute, Thomson Locations: Sydney, Australia, Coles, Bengaluru

☆ US FDA panel votes against use of Medtronic's blood pressure treatment device
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The same panel on Tuesday voted in favor of rival ReCor's device for use in a surgery called renal denervation in patients whose high blood pressure cannot be controlled by drugs. Separately, while all panel members voted the device was safe to use, 6 of 13 voted against its effectiveness. Japan-based Otsuka Holdings' (4578.T) unit ReCor's device was shown to provide a benefit in lowering blood pressure in clinical trials. Medtronic's device helped to lower blood pressure at the doctor's clinic but not at home, which is considered a more accurate measure of blood pressure monitoring. The company was seeking the health regulator's nod for the device indicated for patients whose hypertension, or high blood pressure, cannot be controlled with drugs.

Persons: Andrew Kelly, Jason Weidman, Sriparna Roy, Krishna Chandra Eluri Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Wednesday, Otsuka Holdings, Thomson Locations: White Oak , Maryland, U.S, Japan, Europe, Bengaluru

☆ Apple endorses California bill on 'Right to Repair'
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo Acquire Licensing RightsAug 23 (Reuters) - Apple (AAPL.O) urged members of the California legislature to pass the "right to repair bill" or "Senate Bill 244" as currently drafted, in a letter on Tuesday, which requires manufacturers to allow customers to fix damaged devices. The iPhone maker's move is a reversal from its years-long opposition towards access to repairs as the act would require electronic device makers to provide tools for repairing damaged appliances. "We support "SB 244" because it includes requirements that protect individual users' safety and security as well as product manufacturers' intellectual property," Apple said in the letter. Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Apple, Jaspreet Singh, Krishna Chandra Organizations: Apple Inc, Apple, REUTERS, Thomson Locations: Manhattan , New York, U.S, California, Bengaluru

☆ Snowflake beats quarterly estimates on strong demand for data management services
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

Shares of the company rose more than 3% in trading after the bell. The Bozeman, Montana-based company's revenue rose about 36% to $674 million for the quarter ended July 31, above analysts' average estimate of $662.2 million, according to Refinitiv data. Excluding items, the second-quarter adjusted profit per share was 22 cents, compared with analysts' average estimate of 10 cents. Snowflake's second-quarter product revenue rose 37% to $640.2 million, above market estimates of $623 million. The company forecast third-quarter product revenue in the range of $670 million to $675 million, compared with analysts' average estimate of $670.8 million, according to Refinitiv data.

Persons: Brendan McDermid, Frank Slootman, Snowflake, Jaspreet Singh, Krishna Chandra Organizations: Snowflake Inc, New York Stock Exchange, REUTERS, Nvidia, Thomson Locations: New York, U.S, Bozeman , Montana, Bengaluru

☆ WeWork tapping advisers for restructuring help - Bloomberg News
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 23 (Reuters) - WeWork (WE.N) is tapping advisers for restructuring advice as it struggles with a heavy debt load and poor financial performance, Bloomberg News reported on Wednesday citing people familiar with the matter. Shares of the Softbank Group-backed (9984.T) WeWork fell about 15% to 0.12 cents in afternoon trade. The New York Stock Exchange (NYSE) suspended trading in WeWork's warrants on Tuesday due to "abnormally low" trading price levels and said will initiate proceedings to delist them. WeWork, Hilco Global, Alvarez & Marsal and Kirkland & Ellis did not immediately respond to Reuters' requests for comment.

Persons: Brendan McDermid, WeWork, Hilco, Alvarez, Kirkland, Ellis, Kannaki, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Bloomberg, Softbank, Marsal, Hilco Global, Kirkland, Thomson, & & ' Locations: New York City, U.S, Bengaluru

☆ Australia's Woolworths posts nearly 5% rise in annual profit
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. REUTERS/Loren Elliott/file photo Acquire Licensing RightsAug 23 (Reuters) - Australia's largest supermarket chain Woolworths Group (WOW.AX) reported an 4.6% rise in full-year profit on Wednesday, helped by elevated shelf prices on the back of rising inflation and increasing normalization of customer habits. The company said annual net profit after tax from continuing operations, after significant items, was A$1.62 billion ($1.04 billion), compared with A$1.55 billion a year earlier. The Sydney-based company also declared a final dividend of 58 Australian cents per share, higher than 53 cents per share declared last year. ($1 = 1.5567 Australian dollars)Reporting by Nausheen Thusoo and Archishma Iyer in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Brad Banducci, Nausheen Thusoo, Archishma Iyer, Krishna Chandra Organizations: Woolworths, REUTERS, Thomson Locations: Sydney, Australia, Bengaluru

☆ Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. U.S. Steel, which rejected Cliffs' $7.3 billion cash-and-stock offer as inadequate, had earlier said it was exploring "multiple unsolicited proposals". The stance comes after the USW said last week it would only back Cleveland-Cliffs as a suitor for the company. Even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received, Cleveland-Cliffs said. U.S. Steel had also attracted a $7.8 billion all-cash offer from Esmark Inc and a potential acquisition interest from ArcelorMittal SA (MT.LU).

Persons: Lawrence Bryant, USW, Lourenco Goncalves, Priyamvada, Krishna Chandra Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Tuesday U.S . Steel, United Steelworkers, . Steel, U.S, Steel, Cliffs, Esmark Inc, ArcelorMittal SA, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

☆ Altria seeks US import ban on Juul e-vapor products
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The move escalates a dispute between the two e-cigarette makers after Juul filed a similar patent infringement case against NJOY at the ITC in June. NJOY said in its filings that Juul products infringe two of its patents, and that it intends to obtain a ban on products including its currently marketed Juul device and Juul pods. NJOY also sued Juul in Delaware on Tuesday for infringing the same patents, seeking an unspecified amount of damages. Juul filed its own patent lawsuits against NJOY and Altria at the ITC and in Arizona federal court in June, seeking money damages and a ban on imports of NJOY's Ace vapor device. Altria won more than $95 million from cigarette rival R.J. Reynolds in North Carolina federal court last year after a jury found RJR infringed other Altria e-cigarette patents.

Persons: Elijah Nouvelage, NJOY, Juul, Altria, Reynolds, RJR, Philip Morris International's, Granth, Chris Kirkham, Blake Brittain, Krishna Chandra Eluri, Marguerita Choy Organizations: REUTERS, Altria, Juul Labs, U.S . International Trade Commission, ITC, NJOY Holdings, NJOY, RJR, Thomson Locations: Atlanta , Georgia, U.S, Marlboro, Juul, Delaware, Arizona, North Carolina, Bengaluru, Los Angeles, Washington

☆ Australia's Coles annual profit misses estimates; shares slip
▼ + stars: | 2023-08-22 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. Coles flagged modest supermarket sales for early fiscal 2024 alongside early signs of customers shifting from out-of-home dining. Shares of Coles Group Ltd (COL.AX) are down 3.8 % at A$16.63 as at 0002 GMT, making it one of the top losers on the benchmark. Coles' higher profit comes on the back of higher supermarket sales, which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis, Gerry Doyle Organizations: Coles, REUTERS, cps, Australia's Coles, Jefferies, UBS, Coles Group Ltd, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ Hawaiian Electric engages with Guggenheim after Maui wildfire scrutiny
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Aug 22 (Reuters) - Hawaiian Electric Industries (HE.N) said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after questions were raised over the utility's role in the Maui wildfires. "We are seeking advice from various experts as we position HEI and Hawaiian Electric to be the strong, financially healthy local utility that the people of Maui and Hawai‘i need over the long term," the company said. Shares of Hawaiian Electric, which were down 2.4% at the open, reversed course, and were up 1.3% at $13.21 in afternoon trading. Fitch on Monday downgraded Hawaiian Electric's credit rating to junk status, becoming the third ratings agency to flag risks associated with the utility's potential exposure to liabilities related to the wildfire. Fitch said potential liabilities could be above $3.8 billion, which represents an "existential threat" to the company.

Persons: HEI, Fitch, Arunima Kumar, Arshreet Singh, Krishna Chandra Organizations: Hawaiian Electric Industries, Guggenheim Securities, Electric, Thomson Locations: Maui, Hawaii's, Honolulu, Lahaina . Fitch, Bengaluru

☆ Australia's Coles flags modest start to fiscal 2024; 2023 profit rises
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. 2 grocer said supermarket volumes have remained modestly positive for fiscal 2024 compared with the prior corresponding period alongside early signs of customers shifting from out-of-home dining. The Melbourne-based company also said it expects cost-of-living pressure to remain for Australian households in fiscal 2024. Coles' higher profit comes on the back of higher supermarket sales which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis Organizations: Coles, REUTERS, cps, Australia's Coles, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ Zoom forecasts current-quarter profit above estimates on strong enterprise demand
▼ + stars: | 2023-08-21 | by ( Jaspreet Singh | ) www.reuters.com time to read: +2 min

The Zoom Video Communications logo is pictured at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. Zoom expects third-quarter revenue between $1.115 billion and $1.120 billion for the quarter, compared with analysts' average estimate of $1.13 billion, according to Refinitiv data. Excluding items, the company posted second-quarter profit of $1.34 per share, compared with target estimate of $1.05. Second-quarter enterprise revenue of the company rose 10.2% to $659.5 million. Zoom raised its annual revenue forecast to between $4.49 billion and $4.50 billion, compared with its earlier forecast of between $4.47 billion and $4.49 billion.

Persons: Carlo Allegri, Needham, Ryan Koontz, Webex, Koontz, Kelly Steckelberg, Zoom, Jaspreet Singh, Krishna Chandra Organizations: NASDAQ, REUTERS, Communications, Wall, Revenue, Thomson Locations: New York , New York, U.S, San Jose , California, Bengaluru

☆ Zoom forecasts current-quarter profit above estimates
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The Zoom Video Communications logo is pictured at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri/file photo Acquire Licensing RightsAug 21 (Reuters) - Zoom Video Communications (ZM.O) forecast third-quarter profit above Wall Street estimates on Monday, a positive sign for the company that has tried to overcome a post-pandemic slowdown by offering a wider range of collaboration tools. The San Jose, California-based company expects profit per share between $1.07 and $1.09 for the quarter, above analysts' average estimate of $1.03 per share, according to Refinitiv data. Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Jaspreet Singh, Krishna Chandra Organizations: NASDAQ, REUTERS, Communications, Wall, Thomson Locations: New York , New York, U.S, San Jose , California, Bengaluru

☆ Tesla shares gain as Baird Equity adds stock to 'best ideas' list
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsAug 21 (Reuters) - Electric-vehicle maker Tesla's (TSLA.O) shares rose 4.5% on Monday, snapping a six-session losing streak, after brokerage Baird Equity Research added the stock to its "best ideas" list. Bearish investors will point to lower production, said Baird, but added Tesla was still on pace to achieve its production forecast of 1.8 million vehicles this year. Tesla sparked a price war earlier this year and last week slashed prices of three models in China. Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Baird, Tesla, Rivian, Akash Sriram, Jaspreet Singh, Krishna Chandra Organizations: REUTERS, Equity Research, stoke, Apple, Ford Motor, Thomson Locations: Bern, Switzerland, China, Bengaluru

☆ Charles Schwab to reduce headcount to bring down costs
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/file photo Acquire Licensing RightsAug 21 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) said on Monday it plans to lower its headcount in a bid to counter cost pressures, joining a list of Wall Street firms take a similar path. Schwab has had to turn to supplementary funding sources to counter an uncertain economic environment. Charles Schwab also said it was currently assessing its real estate footprint, and that it planned to close or downsize certain corporate offices. The U.S. brokerage firm said it anticipated most costs related to layoffs would be incurred in the second half of 2023.

Persons: Charles Schwab, Brendan McDermid, Schwab, Jaiveer Singh Shekhawat, Krishna Chandra Eluri, Maju Samuel Organizations: REUTERS, Wall, Federal Home Loan Bank, Thomson Locations: New York, U.S, America, Westlake , Texas, Bengaluru

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