DIRS.INFO The most relevant business & tech news

☆ Microsoft inks computing infra deal with CoreWeave - CNBC
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Microsoft Corp (MSFT.O) may spend billions of dollars over multiple years on computing infrastructure from start-up CoreWeave, CNBC reported on Thursday, citing people familiar with the matter. The Windows maker had signed the CoreWeave deal earlier this year in order to ensure that OpenAI, which operates the viral ChatGPT chatbot, will have adequate computing power, according to the report. Microsoft declined to comment, while CoreWeave did not immediately respond to Reuters' request for a comment. CoreWeave, valued at $2 billion and which counts Nvidia Corp (NVDA.O) among its investors, has raised more than $400 million over the last two months. New York-based CoreWeave specializes in providing cloud computing services based on graphics processing units, the category of chip pioneered by Nvidia that has become central to artificial intelligence services like OpenAI's ChatGPT.

Persons: CoreWeave, Yuvraj Malik, Shilpi Majumdar Organizations: Microsoft Corp, CNBC, Microsoft, Reuters, Nvidia Corp, Nvidia, Thomson Locations: New York, Bengaluru

☆ Dow cuts second-quarter revenue forecast on demand, pricing woes
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - Chemical maker Dow Inc (DOW.N) forecast second-quarter revenue below market expectations on Wednesday, citing slower macroeconomic activity and lower pricing levels. The company now expects revenue for the quarter ending June 30 to be between $11 billion and $11.5 billion, compared with analysts' average expectations of $12.12 billion, according Refinitiv data. Dow had previously projected revenue for the ongoing quarter in the range of $11.75 billion to $12.25 billion. At a Bernstein conference, Dow flagged that demand in China continues to be "uneven", and said it witnessed lower-than-expected demand for home appliances and building materials in April. Weaker demand in other sectors affect Dow, which sells its products such as coatings and adhesives to industries ranging from automobiles and food packaging to electronics.

Persons: Dow, Howard Ungerleider, Ankit Kumar, Shilpi Majumdar Organizations: Dow Inc, Dow, Thomson Locations: China

☆ CrowdStrike raises full-year revenue, profit forecasts
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - CrowdStrike Holdings Inc (CRWD.O) raised its annual forecast for revenue and profit on Wednesday, as spending on cybersecurity products stays strong in a turbulent economy. The company expects 2024 revenue in the range of $3 billion and $3.04 billion, compared with its previous forecast of $2.96 billion and $3.01 billion. Excluding items, the company expects 2024 net income per share of $2.32 and $2.43, compared with $2.21 and $2.39 projected earlier. Analysts on average expect 2024 revenue of $3 billion, according to Refinitiv data. Reporting by Vansh Agarwal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Vansh Agarwal, Shilpi Majumdar Organizations: CrowdStrike Holdings, Thomson Locations: Austin , Texas, Bengaluru

☆ Hewlett Packard Enterprise misses quarterly revenue estimates
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

May 30 (Reuters) - Hewlett Packard Enterprise Co (HPE.N) missed Wall Street estimates for second-quarter revenue on Tuesday, as clients scale down spending on tech, including cloud services, amid an economic slowdown. For some of the largest tech companies, cloud services and data center businesses have been among the biggest growth drivers, including during the pandemic as people worked from home. Its revenue for the quarter ended April 30 was $6.97 billion, compared with analysts' average expectations of $7.31 billion, according to Refinitiv data. Quarterly sales for the company's compute segment fell 8%, while the storage segment recorded a 3% decline. Hewlett Packard expects revenue for the third quarter to be between $6.7 billion and $7.2 billion.

Persons: Hewlett Packard, Tiyashi Datta, Shilpi Majumdar Organizations: Hewlett Packard Enterprise Co, Microsoft Corp, Amazon.com Inc, Oracle Corp, Thomson Locations: Texas, Aruba, Bengaluru

☆ Activist investor Legion urges Twilio to consider board changes, divestitures- The Information
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

May 30 (Reuters) - Activist investor Legion Partners has met Twilio Inc (TWLO.N) officials several times, urging the cloud computing company to make changes to its board and consider divestitures, The Information reported on Tuesday. A spokesperson for Legion confirmed to Reuters that it has been in dialogue with Twilio, adding the hedge fund is hopeful that "significant action" will be taken. Twilio's use of supervoting shares, which give Chief Executive Jeff Lawson a near 22% voting stake, is set to expire in less than a month, according to The Information report. Shares in Twilio jumped about 5% after the report. The company in February had said it was eliminating about 17% of its workforce and closing some offices to improve profitability.

Persons: Twilio, Jeff Lawson, Lawson, Deborah Sophia, Shilpi Majumdar Organizations: Partners, Twilio Inc, Legion, Reuters, Bed, Wall, Thomson Locations: Twilio, Francisco, Bengaluru

May 19 (Reuters) - AIP Capital, the aviation asset management arm of 777 Partners, plans to invest up to $200 million in small and medium aerospace suppliers by the end of next year, at a time when the lower rungs of the supply chain are facing financial difficulties. The investments may include a first lien loan, and a single investment will range between $10 million and $30 million, AIP Capital Managing Partner Mathew Adamo told Reuters in an interview. AIP, which was launched earlier this week, has entered into a servicing agreement with 777 Partners to manage all commercial aircraft owned by the private-equity firm. Stamford, Connecticut-based AIP said supply chain investments would focus on companies in developed countries. It is targeting to raise $300 million to $500 million by the end of this year overall for private credit investments.

☆ Apple slashes sales estimates of its headset - Bloomberg News
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Apple Inc (AAPL.O) has lowered sales estimates for its long-awaited mixed-reality headsets by about two-thirds, Bloomberg News reported on Thursday, citing people familiar with the matter. The iPhone-maker had initially hoped to sell about 3 million units a year, but has now pared back those estimates to about 1 million, and then to 900,000 units, the report said. The mixed-reality headset, which can overlay digital objects on a view of the real world, is widely anticipated to be Apple's next major product. The headset is expected to cost around $3,000, Bloomberg News had reported in February. Meta Platform Inc's (META.O) Quest Pro virtual and mixed reality headset is priced at about $1,000.

☆ GE finance chief Dybeck Happe to step down
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - General Electric Co (GE.N) said on Thursday Carolina Dybeck Happe would step down as finance chief of the industrial giant, as it prepares to complete the spin-offs of its businesses next year. Rahul Ghai will become the CFO of GE, effective Sept. 1, while retaining his role as the finance chief of GE Aerospace, which he has held since August 2022, the company said in a statement. "Since Rahul joined GE Aerospace, we have benefited greatly from his leadership, including his wealth of experience as a public company CFO and with the spin-off process," GE CEO Larry Culp said. Moller-Maersk executive, Dybeck Happe took over as GE's CFO in early 2020. In late 2021, GE announced it would split into three public companies that would focus on energy, healthcare and aviation.

☆ Bath & Body Works beats quarterly profit estimates on higher prices
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Bath & Body Works Inc (BBWI.N) beat first-quarter profit expectations on Thursday, as higher product prices outweighed cost pressures and a slowdown in demand, sending its shares up over 9% in premarket trading. Specialty retailers such as Bath & Body Works have selectively raised prices to shield profit margins from spiraling costs associated with transportation, raw materials, labor and supply chain. Ohio-based Bath & Body Works saw net sales fall about 4% to $1.40 billion in the quarter ended April 29, but were in line with analysts' average estimate, according to Refinitiv data. Excluding items, the home fragrance and personal care products maker earned 33 cents per share, topping analysts' expectations of 26 cents. Separately, Bath & Body Works in April had said its finance chief would step down in July or earlier after the company faced a potential challenge from billionaire investor Daniel Loeb's hedge fund Third Point.

☆ ServiceNow targets enterprise-software startups with $1 bln investment in venture arm
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Cloud-computing firm ServiceNow Inc (NOW.N) said on Wednesday it would invest $1 billion in its venture arm by 2026 to back enterprise software-focused startups in artificial intelligence and automation, among others. The investment in ServiceNow Ventures comes at a time when funding for early-stage technology companies has dried up due to rising interest rates and high inflation. Since its inception in 2015, the venture arm has invested about $300 million across 45 companies. "Enterprise software is more mission-critical than ever before, as companies look to drive innovation, efficiency and productivity," the California-based company said. Last month, ServiceNow became a strategic partner and anchor investor in Smith Point Capital Fund I, an enterprise software-focused venture investment firm founded by former Salesforce Inc (CRM.N) co-CEO Keith Block.

☆ IQE's annual revenue falls 2% on weak orders
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - British chip components maker IQE Plc (IQE.L) reported a 2% drop in its annual revenue on Wednesday, hit by reduced orders amid weak demand for consumer electronics. Revenue on a constant currency basis fell to 151.2 million pounds ($190.83 million) for the full-year ended December 2022, from 154.1 million pounds a year earlier. The Cardiff-based company reported a wider operating loss of 73 million pounds, driven by non-cash impairment of goodwill of 62.7 million pounds relating to its wireless operating segment. London-listed IQE said current trading was impacted by temporary semiconductor industry setbacks entailing subdued customer forecasts, orders and related revenue. It expects revenue for the half year ending June 30 to be between 50 million pounds and 56 million pounds.

☆ Shake Shack settles with activist investor, adds independent director
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

But Shake Shack said on Tuesday that Engaged Capital would support the board's full slate of directors at the 2023 annual meeting of stockholders. The company has named Jeffrey Lawrence, former finance chief at apparel retailer FIGS Inc (FIGS.N) and Domino's Pizza Inc (DPZ.N), as an independent director. It has also mutually agreed with Engaged Capital to add another director with restaurant operations experience. Engaged Capital did not immediately respond to Reuters request for additional comments. In May, Shake Shack posted a smaller-than-expected first-quarter loss, benefiting from higher prices for its menu items that offset pressures from rising prices of beef and other cost pressures.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) shares plunged 16% to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast following a decline in prices for its beef and pork. CEO Donnie King, who is seeking to cut costs, said Tyson remains in an unusual position of facing challenges in its beef, pork and chicken businesses at the same time. The company cut its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Reuters GraphicsSales volumes in Tyson's beef segment also fell 3% in the quarter, putting overall sales down 8.3% at $4.62 billion. The company pegged full-year beef margins at negative 1% to positive 1%, compared with its previous forecast of 2% to 4%.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) posted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell. CEO Donnie King, who is seeking to cut costs, said meat markets are challenging and Tyson is focused on improving profit margins. The company lowered its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Average sales prices of beef and pork fell 5.4% and 10.3%, respectively, in the quarter ending April 1. Sales volumes in Tyson's beef segment also fell 3%, leaving the unit's overall sales down 8.3% at $4.62 billion.

☆ US equity funds record biggest weekly outflow in five weeks
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

Investors exited a net $15.61 billion worth of U.S. equity funds during the reported period, their biggest weekly net selling since March 29, Refinitiv Lipper data showed. Reuters Graphics Reuters GraphicsU.S. large-cap funds lost $7.27 billion in net selling, the most since March 29, while small- and mid-cap funds saw outflows of $1.84 billion and $1.29 billion, respectively. U.S. general domestic taxable fixed income funds witnessed outflows of $1.49 billion. U.S. high yield funds lost $1.77 billion in their first weekly net selling in five weeks. Meanwhile, U.S. short/intermediate investment-grade funds obtained a net $1.92 billion in their biggest weekly inflow in 10 weeks.

☆ Coinbase launches international crypto derivatives exchange
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Coinbase Global Inc (COIN.O) launched an international exchange for cryptocurrency derivatives on Tuesday, as the company looks to expand its global footprint amid escalating tensions between the crypto sector and regulators in the United States. The exchange will let institutional users in eligible jurisdictions outside the U.S. to trade in perpetual futures, Coinbase said. The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX. "We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.," the crypto exchange said. Separately, another crypto exchange Gemini on Tuesday launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

The survey also showed that 36% of the nurses plan to continue working in the sector but may change workplaces. "This really underscores the continued mental health and well-being challenges the nursing workforce experiences post pandemic," AMN Healthcare CEO Cary Grace told Reuters in an interview. The survey showed there are various changes needed, with 69% of nurses seeking increased salaries and 63% of them seeking a safer working environment to reduce their stress. This comes at a time hospital operator and sector bellwether HCA Healthcare Inc (HCA.N) indicated a recovery in staffing situation. The staffing crisis drove up costs at hospital operators, while boosted profits at medical staffing providers such as AMN Healthcare.

☆ Dropbox to cut workforce by 16%, hire new talent for AI-powered products
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Cloud storage provider Dropbox Inc (DBX.O) said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp (MSFT.O) to Facebook-parent Meta Platforms Inc (META.O) battle for a slice of the fast-growing market with new products and offerings. At the end of 2022, the company had 3,118 full-time employees, of which 2,583 were located in the United States. "We've been bringing in great talent in these areas over the last couple years and we'll need even more," Houston said in a memo to staff. Houston is also on the board of Meta Platforms, which said on Wednesday AI was helping it boost traffic to Facebook and Instagram and earn more in ad sales.

☆ Genuine Parts raises 2023 profit outlook on strong demand for auto parts
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Companies Genuine Parts Co FollowApril 20 (Reuters) - Genuine Parts Co (GPC.N) beat first-quarter profit estimates and raised full-year earnings forecast on Thursday, helped by growing demand for auto and industrial parts. Strong demand for cars and trucks has kept older vehicles on the road for longer, driving demand for components and aftermarket services at parts distributors. The segment contributed nearly two-thirds to the company's total sales in 2022. Genuine Parts affirmed its previous outlook for total annual sales growth at 4% to 6%. The company's total revenue in the first quarter rose 8.9% to $5.8 billion, beating average estimate of $5.67 billion.

☆ Glencore in hot pursuit of Teck with eyes on copper assets
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Swiss miner Glencore Plc (GLEN.L) said on Wednesday it was willing to raise its bid for Canada's Teck Resources Ltd (TECKb.TO), its latest attempt to bring the Canadian miner on the negotiation table ahead of restructuring. Teck has repeatedly rejected Glencore's offer and instead urged shareholders to vote for the company's own plan to split its coal and copper businesses. Here is the snapshot of key events in the Teck-Glencore saga so far. Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Nasdaq profit beats as market volatility bolsters trading
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Nasdaq Inc's (NDAQ.O) first-quarter profit beat Wall Street estimates on Wednesday as increased market volatility boosted trading and helped mitigate a hit to the indexing business of the Transatlantic-exchange operator. Trading volumes rose as investors rejigged their portfolios in response to slowdown worries due to a sharp rise in interest rates, persistently high inflation and the banking crisis. Nasdaq's net trading services revenue rose 1% to $267 million, helped by strong growth in North America that offset the decline in European trading. The New York-based company had in the last quarter reorganized its corporate structure into three divisions — market platforms, capital access platforms and anti-financial crime. Reuters GraphicsThe company's net revenue, excluding transaction-based expenses, rose 2% to $914 million.

☆ Factbox: Broadcasters go silent on Twitter after 'government-funded' label
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

April 18 (Reuters) - Public broadcasters ranging from U.S.-based National Public Radio to Canadian Broadcasting Corp have stopped posting on Twitter in recent days after the Elon Musk-owned social media platform labeled their accounts as "government-funded". ** Canadian Broadcasting Corporation (CBC)CBC said on Monday it would pause its use of Twitter after the platform labeled it as "69% government-funded media". The Twitter label on the CBC account previously showed "70% government-funded media", but was changed to the current one after the CBC asked Twitter to re-examine the designation. ** Public Broadcasting Service (PBS)PBS, which has around 2.2 million followers on Twitter, halted publishing on Twitter after it was labeled as "government-funded media", according to media reports. ** Hawaii Public RadioHawaii Public Radio, a member station of NPR, said it would stop sharing its content on Twitter after the micro-blogging site labeled NPR's Twitter handle as "government-funded media".

☆ TSX notches 6-week high as investors cheer US bank earnings
▼ + stars: | 2023-04-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 15.42 points, or 0.1%, to 20,579.91, its highest closing level since March 3. "Good bank earnings out of the U.S. spilled over into Canada," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. Canadian banks had been pressured in recent weeks by the banking stress in the United States and Europe. The Toronto market's heavily-weighted financials sector added 0.2%, while energy was up 0.3% as oil added to recent gains. Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 26.71 points, or 0.13%, at 20,591.2. The heavily-weighted financials sector (.SPTTFS) added 0.4%, mirroring gains in big U.S. banks. "The read through to Canada is largely from the banks (in the U.S.) because the banks comprise about 20% of the weight of the Toronto Stock Exchange," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "It is good news for the Canadian banks in general because they have operations in the United States, so that should bode well for their results in their US operations." Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ TSX futures gain on oil boost; big US banks jump
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - Futures for Canada's commodity-heavy stock index edged up on Friday, tracking a rise in crude prices, while upbeat earnings from big U.S. banks supported optimistic investor mood. June futures on the S&P/TSX index were up 0.2% at 7:00 a.m. Wall Street futures slipped as most growth and technology stocks were down in premarket trading, while robust earnings from big U.S. banks, including JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N), limited losses for futures tracking S&P 500 (.SPX). The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose on Thursday to its highest closing level in nearly six weeks, buoyed by strength in gold miners. In company news, Scotiabank downgraded oil and gas company Cenovus Energy Inc (CVE.TO) to "sector perform" from "sector outperform."

Search resuls for: "Shilpi Majumdar"

25 mentions found