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Broadcom sees revenue below estimates on weak enterprise spending

Economic Times

Economic Times · 1y ago

Broadcom sees revenue below estimates on weak enterprise spending

Chipmaker Broadcom expects its annual revenue to be below Wall Street estimates due to weak enterprise spending and competition following its acquisition of VMware. In fiscal 2024, Broadcom forecasts revenue of $50 billion, lower than the expected $52.50 billion. The company plans to divest VMware's non-core businesses and projects an annual adjusted EBITDA of around 60% of projected revenue, approximately $30 billion. Analysts are concerned about Broadcom's revenue moderation, impact from Cisco Systems' slowdown, and competition from Nvidia. In Q4, Broadcom's revenue was $9.30 billion but beat profit estimates with $11.06 per share.

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Oracle forecasts Q3 revenue below estimates on weak cloud spending, shares fall

Economic Times

Economic Times · 1y ago

Oracle forecasts Q3 revenue below estimates on weak cloud spending, shares fall

Oracle has forecasted its Q3 revenue to be below estimates due to weak cloud spending, causing shares to fall. The company expects its cloud services and license support revenue to increase by 3-5% in Q3, falling short of the expected 5.9% growth. This news highlights the challenges faced by Oracle in the competitive cloud computing market.

Microsoft shares slide 5% as cloud forecast, AI spending disappoint

Economic Times

Economic Times · 6m ago

Microsoft shares slide 5% as cloud forecast, AI spending disappoint

Microsoft's cloud computing business forecast fell short of expectations, causing its shares to drop by 4.5%. Despite beating quarterly sales estimates, concerns linger over high spending in AI and competition from cheaper Chinese models. Azure's growth projections are below expectations, with revenue growth missing estimates. Microsoft's capital expenditures exceeded expectations, and the rise of Chinese AI models like DeepSeek has heightened price war fears. Investors seek assurance on the monetization of significant AI investments.

Adobe forecasts downbeat second-quarter revenue

Economic Times

Economic Times · 1y ago

Adobe forecasts downbeat second-quarter revenue

Adobe's second-quarter revenue is forecasted to be below analysts' expectations due to increasing competition and weak demand for its AI-integrated software. The company's shares declined by over 10% after the announcement. Amid a tough economy, businesses and individuals are focusing on cost-cutting measures, impacting Adobe's growth. The company has been investing in AI tools to attract more users, but faces competition from startups offering similar services. Adobe's first-quarter revenue exceeded estimates, rising over 11% to $5.18 billion. The company also announced a $25 billion stock repurchase program.

Accenture cuts FY24 earning forecast over uncertain consulting revenues

Livemint

Livemint · 1y ago

Accenture cuts FY24 earning forecast over uncertain consulting revenues

Accenture, the IT services provider, has reduced its revenue forecast for fiscal year 2024 due to clients cutting back on spending on consulting services amid an uncertain economy. The company now expects full-year revenue growth of 1% to 3%, down from the previous forecast of 2% to 5%. Accenture has been facing sluggish demand and laying off employees as a result. Industry analysts suggest it may take a few more years for the company to return to mid- to high-single-digit growth. Third-quarter revenue is also predicted to be below estimates.

Coforge Q4 results: Net profit rises 95% at ₹224 crore

Livemint

Livemint · 1y ago

Coforge Q4 results: Net profit rises 95% at ₹224 crore

Indian IT company Coforge reported slightly lower than expected fourth-quarter revenue due to weak tech spending from clients. The company's consolidated revenue rose by 8.7% YoY to INR 23.59 billion, falling short of analysts' estimates. However, net profit surged by 95% to INR 2.24 billion. Coforge also revealed plans to acquire up to a 54% stake in Cigniti Technologies and aims to grow revenue to $2 billion by fiscal 2027 while improving operating margin by 150–250 basis points in the same period.

Broadcom cuts at least 2,800 VMware jobs following $69 billion acquisition

Arstechnica

Arstechnica · 1y ago

Broadcom cuts at least 2,800 VMware jobs following $69 billion acquisition

Broadcom has completed its $69 billion acquisition of VMware and is implementing layoffs. At least 2,837 employees across multiple states will be affected, with 1,267 job cuts at the Palo Alto campus in California. WARN notices filed by Broadcom cite "economic" reasons for the layoffs, but no further explanation was provided. Despite the layoffs, VMware will continue to play a significant role in Broadcom's enterprise software strategy, with plans to focus on software subscriptions for revenue growth. Details of the Broadcom-owned VMware's future remain unclear.

Accenture warns of first-quarter revenue below estimates

Livemint

Livemint · 1y ago

Accenture warns of first-quarter revenue below estimates

Accenture reported its Q4 revenue of $16 billion, slightly below estimates of $16.08 billion. The company also announced a first-quarter revenue forecast below Wall Street targets, citing high inflation and interest rate pressures. Accenture expects Q1 revenue of $15.85 billion to $16.45 billion, while analysts forecast $16.43 billion. Furthermore, the company's fiscal 2024 adjusted earnings per share guidance fell short of estimates. Accenture shares fell nearly 5% after the announcement.

GameStop misses revenue estimates on slow videogame demand, competition

Economic Times

Economic Times · 1y ago

GameStop misses revenue estimates on slow videogame demand, competition

GameStop fell short of quarterly revenue estimates due to increased competition and reduced consumer spending amid economic uncertainty. The company reported Q3 revenue of $1.08 billion, missing estimates of $1.18 billion. This comes as the gaming industry faces challenges with uneven spending. GameStop's shares dropped nearly 3% in extended trading. The results are the first since Ryan Cohen joined as CEO and chairman in September, steering GameStop towards e-commerce but also focusing on brick-and-mortar stores. The company managed adjusted breakeven earnings per share and reduced expenses by nearly 24% to $296.5 million.

Broadcom cuts at least 2,800 VMware jobs following $69 billion acquisition

Arstechnica

Arstechnica · 1y ago

Broadcom cuts at least 2,800 VMware jobs following $69 billion acquisition

Broadcom has completed its $69 billion acquisition of VMware and will be initiating layoffs. According to WARN notices, at least 2,837 employees will be affected, with 1,267 being laid off at the Palo Alto campus. However, the total number of layoffs could be higher. Broadcom's focus on enterprise software led to the acquisition of VMware, which will remain central to the company's strategy. Details about the post-acquisition plans are limited, but Broadcom aims to boost revenue through software subscriptions. The layoffs come after the completion of Broadcom's acquisition of VMware.

Spotify's monthly user numbers miss estimates on lower promotions

Economic Times

Economic Times · 1y ago

Spotify's monthly user numbers miss estimates on lower promotions

Swedish company Spotify reported Q1 results, with monthly active users (MAU) below its own estimates. Although MAUs increased by 19%, it fell short of Spotify's guidance and analysts' expectations. The company also projected Q2 MAUs at 631 million, missing estimates. Despite this, premium subscribers, who are the main source of revenue, grew by 14% to 239 million, in line with estimates. Spotify has been cutting costs, including through layoffs and reduced marketing expenses, to focus on increasing profits. Gross margins rose to 27.6% in Q1, aided by higher profits in the podcast business. Spotify's revenue for the quarter reached 3.64 billion euros ($3.89 billion), exceeding estimates. The company expects revenue to reach 3.8 billion euros in Q2.

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