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Chinese ecommerce giant JD beats estimates for quarterly profit

Economic Times

Economic Times · 11m ago

Chinese ecommerce giant JD beats estimates for quarterly profit

Chinese e-commerce giant JD.com reported better-than-expected quarterly profit, driven by a mid-year sales festival and aggressive price cuts. Competing with other major vendors like Alibaba, JD.com has focused on discounting and offering lower-priced goods to attract cost-sensitive consumers. The company's second-quarter profit, excluding certain items, increased by 73.7% to 9.36 yuan per share, surpassing estimates of 6.07 yuan. JD.com's revenue rose 1.2% to 291.40 billion yuan in the quarter. The company's performance reflects the increasing competition and the need for retailers to rely on discounting events to drive growth.

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Expedia beats profit estimates, announces $5 billion share buyback

Economic Times

Economic Times · 1y ago

Expedia beats profit estimates, announces $5 billion share buyback

Online travel booking company Expedia Group has announced a $5 billion share buyback plan following a better-than-expected quarterly profit. The company experienced a boost in demand for international travel, leading to resilient demand and higher rates, which increased margins. The rise in bookings during the Independence and Labor Day holiday weekend also contributed to its strong performance. Expedia's quarterly revenue rose 8.6% to $3.93 billion, surpassing estimates of $3.86 billion. Shares of the company rose by 10% after the announcement.

EBay beats earnings estimates on strong US holiday spending

Economic Times

Economic Times · 1y ago

EBay beats earnings estimates on strong US holiday spending

eBay reported better-than-expected quarterly revenue and profit due to strong consumer spending during the holiday season. The company experienced growth in categories such as refurbished goods and auto parts, and its marketplace is expected to benefit from increased consumer spending. However, eBay CEO Jamie Iannone noted weaknesses in the UK and Germany, highlighting negative e-commerce growth in the latter. The company also announced a $2 billion share repurchase program. Despite job cuts and uncertainties in the economy, eBay's performance surpassed estimates with a revenue of $2.56 billion and adjusted profit per share of $1.07.

Cisco beats earnings expectations as AI spurs networking gear demand

Economic Times

Economic Times · 8m ago

Cisco beats earnings expectations as AI spurs networking gear demand

Cisco Systems exceeded expectations in its first-quarter results, driven by increasing demand for its networking gear in the midst of the AI boom. The company predicts higher quarterly revenue and profit than anticipated, thanks to investments in AI technologies that require data centers utilizing Cisco's products. To diversify its business, Cisco aims to reduce reliance on its networking equipment division by focusing on areas such as cybersecurity, cloud systems, and AI-driven products. Despite facing supply chain issues and a downturn in demand, the company completed its acquisition of Splunk, enhancing its software business and cybersecurity capabilities. The company expects second-quarter revenue to surpass estimates, along with a rise in adjusted profit per share. Cisco forecasts annual revenue and adjusted profit within an optimistic range.

Chinese food delivery giant Meituan beats quarterly revenue estimates

Economic Times

Economic Times · 7m ago

Chinese food delivery giant Meituan beats quarterly revenue estimates

Chinese food delivery giant Meituan reported a stronger-than-expected 22.4% increase in third-quarter revenue, reaching CNY 93.58 billion ($12.94 billion). The company's net profit for the quarter reached CNY 12.86 billion, a drastic increase from the CNY 3.59 billion recorded in the same period last year. Meituan's success is attributed to the cost-conscious Chinese consumers who are gravitating towards discounted products and services. The company's core local commerce revenue, which includes food delivery, rose by 20.2% to CNY 69.37 billion. Additionally, sales from new initiatives increased by 28.9% to CNY 24.2 billion.

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

Economic Times

Economic Times · 5m 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.

Chinese food delivery giant Meituan beats revenue estimates

Economic Times

Economic Times · 10m ago

Chinese food delivery giant Meituan beats revenue estimates

Meituan, the Chinese food delivery giant, reported a higher-than-expected 21% increase in revenue for the second quarter, reaching ¥82.3bn ($11.55bn). The company's success comes despite a sluggish Chinese economy, as it has been able to capitalise on the trend of consumers seeking low-cost and discounted products. Meituan's core local commerce revenue, including food and non-food deliveries, rose by 18.5% to ¥60.7bn. Sales from new initiatives also grew by 28.7% to ¥21.6bn. Meituan currently holds a 69% share of the ¥1tn Chinese delivery market.

Nike reports Q1 profit of $1.45 billion, beats estimates

Livemint

Livemint · 1y ago

Nike reports Q1 profit of $1.45 billion, beats estimates

Nike, the world's largest sportswear maker, reported a first-quarter profit of $1.45 billion, beating estimates. Despite missing revenue estimates, the company successfully reduced inventories and forecasted an increase in second-quarter gross margins. Nike plans to focus on running and modern comfort products to capitalize on consumer demand, as well as refresh its basketball shoe portfolio. While North America revenue fell, Nike's share price rose almost 10% in after-market trading.

In slow December quarter, TCS beats Infosys

Livemint

Livemint · 1y ago

In slow December quarter, TCS beats Infosys

Tata Consultancy Services (TCS) has outperformed Infosys in the December quarter as its revenue rose by 1% sequentially, beating profit estimates. A significant portion of TCS's growth was driven by a large contract with BSNL. However, both TCS and Infosys are at risk of registering their slowest annual growth due to the global economic slowdown. Additionally, the combined workforce of both companies declined by 11,781 employees during the quarter. TCS reported a revenue of $7.28 billion and a net profit of $1.41 billion, while Infosys reported revenue of $4.66 billion and a net profit of $733 million.

Adobe drops as weak forecast fans worries about competition, AI efforts

Economic Times

Economic Times · 1y ago

Adobe drops as weak forecast fans worries about competition, AI efforts

Adobe's shares dropped by 12% after the company released a disappointing quarterly forecast. The lackluster forecast raises concerns about competition and the company's ability to profit from AI integrations. Adobe faces competition from startups challenging its dominance in the graphics industry. The company's revenue forecast for the quarter fell below estimates, and its overall market value is expected to decrease significantly. Despite being in the early stages of monetizing AI, Adobe announced a $25 billion stock buyback. The stock currently trades at 30.41 times forward profit estimates.

Google parent Alphabet beats quarterly revenue estimates

Economic Times

Economic Times · 8m ago

Google parent Alphabet beats quarterly revenue estimates

Alphabet, the parent company of Google, reported better-than-expected third-quarter revenue thanks to strong growth in its digital advertising business and increased demand for its cloud services. Digital ad sales rose to $65.85 billion, while revenue from Google's cloud platform reached $11.35 billion, surpassing analysts' estimates. The company's profit of $2.12 per share also exceeded expectations. Overall, Alphabet experienced a 15% increase in revenue to $88.27 billion during the quarter.

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