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Shopify profit outlook underwhelms even as holiday sales top estimates
Economic Times
ยท
5m ago
Medial
Shopify experienced a disappointing reaction from investors following a modest first-quarter profit outlook, despite surpassing holiday-quarter sales expectations due to strong consumer spending and new AI features. The company's stock dropped 9% in premarket trading, even though it saw a 31% increase in fourth-quarter revenue. Shopify's investments in AI tools have led to rising costs. It projects low-twenties growth in gross profit and aims for operating expenses at 41-42% of revenue.
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Shopify forecasts third-quarter revenue above estimates - The Economic Times
Economic Times
ยท
2d ago
Medial
Shopify forecasts its third-quarter revenue to rise at a mid-to-high twenties percentage rate, exceeding analyst estimates of 21.54%, driven by strong ecommerce demand despite trade uncertainties. The company has seen robust growth across regions and maintains a resilient merchant base, particularly benefiting from AI-powered service enhancements. This optimistic outlook boosted Shopify's shares by nearly 20%, confirming strong retail demand similar to positive results reported by Amazon. Second-quarter revenue rose 31% year-over-year.
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Shopify beats estimates for quarterly results on AI boost, shares soar
Economic Times
ยท
1y ago
Medial
Shopify exceeded expectations for its second-quarter results and predicts positive sales growth, driven by its AI-powered tools attracting more e-commerce merchants. The Canadian company, which assists small and medium businesses with creating online stores and selling products, has seen increased adoption of its artificial intelligence features. Shopify reported a 21% increase in Q2 revenue to $2.05 billion, surpassing analysts' estimates of $2.01 billion. Gross merchandise volume also rose by 22% to $67.2 billion. The company expects third-quarter revenue to grow at a low-to-mid-twenties percentage rate year-over-year.
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EBay beats earnings estimates on strong US holiday spending
Economic Times
ยท
1y ago
Medial
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.
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Qualcomm chip sales to Chinese smartphone makers fuel strong results
Economic Times
ยท
9m ago
Medial
Qualcomm has forecasted sales and profit for the current quarter that exceed Wall Street estimates. The company is benefiting from the launch of flagship Chinese smartphones, resulting in a surge in its shares. Qualcomm is the leading supplier of smartphone chips and is capitalizing on the recovery in smartphone markets. While the company's outlook surpasses expectations, there is uncertainty regarding the future revenue stream from Apple as they develop their own modem chips. Qualcomm's efforts to expand into laptops and AI in data centers may need to accelerate to offset any declines in Apple revenue. Additionally, Qualcomm has signed a new licensing agreement with Shenzhen Transsion Holdings and is embroiled in a legal dispute with Arm.
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Chinese internet giant Baidu posts flat revenue as consumption slumps
Economic Times
ยท
11m ago
Medial
Baidu, the Chinese internet giant, reported flat second-quarter revenue of ยฅ33.93 billion ($4.67 billion), citing an uncertain economic outlook in the country. The company, known for operating China's top search engine, derives significant sales from advertising, which is susceptible to fluctuations in consumer and business spending. Despite the challenges, Baidu's net profit for the quarter increased by five percent to ยฅ5.5 billion ($770 million). Baidu competes with other Chinese internet giants such as Tencent and ByteDance and has been exploring opportunities in artificial intelligence and autonomous driving to diversify its revenue streams.
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Walmart, Amazon holiday spending rise as Target, Best Buy stumble, data shows
Economic Times
ยท
8m ago
Medial
Walmart, Amazon, Shein, and PDD Holding's Temu had a successful Black Friday and Cyber Monday sales period, outperforming retailers like Target and Best Buy. Walmart saw an increase in sales, with top-selling items including pre-owned Rolex watches and singer Sabrina Carpenter's perfumes. Amazon, Walmart, Temu, and Shein experienced growth in sales during this period, while Best Buy struggled. Despite exclusive merchandise partnerships, Target's sales performance was muted. Overall, ecommerce sites performed well during the holiday season, with record-breaking sales recorded by key players.
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Amazon says consumers cautious, forecasts revenue below targets
Economic Times
ยท
1y ago
Medial
Amazon reported slower online sales growth in Q2 due to cautious consumers seeking cheaper options for purchases. Despite beating profit and cloud computing sales estimates, Amazon's stock dropped nearly 8%. It was revealed that consumers were trading down on price and looking for deals, hurting Amazon's online retail business. Competitors like Temu and Shein, offering discounted goods from China, added to the pressure. The company's AWS segment reported a 19% increase in revenue, surpassing estimates. However, Amazon's Q3 sales forecast fell below expectations, contributing to the stock sell-off.
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Expedia to cut about 1,500 jobs as travel demand moderates
Livemint
ยท
1y ago
Medial
Expedia Group is set to cut around 1,500 jobs, which amounts to 9% of its global workforce, following a recent leadership transition. The Seattle-based travel company employed over 17,000 people in more than 50 countries at the end of 2023, with half of them working in technology roles. Expedia is aiming to prioritize sales growth this year, after focusing on technical upgrades in the past two years. The decision follows disappointing holiday results and a weaker-than-expected outlook for the current quarter.
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Expedia beats profit estimates, announces $5 billion share buyback
Economic Times
ยท
1y ago
Medial
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.
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Apple profit climbs but sales miss expectations
Economic Times
ยท
6m ago
Medial
Apple reported $124.3 billion in revenue for the holiday quarter, yet fell short of market expectations, largely due to competitive pressures in China affecting iPhone sales. Despite this, Apple achieved a $36.3 billion profit, driven by growth in its services and digital content sector. iPhone sales slightly declined, especially in China, while services revenue climbed to $26.3 billion. Apple is expanding its AI capabilities and facing intense market competition, particularly in China.
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