[ad_1]
Beat Wittmann, chairman at Porta Advisors, comments on the Swiss bank UBS’s second-quarter results and the macro environment.
04:38
an hour ago
[ad_2]
Tag: Earnings
-
UBS posts $1.14 billion profit in second quarter, smashing expectations
[ad_1]
General view of the UBS building in Manhattan, New York City, on June 5, 2023.
Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images
Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, as revenue swelled at its global wealth management and investment bank units.
Net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million.
Profit was nonetheless lower than the $1.755 reported in the first quarter, as expected by analysts.
Group revenue also beat forecasts in the second quarter, coming in at $11.904 billion versus an LSEG-compiled poll of $11.522 billion.
In the bank’s global wealth management unit, revenue increased by 15% to $6.053 billion, which UBS said was largely due to the consolidation of Credit Suisse. Revenue in the investment bank unit leapt 38% to $2.803 billion.
In its outlook, UBS said the macroeconomic outlook “continues to be clouded by ongoing conflicts, other geopolitical tensions and the upcoming US elections.”
It added: “We expect these uncertainties to persist for the foreseeable future, and they will likely lead to higher market volatility compared with the first half of the year.”
UBS had swung back to profit in the first quarter after two quarterly losses, but it warned that its net interest income would fall in both its global wealth management and its personal and corporate banking divisions.
It has now been over a year since UBS formally took over Credit Suisse, triggering a huge integration process and creating a wealth management juggernaut. UBS said at the start of July the merger process had completed and that Credit Suisse — the Swiss bank which spectacularly collapsed in March 2023 after years of financial scandals — no longer existed as a separate entity.
This is a breaking news story and will be updated shortly.
[ad_2]
-
Correction in Japanese bank stocks is ‘overdone’: Goldman Sachs
[ad_1]
Makoto Kuroda of Goldman Sachs says Japanese banks are trading at levels where the risk of a U.S. recession is “already priced in”.
02:00
4 hours ago
[ad_2]
-
Wegovy maker Novo Nordisk posts earnings miss, cuts operating profit outlook
[ad_1]
Novo Nordisk Wegovy manufactured by Novo Nordisk packaging is seen in this illustration photo taken in a pharmacy in Krakow, Poland on April 8, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
Jakub Porzycki | Nurphoto | Getty Images
Novo Nordisk on Wednesday posted weaker-than-expected net profit in the second quarter and trimmed its operating profit outlook.
The pharmaceutical giant said its net profit came in at 20.05 billion Danish kroner ($2.93 billion) in the three months to the end of June. A LSEG aggregate forecast had projected the figure would come in at 20.9 billion Danish kroner.
EBIT — earnings before interest and tax — came in at 25.93 billion Danish kroner in the second quarter, which was also below the LSEG forecast of 26.86 billion Danish kroner.
Novo Nordisk also trimmed its operating profit outlook for full-year 2024, saying growth was now anticipated to come in between 20% and 28%, rather than the previously expected 22% to 30% range.
In the first quarter of 2024, the Wegovy maker had posted a net profit increase of 28% to 25.4 billion Danish kroner year on year, slightly bumping up its forecasts for sales and operating profit growth.
Sales growth expectations were raised once more on Wednesday, with the company now issuing a guidance of 22% to 28% at constant exchange rates for full-year 2024. The sales growth outlook for the period had been penciled in at 19% to 27% previously.
Sales of popular weight loss drug Wegovy jumped 55% in the second quarter of 2024, compared to the same period in 2023, coming in at 11.66 billion kroner.
Novo Nordisk is facing increasing competition in the weight loss space, both from smaller companies and from pharmaceutical giants such as Roche, which last month shared promising early-stage trial data from its own obesity drug candidate.
Novo Nordisk’s Wegovy has also had promising news in recent months. The drug was approved in China in the second quarter, opening it for sale in the world’s second largest economy. Elsewhere, the U.K.’s and European Union’s medical regulators said it was backing Wegovy as a way to reduce risks of serious heart events among overweight and obese adults.
This breaking news story is being updated.
[ad_2]
-
ZoomInfo Technologies (NASDAQ:ZI) Issues Quarterly Earnings Results
[ad_1]
ZoomInfo Technologies (NASDAQ:ZI – Get Free Report) released its quarterly earnings data on Monday. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.07), Briefing.com reports. ZoomInfo Technologies had a return on equity of 12.00% and a net margin of 6.24%. The firm had revenue of $291.50 million for the quarter, compared to analysts’ expectations of $307.68 million. During the same period last year, the firm posted $0.16 earnings per share. ZoomInfo Technologies’s revenue for the quarter was down 5.5% on a year-over-year basis. ZoomInfo Technologies updated its Q3 guidance to $0.21-0.22 EPS and its FY24 guidance to $0.86-0.88 EPS.
ZoomInfo Technologies Stock Down 18.7 %
ZI traded down $1.83 during trading on Tuesday, hitting $7.97. The company had a trading volume of 26,718,535 shares, compared to its average volume of 6,408,511. The company has a market cap of $2.98 billion, a PE ratio of 39.65, a P/E/G ratio of 2.50 and a beta of 1.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.11. ZoomInfo Technologies has a 1-year low of $7.75 and a 1-year high of $19.39. The business has a 50-day moving average of $11.95 and a 200-day moving average of $14.36.
Analysts Set New Price Targets
A number of research firms have recently commented on ZI. Needham & Company LLC dropped their price objective on ZoomInfo Technologies from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday. Piper Sandler dropped their target price on shares of ZoomInfo Technologies from $14.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday. Bank of America lowered ZoomInfo Technologies from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $23.00 to $8.00 in a report on Tuesday. Wells Fargo & Company decreased their target price on ZoomInfo Technologies from $19.00 to $14.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Raymond James downgraded ZoomInfo Technologies from an “outperform” rating to a “market perform” rating in a report on Tuesday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.83.
Check Out Our Latest Report on ZI
Insider Transactions at ZoomInfo Technologies
In other ZoomInfo Technologies news, CFO Peter Cameron Hyzer sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $12.37, for a total transaction of $92,775.00. Following the sale, the chief financial officer now owns 1,316,518 shares in the company, valued at $16,285,327.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ZoomInfo Technologies news, CFO Peter Cameron Hyzer sold 7,500 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $12.37, for a total transaction of $92,775.00. Following the completion of the sale, the chief financial officer now owns 1,316,518 shares in the company, valued at $16,285,327.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Mark Patrick Mader sold 3,112 shares of ZoomInfo Technologies stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $12.78, for a total transaction of $39,771.36. Following the completion of the transaction, the director now directly owns 17,622 shares of the company’s stock, valued at $225,209.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,974 shares of company stock valued at $298,154. Insiders own 8.10% of the company’s stock.
ZoomInfo Technologies Company Profile
ZoomInfo Technologies Inc, together with its subsidiaries, provides go-to-market intelligence and engagement platform for sales and marketing teams in the United States and internationally. The company’s cloud-based platform provides information on organizations and professionals to help users identify target customers and decision makers, obtain continually updated predictive lead and company scoring, monitor buying signals and other attributes of target companies, craft messages, engage through automated sales tools, and track progress through the deal cycle.
See Also
Receive News & Ratings for ZoomInfo Technologies Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ZoomInfo Technologies and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
ABMN Staff
Source link -
Yum Brands falls short on revenue as Pizza Hut and KFC same-store sales fall
[ad_1]
A sign is posted in front of a Taco Bell restaurant on May 01, 2024 in Richmond, California.
Justin Sullivan | Getty Images
Yum Brands on Tuesday reported revenue that fell short of expectations as both Pizza Hut and KFC reported declining same-store sales.
Shares of the company fell 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.35 adjusted. That may not compare with $1.33 expected.
- Revenue: $1.76 billion vs. $1.8 billion expected
Yum reported second-quarter net income of $367 million, or $1.28 per share, down from $418 million, or $1.46 per share, a year earlier.
Excluding items, the company earned $1.35 per share.
Net sales rose 4% to $1.76 billion.
This story is developing. Please check back for updates.
[ad_2]
-
E.W. Scripps (SSP) Set to Announce Quarterly Earnings on Thursday
[ad_1]
E.W. Scripps (NASDAQ:SSP – Get Free Report) is scheduled to post its quarterly earnings results after the market closes on Thursday, August 8th. Analysts expect E.W. Scripps to post earnings of $0.02 per share for the quarter. Investors interested in listening to the company’s conference call can do so using this link.
E.W. Scripps (NASDAQ:SSP – Get Free Report) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). E.W. Scripps had a positive return on equity of 3.17% and a negative net margin of 39.87%. The business had revenue of $561.46 million during the quarter, compared to analysts’ expectations of $571.01 million. On average, analysts expect E.W. Scripps to post $1 EPS for the current fiscal year and $0 EPS for the next fiscal year.
E.W. Scripps Trading Down 8.5 %
NASDAQ SSP opened at $2.92 on Tuesday. The company has a market capitalization of $249.34 million, a price-to-earnings ratio of -0.25 and a beta of 1.79. The stock’s 50-day simple moving average is $2.91 and its two-hundred day simple moving average is $4.03. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 3.82. E.W. Scripps has a twelve month low of $1.96 and a twelve month high of $11.02.
Analyst Ratings Changes
Several research firms have recently issued reports on SSP. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of E.W. Scripps in a report on Monday, May 13th. StockNews.com raised shares of E.W. Scripps from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Finally, Wells Fargo & Company cut their price objective on shares of E.W. Scripps from $6.00 to $4.50 and set an “equal weight” rating on the stock in a report on Monday, May 13th.
Get Our Latest Report on E.W. Scripps
About E.W. Scripps
The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.
See Also
Receive News & Ratings for E.W. Scripps Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for E.W. Scripps and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
ABMN Staff
Source link -
Tech roundup: AI adoption is up, but AI revenue is up in the air | Bank Automation News
[ad_1]
Big tech companies reported higher adoption of AI services in the second quarter, but investors want to see returns on those investments. Nearly $1 trillion will be spent globally on capital expenditure over the next few years, but investors are already beginning to question the returns on these investments, according to the June 25 report […]
[ad_2]
Vaidik Trivedi
Source link -
Despite Revenue Miss, Amazon’s Cloud Business Is Booming Thanks to A.I.
[ad_1]
Amazon Web Services’s operating profit jumped 73 percent in the latest quarter. Chesnot/Getty Images Amazon (AMZN)’s cloud unit, Amazon Web Services (AWS), continues to see growth for its third consecutive quarter as customers go all in on A.I. During the April-June quarter, AWS brought in $26.3 billion in revenue, up 19 percent from a year ago, and projects it will generate $105 billion in revenue within a year. AWS’s operating profit jumped 73 percent to $9.3 billion, making up the bulk of Amazon’s earnings following its North America retail sales. During the quarter, Amazon generated $148 billion in total revenue, missing Wall Street expectations, and $13.5 billion in net income, or $1.26 a share, beating estimates.
Under AWS’s new CEO Matt Garman, that growth is driven by companies looking to “modernize their infrastructure” and “move to the cloud”—all while “leveraging new Generative A.I. opportunities” the company has to offer, according to Amazon’s President and CEO Andy Jassy. Some of AWS’s clients include Intuit, Toyota and RyanAir, a low-cost Irish airline group.
“AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem and A.I. capabilities,” Jassy said in the Q2 earnings release. The A.I. tools Jassy referred to include SageMaker for building large language models, Bedrock for businesses looking to access models from multiple providers, Q for staff looking for a coding and software development assistant, and Trainium, AWS’s custom silicon chip for machine learning.
At the same time, Amazon is spending big to keep up with the increased demand for its servers. The e-commerce giant’s quarterly spending on property and equipment, which includes data centers and GPUs, went up 54 percent from last year to $17.62 billion. AWS spent $30.5 billion in the first half of the year and expects capital investments to be higher during the second half, according to Amazon’s chief financial officer Brian Olsavsky.
“The majority of the spend will be to support the growing need for AWS infrastructure as we continue to see strong demand in both generative A.I. and our non-generative A.I. workloads,” Olsavsky said on yesterday’s earnings call.
When asked if Amazon is at risk of over-spending, Jassy said Amazon would like to have more compute capacity than it has today.” He adds that there’s “a lot of demand right now” and that AWS will be a “very large business.” As for when AWS’s investments in A.I. will see returns, Jassy noted that generative A.I. is still in its “very early days.” He said on the call that A.I. adoption will continue to grow once customers figure out how to organize their data so it can be used for large language models. Giving customers “options” for how to run their A.I. workloads, Jassy said, will also help drive gains.
Amazon is just one of many Big Tech companies that saw growth in their cloud divisions last quarter as they placed big bets on A.I. Earlier this week, Microsoft reported a 19 percent growth in revenue across Azure and other cloud services. Google’s cloud revenue, including its servers and Workspace subscriptions, also climbed 29 percent in the latest quarter.
[ad_2]
Aaron Mok
Source link -
Amazon reports boost in quarterly profits but misses revenue estimates
[ad_1]
Amazon reported a boost in its quarterly profits Thursday, but the company missed revenue estimates, sending its stock lower in after-hours trading.
The Seattle-based tech company said it earned $13.5 billion for the April-June period, higher than the $10.99 billion industry analysts surveyed by FactSet had anticipated. Amazon earned $6.7 billion during the same period last year.
Earnings per share for the second quarter came out to $1.26, higher than analysts’ expectations of $1.03.
However, investors reacted negatively to other results, leading Amazon shares to fall more than 6% after the closing bell. The company posted revenue of $148 billion, a 10% increase that fell slightly below analyst expectations of $148.67 billion.
Amazon also said it expects revenue for the current quarter, which ends Sept. 30, to be between $154 billion and $158.5 billion — lower than the $158.22 billion forecast by analysts.
Amazon boosted its spending during the COVID-19 pandemic to keep up with higher demand from consumers who became more reliant on online shopping. But as demand cooled and wider economic conditions pressured other parts of its business, the company aggressively cut costs by eliminating unprofitable businesses and laying off more than 27,000 corporate employees.
The cost-cutting has led to growth in profits. However, Amazon is also feeling the benefits of the buzz around generative artificial intelligence, which has helped reaccelerate its cloud computing unit, Amazon Web Services, after it experienced a slowdown.
The company said Thursday that Amazon Web Services saw a 19% jump in revenue compared to the same period last year.
“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” Amazon CEO Andy Jassy said in a statement.
The cloud computing unit, whose customers are mostly businesses, has been attempting to lure in more customers with new tools, including a service called Amazon Bedrock that provides companies with access to AI models they can use to make their own applications. In April, Jassy said AWS was on pace for $100 billion in annual revenue.
But Amazon is also expected to spend more this year to support the unit. During a call with reporters, Chief Financial Officer Brian Olsavsky said the company spent more than $30 billion during the first half of the year on capital expenditures, the majority of it to boost infrastructure for AWS. It expects that to increase during the second half, he said.
Like other tech companies, Amazon has been ramping up investments in data centers, chips and the power needed for AI workloads, Olsavsky said. Among other projects, the company plans to put billions toward additional infrastructure in Saudi Arabia, Mexico and Mississippi, where it has secured state incentives to build two data center “complexes.”
“The key for us is always to make sure that we’re matching that supply and demand, and running it efficiently so we don’t have excess capacity,” Olsavsky said. “That’s not a concern right now. Our concern is more on getting the supply.”
Meanwhile, revenue for the company’s core e-commerce business grew by 5%, which was more sluggish compared to recent quarters. The numbers did not include sales from Amazon’s annual Prime Day discount event, which took place last month.
Olsavsky said the company came up short on revenue growth in North America because customers were still being cautious with their spending and trading down to cheaper items.
Amazon said sales from its advertising business — which mostly comes from ad listings on its online platform — jumped by 20%. Earlier this year, it began placing ads on movies and TV shows found on its Prime Video service to bring in extra dollars.
Last month, Prime Video also became one of three companies to sign an 11-year media rights deal with the National Basketball Association.
But the company faces other challenges.
This week, federal regulators said Amazon was responsible for the recall of more than 400,000 hazardous products that were sold on its platform by third-party sellers and shipped using its fulfillment service.
Amazon is also facing an antitrust lawsuit, which alleges it has been overcharging sellers and stifling competition.
Amazon’s results followed other earning reports this week from tech giants such as Microsoft, Meta and Google’s corporate parent, Alphabet Inc.
[ad_2]
-
Barclays boosts cloud strategy | Bank Automation News
[ad_1]
Barclays focused on the simplification of its operations and organization during the first half of 2024 as it leaned into its cloud strategy and upgraded legacy systems. The London-based bank plans to increase its workload on the cloud to 85% to 90% from 75%, according to today’s earnings presentation. Additionally, Barclays is upgrading its legacy […]
[ad_2]
Whitney McDonald
Source link -
Cenovus Energy reports earnings for Q3, reaches debt reduction target – MoneySense
[ad_1]
In July, after several years of prioritizing debt repayment, Cenovus reached its debt reduction target—bringing its total net debt to $4.0 billion. The milestone means Cenovus will no longer be regularly directing a portion of its cash flow towards its balance sheet, a development that frees up funds for other purposes.
Cenovus’s plans for excess cash
But McKenzie said the excess cash will be 100% returned to shareholders, most likely in the form of share buybacks, and won’t be used to embark on any new growth strategies or M&A opportunities.
“It’s going to be good to run this business model at 100% shareholder returns going forward, and that’s really what we’re focused on today—just sticking to our knitting and executing on what’s in front of us, versus trying to take on new challenges or modifying strategies,” McKenzie told analysts and reporters.
Cenovus earnings report highlights
- Cenovus (CVE/TSX) reported second quarter earnings of $1 billion Thursday, up from $866 million in the same quarter last year. Earnings worked out to $0.53 per diluted share, up from $0.44 from last year.
The company said its excess free funds flow in the quarter ending June 30 was $735 million, up from $505 million in the same quarter a year earlier. The company reported revenues of $14.9 billion for the second quarter, up from $12.2 billion for the same quarter last year.
In the second quarter, Cenovus loaded its first vessels at the Westridge Marine Terminal in Vancouver following the successful startup of the Trans Mountain pipeline expansion, on which it is a major contracted shipper.
Notes for the rest of 2024
In light of strong year-to-date results, Cenovus revised its 2024 production forecast Thursday. The company now expects total upstream production of between 785,000 and 810,000 barrels of oil equivalent per day, up from a prior forecast of 770,000 to 810,000 boe/d.
McKenzie said Cenovus is now nearly 90% finished construction the Narrows Lake tie-back at its Christina Lake oilsands site. The tie-back project is a 17-kilometre pipeline that connects the Narrows Lake reservoir to the Christina Lake main processing facility, and will result in up to 30,000 barrels per day of additional production from the site starting in late 2025.
The company also continues to work to improve performance at its U.S. refinery operations, which in recent years have been affected by unplanned outages and maintenance issues.
[ad_2]
The Canadian Press
Source link -
Barclays profit dips in the second quarter, beats estimates
[ad_1]
One Churchill Place skyscraper, the Barclays Plc headquarters, at Canary Wharf in London, U.K., on Thursday, Jan. 7, 2021.
Bloomberg | Bloomberg | Getty Images
LONDON — Barclays on Thursday reported second-quarter net profit attributable to shareholders of £1.2 billion ($1.54 billion), slightly lower than a year ago, as the lender’s net interest income in its core U.K. units fell.
Analysts polled by Reuters had expected attributable net profit of £1.03 billion for the period, according to LSEG data, in a decline from the £1.3 billion logged in the second quarter of 2023.
Shares were 2% higher at 8:09 a.m. London time.
Barclays posted revenue of £6.3 billion for the latest quarter, above a forecast of £6.25 billion. It also announced a share buyback program of up to £750 million.
Net interest income at Barclays’ consumer bank dropped 4% year-on-year to £3.15 billion across the January-June period, as its net interest margin declined from 3.2% to 3.15%. Income at the Barclays corporate bank fell 6%, as lower liquidity pool income offset the higher interest rate environment.
Performance was stronger at its investment bank, where income jumped 10% to £3.02 billion in the second quarter.
Barclays share price.
Max Georgiou, analyst at research firm Third Bridge, said that the Barclays investment banking revenue had outperformed expectations, providing a positive for the bank’s mid-term targets.
“To continue executing this strategy we expect to see a continued focus on regrowing share in the U.S. market,” Georgiou said.
On Thursday, Barclays also raised its full-year net interest income target for the group — excluding the head office and investment bank divisions — to circa £11 billion, from £10.7 billion previously.
Other highlights from the results included:
- Credit impairment charges were steady year-on-year in the second quarter at £400 million.
- Common equity tier one (CET1) capital ratio, a measure of bank’s financial strength, was 13.6%, down from 13.8% in December 2023.
Restructure underway
The British lender this year kicked off a major restructure aiming to improve efficiencies and boost profits, driving its share price 52% higher in the year to date.
Launching that program resulted in a net loss of £111 million in the fourth quarter of 2023, but the bank returned to profit in the first quarter despite a decline in year-on-year revenue.
Group Chief Executive C. S. Venkatakrishnan said Thursday the three-year plan was making “good progress,” with return on tangible equity of 11.1% across January-June meeting its target of above 10% for the year.
“We completed the sale of the performing Italian mortgage book, announced the sale of the German consumer finance business, and are on track to complete the acquisition of Tesco Bank in November 2024,” Venkatakrishnan said.
The lender’s restructure split the corporate and investment bank across Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank.
[ad_2]
-
HSBC digitalizes retail, transaction banking | Bank Automation News
[ad_1]
HSBC continued to invest in digitalizing its retail and transaction banking businesses in the first half of 2024. “The steps we’ve taken to change our retail business model and our continued investment in people and digitization have made wealth a key driver of revenue growth,” Chief Executive Noel Quinn said during today’s H1 earnings call. […]
[ad_2]
Whitney McDonald
Source link -
CaixaBank CEO says cross-border consolidation still has to prove its case
[ad_1]
Gonzalo Gortazar, CEO of Spain’s CaixaBank, discusses the firm’s second-quarter earnings and says cross-border consolidation “still has to prove its case in terms of value creation.”
[ad_2]
-
Varonis Systems (NASDAQ:VRNS) Releases FY24 Earnings Guidance
[ad_1]
Varonis Systems (NASDAQ:VRNS – Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.22-0.24 for the period, compared to the consensus estimate of $0.16. The company issued revenue guidance of $544-552 million, compared to the consensus revenue estimate of $541.98 million. Varonis Systems also updated its FY 2024 guidance to 0.220-0.240 EPS.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Barclays increased their price objective on Varonis Systems from $53.00 to $55.00 and gave the stock an overweight rating in a report on Thursday, July 11th. Royal Bank of Canada increased their price target on Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a research note on Tuesday, May 7th. Needham & Company LLC reaffirmed a hold rating on shares of Varonis Systems in a research note on Monday, May 13th. Robert W. Baird raised Varonis Systems from a neutral rating to an outperform rating and increased their price target for the company from $52.00 to $60.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised Varonis Systems from a neutral rating to an overweight rating and increased their price target for the company from $50.00 to $54.00 in a research note on Friday, June 14th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Varonis Systems currently has a consensus rating of Moderate Buy and a consensus price target of $51.06.
Read Our Latest Stock Analysis on VRNS
Varonis Systems Price Performance
Shares of NASDAQ:VRNS opened at $48.49 on Tuesday. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -51.59 and a beta of 0.82. Varonis Systems has a 1 year low of $28.15 and a 1 year high of $52.88. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55. The business has a fifty day simple moving average of $45.47 and a 200 day simple moving average of $46.34.
Varonis Systems (NASDAQ:VRNS – Get Free Report) last released its quarterly earnings data on Monday, May 6th. The technology company reported ($0.37) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.37). The firm had revenue of $114.02 million during the quarter, compared to analysts’ expectations of $113.81 million. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. As a group, sell-side analysts predict that Varonis Systems will post -0.97 earnings per share for the current fiscal year.
Insider Activity at Varonis Systems
In related news, CEO Yakov Faitelson sold 284,211 shares of Varonis Systems stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the sale, the chief executive officer now owns 1,452,922 shares of the company’s stock, valued at $65,715,662.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.
About Varonis Systems
Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees’ data; financial records; source code, strategic and product plans; and other intellectual property.
Featured Articles
Receive News & Ratings for Varonis Systems Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Varonis Systems and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
ABMN Staff
Source link -
Heineken shares fall 7% after first-half profit miss
[ad_1]
In this photo illustration, bottles of Heineken beer are displayed on July 31, 2023 in San Anselmo, California.
Justin Sullivan | Getty Images
Heineken shares opened nearly 7% lower on Monday, after the brewing giant’s first-half profit growth came in weaker than analysts had expected.
The company’s stock was trading down 6.5% at 8:40 a.m. London time.
Operating profit showed organic growth of 12.5%, below a company-compiled consensus forecast of 13.2%.
Beer sales, which were expected to grow at 3.4%, rose by just 2.1%.
Heineken tumbled to a net loss of 95 million euro ($103 million), primarily on the back of a non-cash impairment over its 874 million euro investment in Chinese brewing firm CR Beer. Heineken said the write-down was the result of the decline in CR Beer’s share price amid concerns about consumer demand in China, rather than over the Chinese company’s operational performance.
In an update that had been keenly-awaited by analysts, Heineken revised its operating profit organic growth forecast for the year to a range between 4% to 8%. The company’s guidance had pointed to low to high single-digit growth previously.
“Heineken gathered momentum following optimistic comments at a recent conference leading the market (and ourselves) to improve estimates,” Barclays analysts said in a Monday note.
“However, these results missed forecasts, suggesting there was a gap between the company’s messaging and analyst expectations. This needs to close.”
The major miss was in Europe, which saw just 0.2% profit growth versus an expectation of 15.1%, largely because of increased promotional spending in a competitive market, Barclays said.
[ad_2]
-
NatWest invests in tech | Bank Automation News
[ad_1]
NatWest is interested in investing in technologies that it may have use for, such as payments solutions provider Icon Solutions. “That’s how the conversation started around [NatWest’s] investment,” Tom Kelleher, founder and commercial director at Icon Solutions, told Bank Automation News. The London-based NatWest invested in the Icon Payments Framework in September 2023 to boost […]
[ad_2]
Whitney McDonald
Source link -
Cross-selling between divisions is main driver of growth, BNP Paribas CFO says
[ad_1]
Lars Machenil, CFO at BNP Paribas, talks through the French bank's second quarter earnings.
[ad_2]
