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Tag: Software

  • Otuvy Emerges as the New Face of Innovation: A 20-Year Milestone Marked by a Fresh Identity and a Novel Product

    Otuvy Emerges as the New Face of Innovation: A 20-Year Milestone Marked by a Fresh Identity and a Novel Product

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    In an exciting development, CleanTelligent Software, a recognized name in the facility services industry for its two decades of exceptional janitorial management software, is thrilled to unveil its new identity, Otuvy.

    In an exciting development, CleanTelligent Software, a recognized name in the facility services industry for its two decades of exceptional janitorial management software, is thrilled to unveil its new identity, Otuvy. This strategic rebrand signifies the company’s ambitious leap into a more inventive and effective approach to supporting on-site and field service professionals. 

    The decision to transition to Otuvy underscores the company’s unwavering commitment to meeting evolving customer needs and navigating the ever-changing landscape of the industry. Despite the name change, Otuvy remains dedicated to its core principles, maintaining its pursuit of excellence and commitment to quality. 

    Otuvy, which stands for “Outcomes to Verify,” perfectly encapsulates the company’s forward-looking vision. With this fresh beginning, Otuvy is enthusiastic about extending its product offerings to new service industries, all the while continuing to grow alongside its current clientele. 

    Central to this transformation is the launch of Otuvy Frontline, an innovative platform poised to revolutionize how service professionals handle their tasks. Otuvy’s CEO, Caden Hutchens, shares that the app was crafted with a deep understanding of the challenges encountered by on-site and field service personnel operating on the frontlines. 

    Hutchens explains, “Otuvy Frontline is designed to empower employees by fostering accountability, clarity, and recognition for a job well done. By placing work management capabilities directly in the hands of every employee, not just management, the app reduces the need for constant follow-ups and repetitive instructions, ultimately boosting overall efficiency.” 

    While Otuvy QM (the platform formerly known as CleanTelligent) will continue to cater to facility management professionals, Otuvy Frontline targets service experts spanning a range of industries on the frontline, including cleaning, maintenance, construction, landscaping, safety, security, and more. 

    One of the standout features of the app is its customizable nature, allowing users to tailor it to their specific requirements. Additionally, the app’s reporting functionality offers insights into team performance, enabling managers to make informed, data-driven decisions and optimize their operations. 

    View this press release, along with a special announcement video here

    For more information about the comprehensive array of solutions offered by Otuvy, please visit Otuvy.com

    Source: Otuvy, Inc.

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  • Microsoft proposes Ubisoft license to win U.K. approval for Activision Blizzard buyout

    Microsoft proposes Ubisoft license to win U.K. approval for Activision Blizzard buyout

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    Microsoft will change the terms of its Activision Blizzard buyout offer in a new effort to win approval from the U.K. competition regulator.

    The regulator, the Competition and Markets Authority, said Microsoft
    MSFT,
    +1.71%

    will now license Activision’s global cloud streaming to Ubisoft Entertainment, for any game available now or in the next 15 years. Ubisoft, in its own release, highlighted the ability to stream the popular Call of Duty franchise.

    Financial terms were not released, but the regulator said Ubisoft will make a one-off payment and also agree a market-based wholesale pricing mechanism.

    The license will be exclusive except in the European economic area. Ubisoft would have the ability to require Microsoft to provide versions of games on operating systems other than Windows, such as Linux.

    Ubisoft shares
    UBI,
    +5.80%

    jumped nearly 5% in opening Paris trade.

    The regulator now says it’s inviting comments on the structure of the new offer. “This is not a green light. We will carefully and objectively assess the details of the restructured deal and its impact on competition, including in light of third-party comments,” said the regulator’s CEO, Sarah Cardell.

    Microsoft last year agreed to buy Activision Blizzard for $68.7 billion, or $95 per share. Activision stock
    ATVI,
    +0.28%

    closed Monday at $90.72.

    In a blog post, Microsoft Vice Chair Brad Smith said it anticipates the CMA review processes can be completed before the 90-day extension in its acquisition agreement with Activision Blizzard expires on Oct.18. He also said the deal with Ubisoft was carefully structured not to interfere with an existing deal struck with European regulators.

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  • Palo Alto Networks earnings, outlook top Street expectations as SEC cyberattack reporting rule drives demand

    Palo Alto Networks earnings, outlook top Street expectations as SEC cyberattack reporting rule drives demand

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    Palo Alto Networks Inc. shares rallied Friday after hours as the cybersecurity company topped expectations with its latest earnings, as well as with its forecasts for profit and billings, outlining that new reporting rules and AI-backed adversaries are driving adoption.

    The stock
    PANW,
    +1.02%

    was rallying more than 9% in the extended session, following a 1% gain in the regular session to close at $209.69.

    Palo Alto Networks forecast first-quarter adjusted earnings of $1.15 to $1.17 a share on revenue of $1.82 billion to $1.85 billion and billings of $2.05 billion to $2.08 billion. Analysts were estimating $1.11 a share on revenue of $1.93 billion and billings of $2.04 billion for the first quarter.

    For the year, the company expects $5.27 to $5.40 a share on revenue of $8.15 billion to $8.2 billion on billings of $10.9 billion to $11 billion. Analysts tracked by FactSet had been projecting $4.98 a share on revenue of $8.38 billion and billings of $10.81 billion for the year.

    The company defines billings as “total revenue plus the change in total deferred revenue, net of acquired deferred revenue, during the period,” and is a metric used to account for subscriptions.

    On the extended call with analysts, Nikesh Arora, the company’s chairman and chief executive, said that while strong fourth-quarter results did not come as a surprise, what did come as a surprise was the speed of adoption of its Cortex XSIAM AI-driven security platform, especially now that regulators are going to start requiring quick disclosures for material cyberattacks.

    Palo Alto Networks reported fiscal fourth-quarter net income of $227.7 million, or 64 cents a share, compared with $3.3 million, or a penny a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.44 a share, compared with 80 cents a share in the year-ago period.

    Revenue rose to $1.95 billion from $1.55 billion in the year-ago quarter, while billings rose 18% to $3.2 billion. Analysts surveyed by FactSet had forecast $1.29 a share in adjusted earnings on revenue of $1.96 billion and billings of $3.18 billion.

    The company launched XSIAM in October, and set a goal of booking more than $100 million in the first year. Arora said that in less than a year, XSIAM has already brought in $200 million, indicating that interest in applying AI to enhance security is “very high.”

    In late July, the Securities and Exchange Commission adopted new rules requiring companies to disclose cyberattacks within four days of making the determination the intrusion has a material effect on results.

    “Our customers have told us loud and clear that the legacy products powering their stacks are no longer working and they need to reduce by an order of magnitude,” Arora told analysts. “This becomes increasingly important with the new SEC rules detailing that all public companies will be required to report material breaches within four business days.”

    On the call, Lee Klarich, Palo Alto Networks chief product officer, told analysts that it wasn’t long ago that the average time between an initial hack and stealing data was about 44 days. Now, that can happen in a matter of hours, which is a huge problem, Klarich said, noting that attackers are adopting AI to perform attacks.

    “On average the industry is able to respond and remediate attacks in about six days: That doesn’t work,” Klarich said. “And even more challenging now with the SEC new rules of being able to disclose within four days, none of the math adds up.”

    Five years ago, Palo Alto Networks was already in the middle of an M&A spree to transform itself from a firewall company to a multiproduct security platform, and showed no signs of slowing down until August 2021, when the company decided to report earnings without announcing an M&A deal, after having acquired 14 companies over the previous three-and-a-half years.

    Nvidia Corp.
    NVDA,
    -0.10%
    ,
    which also has a huge stake in AI, reports results after the bell on Wednesday.

    Palo Alto Networks is a new entrant to the S&P 500 index
    SPX,
    having gotten the nod in June. As of Friday’s close, Palo Alto Networks shares have gained 50.3% year to date, compared with a 12.4% gain on the ETFMG Prime Cyber Security exchange-traded fund
    HACK,
    a 13.8 % gain on the S&P 500, and a 27% rise on the tech-heavy Nasdaq Composite
    COMP.

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  • 4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

    4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Any startup or newer business needs a strong focus on building an effective and productive team of employees. However, this remains somewhat difficult, as a job market favoriting candidates makes hiring new employees a costly and risk prone process. This is especially the case when considering the technology talent many new businesses need to execute the ideas at the core of their business hopes.

    With many startups suffering from a lack of capital, taking a different approach to finding talent serves to optimize their staffing spend. It helps these new businesses affect the organizational changes they need to achieve for a real chance of success. A mix of staff augmentation and strategic outsourcing ensures emerging businesses have access to the necessary talent in a cost-effective fashion.

    So let’s look more closely at these and other organizational changes new businesses need to consider for a better chance of success in 2023 and beyond. These ideas allow your emerging organization to stay nimble to take advantage of any new opportunities arriving on your doorstep. Leverage these insights to position your startup squarely on the path to success, providing a quick exit opportunity for your investors.

    Related: 4 Ways Leaders Can Navigate Change and Find the Hidden Opportunities

    Leveraging staff augmentation to maintain a startup’s talent pipeline

    Any new business needs a robust talent pipeline providing the flexibility to thrive in its earliest stages. We already mentioned the expensive and risk-prone aspects of sourcing permanent employees in the current job market. A startup might spend an inordinate amount of time and resources trying to hire a permanent candidate, only to fail, with all those sunk expenses as a result.

    However, adopting a staff augmentation approach provides talent from a development agency to quickly meet an acute skills gap or other talent shortage. It also remains a great way for startups to access the critical technology professionals they need to complete the technical product or service central to their growth potential. When considering this strategy, find a digital agency or staffing services firm able to provide a full team. It helps foster collaboration with your organization compared to contracting individuals.

    Add outsourced expertise to your organization

    Somewhat related to that point, in addition to using staff augmentation as a talent strategy, you might also consider outsourcing certain leadership and other managerial expertise to your organization. Many high-level consultants with experience in the same industry sector as your startup are willing to work with new businesses. It offers the critical know-how to help any new business devise a strategy to achieve its short-term and long-term goals.

    Once again, this type of “on-demand” staffing lets businesses add expertise at significant cost savings compared to making permanent hires. A startup conserves its limited capital by not having to pay benefits and salaries to a host of new employees. When the current project finishes, those contract workers simply move on to their next gig, while a startup’s staffing spend returns to normal.

    Data-driven decision-making helps startups gain a measure of wisdom

    Any startup benefits when focusing on tangible insights derived from data for their decision-making processes. It makes a difference in a variety of functional areas but holds special importance when considering market research when vetting a potential target market for a new business’s first product or service. Developing any digital product — typically a software app or similar platform — without any market insights results in a startup flying blind.

    Of course, data beyond market research also matters throughout the process of developing any software product. Any thorough testing process generates a massive amount of valuable data offering insights into the user experience — this helps inform the project team on what features to include and modify before the app goes live. Beyond that, never skimp on data analysis throughout a business’s history. Data remains the lifeblood of any successful company, after all.

    Related: What Stops Organizational Change From Sticking, And How to Change That

    Ensure your software projects follow an iterative approach

    One important organizational change relates to the methodology new businesses use for their software projects. Following an iterative software methodology, like agile or lean startup, provides many benefits to startups and emerging organizations. This approach ensures any bugs or design mistakes are caught early in the development process when more inexpensive to fix. Finding a critical bug right before going live might result in the failure of the startup.

    Lean Startup leverages a concept known as the minimum viable product (MVP). It’s essentially a prototype developed in short cycles that include sharply defined stages for testing, analyzing the data from those test results as highlighted above, and applying the lessons learned to a new version of the app. It keeps business stakeholders and the project team in close communication throughout the initiative, ensuring nothing gets lost in the fray.

    In the end, improve your chances of a successful startup by adopting these organizational changes. Leveraging staff augmentation at startup launch provides the critical talent it needs in the most cost-effective manner. Additionally, adopting an iterative data-driven software development approach reduces expenses while resulting in an app with a better chance of making an impact on the market.

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    Andrew Amann

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  • ‘Magnificent Seven’ stocks are losing some of their shine, but their bonds are doing fine

    ‘Magnificent Seven’ stocks are losing some of their shine, but their bonds are doing fine

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    The so-called Magnificent Seven grouping of technology stocks lost some of its luster this week after four of the seven moved into correction territory, meaning their stocks have fallen at least 10% from their recent peaks.

    The corporate-bond market, in contrast, seems to like all seven names.

    The group is made up of Facebook parent Meta Platforms Inc.
    META,
    -0.65%
    ,
    Apple Inc.
    AAPL,
    +0.28%
    ,
    Microsoft Corp.
    MSFT,
    -0.13%
    ,
    Nvidia Corp.
    NVDA,
    -0.10%
    ,
    Amazon. com Inc.
    AMZN,
    -0.57%
    ,
    Google parent Alphabet Inc.
    GOOGL,
    -1.89%

    GOOG,
    -1.80%

    and Tesla Inc.
    TSLA,
    -1.70%
    .

    One caveat: Tesla has no outstanding bonds. In the past, the electric-car maker issued convertible bonds, but they have all been converted into equity.

    The group is credited with helping drive the stock market’s gains in the first half of the year, driven by excitement about artificial intelligence. But the rally has stalled in recent weeks as investors have fretted over the potential for U.S. interest-rate increases, surging Treasury yields and China worries, with property developer Evergrande filing for U.S. bankruptcy protection late Thursday.

    On Thursday, Meta followed Apple, Microsoft and Nvidia into correction territory, as MarketWatch’s Emily Bary reported. Tesla, meanwhile, is in a bear market, meaning it’s down more than 20% from its recent peak.

    ReadHave AI stocks like Nvidia reached bubble territory? Here’s what history can tell us.

    The following series of charts from data-solutions provider BondCliQ Media Services show how many bonds each company has issued by maturity and how they have traded as the stocks have pulled back.

    The first chart shows that Microsoft has by far the most bonds, mostly in the 30-year bucket. The software and cloud giant has more than $50 billion in long-term debt, according to its 2023 10-K filing with the Securities and Exchange Commission.

    Outstanding Magnificent Seven debt by maturity bucket.


    Source: BondCliQ Media Services

    This chart shows trading volumes over the last 10 days, divided by trade type. The green shows customer buying, while the red is customer selling. The blue shows dealer-to-dealer flows. Microsoft, for example, has seen almost $1.3 billion in customer buying from dealers in the last 10 days and $960 million in customer sales to dealers.

    Magnificent Seven debt trading volumes (last 10 days).


    Source: BondCliQ Media Services

    This chart shows that every name in the group has enjoyed better net buying in the last 10 days, with Microsoft leading the way.

    Net customer flow of Magnificent Seven debt (last 10 days).


    Source: BondCliQ Media Services

    This chart shows spread performance over the last 50 days for an intermediate-term bond from each of the seven issuers. Most have tightened or remained steady over the period.

    Historical spread performance of Magnificent Seven debt.


    Source: BondCliQ Media Services

    Read also: Red flags waving for tech stocks as AI bounce fades, China fears escalate

    Apple’s stock entered correction Wednesday upon falling more than 10% from its July 31 peak of $196.45. The company sells mainly discretionary products, and right now “consumers are still being pinched” and thinking more carefully about where they spend their money, according to Matt Stucky, senior portfolio manager for equities at Northwestern Mutual Wealth Management.

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  • Jim Cramer sees a ‘new king’ in trucking and perhaps a ‘golden age’ for natural gas

    Jim Cramer sees a ‘new king’ in trucking and perhaps a ‘golden age’ for natural gas

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    Morgan Stanley’s decision Tuesday to boost its price target on XPO Logistics (XPO) to $65 a share, from $45, could signal a “new king” in the trucking-and-logistics industry, CNBC’s Jim Cramer said — even though he’s long been partial to Old Dominion (ODFL).

    Shares of XPO were trading down around 1% Tuesday morning, at roughly $72.80 a share.

    Meanwhile, Cramer also said Tuesday that we could be in a “golden age of natural gas,” on the heels of the Investing Club’s move last week to add to its position in oil-and-gas producer Coterra Energy (CTRA).

    (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.)

    As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

    THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER.  NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.  NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

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  • Home Depot, Target, and More to Watch This Week

    Home Depot, Target, and More to Watch This Week

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    Home Depot, Target, Cisco, Deere, Walmart, and More Stocks to Watch This Week

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  • Roblox Misses on Earnings. The Videogame Stock Sinks.

    Roblox Misses on Earnings. The Videogame Stock Sinks.

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    Roblox Stock Falls Sharply. Blame the Wider Loss.

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  • Pence qualifies for first Republican debate: Here’s who else will be on stage.

    Pence qualifies for first Republican debate: Here’s who else will be on stage.

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    Former Vice President Mike Pence has become the eighth, and perhaps final, candidate to qualify for the first Republican presidential primary debate, setting up a possible prime-time clash with Donald Trump.

    That face-off with Trump is not certain, however, because the former president has not yet confirmed whether he will take part in the event.

    Several other GOP hopefuls, meanwhile, have also qualified for the debate. Here’s a look at details including who’ll be on stage and when and where the debate will be held.

    When and where is the debate?

    The first debate of the GOP primary season will be held Aug. 23 in Milwaukee, the same city that will host the party’s 2024 convention. The two-hour debate is scheduled to start at 9 p.m. Eastern time and is being hosted by Fox News.

    Fox News parent Fox Corp.
    FOX,
    +5.56%

    FOXA,
    +5.59%

    and News Corp
    NWS,
    +0.73%

    NWSA,
    +0.84%
    ,
    parent of MarketWatch publisher Dow Jones, share common ownership.

    Besides Pence, who has qualified?

    North Dakota Gov. Doug Burgum, former New Jersey Gov. Chris Christie, Florida Gov. Ron DeSantis, former U.N. Ambassador Nikki Haley, entrepreneur Vivek Ramaswamy, South Carolina Sen. Tim Scott and Trump have all met the debate requirements.

    Other GOP hopefuls including former Rep. Will Hurd of Texas and Miami Mayor Francis Suarez have not yet made the cut.

    Now read: Here are the Republicans running for president in 2024, before their first debate later this month

    Also read: Mike Pence says inflation is 16%, but CPI is 3%. This is his logic.

    What are the requirements for the Milwaukee debate?

    For the first debate, a candidate needs to have at least 1% support in three high-quality national polls or in a mix of state and national polls and must have secured at least 40,000 unique donors.

    Getting on stage for the second debate will be tougher. That contest, scheduled for Sept. 27 at the Ronald Reagan Presidential Library in California, will require candidates to have at least 3% support in two national polls, or in one national poll as well as two polls from four of the early-voting states. Candidates must also have at least 50,000 unique donors, as the Associated Press has reported.

    Now read: Republican Party raising qualification bar for second presidential primary debate

    What has Trump said about attending the debate?

    Playing his cards close to the vest, the former president is asking his supporters whether he should be in Milwaukee on Aug. 23. In an email on Saturday, Trump said he thinks it’s “sort of foolish” for him to attend, given his outsized polling lead.

    “Hopefully, former President Trump has the courage to show up,” Pence’s communications adviser Devin O’Malley said in a statement on Tuesday.

    Read next: Pence, Trump attorney offer conflicting claims over what Trump said ahead of Jan. 6

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  • Palantir announces $1 billion buyback program, stock rises after earnings

    Palantir announces $1 billion buyback program, stock rises after earnings

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    Palantir Technologies Inc. matched expectations with its latest quarterly results Monday while announcing a new $1 billion buyback authorization.

    The software company posted its third quarter in a row of GAAP profitability, recording second-quarter net income of $28 million, or 1 cent a share, whereas Palantir
    PLTR,
    -1.15%

    racked up a net loss of $179.3 million, or 9 cents a share, in the year-earlier period. Analysts tracked by FactSet were modeling GAAP earnings per share of 1 cent.

    Palantir logged adjusted earnings per share of 5 cents, in line with the FactSet consensus.

    Revenue rose to $533 million from $473 million and also met the FactSet consensus. The company notched $232 million in commercial revenue, up 10% from a year before, along with $302 million of government revenue, up 15%.

    After initially falling following the report, Palantir shares rose 2.6% in after-hours trading.

    “We continue to see unprecedented demand,” Chief Revenue Officer Ryan Taylor told MarketWatch. That includes both “top-of-funnel” conversations with new customers and others expanding their use of Palantir software, as momentum builds for the company’s artificial-intelligence offerings.

    Taylor added that Palantir’s U.S. government work has “never been stronger.”

    See also: Palantir is ‘the Messi of AI,’ says analyst who thinks its stock can jump 45%

    Palantir also announced that its board of directors has approved a stock-buyback program of up to $1 billion. The move comes as the company posted $285 million in adjusted free cash flow during the first half of the year and finished the second quarter with $3.1 billion in cash and equivalents on its balance sheet.

    “Our cash flow, balance sheet and the authorization of a billion-dollar buyback show what we believe in for the future of this company,” Chief Financial Officer David Glazer told MarketWatch. The belief is that “AI is a massive opportunity.”

    Added Chief Executive Alex Karp in a shareholder letter: “The scale of the opportunity that lies ahead has increased significantly in recent months. And we intend to capture it.” 

    He noted that the company is in talks with more than 300 additional enterprises about using Palantir’s AI platform, “all of which are searching for an effective and secure means of adapting the latest large language models for use on their internal systems and proprietary data.”

    For the third quarter, Palantir expects $553 million to $557 million in revenue, along with GAAP profitability. Analysts tracked by FactSet were modeling $553 million,

    Palantir also expects to report GAAP net income for its fourth quarter. It further models upwards of $2.212 billion in full-year revenue, while analysts were looking for $2.210 billion.

    Shares of Palantir are up 180% so far this year.

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  • Palantir announces $1 billion buyback program, stock rises after earnings

    Palantir announces $1 billion buyback program, stock rises after earnings

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    Palantir Technologies Inc. matched expectations with its latest quarterly results Monday while announcing a new $1 billion buyback authorization.

    The software company posted its third quarter in a row of GAAP profitability, recording second-quarter net income of $28 million, or 1 cent a share, whereas Palantir
    PLTR,
    -1.15%

    racked up a net loss of $179.3 million, or 9 cents a share, in the year-earlier period. Analysts tracked by FactSet were modeling GAAP earnings per share of 1 cent.

    Palantir logged adjusted earnings per share of 5 cents, in line with the FactSet consensus.

    Revenue rose to $533 million from $473 million and also met the FactSet consensus. The company notched $232 million in commercial revenue, up 10% from a year before, along with $302 million of government revenue, up 15%.

    After initially falling following the report, Palantir shares rose 2.6% in after-hours trading.

    “We continue to see unprecedented demand,” Chief Revenue Officer Ryan Taylor told MarketWatch. That includes both “top-of-funnel” conversations with new customers and others expanding their use of Palantir software, as momentum builds for the company’s artificial-intelligence offerings.

    Taylor added that Palantir’s U.S. government work has “never been stronger.”

    See also: Palantir is ‘the Messi of AI,’ says analyst who thinks its stock can jump 45%

    Palantir also announced that its board of directors has approved a stock-buyback program of up to $1 billion. The move comes as the company posted $285 million in adjusted free cash flow during the first half of the year and finished the second quarter with $3.1 billion in cash and equivalents on its balance sheet.

    “Our cash flow, balance sheet and the authorization of a billion-dollar buyback show what we believe in for the future of this company,” Chief Financial Officer David Glazer told MarketWatch. The belief is that “AI is a massive opportunity.”

    Added Chief Executive Alex Karp in a shareholder letter: “The scale of the opportunity that lies ahead has increased significantly in recent months. And we intend to capture it.” 

    He noted that the company is in talks with more than 300 additional enterprises about using Palantir’s AI platform, “all of which are searching for an effective and secure means of adapting the latest large language models for use on their internal systems and proprietary data.”

    For the third quarter, Palantir expects $553 million to $557 million in revenue, along with GAAP profitability. Analysts tracked by FactSet were modeling $553 million,

    Palantir also expects to report GAAP net income for its fourth quarter. It further models upwards of $2.212 billion in full-year revenue, while analysts were looking for $2.210 billion.

    Shares of Palantir are up 180% so far this year.

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  • Russia fines Wikipedia and Apple for spreading ‘false information’ about Ukraine conflict

    Russia fines Wikipedia and Apple for spreading ‘false information’ about Ukraine conflict

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    A Russian court has imposed fines on Apple and the host of Wikipedia for failing to remove material deemed to be “false information” about Russia’s military actions in Ukraine

    MOSCOW — A Russian court on Thursday imposed fines on Apple and the host of Wikipedia for failing to remove material deemed to be “false information” about Russia’s military actions in Ukraine.

    A justice of the peace in a magistrate’s court, which handles administrative violations and low-level criminal cases, fined the Wikimedia Foundation 3 million rubles ($33,000) for retaining material on Russian-language Wikipedia pages that violated a law against discrediting Russia’s military and spreading false information about the Ukraine conflict, the Interfax news agency reported.

    The same justice found Apple guilty of failing to delete podcasts and apps with such information and fined the company 400,000 rubles ($4,400).

    Since sending troops into Ukraine in February 2022, Russia has enacted an array of measures to punish any criticism or questioning of the military campaign.

    Some critics have received severe punishments. Opposition figure Vladimir Kara-Murza was sentenced this year to 25 years in prison for treason stemming from speeches he made against Russia’s actions in Ukraine.

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  • China proposes to limit children’s smartphone time to a maximum of 2 hours a day

    China proposes to limit children’s smartphone time to a maximum of 2 hours a day

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    China’s internet watchdog has laid out regulations to curb the amount of time children spend on their smartphones, in the latest blow to firms such as Tencent and ByteDance, which run social media platforms and online games

    Children pass by a mascot for Tencent during a promotion event in Beijing, on Nov. 11, 2020. On Wednesday, Aug. 2, 2023, China’s internet watchdog has laid out regulations to curb the amount of time minors spend on their smartphones, in the latest blow to firms such as Tencent and ByteDance which run social media platforms and online games. (AP Photo/Ng Han Guan)

    The Associated Press

    BEIJING — China’s internet watchdog has laid out regulations to curb the amount of time children spend on their smartphones, in the latest blow to firms such as Tencent and ByteDance, which run social media platforms and online games.

    The Cyberspace Administration of China on Wednesday published the draft guidelines on its site, stating that minors would not be allowed to use most internet services on mobile devices from 10 p.m. to 6 a.m., and that children between the ages of 16 and 18 would only be able to use the internet for two hours a day.

    Children between the ages of 8 and 15 would be allowed only an hour a day, while those under 8 would only be allowed 40 minutes.

    Only certain services, such as apps or platforms that are deemed suitable to the physical and mental development of minors, will be exempted. The CAC did not specify which internet services would be allowed exemptions.

    The restrictions are Beijing’s latest efforts to attempt to limit internet addiction, a problem it views as widespread among its youth. In 2019, Beijing limited children’s daily online game time to 90 minutes a day and tightened those restrictions in 2021, allowing children only an hour a day of online game play on Fridays, weekends and public holidays.

    Short-video and online video platforms like Douyin, Bilibili and Kuaishou have offered youth modes that restrict the type of content shown to minors and the length of time they can use the service. Children are also pushed educational content, such as science experiments.

    The latest restrictions would impact firms like Tencent, China’s largest online game company, and ByteDance, which runs popular short-video platform Douyin. Firms in China are often responsible for enforcing regulations.

    “To effectively strengthen the online protection of minors, the CAC has in recent years pushed for the establishment of a youth mode on internet platforms, expanding its coverage, optimizing its functions and enriching it with age-appropriate content,” the CAC said.

    “Since the mode was launched, there has been a positive impact in reducing youth internet addiction and the impact of undesirable information,” it added.

    The CAC said draft guidelines were open to public feedback until Sep. 2. It did not say when the new rules would be into effect.

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  • Shopify makes progress on free cash flow, but stock moves lower after earnings

    Shopify makes progress on free cash flow, but stock moves lower after earnings

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    Shopify Inc. easily topped adjusted profit expectations for its latest quarter, though shares of the e-commerce marketplace were headed lower in Wednesday’s after-hours action.

    The e-commerce company reported a comprehensive loss of $1.30 billion, or $1.02 a share, whereas it logged a loss of $1.21 billion, or 95 cents a share, in the year-earlier period.

    On an adjusted basis, Shopify
    SHOP,
    -7.44%

    earned 14 cents a share, whereas analysts tracked by FactSet were anticipating 6 cents a share.

    Don’t miss: Mastercard earnings bring latest signal of healthy spending

    Revenue jumped to $1.69 billion from $1.30 billion a year prior, while the FactSet consensus was for $1.63 billion.

    Gross merchandise volume, or the dollar value of orders facilitated through Shopify’s platform, came in at $53.5 billion. Analysts had been modeling $55.0 billion. The company also posted $31.7 billion in gross payments volume.

    See also: Apple appears to be making rapid inroads in buy-now-pay-later

    For the third quarter, Shopify anticipates a revenue growth percentage in the low-20s on a year-over-year basis. The company also expects free cash flow in the third quarter to exceed the first-half total.

    Shopify generated $97 million in free cash flow during the second quarter, beating the $27 million FactSet consensus and bringing its first-half haul to $183 million. Analysts were expecting $96 million in free cash flow for the third quarter.

    “We’re not just shipping products faster, but we are also expanding our global merchant base, all while improving our ability to generate greater free cash flow,” President Harley Finkelstein said in a release.

    More from MarketWatch: PayPal’s stock falls as earnings beat, but a margin metric misses

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  • Palantir Stock Spikes After Analyst Says to Buy ‘The Messi of AI’

    Palantir Stock Spikes After Analyst Says to Buy ‘The Messi of AI’

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    Palantir Technologies


    shares were getting a major boost Friday after Wedbush technology analyst Dan Ives launched coverage of the AI software company with an Outperform rating, setting a target price of $25. Ives contends Palantir is well-positioned to take market share in both the commercial and government analytics software markets.

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  • ServiceNow Posts Strong Earnings and Adds New AI Tools. But the Stock Is Lower.

    ServiceNow Posts Strong Earnings and Adds New AI Tools. But the Stock Is Lower.

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    ServiceNow


    posted better-than-expected results for its latest quarter and lifted its full-year outlook.

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  • Alphabet earnings push stock up 6%; CFO Ruth Porat to become president, chief investment officer

    Alphabet earnings push stock up 6%; CFO Ruth Porat to become president, chief investment officer

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    Google parent Alphabet Inc.’s stock jumped 6% in after-hours trading Tuesday after the company beat estimates on the top and bottom line, and announced the transition of Chief Financial Officer Ruth Porat to president and chief investment officer in September.

    Fueled by strong advertising sales, Alphabet
    GOOGL,
    +0.56%

     
    GOOG,
    +0.75%

    racked up fiscal second-quarter net income of $18.4 billion, or $1.44 a share, compared with net income of $16 billion, or $1.21 a share, in the same quarter a year ago.

    Total revenue was $74.6 billion, compared with $69.7 billion a year ago. Sales minus traffic-acquisition costs were $62.06 billion, vs. $57.5 billion last year.

    Analysts surveyed by FactSet had expected on average net earnings of $1.34 a share on revenue of $72.85 billion and ex-TAC revenue of $60.25 billion.

    “There’s exciting momentum across our products and the company, which drove strong results this quarter,” Alphabet Chief Executive Sundar Pichai said in a statement. “Our continued leadership in AI and our excellence in engineering
    and innovation are driving the next evolution of Search, and improving all our services.”

    During a conference call Tuesday afternoon, he highlighted the intertwining of advertising and Alphabet’s strides in generative AI. He added the company continues to consolidate and align operations to streamline spending.

    Shares of Alphabet have advanced 39% so far this year largely on the strength of generative AI and its potential. The broader S&P 500 index 
    SPX,
    +0.28%

    is up 19%. Alphabet’s stock inched up 0.6% to $122.21 in the regular session Tuesday.

    Google’s total advertising sales improved to $58.14 billion from $56.3 billion a year ago, and edged analysts’ average expectations of $57.45 billion. Google Cloud hauled in $8 billion, compared with $6.3 billion last year. YouTube ad sales rebounded to $7.7 billion from $7.34 billion a year ago.

    “The proverbial floodgates aren’t opening yet but clients are starting to see pockets of opportunity and are willing to invest for a direct return,” Aaron Levy, vice president of paid search at Tinuiti, said in an email.

    Porat, who has played an essential role in Google’s advertising success since she became CFO in 2015, will start her new role on Sept. 1. She will be responsible for Alphabet’s investments in its Other Bets portfolio, and the company’s investments in countries and communities around the world. Porat will continue to report to Pichai.

    “We see technology can make so much of a difference in people’s lives… and in economic growth globally,” Porat said during the conference call late Tuesday.

    The monetization of AI continues to be an obsession of investors and Wall Street. Microsoft Corp.’s
    MSFT,
    +1.70%

    AI version, Bing, hit the market first, but Google’s competing entry, Bard, is making headway, according to analysts. Alphabet is ramping up AI initiatives to improve operational efficiency and productivity.

    When asked on the call about AI monetization, Pichai said the technology expands the company’s total addressable market, brings in potential new customers, deepens the versatility of its product portfolio, and differentiates core products such as cybersecurity.

    AI’s importance was underscored by a Wall Street Journal report on Tuesday that Google co-founder Sergey Brin has been spotted at the company’s Mountain View, Calif., headquarters in recent weeks working with AI researchers on a large-scale project. Brin has been largely out of sight after stepping down from an executive role at parent company Alphabet in 2019.

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  • Microsoft earnings top estimates, but stock falls as execs detail AI’s costs

    Microsoft earnings top estimates, but stock falls as execs detail AI’s costs

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    Microsoft Corp. easily topped profit and revenue expectations for its latest quarter, though its shares were moving more than 3% lower in extended trading Tuesday after the company discussed the year ahead.

    The technology giant has won favor on Wall Street for its positioning in the artificial-intelligence revolution, though Chief Financial Officer Amy Hood said on Tuesday’s earnings call that “even with strong demand and a leadership position,” Microsoft’s
    MSFT,
    +1.70%

    “growth from our AI services will be gradual.” Microsoft’s AI for its Azure cloud-computing business needs to ramp, and the company is working toward the general availability of its Copilot productivity product.

    Microsoft’s AI revenue impacts will thus be weighted toward the second half of the new fiscal year that just began, she continued. Meanwhile, she expects that Microsoft’s capital expenditures will rise sequentially each quarter “as we scale to meet demand signals.”

    Hood’s commentary came as Microsoft posted fiscal fourth-quarter results Tuesday afternoon that showed a 15% jump in revenue for the company’s cloud-computing segment, which it calls Intelligent Cloud. Revenue for the segment came in at $24.0 billion, while analysts had been anticipating $23.8 billion. The growth rate was 17% on a currency-neutral basis.

    The company said revenue for Azure and other cloud services was up 26%, or 27% in constant currency. Microsoft’s forecast had been for 26% to 27% in constant-currency Azure sales growth, while the company posted 31% constant-currency growth on the metric in the March period. The FactSet consensus was for 27% growth in constant currency.

    “While we believe the Street was hoping for Azure growth more in the ~28% range, we believe the consumption part of the business held up well,” Evercore ISI analyst Kirk Materne said in a note to clients.

    For the September quarter, Microsoft anticipates 25% to 26% in constant-currency Azure growth.

    The cloud migration is still in the “early innings,” Chief Executive Satya Nadella said on the call, while also highlighting a “new world of AI driving a set of new workloads.”

    “We think of that, again, being pretty expansive from a TAM [total addressable market] opportunity and we’ll play it out,” he continued, though the company is also up against the “law of large numbers” given the massive scale of its cloud business.

    The company generated fiscal fourth-quarter net income of $20.1 billion, or $2.69 a share, compared with $16.7 billion, or $2.23 a share, in the year-earlier period. Analysts tracked by FactSet were modeling $2.55 a share.

    Overall revenue for Microsoft climbed to $56.2 billion from $51.9 billion, whereas analysts had been expecting $55.5 billion.

    See also: Microsoft bulls are excited as company reveals pricing for AI offering

    Microsoft logged $18.3 billion in revenue for its productivity and business processes unit, up 10% from a year before, or up 12% in constant currency. That part of the business includes LinkedIn and both commercial and consumer versions of Office. Analysts had been looking for $18.1 billion.

    Revenue for the More Personal Computing segment, which includes Windows and Xbox content and services, dropped 4% to $13.9 billion and was off 3% on a constant-currency basis. The FactSet consensus was for $13.6 billion.

    Nadella, meanwhile, expressed optimism about the eventual opportunities brought upon by Microsoft’s Copilot offerings.

    “I do think people are going to look at how can they complement their [operating-expense] spend with essentially these Copilots in order to drive more efficiency and, quite frankly, even reduce the burden and drudgery of work on their OpEx and their people and so on,” he said.

    Evercore’s Materne called the overall results “solid” amid “a lot of macro headwinds.”  Microsoft’s investment story “gets stronger in [the second half of the calendar year] as some optical headwinds reverse and [comparisons] soften, and Microsoft’s position in the enterprise market continues to get stronger as customers look to consolidate spending,” he wrote.

    Read: Amazon finally is nearing a bottom on this key measure, analyst says

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  • F5, Logitech, Cadence Design, GE, GM, Microsoft, Alphabet, and More Stock Market Movers

    F5, Logitech, Cadence Design, GE, GM, Microsoft, Alphabet, and More Stock Market Movers

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  • Elon Musk reveals new ‘X’ logo to replace Twitter’s blue bird

    Elon Musk reveals new ‘X’ logo to replace Twitter’s blue bird

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    LONDON — Goodbye Twitter. Hello X.

    Elon Musk has unveiled a new “X” logo to replace Twitter’s famous blue bird as he follows through with a major rebranding of the social media platform he bought for $44 billion last year.

    The X started appearing at the top of the desktop version of Twitter on Monday, but the bird was still dominant across the smartphone app. In response to questions about what tweets would be called when the rebranding is done, Musk said they would be called Xs.

    It’s yet another change that Musk has made since acquiring Twitter that has alienated users and turned off advertisers, leaving the microblogging site vulnerable to new threats, including rival Meta’s new text-based app Threads that directly targets Twitter users.

    Musk had asked fans for logo ideas and chose one, which he described as minimalist Art Deco, saying it “certainly will be refined.” He replaced his own Twitter icon with a white X on a black background and posted a picture of the design projected on Twitter’s San Francisco headquarters.

    “And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk tweeted Sunday.

    The X.com web domain now redirects users to Twitter.com, Musk said.

    “I can’t say I’m surprised, but I think it’s a very selfish decision,” said Hannah Thoreson of Baltimore, Maryland, who’s used Twitter since 2009 for work and personal posts.

    “There are so many small businesses and so many nonprofits and so many government agencies and things like that all around the world that have relied on Twitter for many years to push their message and reach people,” she said. “And they all have the Twitter icon on everything from their website to their business cards.”

    Changing all this costs time and money, she added, not to mention the confusion that comes with a previously unknown brand name.

    “I mean, do you want to get rid of the Coca-Cola brand if you’re Coca-Cola? Why would you do that?” said Thoreson, who now primarily uses Mastodon.

    Musk, CEO of Tesla, has long been fascinated with the letter and had already renamed Twitter’s corporate name to X Corp. after he bought it in October.

    The billionaire is also CEO of rocket company Space Exploration Technologies Corp., commonly known as SpaceX. And he started an artificial intelligence company this month called xAI to compete with ChatGPT. In 1999, he founded a startup called X.com, an online financial services company now known as PayPal.

    He also calls his son with the singer Grimes, whose actual name is a collection of letters and symbols, “X.”

    Musk’s Twitter purchase and rebranding are part of his strategy to create what he’s dubbed an “ everything app ” similar to China’s WeChat, which combines video chats, messaging, streaming and payments. Musk has made a number of drastic changes since taking over Twitter, including a shift to focusing on paid subscriptions, but he doesn’t always follow through on his attention-grabbing new policy pronouncements.

    Linda Yaccarino, the longtime NBC Universal executive Musk tapped to be Twitter CEO in May, posted the new logo and weighed in on the change, writing on Twitter that X would be “the future state of unlimited interactivity — centered in audio, video, messaging, payments/banking — creating a global marketplace for ideas, goods, services, and opportunities.”

    Insider Intelligence analyst Jasmine Enberg called the rebranding “the end of an era.”

    “Twitter’s rebrand is a reminder that Elon Musk, not Threads or any other app, is and has always been the most likely ‘Twitter killer,’” she said.

    It’s clear, Enberg said, that the Twitter of the past 17 years is gone.

    “Musk supporters will likely celebrate the rebrand, but it’s a gloomy day for many Twitter users and advertisers,” she said. “Even so, Twitter’s corporate brand is already heavily intertwined with Musk’s personal brand, with or without the name X, and much of Twitter’s established brand equity has already been lost among users and advertisers.”

    But Paolo Pescatore, a tech and media analyst and founder of PP Foresight, said the change could be a good idea.

    “People are now getting increasingly frustrated with a slew of apps, so driving usage all towards one destination will increase engagement and ultimately make it easier for them,” he said.

    Others predicted the new name will confuse much of Twitter’s audience, which has already been souring on the social media platform following Musk’s other changes, including limiting the number of tweets users can read each day. The new threshold is part of an $8-per-month subscription service Musk rolled out earlier this year in an attempt to boost Twitter revenue.

    Wiping out Twitter’s brand name recognition that was built up over 15 years is an “extremely risky move,” because it means Musk is ”essentially starting over while its competition is afoot,” said Mike Proulx, a research director at global market research company Forrester.

    Twitter users pointed out that few people refer to Alphabet, Google’s parent company since 2015. Facebook renamed itself Meta in 2021, but its collection of apps — Instagram, WhatsApp and Facebook — still retain their own brands and logos.

    But Pescatore said it might be the right time for the sweeping rebranding that Musk seems to have in mind.

    “The removal of Twitter from existence will be difficult for many users to understand,” Pescatore said. However, “maybe it is time for something new in light of the negative sentiment surrounding the company. A new start over this challenging period of major disruption and appeal to new audiences.”

    ___

    AP Technology Writers Barbara Ortutay in Oakland, California and Matt O’Brien from Providence, Rhode Island contributed to this story.

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