Zain Group Announces $1 Billion Investment in Network Expansion and Infrastructure
Zain Group, a prominent telecommunications operator in the Middle East and North Africa, has disclosed a substantial investment of nearly $1 billion in network expansion and infrastructure. The capital expenditure represents 16 percent of the company’s revenue and is primarily directed towards the deployment of 4G and 5G networks, expansion of fiber-to-the-home (FTTH) infrastructure, and spectrum license fees. The financial report for the full-year 2023 also showcases impressive growth figures, with a revenue of KD 1.9 billion (equivalent to USD 6.2 billion), marking a significant increase of 10 percent compared to the previous year. Key operational highlights include a notable 8 percent growth in data revenue, amounting to USD 2.4 billion, and strategic initiatives such as tower sales and leaseback arrangements in key markets like Saudi Arabia, Kuwait, Jordan, and Iraq.
Snowflake CEO Frank Slootman Retires, Stock Plummets
Snowflake CEO Frank Slootman announces retirement, stock plummets 24%. Former Google ad chief Sridhar Ramaswamy to succeed Slootman. Fourth-quarter financial results show 32% year-over-year increase in sales, but operating losses rise. Market reacts to retirement and financial results, signaling new phase of growth and opportunity for Snowflake.
EBay reports strong fiscal fourth-quarter results
EBay Inc. reported fiscal fourth-quarter results, with net income reaching $728 million and revenue climbing to $2.56 billion. The company’s strong performance and guidance have instilled confidence in its ability to navigate through the competitive e-commerce landscape and economic challenges.
DoorDash Reports 23% Increase in Total Orders and 22% Increase in Gross Order Value
DoorDash reports a 23% increase in total orders and a 22% increase in gross order value in the fourth quarter of 2023. Despite positive returns, DoorDash stock dropped in after-hours trading by more than 11%. The company remains focused on building tools to solve problems for consumers, merchants, and employees in 2024.
Cisco Systems Inc. Reports 6% Annual Revenue Fall in Q2 2024
Cisco Systems Inc. reported a 6% annual fall in revenue for the second quarter of fiscal year 2024, reaching $12.8 billion, slightly above expectations. CEO Chuck Robbins commented on the solid performance and future growth opportunities, but Cisco’s shares dropped by 5% in after-hours trading.
Pinterest Shares Plummet After Disappointing Forecast and Revenue Report
Pinterest shares took a hit in extended trading on Thursday following a weaker-than-expected forecast and disappointing revenue report. Despite a 12% rise in revenue from the previous year, Pinterest’s net income stood at $201 million, or 29 cents per share, compared to $17.49 million, or 3 cents per share, in the previous year. The platform’s monthly active users in the fourth quarter increased by 11% to 498 million, surpassing analyst estimates of 487 million. However, the global average revenue per user fell short of expectations at $2, lower than the projected $2.05. Following the earnings report, Pinterest’s stock initially plummeted by as much as 28% to an after-hours low of $29.40. However, the announcement of a new Google partnership during a call with analysts led to a rebound, with the stock settling at a nearly 8% decline at $37.82. Pinterest CEO Bill Ready highlighted the potential of the Google partnership to improve monetization in international markets, citing the company’s under-monetization, particularly outside the U.S., where 80% of its users contribute to only 20% of its revenue. Pinterest’s report comes amidst a rebound in the digital advertising market, with Meta, Alphabet, and Amazon all demonstrating double-digit growth in their ad businesses.
Snap Inc. Stock Plummets by 30% Following Significant Rally
Snap Inc.’s stock plummeted by 30% in Wednesday’s trading, leaving analysts puzzled by the rollercoaster ride of the company’s performance. Analysts express dismay and skepticism about Snap’s competitive position and financial prospects, as the stock witnesses a sharp decline following disappointing earnings report.
Square Pharma Reports 6.43% Year-on-Year Profit Growth Despite High Import Costs
Square Pharmaceuticals has reported a 6.43% year-on-year growth in profit, reaching Tk 10.23 billion in the first half of the fiscal year 2024 despite facing high import costs. The company’s revenue also increased by 15% during the period, but higher…
China’s Internet Sector Shows Steady Growth in Business Revenue and Profits in 2023
China’s internet sector has shown steady growth in business revenue and profits in 2023, according to data from the Ministry of Industry and Information Technology. Major internet companies and related services companies experienced a 6.8 percent year-on-year increase in combined…
PTC Announces Leadership Change and Strong Q1 Results
PTC (NASDAQ:PTC) recently announced a significant leadership change during its earnings call, with Neil Barua set to take over as CEO on February 14, 2024, succeeding Jim Heppelmann. The company reported strong Q1 results, showcasing a 23% constant currency Annual…