What's Coming Up - Staying Global in a Changing World
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30 minutes ago
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Paycom raises 2025 revenue and profit forecasts on AI-driven demand
Payroll processor Paycom Software raised its forecast for annual revenue and profit on Wednesday, as the addition of AI features helps accelerate demand for its employee management services, sending its shares up 7 per cent in extended trading. The company now expects fiscal 2025 revenue of $2.05 billion to $2.06 billion, up from its previous projection of $2.02 billion to $2.04 billion. Analysts on average expect $2.03 billion, according to data compiled by LSEG. Paycom has been integrating artificial intelligence features into its software with its 'smart AI' suite that automates tasks such as writing job descriptions and helps employers identify which employees are most at risk of leaving. This has boosted demand for Paycom's services as businesses look to simplify workforce management functions. "We are well positioned to extend our product lead and eclipse the industry with even greater AI and automation," CEO Chad Richison said in a statement. Paycom expects 2025 core profit in the range of $872 million to $882 million, up from previous expectations of $843 million to $858 million. The payroll processor reported revenue of $483.6 million for the second quarter ended June 30, beating analysts' estimate of $472 million. Adjusted core profit was $198.3 million, compared to $159.7 million in the same period last year. Paycom's expectation of strong growth comes despite a sharp deterioration in U.S. labor market conditions.
CNA
an hour ago
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Duolingo raises 2025 revenue forecast as AI tools boost user engagement
Language-learning app Duolingo raised its annual revenue forecast and beat second-quarter revenue estimates on Wednesday, anticipating broader adoption of its AI-enhanced subscription tier among its global user base. The company's shares rose about 20 per cent in trading after the bell. Duolingo operates on a freemium model, offering basic language-learning features for free while providing premium capabilities through monthly or annual paid subscriptions. The company now expects revenue for 2025 to be in the range of $1.01 billion to $1.02 billion, compared to analysts' estimates of $996.6 million. It had earlier projected revenue between $987 million and $996 million for the year. Revenue in the April-June period was $252.3 million, compared with analysts' estimates of $240.7 million. Duolingo's two subscription tiers — Super, designed for frequent learners, and Max, tailored for advanced users — include AI-driven features such as video-call conversation practice with chatbots, personalized error analysis and enhanced feedback tools. Since launching an AI-powered video-call tool for Android in January, Duolingo has expanded the feature to additional languages, aiming to boost subscription growth by enabling users to practice natural conversations across a broader linguistic range. Duolingo's gross margin benefited this quarter from lower-than-expected AI costs, as the decline in margin from expanding Max and AI features was much smaller than the company had originally expected. "The cost of calling AI tools has come down a lot. Ads also did better; ads are not a big part of our business, but it turned out that it helped margin a little bit as well," CFO Matt Skaruppa told Reuters. Duolingo leverages generative AI to create and personalize bite-sized lessons across more than 100 language courses. In April, CEO Luis von Ahn said that after taking 12 years to develop the first 100 courses, the company's AI tools helped it introduce 148 new courses in roughly one year. Duolingo expects revenue for the third quarter to be in the range of $257 million to $261 million, compared to analysts' estimates of $253 million, according to data compiled by LSEG.
CNA
5 hours ago
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Google commits $1 billion for AI training at US universities
SAN FRANCISCO :Alphabet's Google on Wednesday announced a three-year, $1 billion commitment to provide artificial intelligence training and tools to U.S. higher education institutions and nonprofits. More than 100 universities have signed on to the initiative so far, including some of the nation's largest public university systems such as Texas A&M and the University of North Carolina. Participating schools may receive cash funding and resources, such as cloud computing credits towards AI training for students as well as research on AI-related topics. The billion-dollar figure also includes the value of paid AI tools, such as an advanced version of the Gemini chatbot, which Google will give to college students for free. Google hopes to expand the program to every accredited nonprofit college in the U.S. and is discussing similar plans in other countries, Senior Vice President James Manyika said in an interview. He declined to specify how much Google is earmarking in direct funds to external institutions relative to footing its own cloud and subscription bills. The announcement comes as rivals like OpenAI, Anthropic and Amazon have made similar pushes around AI in education as the technology pervades society. Microsoft in July pledged $4 billion to bolster AI in education globally. By evangelizing their products to students, tech firms further stand to win business deals once those users enter the workforce. A growing body of research has mapped concerns around AI's role in education, from enabling cheating to eroding critical thinking, prompting some schools to consider bans. Manyika said Google had not faced resistance from administrators since it began to plot its education initiative earlier this year, but "many more questions" about AI-related concerns remain. "We're hoping to learn together with these institutions about how best to use these tools," he said, adding that the insights could help shape future product decisions.
