BlackRock's Rieder Would Rather Buy Stocks Than Long-Dated Debt
Shorter-dated debt is attractive from an income perspective, said Rieder, CIO of global fixed income for the world's biggest asset manager. But he said long-duration bonds are growing increasingly correlated to equity-market moves and no longer act as a hedge.
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Former Nokia CEO joining Finnish quantum company's board
STOCKHOLM (Reuters) -Former Nokia CEO Pekka Lundmark will join Finnish quantum computing company QMill as an investor and a board member, the company said on Wednesday. Lundmark stepped down from the top job at Nokia earlier this year after being appointed as CEO in 2020, and is credited with turning around the telecom gear maker. Antti Vasara, former head of VTT Technical Research Centre of Finland, and a former Nokia executive, will also join QMill as chair of the board. Espoo, Finland-based QMill, is a quantum-algorithm company, which started operations last year, and has raised seed funding from Antler, and Kvanted. Quantum computing is emerging as a promising sector where many startups are working alongside tech companies such as Microsoft and Nvidia to build functional computers to solve problems that would take classical computers thousands of years. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
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Keysight Technologies Inc (KEYS) Q3 2025 Earnings Call Highlights: Strong Revenue Growth and AI ...
This article first appeared on GuruFocus. Revenue: $1.4 billion, up 11% year-over-year. Earnings Per Share (EPS): $1.72, exceeding guidance. Orders: Increased by 7% year-over-year. Gross Margin: 64%. Operating Expenses: $526 million. Operating Margin: 25%, up 60 basis points from last year. Net Income: $297 million. Communications Solutions Group Revenue: $940 million, up 11% year-over-year. Electronic Industrial Solutions Group Revenue: $412 million, up 11% year-over-year. Cash Flow from Operations: $322 million. Free Cash Flow: $291 million. Cash and Cash Equivalents: $2.636 billion. Share Repurchase: 300,000 shares at an average price of $164, totaling $50 million. Q4 Revenue Guidance: $1.370 billion to $1.390 billion. Q4 EPS Guidance: $1.79 to $1.85. Warning! GuruFocus has detected 6 Warning Signs with VVOS. Release Date: August 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Keysight Technologies Inc (NYSE:KEYS) reported an 11% year-over-year increase in revenue to $1.4 billion, exceeding the high end of their guidance. Orders increased by 7% with growth across both the Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG) segments. The company saw strong growth in aerospace, defense, government, and general electronics, with stability in wireless and automotive sectors. Keysight Technologies Inc (NYSE:KEYS) is capitalizing on AI momentum, with significant investments in AI-related technologies and partnerships, such as with AMD for PCIe Gen 6 compliance validation. The company reported a gross margin of 64% and an operating margin of 25%, with earnings per share of $1.72, up 9% year over year. Negative Points The company is facing challenges with tariffs, which are expected to increase their tariff exposure by approximately $75 million annually. Despite strong performance, the automotive sector remains stable year over year, indicating potential challenges in achieving growth in this segment. The broader 6G commercialization is still years away, which may delay potential revenue from this technology. The company is experiencing headwinds in the semiconductor sector, despite robust demand for wafer test solutions. There are ongoing geopolitical and macroeconomic uncertainties that could impact future performance and market conditions. Q & A Highlights Q: Satish, on past calls, you characterized your expectation for a recovery in the end markets overall as gradual. I don't think I heard you use that word today. Can you help investors understand your view of the end markets now and to what extent it's better than you'd previously expected? A: Strong quarter, clearly, and we're feeling good about the funnel and customer activity despite the overhang from tariffs and geopolitical environment. Order growth has accelerated, and we're feeling slightly better than expected at the beginning of the year. However, not all end markets are up; AI and aerospace defense are strong, while automotive faces challenges. Q: Can you help us better understand what's supporting the revenue outlook into 4Q, given that orders were up high-single digits but the book-to-bill was just below 1? A: Some of this is due to the timing of big deals. We had a large system integration deal accepted on the last day of Q3, which elevated Q3 performance and pulled from Q4. We expect more normal sequential seasonality on the order front than on the revenue front due to the timing of these deals. Q: Neil, as we think about revenue growth and recovery, you mentioned a 5% to 7% top-line growth rate as a long-term model. Is that how we should think about fiscal '26? A: We started the year with a gradual recovery expectation and are now looking at revenue growth at the low end of that range. Things have unfolded slightly better, allowing us to raise expectations. We're bullish going into '26, with caution around tariffs and macroeconomic factors. Q: How do you respond to investors asking about the mix of AI's contribution to the Keysight story, particularly in wireline? A: We're well-positioned for the long-term AI opportunity. AI will contribute across multiple end markets over time. Wireline business is expected to finish strong due to AI demand. It's hard to isolate AI's impact as it involves entrenched ecosystems, but business with us is growing, driven by AI. Q: Can you outline where the tariffs are most substantial for you, and is the mitigation plan focused on moving production or pricing? A: We have a geographically diverse manufacturing footprint, with significant operations in Southeast Asia, the EU, Japan, and the US. Mitigation involves supply chain strategies, possibly shifting manufacturing, and passing costs to customers through price increases and surcharges. We expect to fully mitigate the April tariffs by Q1 and the August increase by the first half of FY26. Q: On aerospace and defense, should we see this market continue to accelerate, or is this a good level due to the time it takes for programs to get into place? A: The starting point for the year was slower, but demand has returned in the second half. Ongoing programs and backlog for prime contractors are robust, indicating a positive environment. The US situation is understood, and European spending could impact long-term growth. Aerospace and defense are steady value creators, though growth may not be as quick as commercial markets. Q: Could you touch on the moving parts around the incremental margin of 40% you talked about? A: The 40% incremental margin is the right long-term target. Tariffs impacted this year's ability to deliver, but once included in the baseline, we can achieve it with mid-single-digit growth. Stripping out tariff impact, we are overachieving the 40% incremental in recent quarters. Q: Can you provide thoughts on customer engagement timelines and when 6G might become a more meaningful revenue contributor? A: Recent 3GPP meetings reinforced industry alignment from 5G to 6G, which is positive for us. Customers are exploring 6G facets, building IP for eventual rollout. While years away from rollout, R&D activity will grow, and we're well-positioned to support this transition. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Evogene Ltd (EVGN) Q2 2025 Earnings Call Highlights: Revenue Growth and Strategic Shifts Amid ...
This article first appeared on GuruFocus. Total Revenue (H1 2025): $3.2 million, up from $2.3 million in H1 2024. Research and Development Expenses (H1 2025): $4.8 million, down from $6.5 million in H1 2024. Sales and Marketing Expenses (H1 2025): $800,000, down from $1.1 million in H1 2024. Total Operating Expenses (H1 2025): $7.7 million, down from $11.1 million in H1 2024. Cash and Short-term Bank Deposits (End of H1 2025): $11.7 million. Operating Loss (H1 2025): $6.1 million, down from $9.4 million in H1 2024. Net Loss (H1 2025): $7.7 million, down from $9.8 million in H1 2024. Cash Usage (Q2 2025): $2.4 million. Financing Income (H1 2025): $732,000, up from $373,000 in H1 2024. Loss from Operations Held for Sale, Net (H1 2025): $2.2 million, up from $0.8 million in H1 2024. Warning! GuruFocus has detected 6 Warning Signs with EVGN. Release Date: August 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Evogene Ltd (NASDAQ:EVGN) reported an increase in total revenues for the first half of 2025 to approximately $3.2 million, up from $2.3 million in the first half of 2024, driven by strong seed sales from its subsidiary Casterra. The company executed a cost reduction plan, resulting in a significant decrease in operating expenses, with total operating expenses net for the first half of 2025 at approximately $7.7 million compared to $11.1 million in the same period last year. Evogene Ltd (NASDAQ:EVGN) completed the sale of Lavie Bio's assets and the MicroBoost AI for Ag tech-engine to ICL, generating significant cash flow and enhancing the company's financial position. The company is focusing on maximizing the value of its ChemPass AI platform, which has been strengthened by the completion of the GeneRator AI foundation model developed in collaboration with Google Cloud. Evogene Ltd (NASDAQ:EVGN) successfully raised $4.4 million through its ATM facility, providing a solid financial foundation and operational runway of approximately 18 months. Negative Points Evogene Ltd (NASDAQ:EVGN) is undergoing a strategic shift, which includes significant organizational changes and workforce reductions, potentially impacting employee morale and operational stability. The company reported a net loss for the first half of 2025 of approximately $7.7 million, although this was a decrease from the $9.8 million loss in the same period last year. There is uncertainty regarding the commercialization of Casterra's castor seed inventory, as the company is exploring options to sell seeds directly or grow and sell grain. The ongoing geopolitical situation in Israel, including the conflict with Hamas and Hezbollah, poses risks and uncertainties that could affect the company's operations and financial performance. Evogene Ltd (NASDAQ:EVGN) faces challenges in achieving peak sales and establishing new partnerships, particularly in the pharma and agriculture sectors, which are crucial for future growth. Q & A Highlights Q: How much castor seed inventory does Evogene have, and what are the plans if the current customer does not place a follow-on order? A: Ofer Haviv, President and CEO, stated that while he won't disclose specific inventory amounts, Evogene has a few hundred tons of Casterra seed ready for sale. The company plans to sell these seeds to partners or use them to grow grain through subcontractors, as they have a better understanding of cultivation in certain territories. Initial results from trials in Brazil and Kenya are promising. Q: What steps need to occur before Evogene can announce a castor oil business? A: Ofer Haviv explained that Evogene is currently focused on grain cultivation and selling grain to partners. There is significant demand from oil factories in Africa and Brazil. The main challenge is the cost of growing castor, which Evogene aims to address with its unique variety and growth protocols. Q: The stock is still low. When will it start going up? A: Ofer Haviv mentioned that while the stock market is unpredictable, Evogene is finalizing a new company presentation and website to reflect its strategy. The company plans to announce new collaborations in pharma and agriculture, which should strengthen its value proposition and potentially impact the stock positively. Q: How representative are operating expenses in Q2 2025, and are all cost reductions fully reflected? A: Ofer Haviv confirmed that the third and fourth quarters are expected to show continued declines in expenses across R&D, marketing, and G&A, reflecting the full impact of cost reductions. Q: What was revenue in Q2 '25, and how should we think about peak sales? A: Ofer Haviv noted that Casterra is currently the only activity producing regular sales, primarily from seed sales. The company is in discussions with multiple partners to expand castor oil activities, focusing on reducing cultivation costs to maximize yield versus expenses. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sign in to access your portfolio
