Latest news with #AndrewKelly
The Star
2 days ago
- Business
- The Star
Dell raises full-year profit forecast on strong AI server demand
FILE PHOTO: The Dell logo is seen on an item for sale in a store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo (Reuters) -Dell Technologies raised its annual profit forecast on Thursday, signaling growing demand for its AI-powered servers that are equipped with Nvidia's powerful chips. Companies such as Dell and Super Micro Computer have benefited from the growing demand for these servers, but the high cost of producing them and tough competition have pressured margins. "We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with $14.4 billion in backlog," Dell's Chief Operating Officer Jeff Clarke said. The results follow the U.S. Department of Energy's announcement on Thursday that it would launch a new supercomputer, named Doudna, which will use Dell and Nvidia's advanced technology to perform complex computing tasks. Dell now expects annual adjusted profit to be $9.40 per share, compared with its prior forecast of $9.30 per share. The company reiterated its annual revenue outlook. It forecast second-quarter revenue to be between $28.5 billion and $29.5 billion, above analysts' average estimate of $25.05 billion, according to data compiled by LSEG. Dell's adjusted profit forecast for the second quarter of $2.25 per share was also above estimates of $2.09. First-quarter revenue came in at $23.38 billion, compared with estimates of $23.14 billion. Dell's revenue from its infrastructure solutions group, which includes storage, software and server offerings, rose 12% to $10.32 billion. Revenue from its client solutions group, that houses its PC business, rose 5% to $12.51 billion. On an adjusted basis, the company earned $1.55 per share in the first quarter, missing estimates of $1.69. (Reporting by Jaspreet Singh in Bengaluru; Editing by Shounak Dasgupta)
The Star
3 days ago
- Business
- The Star
Exclusive-Cybersecurity provider Netskope taps Morgan Stanley for US IPO, sources say
FILE PHOTO: The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo NEW YORK (Reuters) -Cybersecurity firm Netskope has hired Morgan Stanley to lead preparations for a U.S. initial public offering that could raise more than $500 million, according to people familiar with the matter. Netskope is aiming to go public as early as the third quarter of this year, two of the sources said, with one of them and two further sources indicating the IPO could value the company at more than $5 billion. All the sources cautioned that factors including timing, valuation, and the amount the offering would raise are subject to market conditions. They also spoke on condition of anonymity to discuss confidential deliberations. Netskope did not respond to a comment request. Morgan Stanley declined to comment. Founded in 2012, Netskope provides cloud-based security software that helps companies protect apps, websites, and data from cyber threats. It competes with companies such as Rubrik Inc and Zscaler Inc. Santa Clara, California-based Netskope has been backed by investors including Morgan Stanley Tactical Value, CPP Investments, Goldman Sachs Asset Management, and the Ontario Teachers' Pension Plan. It was valued at $7.5 billion in 2021, although valuations of technology startups have broadly dropped since then. Among Netskope's clients include retailer Ross Stores Inc and Yamaha, according to its website. Chief Executive Sanjay Beri told Reuters in June 2024 that the company had been making internal preparations for an IPO, and going public would help grow awareness of its brand. Expectations for a strong rebound in U.S. IPO activity this year have been tempered by geopolitical tensions and economic uncertainty, including tariff-related concerns. Still, signs of market stabilization in recent weeks have offered companies and their advisers encouragement of a more robust IPO pipeline for the remainder of the year. Fintech firm Chime and trading platform eToro, which had postponed their IPOs amid market volatility triggered by new tariffs in April, have since moved forward with their listing plans. Meanwhile, shares of cybersecurity peer Rubrik have surged nearly 200% since their debut in April, boosting investor interest in the sector. (Reporting by Echo Wang and Milana Vinn in New YorkEditing by Nick Zieminski)
The Standard
22-05-2025
- Business
- The Standard
Goldman Sachs combines three Asia IB businesses, names Drayton new unit head
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo
The Star
22-05-2025
- Business
- The Star
Ryan Reynolds' MNTN raises US$187.2mil in US IPO
FILE PHOTO: U.S. flags hang on the building of the New York Stock Exchange (NYSE), in New York City, U.S., November 6, 2024. REUTERS/Andrew Kelly/File Photo MARKETING tech firm MNTN said on Wednesday that it has raised $187.2 million in its United States initial public offering, setting the stage for another closely watched listing that was delayed amid the "Liberation Day" market downturn. MNTN, which offers performance marketing and creative solutions via on-demand television content, along with some investors, sold 11.7 million shares at $16 apiece, at the upper end of its marketed range of $14 to $16. The IPO valued the Austin, Texas-based company at about $1.24 billion ahead of its market debut, which comes as a softening U.S. stance on trade has injected much-needed relief across financial markets. MNTN will start trading on the New York Stock Exchange on Thursday under the ticker symbol "MNTN". Founded in 2009 by Mark Douglas, MNTN launched its performance TV marketing (PTV) in 2018. The number of customers for MNTN's PTV offering rose nearly 89% year-over-year for the three months ended March 31, company filings show. The company's arrival on the New York Stock Exchange will follow Robinhood competitor eToro, whose bumper launch on the Nasdaq last week marked the first U.S. IPO to make it to market after tariff uncertainty scuttled several planned launches. MNTN, which has Ryan Reynolds as its chief creative officer, estimates that ads on its platform generated $27.1 billion of revenue for its customers from 2019 to 2024. Funds and accounts managed by BlackRock had indicated an interest in buying up to $30 million worth of shares, the filing shows. Morgan Stanley, Citigroup and Evercore are among the underwriters for the offering. - Reuters Trading ideas: YTL Power, BHIC, MMHE, DC, Bumi Armada, Meta Bright, Inari, Public Bank, Supermax, SP Setia, Perdana, Apex, Solarvest, Sarawak Plantation
CNA
20-05-2025
- Business
- CNA
Dealing with the US downgrade
FILE PHOTO: A trader works on the trading floor at The New York Stock Exchange (NYSE) following the Federal Reserve rate announcement, in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo
