Latest news with #California-based
The Star
an hour ago
- Business
- The Star
Toyota becomes top shareholder in Joby Aviation
The latest tranche raises Toyota's stake to 15.3%. — Bloomberg TOKYO: Toyota Motor Corp has invested US$250mil in Joby Aviation Inc, completing the first half of a previously announced US$500mil commitment and becoming the air taxi maker's largest shareholder. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to US$894mil. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby chief executive officer (CEO) JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft – electric vertical takeoff and landing vehicles – that plan to fly customers on short commuter journeys via battery-powered air taxis. 'This milestone further cements the collaboration and alignment between our two companies,' Tetsuo 'Ted' Ogawa, CEO of Toyota North America, said in a statement Tuesday. Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the US Federal Aviation Administration and regulators in other countries is still pending. Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round. — Bloomberg Trading ideas: Samaiden, Pestech, Jati, Paradigm REIT, Bursa, MPI, THB, HLB, TM, Axiata, MISC, Genting Plantations, IOIProp, SimeProp, Kerjaya, AAX, 7-Eleven
Fashion Network
3 hours ago
- Business
- Fashion Network
Elf Beauty logs 28% annual sales surge, acquires Hailey Bieber's Rhode beauty brand
Elf Beauty announced on Wednesday net sales in the last 12 months surged 28% to $1.3 billion million, with the U.S. cosmetic retailer revealing it has purchased Hailey Bieber's Rhode beauty brand for $1 billion. The Oakland, California-based company said annual sales were driven by growth across its retail and e-commerce channels, and gains across both U.S. and international markets. Despite the annual sales leap, sales growth for the fourth quarter ending March 31 did soften to 4%, with sales totalling $332.6 million. Annual net income was down to $112.1 million for fiscal 2025, slipping from $127.7 million in the prior-year period, according to Elf Beauty. 'In this dynamic environment, we continue to deliver industry-leading results. In fiscal 2025, we grew net sales 28%, gained 190 basis points of market share in the U.S. and continued our international expansion strategy,' said Tarang Amin, Elf Beauty's chairman and chief executive officer, adding the company is not providing a fiscal 2026 financial outlook at this time, due to the recent tariff uncertainty. In a separate release on Wednesday, Elf Beauty said it has snapped up Gen Z-focused celebrity brand Rhode for $800 million, in a combination of cash and stock, and an additional potential earnout consideration of $200 million, subject to certain performance-related conditions. The Rhode deal signals a shift in strategy for the budget beauty retailer as it looks to the prestige beauty market to combat weaker demand from its mass market cosmetics. 'We believe we have the right strategy to drive continued category-leading sales and market share growth in the years to come, and believe the acquisition of Rhode will further strengthen and diversify our portfolio of fast-growing disruptive brands," added Amin, in a release. Bieber will continue in her role as founder of Rhode and will also act as a strategic advisor after the deal closes in the second quarter of fiscal 2026. "Elf Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally," said the model-turned-entrepreneur, as part of the announcement.
The Star
4 hours 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)
San Francisco Chronicle
5 hours ago
- Business
- San Francisco Chronicle
Nvidia: Fiscal Q1 Earnings Snapshot
SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Nvidia Corp. (NVDA) on Wednesday reported fiscal first-quarter profit of $18.77 billion. The Santa Clara, California-based company said it had profit of 76 cents per share. Earnings, adjusted for one-time gains and costs, came to 81 cents per share. The results fell short of Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share. The maker of graphics chips for gaming and artificial intelligence posted revenue of $44.06 billion in the period, beating Street forecasts. Thirteen analysts surveyed by Zacks expected $42.91 billion. _____
San Francisco Chronicle
5 hours ago
- Business
- San Francisco Chronicle
HP: Fiscal Q2 Earnings Snapshot
PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — HP Inc. (HPQ) on Wednesday reported fiscal second-quarter profit of $406 million. The Palo Alto, California-based company said it had net income of 42 cents per share. Earnings, adjusted for one-time gains and costs, came to 71 cents per share. The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share. The personal computer and printer maker posted revenue of $13.22 billion in the period. For the current quarter ending in July, HP expects its per-share earnings to range from 68 cents to 80 cents. The company expects full-year earnings in the range of $3 to $3.30 per share. _____
