Latest news with #DevikaSyamnath
CTV News
28-05-2025
- Business
- CTV News
Bank of Montreal quarterly profit rises on wealth management strength
People make their way past the Bank of Montreal building in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby Lender Bank of Montreal reported a rise in second-quarter profit on Wednesday, helped by strength in its wealth management business. The bank's adjusted net income rose to $2.05 billion, or $2.62 per share, in the three months ended April 30, compared with $2.03 billion, or $2.59 per share, a year earlier. Reporting by Ateev Bhandari in Bengaluru; Editing by Devika Syamnath, Reuters
Business of Fashion
22-05-2025
- Business
- Business of Fashion
Ralph Lauren's Quarterly Results Beat Estimates on Steady Demand
Ralph Lauren surpassed fourth-quarter revenue and profit estimates on Thursday, helped by resilient demand for its classic Polo shirts and spring dresses, sending its shares up 3 percent in premarket trading. Its investments into brands including Polo and Purple Label, paired with stylish seasonal drops, have been helping the company win over younger and less price-sensitive shoppers. Ralph Lauren has also stepped up its marketing initiatives with campaigns including Summer Sports and the Hamptons fashion event, to help boost consumer engagement. However, it forecast annual revenue below estimates owing to pressures from uncertainty around US tariffs. Ralph Lauren is among the retailers and luxury brands facing the brunt of unpredictable US tariff shifts that have disrupted businesses and rattled shoppers worldwide. In fiscal 2024, the company sourced about 96 percent of its products from outside the US, with 15 percent coming from China, according to its annual filings. China is also a major market for Ralph Lauren products. While the recent 90-day trade truce between Washington and Beijing cut US tariffs on China to 30 percent from an eye-watering 145 percent, the relief is expected to be brief for China's export-reliant economy. Additionally, mounting pressure from a deepening property crisis in China and climbing unemployment has also clouded hopes for a strong economic rebound. Ralph Lauren expects fiscal 2026 revenue to increase in the low-single digits from last year, including the impact of tariffs, inflationary pressures and spending challenges. Analysts estimate a rise of 4.39 percent, per data compiled by LSEG. The company posted quarterly revenue of $1.70 billion, compared with estimates of $1.65 billion. It earned an adjusted profit of $2.27 per share, beating estimates of $2. By Anuja Bharat Mistry; Editor: Devika Syamnath Learn more: In Uncertain Times, Ralph Lauren Embraces '80s Excess The brand's autumn 2025 show harkened back to an earlier time when economic uncertainty and geopolitical tension were on Americans' minds.
Zawya
07-04-2025
- Business
- Zawya
BofA becomes latest brokerage to cut S&P 500's annual target to below 6,000
BofA Global Research on Monday cut its year-end target for the S&P 500 index below the 6,000 mark, mirroring actions from other global research firms including UBS and RBC Capital Markets on risks from a deepening global trade war. The brokerage reduced the benchmark index's target to 5,600 from 6,666, making it one of the lowest among Wall Street firms. (Reporting by Rashika Singh in Bengaluru; Editing by Devika Syamnath)
USA Today
21-02-2025
- Business
- USA Today
OpenAI's weekly active users surpass 400 million
Rishi Kant Reuters ChatGPT developer OpenAI's weekly active users surged past 400 million in February, a company spokesperson told Reuters on Thursday, highlighting rapid growth in the adoption of artificial intelligence tools. The Microsoft-backed MSFT.O startup had 300 million weekly active users in December. Its paying business users also crossed 2 million in February, more than doubling from its last update in September. The upbeat numbers come weeks after China's DeepSeek launched an AI model it said could match or even outperform Western rivals at a fraction of the cost, stirring doubts about U.S. dominance in the generative AI space. Read more:OpenAI launches 'deep research' AI tool to facilitate research tasks But a surge in demand for DeepSeek since then has caused outages at the small startup. Need a break? Play the USA TODAY Daily Crossword Puzzle. There have also been questions around how DeepSeek was able to obtain Nvidia's H800 chips, used to train AI models, even though Washington had banned their exports to China. OpenAI reported a twofold increase in developer traffic for its reasoning models over the last six months and a fivefold surge for its o3 model since its launch in late January. The news about OpenAI's weekly users was first reported by CNBC earlier in the day. Reporting by Rishi Kant in Bengaluru; Editing by Devika Syamnath
