Latest news with #ShinjiniGanguli
Zawya
4 days ago
- Business
- Zawya
US FDA announces new program to boost domestic drug manufacturing
The U.S. Food and Drug Administration on Thursday announced a new program to strengthen the domestic pharmaceutical supply chain, by facilitating construction of manufacturing sites in the United States. The program, called FDA PreCheck, aims to streamline review of domestic pharmaceutical manufacturing and eliminate unnecessary regulatory requirements, the FDA said. The program also introduces a two-phase approach to facilitate new U.S. drug manufacturing facilities. (Reporting by Mariam Sunny in Bengaluru; Editing by Shinjini Ganguli)
The Star
5 days ago
- Business
- The Star
Uber bets on loyalty program to drive growth, unveils $20 billion buyback plan
(Reuters) -Uber unveiled a $20 billion stock buyback program and forecast its third-quarter bookings above Wall Street estimates on Wednesday, as the ride-hailing and delivery services company benefits from growing adoption of its paid loyalty program. The company said members for its $9.99 "Uber One" program jumped 60% in June to more than 36 million from a year earlier, and more than one-third of its bookings were coming from them. These users are crucial for Uber as they engage with both its services, generating more than three times the profit compared to that from users who use just one service. To draw more people to the loyalty program, Uber held a week-long event in May that offered discounts and deals across rides, food delivery and groceries. The company added half a million users over the course of the week, Uber said on Wednesday. Its shares were down about 1.5% in premarket trading after initial volatility following the results. The stock, which is one of the top performing stocks on the S&P 500 index , has surged 48% this year. Both Uber and rival Lyft, which reports results after markets close, are under investor pressure to prove that they can maintain growth even as the North American ride-hailing market saturates. Uber expects current-quarter gross bookings, a measure of the total dollar value of transactions, to be between $48.25 billion and $49.75 billion, while analysts' estimate $47.3 billion, according to data compiled by LSEG. The forecast followed a better-than-expected 18.2% jump in gross bookings in the second quarter that was powered by a 24.6% rise at Uber's delivery business and an 18.8% growth in its mobility unit. Uber benefited in the June quarter from increased commuter demand during weekdays, with riders using its "Price Lock Pass" to take over six additional monthly commute trips on average. The subscription, which offers fixed pricing on selected routes for $2.99 a month, is part of Uber's broader strategy to drive habitual usage, and is now available in more than 10 major cities across the U.S. and Brazil. Uber's second-quarter net income rose to 63 cents per share from 47 cents a year earlier, in line with estimates, according to data compiled by LSEG. The company expects adjusted core profit of $2.19 billion to $2.29 billion for the current quarter, largely above analysts' average estimate of $2.22 billion. Uber, which does not own technology for robotaxis, is betting on partnerships in the sector to boost growth in its mobility segment in the coming years. The company now has more than 20 tie-ups in the hotly contested self-driving technology space, including its latest partnership for self-driving vehicles with electric-vehicle maker Lucid and startup Nuro. Uber's latest buyback program adds to the $7 billion authorization announced in early 2024. (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
The Star
02-06-2025
- Business
- The Star
Circle, shareholders aim to raise $896 million in upsized US IPO
(Reuters) -Circle Internet and some of its existing shareholders are aiming to raise as much as $896 million in an upsized initial public offering in the United States, the stablecoin giant said on Monday. New York-based Circle and some existing investors are now offering 32 million shares priced between $27 and $28 apiece. This compares with the $624 million expected in proceeds at the top of the previously disclosed offering of 24 million shares priced between $24 and $26 apiece. Circle will list on the New York Stock Exchange under the symbol "CRCL". J.P. Morgan, Citigroup and Goldman Sachs are the lead underwriters for the offering. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
Business of Fashion
09-05-2025
- Business
- Business of Fashion
Canada's Shopify Sees Second-Quarter Revenue Above Market Estimates
Shopify forecast second-quarter revenue above Wall Street estimates on Thursday, signalling the e-commerce company was steadily pulling in sellers even as global trade uncertainty threatens to hit retail businesses. The Ontario, Canada-based company said it expects revenue to grow in the mid-twenties percentage range in the current quarter, while analysts on average estimate growth of 22.4 percent, according to data compiled by LSEG. By Deborah Sophia; Edited by Shinjini Ganguli Learn more: Shopify Must Face Data Privacy Lawsuit in US A US appeals court revived a data privacy class action suit against Shopify Monday, stating the Canadian e-commerce company can be sued in California for collecting personal identifying data from its consumers.
Yahoo
07-05-2025
- Business
- Yahoo
New York Times forecasts quarterly subscription revenue growth above estimates
(Reuters) -The New York Times forecast second-quarter subscription revenue growth above Wall Street estimates on Wednesday, betting on strong demand for its bundled offerings. The NYT has been bundling its core news offerings with lifestyle-focused products such as Wirecutter, sports website The Athletic and games including Wordle. The publisher has won four Pulitzer Prizes, including the one in collaboration with the nonprofit Baltimore Banner. The news publisher expects subscription revenue growth of 8% to 10% in the second quarter, compared with analysts' average estimate of an 8.2% rise, according to data compiled by LSEG. The company added about 250,000 digital-only subscribers in the first quarter, compared with Visible Alpha estimates of 248,000. (Reporting by Jaspreet Singh in Bengaluru; Editing by Shinjini Ganguli)
