Latest news with #ZaheerKachwala
The Star
28-05-2025
- Business
- The Star
Salesforce raises annual results forecast on strong cloud spending
FILE PHOTO: The company logo for is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File photo (Reuters) - Salesforce raised its revenue and adjusted profit forecast for fiscal 2026 on Wednesday, as the enterprise software provider benefits from strong cloud spending while ramping up monetization of its artificial intelligence agents. Shares of the company rose around 3% in extended trading. Cloud spending from major enterprises has remained resilient even amid global macroeconomic uncertainty over the past few months, as companies invest heavily in artificial intelligence to modernize their digital infrastructure. For Salesforce, higher cloud spending bodes well for its efforts to ramp up monetization for its AI agent platform, Agentforce, as it bets big on the rise of agentic technology to spur adoption of its software offerings. The company has been investing heavily in expanding both its Agentforce platform and its footprint across the globe in an attempt to tap into newer markets with high demand for automation and cloud services. Salesforce bought data management platform Informatica for about $8 billion on Tuesday, looking to bolster its prominent data tools and tighten management of how data is processed and deployed across its portfolio. The company's re-entry into big-ticket M&A after years on the sidelines sparks concerns about Salesforce's ability to return to double-digit growth without relying on acquisitions. The company expects fiscal 2026 revenue to be between $41 billion and $41.3 billion, compared with its prior forecast range of $40.5 billion to $40.9 billion. It raised its full-year forecast for adjusted earnings per share to a range of $11.27 to $11.33, compared to its previous forecast of $11.09 to $11.17 per share. The company reported first-quarter revenue of $9.83 billion, beating estimates of $9.75 billion, according to data compiled by LSEG. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan Barona)
The Star
23-05-2025
- Business
- The Star
Oracle to buy $40 billion of Nvidia chips for OpenAI's US data center, FT reports
A NVIDIA logo is shown at SIGGRAPH 2017 in Los Angeles, California, U.S. July 31, 2017. REUTERS/Mike Blake (Reuters) -Oracle will spend around $40 billion on Nvidia's higher-performance chips to power OpenAI's new U.S. data center, the Financial Times reported on Friday. The cloud service provider will purchase around 400,000 of Nvidia's most powerful GB200 chips and lease the computing power to OpenAI, the report said, citing several people familiar with the matter. OpenAI, Nvidia and Oracle did not immediately respond to Reuters' requests for comment. The data center is a part of the U.S. Stargate project, led by top AI firms in the country, to boost America's heft in the artificial intelligence industry amid heating global competition. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Vijay Kishore)
The Star
22-05-2025
- Business
- The Star
Apple plans smart glasses launch in 2026, Bloomberg News reports
FILE PHOTO: An Apple logo is pictured in an Apple store in Paris, France, March 6, 2024. REUTERS/Gonzalo Fuentes/File Photo (Reuters) -Apple plans to release smart glasses at the end of next year, Bloomberg News reported on Thursday, in the iPhone maker's latest push to diversify its product lineup and boost demand for its artificial intelligence devices. Apple will start producing large quantities of prototypes of the devices at the end of this year with overseas suppliers, the report said, citing people with knowledge of the matter. Apple did not immediately respond to a Reuters request for comment. The company's push into facewear comes after its Vision Pro headset saw lukewarm reception from the public due to its hefty price tag and lack of AI features. Apple's new glasses will compete with Facebook-parent Meta's Ray-Ban smart glasses, which have become popular with consumers. Apple also shelved plans for a smartwatch that can analyze its surroundings with a built-in camera, the report said. The company had actively been working to release a camera-equipped Apple Watch by 2027, but that work was shut down, the report added. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan Barona)
Yahoo
22-05-2025
- Business
- Yahoo
Subscription management platform RevenueCat raises $50 million in Series C funding
By Zaheer Kachwala (Reuters) -Subscription management platform RevenueCat on Thursday raised $50 million in Series C funding, led by Bain Capital Ventures, along with participation from returning investors Index Ventures, Y Combinator, and Volo Ventures among others. The rise of tools and software that make it easier to create apps has boosted demand for in-app monetization platforms like RevenueCat, which simplify managing pricing and subscriptions. The San Francisco, California-based company counts OpenAI as a customer and worked with the AI firm to deploy ChatGPT on mobile following its remarkable debut in 2022. CEO Jacob Eiting told Reuters that 20% of RevenueCat's top 20 apps are AI-based, as these apps can charge higher fees and achieve better conversion rates. The surge in generative artificial intelligence has led to numerous AI startups requiring platforms to manage their subscription tiers as users increasingly turn to conversational chatbots for daily tasks. With the new funding, RevenueCat plans to expand its workforce and pursue acquisitions. The company is also making a significant push into the mobile gaming market, developing a virtual currency feature aimed at players who readily spend on in-game currency. "We eventually hope to be as important in the game market as we are in the app market," Eiting said.
Yahoo
22-05-2025
- Business
- Yahoo
Subscription management platform RevenueCat raises $50 million in Series C funding
By Zaheer Kachwala (Reuters) -Subscription management platform RevenueCat on Thursday raised $50 million in Series C funding, led by Bain Capital Ventures, along with participation from returning investors Index Ventures, Y Combinator, and Volo Ventures among others. The rise of tools and software that make it easier to create apps has boosted demand for in-app monetization platforms like RevenueCat, which simplify managing pricing and subscriptions. The San Francisco, California-based company counts OpenAI as a customer and worked with the AI firm to deploy ChatGPT on mobile following its remarkable debut in 2022. CEO Jacob Eiting told Reuters that 20% of RevenueCat's top 20 apps are AI-based, as these apps can charge higher fees and achieve better conversion rates. The surge in generative artificial intelligence has led to numerous AI startups requiring platforms to manage their subscription tiers as users increasingly turn to conversational chatbots for daily tasks. With the new funding, RevenueCat plans to expand its workforce and pursue acquisitions. The company is also making a significant push into the mobile gaming market, developing a virtual currency feature aimed at players who readily spend on in-game currency. "We eventually hope to be as important in the game market as we are in the app market," Eiting said.
