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T-Mobile beats revenue estimates on higher subscriber additions
February 7, 2019 12:49 pm|Comments (0)

FILE PHOTO – A sign for a T-Mobile store is seen in Manhattan, New York, U.S., April 30, 2018. REUTERS/Shannon Stapleton/File Photo

(Reuters) – T-Mobile US Inc on Thursday beat Wall Street estimates for quarterly revenue, as the wireless carrier added more net new phone subscribers who pay a monthly bill.

The third-largest U.S. mobile carrier said it added a net of about 1 million phone subscribers in the fourth quarter compared with 891,000 additions a year earlier. Analysts were expecting 912,000 new subscribers, according to research firm FactSet.

The company’s net income fell to $ 640 million, or 75 cents a share, in the quarter ended Dec.31, from $ 2.71 billion, or $ 3.11 a share, a year earlier, when it recorded a big tax related one-time gain.

Revenue rose to $ 11.45 billion from $ 10.76 billion. Analysts were expecting revenue of $ 11.39 billion, according to IBES data from Refinitiv.

Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New York; Editing by Arun Koyyur

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Cisco beats as network gear demand rises, new bets pay off
November 15, 2018 12:00 am|Comments (0)

(Reuters) – Cisco Systems Inc beat analysts’ estimates for quarterly revenue and profit on Wednesday, as the network gear maker benefited from demand for its routers and switches and growth in its newer focus areas such as software.

FILE PHOTO: A logo of Cisco is seen during the Mobile World Congress in Barcelona, Spain February 27, 2018. REUTERS/Yves Herman/File Photo

Shares of the company, which also forecast second-quarter revenue largely above expectations, rose 4 percent in extended trading, putting them on track to add to the nearly 16 percent gain for the year.

Cisco pivoted to software and cyber security to cushion the impact from slowing demand for its routers and switches from companies increasingly shifting to cloud services offered by Amazon.com Inc, Microsoft Corp and Alphabet Inc instead of building their own networks.

Revenue in its application software businesses rose 18 percent to $ 1.42 billion, beating analysts’ average estimate of $ 1.37 billion, according to IBES data from Refinitiv.

Sales in its security business, which offers firewall protection and breach detection systems, rose 11 percent to $ 651 million. That fell short of IBES estimate of $ 656.4 million, but beat research firm FactSet’s estimate of $ 648.1 million.

Deals such as the $ 2.35 billion purchase of cyber security provider Duo Security in August have played an important part in driving growth in Cisco’s newer business.

Acquisitions provided an 80 basis point boost to the company’s first-quarter results year-over-year, Chief Financial Officer Kelly Kramer said on a post-earnings call with analysts.

Revenue in its infrastructure platform unit, which houses the switches and routers business, rose about 9 percent to $ 7.64 billion, topping expectation of $ 7.39 billion.

Subscriptions, which provide a more steady revenue flow, accounted for 57 percent of total software revenue in the first quarter, the company said. The share was 56 percent in the preceding quarter.

“Cisco is executing on its plan to move its business model to software and subscriptions while benefiting from a strong IT spending environment,” said Mark Cash, an analyst with Morningstar.

Cisco said tariffs were immaterial for the reported quarter, but added that the impending 25 percent duties could weigh on third-quarter results.

The company said it expects second-quarter revenue growth of between 5 percent and 7 percent from a year earlier. This implies a range of between $ 12.48 billion and $ 12.72 billion, while analysts were expecting $ 12.53 billion.

For its first quarter ended Oct. 27, the company reported an adjusted profit of 75 cents per share, above the average estimate of 72 cents.

Total revenue rose 7.7 percent to $ 13.07 billion, topping estimate of $ 12.87 billion. However, the company said deferred revenue fell 9.4 percent to $ 16.81 billion.

Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila

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Tencent profit beats estimates as investment gains offset gaming weakness
November 14, 2018 12:00 pm|Comments (0)

HONG KONG (Reuters) – Tencent Holdings (0700.HK) said on Wednesday its third-quarter net profit rose 30 percent, beating estimates, as investment gains offset a weak performance in the Chinese company’s core gaming business.

FILE PHOTO: Tencent Holdings Chairman and CEO Pony Ma (C) visits the Tencent booth following the opening ceremony of the fifth World Internet Conference (WIC) in Wuzhen, Zhejiang province, China November 7, 2018. REUTERS/Stringer/File Photo

Net profit at China’s biggest gaming and social media group in the July-September quarter rose to 23.3 billion yuan, compared with an average estimate of 19.32 billion yuan, according to 15 analysts polled by to I/B/E/S data from Refinitiv.

Revenue rose 24 percent to 80.6 billion yuan ($ 11.59 billion), the slowest quarterly growth in more than three years, in-line with estimates.

China, the world’s biggest gaming market, has been imposing tougher rules on the industry, including a halt to new game approvals since March and calls to tackle young people’s gaming addictions.

This contributed to Tencent reporting its first quarterly profit fall in more than a decade in its April-June quarter. The company also cut its gaming marketing budget.

Tencent shares, which more than doubled in 2017, have dropped by about a third so far this year, wiping about $ 165 billion in value from the group’s market value.

In the third quarter, Tencent benefited mainly from a more-than-doubling in net gains from its investment activities, including the initial public offering of online food delivery to ticketing services company Meituan Dianping.

Douglas Morton, Head of Research, Asia at Northern Trust Capital Markets, said the result beat was a positive surprise even if not counting the investment income.

“What the real surprise is or the real comfort for the market will be that the mobile gaming data which beat expectations,” he said.

Tencent said smartphone games revenues grew 7 percent year-on-year and 11 percent quarter-on-quarter to 19.5 billion yuan, mainly due to contributions from new games. Despite the new approval freeze, Tencent already had 15 approvals and released 10 titles in the quarter, it said in the filing.

PC games revenue dropped 15 percent year-on-year due to continued user migration to mobile games and high base in the same quarter a year ago.

Advertising revenue, which accounts for 20 percent of the company’s total revenue, rose 47 percent, supported by a 61 percent jump in social and other advertising.

Tencent said its cloud services revenues more than doubled year-on-year in the quarter while the number of paying cloud customers grew at a triple-digit percentage rate year-on-year. Cloud revenues for the first three quarters of the year exceeded 6 billion yuan, it said.

Monthly active user number of WeChat, the most popular social network in China, rose incrementally to 1.08 billion.

($ 1 = 6.9536 Chinese yuan)

Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman and Jane Merriman

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Verizon beats phone subscriber estimates
October 23, 2018 12:00 pm|Comments (0)

(Reuters) – Verizon Communications Inc (VZ.N) on Tuesday beat Wall Street estimates for net new phone subscribers who pay a monthly bill, helped by promotional offers for Apple Inc’s (AAPL.O) new iPhones.

The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid

Apple launched the iPhone XS, XS Max and XR in September, triggering heavy promotional activity in the telecoms industry. Under Verizon’s iPhone offer, a user can buy an iPhone and get up to $ 750 off on X and XR models.

The largest U.S. wireless carrier by subscribers faces competition from companies such as T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N), who offer discounts on call and data plans.

Verizon launched 5G home internet in four cities earlier this month, claiming status as the first to bring a commercial 5G product in the United States amid heated competition between major carriers.

Verizon said it added a net 295,000 phone subscribers during the third quarter, beating estimates of 161,000 new subscribers, according to research firm FactSet. [nGNXb3bkfn]

Net income attributable to the company rose to $ 4.92 billion, or $ 1.19 per share, in the third quarter ended Sept. 30, from $ 3.62 billion, or 89 cents per share, a year earlier.

On an adjusted basis, Verizon earned $ 1.22 per share, beating analysts’ estimates of $ 1.19 per share, according to Refinitiv data.

Verizon said it lost 63,000 Fios video subscribers during the quarter, more than the 18,000 it lost last year, as viewers continue to favor cheaper TV services delivered over the internet, over paying for pricier cable packages.

It added 54,000 Fios internet customers, compared to 66,000 added a year earlier.

Total operating revenue rose 2.8 percent to $ 32.61 billion during the quarter, beating analysts’ estimates of $ 32.51 billion, according to Refinitiv data.

Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New York; Editing by Supriya Kurane

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2017 Preakness video replay: Cloud Computing beats out Class Empire at Pimlico
July 9, 2017 11:20 pm|Comments (0)

Classic Empire and Looking at Lee were 2-1 and 9-1 odds, respectively. Cloud Computing had 14-1 odds. It was a good day for Cloud Computing, …


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