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Revenue

Nike shares fall as it reports lower earnings per share and revenues

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nike shares

The sports giant proved analysts’ projections wrong for earnings per share and revenues, but shares fell dramatically. Nike’s stockpiles in North America have increased by 65 percent. The company anticipates the stronger dollar will cost it $4 billion in the current fiscal year. Nike announced its quarterly profits were reduced on Thursday due to increased … Read more

Zoom’s revenue growth records historic lows

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Zoom's revenue growth
  • Zoom, the video-conferencing app, is cooling off from its epidemic highs.
  • Recent extended trading saw a 7% decline in the company’s stock, and its revenue growth during that time period was only 8%.
  • The company’s operating costs rose by 51% to $704 million in the final quarter of its fiscal year.

As the video calling app fails to reach sales and annual profit targets despite diminishing demand, Zoom’s heydays might be coming to an end.

The conferencing app needs to take its competitors more seriously as it seems to be cooling off from its epidemic highs.

Recent extended trading saw a 7% decline in the company’s stock, and its revenue growth during that time period was only 8%, a record low.

It is clear that people are beginning to return to in-person meetings and competing programs like WhatsApp, Discord, Google Meet, Microsoft Teams, and others.

According to Kelly Steckelberg, the finance director of Zoom, the company’s business would probably experience a 7–8% reduction in the coming fiscal year.

Originally, Eric Yuan, a former Cisco executive, founded Zoom. Before the pandemic struck in 2020, few people had heard of the app.

However, as a result of lockdowns and people being confined to their homes, the company announced triple-digit growth. It swiftly overtook TikTok, Facebook, and WhatsApp as the highest-grossing apps of the year.

Operating costs for the corporation rose by 51% to $704 million in the final quarter of its fiscal year.

Compared to forecasts from the previous year, which ranged from $4.53 billion to $4.55 billion, its predicted annual revenue was between $4.39 billion and $4.40 billion.

Instead of forecasting an adjusted annual profit per share between $3.70 and $3.77, Zoom now projects one between $3.66 and $3.69.

RBC Capital Markets managing director of software, Rishi Jaluria, says:

“Wall Street obviously doesn’t believe it yet, so Zoom remains a “show-me” tale. The company believes there is a lot of opportunity and bigger growth ahead.”

As was already established, Zoom’s competitors are quickly catching up, and if the industry leader in video conferencing did not act quickly, it risked being left behind.

 

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PepsiCo raises prices and reduces sizes to offset rising costs

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PepsiCo

Pepsi reported net income of $1.43Bn or the second quarter, down from $2.36 billion a year ago. Company anticipates costs to increase considerably more in the second half of the year. PepsiCo took a $1.17 billion charge for the Russia-Ukraine conflict-related quarter. As prices rose and consumers paid more for its Doritos crisps and Gatorade … Read more

BlackBerry revenue exceeds forecasts due to demand for cybersecurity

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BlackBerry

Demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software. Overall revenue fell 3.4% to $168 million but topped analysts’ average estimate of $160.7 million. Net loss widened to $181 million, or 35 cents per share, from $62 million a year earlier. Canada’s BlackBerry Ltd (BB.TO), bested Wall Street gauges for first-quarter … Read more

Nigeria is preventing the repatriation of $450 million in airline income

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Nigeria

Nigeria is withholding $450 million in revenue international carriers operating in the country have earned. Nigeria’s largest economy has restricted access to foreign currency for imports and for investors seeking to repatriate their profits. International Air Transport Association’s Vice President for Africa and the Middle East describes talks with Nigerian officials as “hectic”. Nigeria is … Read more

Oracle’s cloud boom predictions come in at the top of the list

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Cloud

Cloud and enterprise software firm Oracle Corp (ORCL.N) topped Wall Street estimates for quarterly profit and revenue. More businesses are spending on cloud services while transitioning to a hybrid work environment. Shares in the Austin, Texas-based company have declined about 27% so far this year. Cloud and undertaking programming firm Oracle Corp (ORCL.N) bested Wall … Read more

Tencent revenue stagnates with China crackdowns and lockdowns

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China crackdowns

Chinese internet large Tencent on Wednesday stated document-low quarterly sales growth as Beijing’s regulatory crackdown — and the united states’ economically debilitating coronavirus lockdowns — persevered to wipe out gains within the tech quarter. Revenue for the Shenzhen-primarily based company got here in at one hundred 35.5 billion yuan ($20.1 billion) within the first sector, … Read more

Tarin expresses concern over pulses prices difference

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Shaukat Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has expressed concerns on the difference in the retail and wholesale prices of pulses in the country. Tarin, while presiding over the meeting of the National Price Monitoring Committee (NPMC), on Wednesday directed the Ministry of NFS&R to investigate and take appropriate action against the exploiters … Read more

HBL’s centralised system breakdown still haunt customers

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HBL

KARACHI: Millions of customers of the largest private sector bank of Pakistan, Habib Bank Limited (HBL), are facing difficulties for the third consecutive day on Thursday after its centralised system broke down on January 4, 2022. The system went completely out of the customers’ reach, depriving them from making transactions on both online and manual … Read more

CTO Karachi launches crackdown against sales tax evaders

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CTO

KARACHI: The Corporate Tax Office (CTO) Karachi has launched a crackdown against individuals and companies involved in the sales tax evasion, sources said on Thursday. The CTO Karachi is a major revenue collection arm of the Federal Board of Revenue (FBR) and has jurisdiction over corporate retail entities operating under various sectors. In its ongoing … Read more

FBR directs senior officers to furnish assets declaration

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FBR

KARACHI: The Federal Board of Revenue (FBR) has identified that majority of its senior officers have failed to furnish their assets declaration. The assets declaration is mandatory under the government servant laws and mandatory for the promotion to the next scale. In an official memo sent to the officers of the Inland Revenue Service (IRS) … Read more

Motor vehicle tax collection grows 50% in FY21

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car sales

KARACHI: The collection of motor vehicle tax has registered a 50 per cent increase in the fiscal year 2021, owing to substantial increase in sales of vehicles during the year under review. The tax collection under this head increased to Rs14.38 billion during the fiscal year 2020/21, compared with Rs9.86 billion in the preceding fiscal … Read more

Tarin concerned over consistent rise in edible oil, ghee prices

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CPEC ushers in new era of economic prosperity Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin expressed concern over the consistent rise in the prices of edible oil/ghee in domestic markets over the period of time. In a meeting with the delegation of Pakistan Vanaspati Manufacturers Association (PVMA), the finance minister urged PVMA to adopt market-based solutions and bring down prices in … Read more

Revenue of Huawei rises to $49.6 billion in H1 

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huawei

SHENZHEN: Chinese tech giant Huawei’s revenue reached 320.4 billion yuan ($49.6 billion) in the first half of 2021, with a net profit margin of 9.8 per cent, according to the company’s semiannual report released Friday. As for the company’s three main businesses, the carrier business revenue reached 136.9 billion yuan, the revenue from enterprise business … Read more

FBR issues procedure for registration of brand name

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Tax authorities

KARACHI: The Federal Board of Revenue (FBR) on Tuesday issued a procedure for all the manufacturers of specified sectors for the registration of the brand name before selling their products. Through the Finance Act, 2021, the licensing of brand name has been made mandatory for specified sectors under the Sales Tax Act, 1990. According to … Read more

Pakistan’s tax collection sharply grows 48% in July

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Tax authorities

KARACHI: The Federal Board of Revenue (FBR) has posted a sharp growth of 48 per cent in tax collection during July 2021, amid coronavirus pandemic. The FBR received Rs410 billion during the month, which is a record high collection in the month, compared with any past year. The revenue board collected Rs277.33 billion during the … Read more

NAB reluctant to investigate top bureaucrat

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LAHORE: The National Accountability Bureau (NAB) appears reluctant to investigate a top bureaucrat, who allegedly facilitated and supported a multi-million fraud committed by his brother in a housing society, Bol News has learnt. According to official documents, Yasir Hayat Tarar, and his front men committed a multi-million fraud in a housing society project in Lahore on the basis … Read more

Robinhood: Retail trade in cryptocurrency has slowed

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Robinhood

The boom in retail investment had begun to slow, stock trading app Robinhood, which is set to go public next week, has warned of a potential slowdown in trading revenue and new consumers.

“We expect our revenue for the three months ending September 30, 2021, to be lower, as compared to the three months ended June 30, 2021, as a result of decreased levels of trading activity relative to the record highs in trading activity, particularly in cryptocurrencies, during the three months ended June 30, 2021, and expected seasonality,” Robinhood said in an amended prospectus released Monday.

The decline is occurring after a period of rapid expansion. The Menlo Park, California-based free-trading pioneer expects sales of $546 million to $574 million in the second quarter of 2021.

This increased from $244 million in the second quarter of 2020, with a 129 percent increase. In the second quarter of 2021, however, the business expects a net loss of $537 million to $487 million, compared to a profitable first quarter in 2020.

Robinhood, which provides equities, cryptocurrency, and options trading as well as cash management accounts, benefits from its customers’ more speculative trading habits. Options trading generates around 38% of revenue, while crypto generates 17% of revenue. In addition, margin and stock lending trading levels have risen in 2021.

Stagnation in options, margin trading, and crypto — with the price of bitcoin around $30,000 — might stifle Robinhood’s development as it prepares for one of the year’s most anticipated public debuts.

Robinhood also said it anticipates the growth rate of new customers “will be lower” in the third quarter of 2021, compared to the second quarter, “due to the exceptionally strong interest in trading, particularly in cryptocurrencies, we experienced in the three months ended June 30, 2021, and seasonality in overall trading activities,” the S1 said (S-1 is an SEC registration required for U.S. companies that want to be listed on a national exchange)

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Foreign investors contribute Rs1.4 trillion as tax in Pakistan

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Foreign investors contribute Rs1.4 trillion as tax in Pakistan

KARACHI: Foreign investors operating in Pakistan have contributed Rs1.4 trillion as tax revenue to the national exchequer during 2020/21, a statement said on Monday. Irfan Siddiqui, president of the Overseas Investors Chamber of Commerce and Industry (OICCI), representative of the foreign companies operating in Pakistan, said: “We are proud that in the past 12 months, … Read more

Economic Survey: Fiscal deficit projected at 7% amid lower expenditures, rise in revenue

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economic survey

KARACHI: The Finance Ministry has estimated a 7 per cent fiscal deficit for the outgoing fiscal year, despite reduction in the expenditures and increase in revenues. According to the Economic Survey of Pakistan released on Thursday, the fiscal deficit has been estimated at 7 per cent of GDP during the outgoing fiscal year 2020/21, compared … Read more

Dr. Waqar Masood Khan appointed as SAPM on revenue

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Dr Waqar Masood Khan

Prime Minister Imran Khan appointed eminent economist and former secretary finance Dr. Waqar Masood Khan as his special assistant on revenue with the status of minister of state. He is a PhD in Economics and Masters in Political Economy from Boston University Massachusetts, the United States and Masters in Economics and LLB from Karachi University, … Read more

How much revenue to be generated from karachi cattle market?

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government

Media coordinator of Sohrab Goth cattle market spoke to BOL News and revealed that the market generates a huge revenue. According to the details, he told BOL News that it is the biggest cattle market of Asia and it will generate the revenue of seven billion this year. [embedpost id=”50366″ slug=”precautions-you-should-follow-while-going-cattle-markets-cow-mandi”] He also said that … Read more

Bangladesh exports revenue on verge of losing $6 billion

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Exports

Bangladesh, will face the loss of $6 billion in exports revenue this financial year amid cancellations from some of the world’s largest brands and retailers, two major industry bodies told Reuters. The two groups, which represent the vast majority of the readymade garment and knitwear manufacturers in the country, said cancellations were increasing daily amid … Read more

Pakistan Sports Board witnesses remarkable increase in revenue

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Pakistan Sports Board

Pakistan Sports Board (PSB) has attained 186% increase in the revenue generation. According to the details, PCB generated a total of Rs 17.5 million revenue during the Year 2019-2020. In Year 2018-2019 total income generation was around Rs 9.5 million, contrary to year 2019-2020 during which total income generation turned out to be Rs 17.5 … Read more

Mobile phones commercial imports shoot up by 110%

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Mobile phones commercial imports shoot up by 110%

The successful implementation of the new mobile phone registration system, introduced by the Pakistan Telecommunication Authority (PTA), has resulted in a significant increase in commercial imports of mobile phones. According to statistics available with the media, commercial import of mobile phones has increased by 110 per cent in one year. In the year 2018, 9,564,424 … Read more

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