Zoom Video Slips Despite Higher Q3 Profit
Zoom Video Communications, Inc. (ZM) shares are sliding more than 16 percent on Tuesday morning trade, despite an increase in third-quarter profit on the back of 35 percent revenue growth.
Third-quarter profit increased to $340.3 million or $1.11 per share from $198.4 million or $0.66 per share last year. On an adjusted basis, earnings were $338.4 million.
Looking forward, the company expects total revenue between $4.079 to $4.081 billion, representing approximately 54 percent year-over-year growth.
Currently, shares are at $198.15, down 18.25 percent from the previous close of $242.28 on a volume of 12,351,790.
Singapore Airlines to resume flights on November 29
To start non-VTL flights ‘progressively’
The Singapore Airlines Group announced resumption of passenger flights from India from November 29. These will include daily Vaccinated Travel Lane (VTL) services for quarantine-free entry from Chennai, Delhi and Mumbai.
The airline group, which includes its low-cost arm Scoot, will also start non-VTL flights from Ahmedabad, Bengaluru, Hyderabad, Kolkata, Kochi, Amritsar and Tiruchirappalli “progressively” from November 29. The VTL and non-VTL flights will be operated under an “air bubble” pact.
Only fully vaccinated passengers are allowed on VTL flights. They are exempt from quarantine but have to take a PCR test two days before departure and on arrival at Changi airport.
Unvaccinated or partially vaccinated passengers can travel on non-VTL flights after a PCR test two days before departure, and will have to quarantine at the traveller’s declared place of stay. On completion of quarantine, they will have to undergo another PCR test.
Supreme Court irked over bulky filings by Amazon, Future
It seeks common small compilation
Irked over “truckload” of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case, the Supreme Court Tuesday asked whether the purpose was just to drag on or “harass the judges” and sought a common small compilation of documents.
A bench comprising Chief Justice N.V. Ramana and Justices A.S. Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8.
“I am sorry to say to all of you. What is the fun in filing 22-23 volumes of records? How many documents both sides have filed repeatedly and is it the purpose of just dragging on or otherwise to harass the judges,” said the CJI. “It is completely unnecessary,” senior advocate Harish Salve, appearing for the Future group, said, and suggested both sides could file a common document.
European Economics Preview: UK Inflation Data Due
Consumer price data from the UK is due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for October. Inflation rose to 3.9 percent from 3.1 percent in September. Output price inflation is seen at 7.3 percent versus 6.7 percent in the previous month.
At 3.55 am ET, Iceland’s central bank announces its interest rate decision.
At 4.00 am ET, Italy’s Istat is scheduled to release foreign trade figures for September. The trade surplus totaled EUR 1.3 billion in August.
At 5.00 am ET, Eurostat publishes euro area final consumer prices for October. Inflation is expected to match the flash estimate of 4.1 percent versus 3.4 percent in September.
In the meantime, Greece unemployment data is due.
SpiceJet to add 50 Boeing 737 MAX in two years
SpiceJet plans to add 50 Boeing 737 MAX aircraft to its fleet over the next 24 months, Chairman and Managing Director Ajay Singh said on Tuesday.
“We plan to take 50 deliveries during calendar years 2022 and 2023,” Mr. Singh told journalists at an event. “The first delivery of the new aircraft is on December 10 and from thereon we will expedite inductions. The intent is to replace our existing new generation fleet with MAXs,” he said. Ms. Singh said the company aimed to hive off its cargo and logistics arm into a separate entity by the end of this year in order to raise funds.
Burlington Stores Rise 7% As Q3 Results Beat Street View
Shares of off-price retailer Burlington Stores, Inc. (BURL) are up more than 7 percent on Tuesday’s trading as the company posted higher third-quarter results, which came in above analysts’ estimates.
The company posted third-quarter net income of $14.0 million or $0.20 per share, up from $8.0 million or $0.12 per share in the same period last year. Excluding items, income soared to $93.0 million or $1.36 per share from $19.5 million or $0.29 per share for the third quarter a year ago.
Quarterly sales rose to $2.3 billion from 1.6 billion in the prior-year period. On average, 20 analysts polled by Thomson Reuters expected the company to post income of $1.26 per share on revenues of $2.23 billion.
Currently at $286.50, on a volume of 864,327, the stock has traded between $217.38 and $357.34 during the past 52 weeks on average volume of 694,498.
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