United States Software and Information Technology 1 August 2024_EN

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This Week's News

Reuters - Amazon set to join Big Tech's spending surge as AI race heats up - 1/8/2024

Amazon.com is expected to join Google and Microsoft on Thursday in reporting a surge in capital spending on artificial intelligence.

For the complete story, see:

https://www.reuters.com/technology/artificial-intelligence/amazon-set-join-big-techs-spending-surge-ai-race-heats-up-2024-07-31/

Benefits and Pensions Monitor - IBM reports data breaches cost Canadians $6.32m - 31/7/2024

The 2024 report reveals AI usage shortens breach lifecycles by 54 days and reduces costs by $2.84m.

For the complete story, see:

https://www.benefitsandpensionsmonitor.com/news/industry-news/ibm-reports-data-breaches-cost-canadians-632m/387642

SCMP - Microsoft's slow cloud growth signals AI payoff will take longer - 31/7/2024

Big technology companies have been pouring billions of dollars into data centres to capitalise on the generative AI boom.

For the complete story, see:

https://www.scmp.com/tech/big-tech/article/3272582/microsofts-slow-cloud-growth-signals-ai-payoff-will-take-longer

Other Stories

SCMP - Microsoft tells employees it will hand out one-time cash awards of up to 25% of annual bonus - 30/7/2024

RCR Wireless News - Dell Technologies, SK Telecom bring gen AI to telecom BSS - 30/7/2024

IT Pro - Dell Technologies staff aren't happy after recent layoffs and a controversial RTO scheme - 30/7/2024

CRN - Intel Planning Thousands Of Layoffs In Cost-Saving Move - 30/7/2024

The Star - IBM gets lift from software, AI demand as consulting slips - 25/7/2024

Media Releases

Accenture (NYSE: ACN) - Accenture Completes Acquisition of Fibermind to Strengthen Fiber and Mobile 5G Network Services - 31/7/2024

Microsoft (NASDAQ: MSFT) - Microsoft Cloud strength drives fourth quarter results - 30/7/2024

IBM (NYSE: IBM) - IBM Board approves regular quarterly cash dividend - 29/7/2024

Intuit (NASDAQ: INTU) - Intuit Appoints AI Leader Forrest Norrod to its Board of Directors - 25/7/2024

Latest Research

From IoT-based cloud manufacturing approach to intelligent additive manufacturing: industrial Internet of Things—an overview - By Lida Haghnegahdar, Sameehan S. Joshi, Narendra B. Dahotre

Overviews of Leading Companies

Accenture (NYSE: ACN)

Adobe Systems (NASDAQ: ADBE)

Alphabet (NASDAQ: GOOGL)

Amazon.com (NASDAQ: AMZN)

Apple (NASDAQ: AAPL)

Autodesk (NASDAQ: ADSK)

BlackBerry Limited (NYSE: BB)

Broadcom Inc. (NASDAQ: AVGO)

Cisco (NASDAQ: CSCO)

Citrix Systems, Inc

Cognizant (NASDAQ: CTSH)

Dell Technologies (NYSE: DELL)

Fiserv (NYSE: FI)

HP (NYSE: HPQ)

IBM (NYSE: IBM)

Infosys

Intel (NASDAQ: INTC)

Intuit (NASDAQ: INTU)

Microsoft (NASDAQ: MSFT)

NortonLifeLock Inc.

Oracle Corporation (NYSE: ORCL)

Rackspace (NASDAQ: RXT)

Salesforce (NYSE: CRM)

SAP (NYSE: SAP)

Seagate Technology (NASDAQ: STX)

Symantec Corporation

VMware Inc. (VMW)

Wipro Ltd (NYSE: WIT)

Senior Associate: Joseph Hang Ellision

News and Commentary

Reuters - Amazon set to join Big Tech's spending surge as AI race heats up - 1/8/2024

Amazon.com is expected to join Google and Microsoft on Thursday in reporting a surge in capital spending on artificial intelligence.

For the complete story, see:

https://www.reuters.com/technology/artificial-intelligence/amazon-set-join-big-techs-spending-surge-ai-race-heats-up-2024-07-31/

Benefits and Pensions Monitor - IBM reports data breaches cost Canadians $6.32m - 31/7/2024

The 2024 report reveals AI usage shortens breach lifecycles by 54 days and reduces costs by $2.84m.

For the complete story, see:

https://www.benefitsandpensionsmonitor.com/news/industry-news/ibm-reports-data-breaches-cost-canadians-632m/387642

SCMP - Microsoft's slow cloud growth signals AI payoff will take longer - 31/7/2024

Big technology companies have been pouring billions of dollars into data centres to capitalise on the generative AI boom.

For the complete story, see:

https://www.scmp.com/tech/big-tech/article/3272582/microsofts-slow-cloud-growth-signals-ai-payoff-will-take-longer

SCMP - Microsoft tells employees it will hand out one-time cash awards of up to 25% of annual bonus - 30/7/2024

Amounts will depend on role and bonus size, but will top out at 25% of annual bonus.

For the complete story, see:

https://www.cnbc.com/2024/07/30/microsoft-will-pay-one-time-cash-awards-of-up-to-25percent-of-annual-bonus.html

RCR Wireless News - Dell Technologies, SK Telecom bring gen AI to telecom BSS - 30/7/2024

Using a gen AI overlay for legacy BSS allows operators to unlock value from data without a holistic upgrade.

For the complete story, see:

https://www.rcrwireless.com/20240731/ai/dell-technologies-sk-telecom-bring-gen-ai-telecom-bss

IT Pro - Dell Technologies staff aren't happy after recent layoffs and a controversial RTO scheme - 30/7/2024

The survey found the amount of staff likely to recommend Dell Technologies as a company dropped significantly.

For the complete story, see:

https://www.itpro.com/business/careers-and-training/dell-technologies-staff-arent-happy-after-recent-layoffs-and-a-controversial-rto-scheme-and-they-made-that-very-clear-in-a-recent-internal-survey

CRN - Intel Planning Thousands Of Layoffs In Cost-Saving Move - 30/7/2024

Intel is looking to eliminate thousands of jobs as a way to cut costs and fund plans to recover from market share loss and reduced earnings.

For the complete story, see:

https://www.crn.com/news/components-peripherals/2024/intel-planning-thousands-of-layoffs-in-cost-saving-move-report

The Star - IBM gets lift from software, AI demand as consulting slips - 25/7/2024

Software revenue increased about 7% to $6.74 billion in the quarter.

For the complete story, see:

https://www.thestar.com.my/tech/tech-news/2024/07/25/ibm-beats-quarterly-revenue-estimates-on-software-strength-ai-demand

Media Releases

Accenture (NYSE: ACN) - Accenture Completes Acquisition of Fibermind to Strengthen Fiber and Mobile 5G Network Services - 31/7/2024

MILAN, Italy; July 31, 2024 - Accenture (NYSE: ACN) has completed the acquisition of Fibermind, an Italy-based network services company, specializing in fiber and mobile 5G networks deployment.

With this acquisition, previously announced on June 19, 2024, Accenture strengthens its capabilities in telecommunications network engineering services, while providing clients with deep industry knowledge and technology assets powered by automation, robotics, data and AI.

Fibermind, with over 20 years of experience serving public and private sector clients, brings more than 400 highly qualified professionals to Accenture Operations. The acquisition further expands Accenture's infrastructure engineering scale and capability for 5G and fiber in Europe, aimed at delivering higher quality, greater innovation, and more rigorous cost management to clients across industries.

The terms of the agreement have not been disclosed.

https://newsroom.accenture.com/news/2024/accenture-completes-acquisition-of-fibermind-to-strengthen-fiber-and-mobile-5g-network-services

Microsoft (NASDAQ: MSFT) - Microsoft Cloud strength drives fourth quarter results - 30/7/2024

REDMOND, Wash. — July 30, 2024 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year:

Revenue was $64.7 billion and increased 15% (up 16% in constant currency)
Operating income was $27.9 billion and increased 15% (up 16% in constant currency)
Net income was $22.0 billion and increased 10% (up 11% in constant currency)
Diluted earnings per share was $2.95 and increased 10% (up 11% in constant currency)

"Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft," said Satya Nadella, chairman and chief executive officer of Microsoft. "As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era."

"We closed out our fiscal year with a solid quarter, highlighted by record bookings and Microsoft Cloud quarterly revenue of $36.8 billion, up 21% (up 22% in constant currency) year-over-year," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $20.3 billion and increased 11% (up 12% in constant currency), with the following business highlights:

Office Commercial products and cloud services revenue increased 12% (up 13% in constant currency) driven by Office 365 Commercial revenue growth of 13% (up 14% in constant currency)
Office Consumer products and cloud services revenue increased 3% (up 4% in constant currency) and Microsoft 365 Consumer subscribers grew to 82.5 million
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics products and cloud services revenue increased 16% driven by Dynamics 365 revenue growth of 19% (up 20% in constant currency)

Revenue in Intelligent Cloud was $28.5 billion and increased 19% (up 20% in constant currency), with the following business highlights:

Server products and cloud services revenue increased 21% (up 22% in constant currency) driven by Azure and other cloud services revenue growth of 29% (up 30% in constant currency)

Revenue in More Personal Computing was $15.9 billion and increased 14% (up 15% in constant currency), with the following business highlights:

Windows revenue increased 7% (up 8% in constant currency) with Windows OEM revenue growth of 4% and Windows Commercial products and cloud services revenue growth of 11% (up 12% in constant currency)
Devices revenue decreased 11% (down 9% in constant currency)
Xbox content and services revenue increased 61% driven by 58 points of net impact from the Activision acquisition
Search and news advertising revenue excluding traffic acquisition costs increased 19%

Microsoft returned $8.4 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2024.

Fiscal Year 2024 Results

Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2024, as compared to the corresponding period of last fiscal year:

Revenue was $245.1 billion and increased 16% (up 15% in constant currency)
Operating income was $109.4 billion and increased 24%, and increased 22% non-GAAP (up 21% in constant currency)
Net income was $88.1 billion and increased 22%, and increased 20% non-GAAP
Diluted earnings per share was $11.80 and increased 22%, and increased 20% non-GAAP

The following table reconciles our financial results for the fiscal year ended June 30, 2024, reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$211,915	$88,523	$72,361	$9.68
Severance, hardware-related impairment, and lease consolidation costs	-	1,171	946	0.13
2023 As Adjusted (non-GAAP)	$211,915	$89,694	$73,307	$9.81
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
Percentage Change Y/Y (GAAP)	16%	24%	22%	22%
Percentage Change Y/Y Constant Currency	15%	23%	21%	21%
Percentage Change Y/Y (non-GAAP)	16%	22%	20%	20%
Percentage Change Y/Y (non-GAAP) Constant Currency	15%	21%	20%	20%

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To learn more about Microsoft's corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Brett Iversen, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company's performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2025.

Non-GAAP Definition

Q2 charge. In the second quarter of fiscal year 2023, Microsoft recorded costs related to decisions announced on January 18th, 2023, including employee severance expenses, impairment charges resulting from changes to our hardware portfolio, and costs related to lease consolidation activities.

Microsoft has provided non-GAAP financial measures related to the Q2 charge to aid investors in better understanding our performance. Microsoft believes these non-GAAP measures assist investors by providing additional insight into its operational performance and help clarify trends affecting its business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$56,189	$24,254	$20,081	$2.69
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
Percentage Change Y/Y (GAAP)	15%	15%	10%	10%
Constant Currency Impact	$(345)	$(218)	$(269)	$(0.04)
Percentage Change Y/Y Constant Currency	16%	16%	11%	11%

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$211,915	$88,523	$72,361	$9.68
2023 As Adjusted (non-GAAP)	$211,915	$89,694	$73,307	$9.81
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
Percentage Change Y/Y (GAAP)	16%	24%	22%	22%
Percentage Change Y/Y (non-GAAP)	16%	22%	20%	20%
Constant Currency Impact	$900	$717	$312	$0.04
Percentage Change Y/Y Constant Currency	15%	23%	21%	21%
Percentage Change Y/Y (non-GAAP) Constant Currency	15%	21%	20%	20%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2023 As Reported (GAAP)	$18,291	$23,993	$13,905
2024 As Reported (GAAP)	$20,317	$28,515	$15,895
Percentage Change Y/Y (GAAP)	11%	19%	14%
Constant Currency Impact	$(106)	$(174)	$(65)
Percentage Change Y/Y Constant Currency	12%	20%	15%

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended June 30, 2024
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	21%	1%	22%
Office Commercial products and cloud services	12%	1%	13%
Office 365 Commercial	13%	1%	14%
Office Consumer products and cloud services	3%	1%	4%
LinkedIn	10%	(1)%	9%
Dynamics products and cloud services	16%	0%	16%
Dynamics 365	19%	1%	20%
Server products and cloud services	21%	1%	22%
Azure and other cloud services	29%	1%	30%
Windows	7%	1%	8%
Windows OEM	4%	0%	4%
Windows Commercial products and cloud services	11%	1%	12%
Devices	(11)%	2%	(9)%
Xbox content and services	61%	0%	61%
Search and news advertising excluding traffic acquisition costs	19%	0%	19%

About Microsoft

Microsoft (Nasdaq "MSFT" @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

intense competition in all of our markets that may adversely affect our results of operations;
focus on cloud-based and AI services presenting execution and competitive risks;
significant investments in products and services that may not achieve expected returns;
acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;
impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;
cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
disclosure and misuse of personal data that could cause liability and harm to our reputation;
the possibility that we may not be able to protect information stored in our products and services from use by others;
abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
issues about the use of artificial intelligence in our offerings that may result in reputational or competitive harm, or legal liability;
excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
quality or supply problems;
government enforcement under competition laws and new market regulation may limit how we design and market our products;
potential consequences of trade and anti-corruption laws;
potential consequences of existing and increasing legal and regulatory requirements;
laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;
claims against us that may result in adverse outcomes in legal disputes;
uncertainties relating to our business with government customers;
additional tax liabilities;
sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;
an inability to protect and utilize our intellectual property may harm our business and operating results;
claims that Microsoft has infringed the intellectual property rights of others;
damage to our reputation or our brands that may harm our business and results of operations;
adverse economic or market conditions that may harm our business;
catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;
exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange and
the dependence of our business on our ability to attract and retain talented employees.

https://news.microsoft.com/2024/07/30/microsoft-cloud-strength-drives-fourth-quarter-results-6/

IBM (NYSE: IBM) - IBM Board approves regular quarterly cash dividend - 29/7/2024

ARMONK, N.Y., July 29, 2024 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors today declared a regular quarterly cash dividend of $1.67 per common share, payable September 10, 2024 to stockholders of record August 9, 2024.

With the payment of the September 10 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.

https://newsroom.ibm.com/2024-07-29-IBM-BOARD-APPROVES-REGULAR-QUARTERLY-CASH-DIVIDEND

Intuit (NASDAQ: INTU) - Intuit Appoints AI Leader Forrest Norrod to its Board of Directors - 25/7/2024

July 25, 2024 11:00am EDT

Norrod, an AMD executive with deep AI expertise, will help accelerate Intuit's AI innovation

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced that it appointed Forrest Norrod, executive vice president and general manager of the Data Center Solutions Business at AMD, to its board of directors.

"The AI revolution is one of the most significant technology shifts in our lifetime and Intuit's strategy to be the global AI-driven expert platform is delivering significant benefits to consumers and small businesses," said Sasan Goodarzi, CEO of Intuit. "We're proud to welcome Forrest to our board. He brings deep technical expertise in AI and GenAI, data and engineering, and will help guide Intuit's future and mission to power prosperity around the world."

Norrod joined AMD in 2014, and as EVP and GM of its Data Center Solutions business group, is responsible for managing all aspects of strategy, business management, and engineering for the company's data center products. Norrod has helped lead AMD through this AI inflection point, driving the company's data center growth and open AI ecosystem strategy. Prior to AMD, he held various leadership and engineering positions at Dell, including vice president and general manager of the Server Business and CTO of Client Products. With more than 30 years of technology industry experience, he holds 11 US patents in computer architecture, graphics, and system design.

"Leveraging AI to solve the world's most important challenges is something that drives me every day," said Norrod. "I'm thrilled to work alongside Sasan, his leadership team, and the rest of Intuit's board as they scale and deliver AI-driven innovations that power prosperity for consumers and businesses."

With the addition of Norrod, Intuit's board now has 13 directors.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

https://investors.intuit.com/news-events/press-releases/detail/1199/intuit-appoints-ai-leader-forrest-norrod-to-its-board-of-directors

Latest Research

From IoT-based cloud manufacturing approach to intelligent additive manufacturing: industrial Internet of Things—an overview

Lida Haghnegahdar, Sameehan S. Joshi, Narendra B. Dahotre

Abstract

The industrial Internet of Things (IIoT) has grown to empower advantages of advanced manufacturing machinery and smarter control. The cloud-based technology of remote data collection, intelligent machine interconnectivity, and sensor monitoring provide the opportunity for a pattern modification across all manufacturing divisions including the latest and rapidly growing technology of additive manufacturing (AM) or 3D printing. AM is a type of direct manufacturing and revolutionary technology that enables complicated production and a formation which can shorten manufacturing processes and supply chain procedures. Data is a key factor in the age of big data, embedded IIoT solutions, and services in the new machinery and mechanism that bring an additional capability to integrate and manage data streams within the Internet of Things (IoT) cloud-based platform. Movement and merging conventional (legacy) manufacturing technology into the shared and modern machinery required for the state-of-the-art manufacturing technology such as AM is complex and challenging, but it needs to be organized and fixed resourcefully, while it remains linked, flexible, and scalable. AM is an advanced manufacturing system and technology involving the new era of complex machinery and operating systems. AM has been identified as a special value to the industry which has many applications in the different industries such as aerospace, medical and healthcare, energy, and automotive. Hence, high-performance computation and processing will be very important in AM. This research takes an overview of the cloud-based model and concept of cloud computing (CC), cloud manufacturing (CM), IoT, and their relations and influences in the AM industry 4.0 era. This study contributes as a theoretical basis and as a comprehensive framework for AM integration. Furthermore, this paper presents CM applications and integration with AM and proposes an integrated AM cloud platform.

https://link.springer.com/article/10.1007/s00170-021-08436-x

The Industry

DECEMBER 2023

IT INDUSTRY OUTLOOK 2024

Strategy and tactics. In 2024, these two main ingredients to success will feature heavily on the minds of business owners, IT pros and the tech industry at large.

CompTIA's IT Industry Outlook 2024 explores various aspects of the strategic and tactical sides of the technology industry, workplace and society today. Companies and individuals in the tech sector will have to decide for themselves which focus areas make most sense for the goals they are trying to accomplish, whether that's revenue growth potential, professional development, product innovation or more. The tools and the knowledge, however, are there for the taking. Let's look at the top 10 tech industry trends for 2024.

#1 AI Hype Fades, but Workflows Continue Evolving

Last year's report was released just weeks before the launch of ChatGPT, and the hype cycle has been intense ever since. However, the initial hype around generative AI will likely wane in 2024 for a variety of reasons. Most companies will have to take a step back to build the proper prerequisites for modern artificial intelligence operations, but that doesn't mean that exploration and pilot programs will grind to a halt. Along with new standalone products, a wide range of business applications will begin to incorporate AI as a feature.

In fact, just over 20% of technology companies surveyed are aggressively pursuing integration of AI across a wide variety of technology products and business workflows. Hesitation in adoption may stem from the challenges being encountered by early adopters. The top challenge for AI, whether that challenge comes from early experience or simply expectations around implementation, is around cost.

#2 Tech Providers Use AI to Run Better Businesses

Even those channel firms that choose not to sell AI solutions as part of their business can nonetheless boost profitability and reap positives by deploying AI functionality across their internal operations.

A net 56% of respondents say they are either experimenting with today's AI solutions in some way or they have begun researching and evaluating the tools for potential future adoption. Top use cases for AI today include customer service and e-commerce.

Automation aims have always been a part of an MSP's quest, but today's AI will only accelerate and improve those efforts. That doesn't necessarily mean massive job losses, though. Two thirds of MSP respondents said that use of AI by their company would either result in no change to their staffing levels - or a net gain.

As for the challenges? Issues with data quality and acquisition top the list. As has been copiously reported, generative AI outputs are only as good as the data the tool has at its disposal, which holds true in all uses.

#3 Governance Becomes a Focal Point for Cybersecurity and Data Operations

There is a growing demand for governance to ensure that implementation is following best practices. An emphasis on governance in the dynamic areas of cybersecurity and data will help align technology initiatives with organizational objectives.

When it comes to cybersecurity, traditionally governance doesn't rank very high as a priority among companies. In fact, governance is at the bottom of the list when it comes to current focal points for cybersecurity initiatives, with only 5% of individuals citing governance as a driving factor. This low priority reflects a view of governance being centered on regulatory compliance. That aspect of governance will be growing more important, and there is also the need for more structured processes.

In the area of data, organizations are discovering the need to establish foundational data practices, consolidating and classifying data from various silos into a comprehensive picture that can be used for advanced analytics. Structured processes are needed here as well, along with the need to measure progress.

Although 44% of companies surveyed currently have well-defined governance processes for cybersecurity and data covering a wide range of topics, that number needs to be much higher to ensure that these critical domains are following best practices.

#4 Beyond-the-Basics Cybersecurity Becomes a Channel Skills Imperative

More than half (52%) of the channel companies surveyed say they are experiencing a shortage of workers and have a challenge finding job candidates with the cybersecurity skills their organization currently needs. The competition for talent is fierce, as companies in the IT channel must also vie for cybersecurity expertise across the economy at large.

CompTIA's Cyberseek tool shows that there were over 660,000 cybersecurity-related job openings in the United States between May 2022 and April 2023, representing a 28% increase from the same time period in 2020. Meanwhile, CompTIA's State of Cybersecurity 2024 study cited internal skills gaps as the top challenge to end user organization's cybersecurity initiatives.

How channel firms plan to address their skills shortages and desire to move up the cybersecurity food chain is multipronged. Nearly half (45%) are taking a holistic approach and increasing overall spending in 2024 on all cybersecurity-related areas in the company. Others are taking the worker piece head on, with 43% providing training to existing employees to upskill them and another 38% looking outside to hire cybersecurity specialists.

#5 Cloud Architecture Accelerates Solution Complexity

Most emerging technologies, from internet of things (IoT) to blockchain to all the different variations of AI, are typically parts of a comprehensive solution instead of being individual products. With the lion's share of the focus being placed on building these intricate solutions, it can be easy to overlook the importance of the foundation - computing infrastructure.

The majority of organizations have moved past the first stage of cloud adoption. The second stage will involve more depth, as companies build best practices around multi-cloud systems, financial operations (FinOps) and resilient architecture - paving the way to craft custom applications.

Most tech companies already view cloud systems as a necessity in their digital endeavors and more than one third feel that cloud computing is more of an accelerator. There is a fine line between the two camps—in today's fast-paced environment, accelerating productivity or time to market could be its own form of necessity. Aside from enabling a corporate vision around technology, the availability of cloud systems also broadens the horizon in terms of vendor choice. The majority of companies surveyed say they are more willing to consider a variety of vendors, with 42% saying they are far more willing to explore new tech providers.

#6 IT Distributors Burnish Role as Online Marketplace for B2B

IT distributors, long the hardware fulfillment middle piece in the technology go-to-market chain, have been evolving their own business models to meet the cloud wave of computing. These companies are using their ample resources, scale and tech aggregator status to build marketplaces that serve channel firms (and vendors) in a variety of ways. Use of these digital engines is on the rise among MSPs, solution providers and others building complex multivendor cloud-based offerings.

In fact, 47% of channel firms said they are using distribution's marketplace capabilities to aggregate multivendor cloud services to build solutions for customers.

Among the benefits of these partnerships? The capacity to mix and match multivendor products, tools and software subscriptions into a unified solution for customers; the right to choose who handles management of customer billing and payments; and finally, the ability to use distribution's digital platform to white label their own e-commerce site.

#7 Marketing Has Its Moment as an IT Business Differentiator

Companies are allocating more dedicated budget and other resources to marketing activities, hiring full-time marketing professionals and generally demonstrating far more awareness about the significance of branding. Social media, influencer clout, content marketing, subscription models, decreased reliance on vendor and product as the brand and development of their own IP all factor into this awakening.

Channel spending on marketing activities is trending up with 61% of respondents planning an increase in their marketing spend in 2024.

Beyond spending increases, respondents reveal additional momentum behind marketing when asked to identify their organization's general approach to the discipline. Four in 10 describe their marketing efforts as strategic, with a well-defined game plan consisting of key metrics and dedicated staff. Another 30% said marketing as a function is more tactical, comprised of mostly ad hoc campaigns and activities with limited or no dedicated staff.

#8 Productivity is the Driver for Digital Transformation

At the end of the day, digital transformation efforts are geared toward building a more productive workforce. Along with the implementation of new technologies, there must be a matching strategy around building skills, including upskilling current workers or pursuing new hiring.

Considering that work arrangements are tightly tied with productivity, the top two workforce priorities for organizations in 2024 are centered on making their employees as productive as possible. Many technology initiatives under the umbrella of digital transformation address this goal of productivity.

From a skills perspective, enabling employees to make the best use of new technology requires a multi-pronged approach. Internal training continues to be the most popular choice for building expertise, with 59% of companies expecting to pursue training options compared to 41% expecting to explore new hiring. As a capstone to training efforts, 41% of companies expect to pursue certifications for their technical staff.

#9 Organizations Practice Skills-Based Career Transparency

When it comes to careers in technology, HR departments and hiring managers have moved toward a skills-based hiring approach, where individual skills are clearly defined for job roles and candidates are evaluated on their expertise in those skills.

Getting someone in the door is only the first step, though. Retention is also a major challenge in such a tight labor economy. As companies search for ways to keep the people they already have, extending the skills-based approach from hiring into career development is the next natural step. Adoption of skills-based career transparency requires two main components. First, there must be established guidelines for job roles and levels within roles based on the skills needed to perform the job. Second, there must be a culture of management focused on consistent and open communication.

#10 Companies Pursue Every Age Cohort for Staff, Customers

In discussions around the demographics of today's technology sector, the popular refrain goes that a majority of business owners in the space are eyeing retirement and that the information technology industry desperately needs younger entrepreneurial talent to keep the segment relevant and vibrant.

Fear not. Respondents report that the changing of the guard is well underway, alongside what they describe as an already balanced mix of early-, mid- and late-career practitioners working in the channel.

A similar trend is playing out in the broader tech industry and its efforts to target certain customers. The 50-year-old-plus cohort has money to spend and is far more tech-savvy than the stereotypes depict. Whether it's filling the need for tech talent or innovating the latest tech product, an openness to multigeneration thinking makes good business sense.

These technology industry trends will play out over the next twelve months as new chapters in the ongoing story of technology evolution. The best way to predict the future is to create it, and the firms that thrive in the coming years will be the ones leveraging technology to create new opportunities.

Methodology

This quantitative study consisted of two online surveys fielded to IT professionals and IT industry professionals during October 2023. A total of 513 professionals based in the United States participated in each survey, yielding an overall margin of sampling error at 95% confidence of +/- 4.4 percentage points. This survey was also fielded in ANZ, ASEAN, Benelux, DACH and UK/Ireland. Sampling error is larger for subgroups of the data.

As with any survey, sampling error is only one source of possible error. While non-sampling error cannot be accurately calculated, precautionary steps were taken in all phases of the survey design, collection and processing of the data to minimize its influence.

CompTIA is responsible for all content and analysis. Any questions regarding the study should be directed to CompTIA Research and Market Intelligence staff at [email protected].

CompTIA is a member of the market research industry's Insights Association and adheres to its internationally respected Code of Standards and Ethics.

Source: CompTIA

https://www.comptia.org/content/research/it-industry-trends-analysis

Leading Companies

Accenture (NYSE: ACN)

ABOUT ACCENTURE

How we work with our clients

Growing customer expectations. Market-shaping AI. Self-optimizing systems. The post-digital age shows no signs of slowing down, and the need for new ideas powered by intelligent technologies has never been greater.

But a vision for the future can't be realized without know-how. We partner with our clients to drive real innovation—the kind that turns an idea into an industry—helping them transform and grow their organizations.

What we believe

Putting people first through corporate citizenship

We combine human ingenuity with intelligent technology to benefit society and shape responsible business.

Equality drives innovation

We're building an inclusive and diverse workforce.

Reducing our environmental footprint

We're dedicated to accelerating the shift to a low-carbon economy and lessening the effects of climate change.

Driving innovation and impact in global development

Accenture Development Partnerships brings the best of Accenture to address social, economic and environmental issues.

How we lead

"Across the globe, one thing is universally true of the people of Accenture: We care deeply about what we do and the impact we have with our clients and with the communities in which we work and live. It is personal to all of us."

Julie Sweet

Chief Executive Officer

https://www.accenture.com/us-en/about/company-index

COMPANY OVERVIEW

Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world's largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 492,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives.

https://investor.accenture.com/

20/6/2024

Accenture Reports Third-Quarter Fiscal 2024 Results

• New bookings of $21.1 billion, an increase of 22% in U.S. dollars and 26% in local currency

• Generative AI new bookings of over $900 million for a total of $2 billion fiscal yearto-date

• Revenues of $16.5 billion, a decrease of 1% in U.S. dollars and increase of 1.4% in local currency, with consulting revenues of $8.5 billion and managed services revenues of $8.0 billion

• GAAP operating margin of 16.0%, an increase of 180 basis points over the third quarter of fiscal 2023; adjusted1 operating margin of 16.4%, an expansion of 10 basis points

• GAAP EPS of $3.04, a decrease of 3% from the third quarter of fiscal 2023; adjusted EPS of $3.13, a 2% decrease • Quarterly cash dividend of $1.29 per share, an increase of 15%

• Accenture updates business outlook for fiscal 2024; now expects full-year revenue growth of 1.5% to 2.5% in local currency, full-year foreign-exchange impact of negative 0.7%, GAAP EPS of $11.29 to $11.44 and adjusted EPS of $11.85 to $12.00; continues to expect GAAP operating margin of 14.8%, adjusted operating margin of 15.5% and free cash flow of $8.7 billion to $9.3 billion

NEW YORK; June 20, 2024 — Accenture (NYSE: ACN) reported financial results for the third quarter of fiscal 2024 ended May 31, 2024.

Julie Sweet, chair and CEO, Accenture, said, "Our actions to stay laser-focused on the needs of our clients are clear in our third quarter results. We achieved strong new bookings of over $21 billion, up 22% over last year, and continued to accelerate our strategy to be the reinvention partner of choice, with another 23 clients with quarterly bookings of over $100 million, bringing the total of such bookings to 92 year-to-date. We also achieved two significant milestones this quarter -- with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-todate -- which demonstrate our early lead in this critical technology. All of this while investing at scale in our business with another 35 acquisitions or $5.2 billion of capital deployed year-todate. I want to thank the 750,000 people of Accenture around the world who work every day to deliver 360° value for our stakeholders."

Revenues were $16.5 billion, a decrease of 1% in U.S. dollars and an increase of 1.4% in local currency compared to the third quarter of fiscal 2023.

GAAP operating income was $2.63 billion, compared to $2.36 billion for the third quarter of fiscal 2023, and operating margin was 16.0%, compared to 14.2% for the third quarter last year. Adjusted operating income was $2.71 billion, compared to $2.71 billion for the third quarter of fiscal 2023 and adjusted operating margin was 16.4%, compared to 16.3% for the third quarter last year.

GAAP diluted earnings per share were $3.04, a decrease of 3% from $3.15 for the third quarter of fiscal 2023. Adjusted EPS were $3.13, a decrease of 2% from $3.19 for the third quarter of fiscal 2023.

New bookings for the quarter were $21.1 billion, with consulting bookings of $9.3 billion and managed services bookings of $11.8 billion.

Financial Review

Revenues for the third quarter of fiscal 2024 were $16.47 billion, compared with $16.56 billion for the third quarter of fiscal 2023, a decrease of 1% in U.S. dollars and an increase of 1.4% in local currency.

Revenues for the quarter reflect a foreign-exchange impact of approximately negative 2% compared with the negative 1% impact previously assumed. Adjusting for the actual foreignexchange impact, the company's guided range for quarterly revenues was approximately $16.10 billion to $16.70 billion. Accenture's third quarter fiscal 2024 revenues were slightly above the midpoint of this adjusted range.

▪ Consulting revenues for the quarter were $8.46 billion, a decrease of 3% in U.S. dollars and 1% in local currency compared with the third quarter of fiscal 2023.

▪ Managed Services revenues for the quarter were $8.01 billion, an increase of 2% in U.S. dollars and 4% in local currency compared with the third quarter of fiscal 2023.

GAAP diluted EPS for the quarter were $3.04, a 3% decrease from $3.15 for the third quarter of fiscal 2023. Excluding a $0.08 and $0.42 decrease for business optimization costs in the third quarter of fiscal 2024 and 2023, respectively, and a $0.38 increase for a gain on an investment in the third quarter of fiscal 2023, adjusted EPS were $3.13, a 2% decrease from $3.19 last year. The $0.06 decrease in EPS on an adjusted basis reflects:

▪ a $ 0.07 decrease from a higher effective tax rate; and

▪ a $ 0.01 decrease from higher noncontrolling interests; partially offset by

▪ a $ 0.02 increase from lower share count Gross margin (gross profit as a percentage of revenues) for the quarter was 33.4%, flat compared with the third quarter of fiscal 2023. Selling, general and administrative (SG&A) expenses for the quarter were $2.79 billion, or 16.9% of revenues, compared with $2.82 billion, or 17.0% of revenues, for the third quarter of fiscal 2023.

GAAP operating income for the quarter increased 12%, to $2.63 billion, or 16.0% of revenues, compared with $2.36 billion, or 14.2% of revenues, for the third quarter of fiscal 2023. Adjusted operating income for the quarter was $2.71 billion, or 16.4% of revenues, compared with $2.71 billion, or 16.3% of revenues for the third quarter of fiscal 2023.

The company's GAAP effective tax rate for the quarter was 25.4%, compared with 22.2% for the third quarter of fiscal 2023. The adjusted effective tax rate for the third quarter of fiscal 2024 was 25.5%, compared with 24.0% for the third quarter of fiscal 2023.

GAAP net income for the quarter was $1.98 billion, compared with $2.05 billion for the third quarter of fiscal 2023. Adjusted net income for the quarter was $2.04 billion, compared with $2.07 billion for the third quarter of fiscal 2023.

Operating cash flow for the quarter was $3.14 billion, and property and equipment additions were $124 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $3.02 billion. For the same period last year, operating cash flow was $3.29 billion; property and equipment additions were $142 million; and free cash flow was $3.15 billion.

Days services outstanding, or DSOs, were 43 days at May 31, 2024, compared with 42 days at both August 31, 2023 and May 31, 2023.

Accenture's total cash balance at May 31, 2024 was $5.5 billion, compared with $9.0 billion at August 31, 2023.

New Bookings

New bookings for the third quarter of fiscal 2024 were $21.06 billion, a 22% increase in U.S. dollars and a 26% increase in local currency over the third quarter of fiscal 2023.

▪ Consulting new bookings were $9.28 billion, or 44% of total new bookings.

▪ Managed Services new bookings were $11.78 billion, or 56% of total new bookings.

Revenues by Geographic Market2

Revenues by geographic market were as follows:

▪ North America: $7.83 billion, an increase of 1% in both U.S. dollars and local currency compared with the third quarter of fiscal 2023.

▪ EMEA: $5.78 billion, a decrease of 2% in both U.S. dollars and local currency compared with the third quarter of fiscal 2023.

▪ Growth Markets: $2.86 billion, a decrease of 4% in U.S. dollars and an increase of 8% in local currency compared with the third quarter of fiscal 2023.

Revenues by Industry Group

Revenues by industry group were as follows:

▪ Communications, Media & Technology: $2.76 billion, a decrease of 4% in U.S. dollars and 1% in local currency compared with the third quarter of fiscal 2023.

▪ Financial Services: $2.89 billion, a decrease of 8% in U.S. dollars and 5% in local currency compared with the third quarter of fiscal 2023.

▪ Health & Public Service: $3.52 billion, an increase of 8% in U.S. dollars and 9% in local currency compared with the third quarter of fiscal 2023.

▪ Products: $4.98 billion, flat in U.S. dollars and an increase of 2% in local currency compared with the third quarter of fiscal 2023.

▪ Resources: $2.31 billion, flat in U.S. dollars and an increase of 3% in local currency compared with the third quarter of fiscal 2023.

Returning Cash to Shareholders

Accenture continues to return cash to shareholders through cash dividends and share repurchases.

Dividend

On May 15, 2024, a quarterly cash dividend of $1.29 per share was paid to shareholders of record at the close of business on April 11, 2024. These cash dividend payments totaled $811 million.

Accenture plc has declared another quarterly cash dividend of $1.29 per share for shareholders of record at the close of business on July 11, 2024. This dividend, which is payable on August 15, 2024, represents a 15% increase over the quarterly dividend rate of $1.12 per share in fiscal 2023.

Share Repurchase Activity

During the third quarter of fiscal 2024, Accenture repurchased or redeemed 4.3 million shares for a total of $1.4 billion, including approximately 4.1 million shares repurchased in the open market.

Accenture's total remaining share repurchase authority at May 31, 2024 was approximately $3.3 billion. At May 31, 2024, Accenture had approximately 627 million total shares outstanding.

Business Outlook

Fourth Quarter Fiscal 2024

Accenture expects revenues for the fourth quarter of fiscal 2024 to be in the range of $16.05 billion to $16.65 billion, or 2% to 6% growth in local currency, reflecting the company's assumption of an approximately negative 2% foreign-exchange impact compared with the fourth quarter of fiscal 2023.

Fiscal Year 2024

Accenture's business outlook for fiscal 2024 now assumes that the foreign-exchange impact on its results in U.S. dollars will be negative 0.7% compared with fiscal 2023; the company previously expected the impact to be flat.

For fiscal 2024, the company now expects revenue growth to be in the range of 1.5% to 2.5% in local currency, compared to 1% to 3% previously.

Accenture continues to expect GAAP operating margin for fiscal 2024 to be 14.8%, an expansion of 110 basis points from fiscal 2023; and adjusted operating margin, which excludes an estimated $450 million for business optimization costs in fiscal 2024 and $1.1 billion in fiscal 2023, to be 15.5%, an expansion of 10 basis points from fiscal 2023.

The company now expects both its GAAP and adjusted annual effective tax rate, which excludes the tax impacts of business optimization costs, to be in the range of 23.5% to 24.5%, compared to 22.5% to 24.5% previously.

The company now expects GAAP diluted EPS to be in the range of $11.29 to $11.44, compared to $11.41 to $11.64 previously, an increase of 5% to 6% over fiscal 2023; and adjusted EPS to be in the range of $11.85 to $12.00, compared to $11.97 to $12.20 previously, an increase of 2% to 3% over fiscal 2023. This excludes $0.56 for business optimization costs in fiscal 2024 and $1.28 for business optimization costs and $0.38 for a gain on an investment in fiscal 2023.

For fiscal 2024, the company continues to expect operating cash flow to be in the range of $9.3 billion to $9.9 billion; property and equipment additions to be $600 million; and free cash flow to be in the range of $8.7 billion to $9.3 billion.

The company continues to expect to return at least $7.7 billion in cash to shareholders through dividends and share repurchases.

360° Value Reporting

Accenture's goal is to create 360° value for our clients, people, shareholders, partners and communities. Our reporting captures how we deliver unique value across six vital dimensions and offers a comprehensive view of our financial and environmental, social and governance (ESG) measures, and our goals, progress and performance for each. Our full 360° Value Report and online 360° Value Reporting Experience provide customizable reporting. To access, please visit the Accenture 360° Value Reporting Experience at www.accenture.com/ reportingexperience.

About Accenture

Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with 750,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.

https://newsroom.accenture.com/content/3QFY24-Earnings/accenture-reports-third-quarter-fiscal-2024-results.pdf

Adobe Systems (ADBE: NASDAQ)

ABOUT ADOBE

Accelerating innovation velocity.

Meet Adobe Sensei — the intelligence service you need to tackle your most complex experience challenges.

Igniting creativity in young people.

How are we enhancing education around the world? Through Adobe Creativity Scholarships, which recognize the next generation of creatives and help propel their careers forward. Through programs that teach underrepresented youth how to code. And by helping bright, motivated adults who work in other fields make a transition into tech.

Driving greater diversity and inclusion.

We're taking action to make Adobe an even better place to work.

https://www.adobe.com/about-adobe.html?promoid=2NVQCDBQ&mv=other

No other company in the world gives everyone, from emerging artists to global brands, everything they need to design and deliver exceptional digital experiences. Our innovation and leadership in digital media and digital marketing give our customers a real competitive advantage, positioning us for continued growth well into the future.

Headquartered in San Jose, California, Adobe is one of the largest software companies in the world, with revenue of US$9.0 billion in fiscal 2018. Our stock is traded on the NASDAQ under the symbol ADBE.

https://www.adobe.com/investor-relations.html

13/6/2024

Adobe Reports Record Revenue in Q2 Fiscal 2024

Company raises annual targets for Digital Media net new ARR, Digital Experience subscription revenue and EPS

SAN JOSE, Calif. - June 13, 2024 - Adobe (Nasdaq:ADBE) today reported financial results for its second quarter fiscal year 2024 ended May 31, 2024.

"Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud," said Shantanu Narayen, chair and CEO, Adobe. "Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users."

"Adobe delivered outstanding Q2 results, positioning us to raise our annual targets," said Dan Durn, executive vice president and CFO, Adobe. "Our market-leading products, strong execution and world-class financial discipline position us well for the second half of 2024 and beyond."

Second Quarter Fiscal Year 2024 Financial Highlights

• Adobe achieved revenue of $5.31 billion in its second quarter of fiscal year 2024, which represents 10 percent year-over-year growth or 11 percent in constant currency. Diluted earnings per share was $3.49 on a GAAP basis and $4.48 on a non-GAAP basis.

• GAAP operating income in the second quarter was $1.89 billion and non-GAAP operating income was $2.44 billion. GAAP net income was $1.57 billion and non-GAAP net income was $2.02 billion.

• Cash flows from operations were $1.94 billion.

• Remaining Performance Obligations ("RPO") exiting the quarter were $17.86 billion.

• Adobe repurchased approximately 4.6 million shares during the quarter. Second Quarter Fiscal Year 2024 Business Segment Highlights

• Digital Media segment revenue was $3.91 billion, which represents 11 percent year-over-year growth or 12 percent in constant currency. Creative revenue grew to $3.13 billion, representing 10 percent year-over-year growth or 11 percent in constant currency. Document Cloud revenue was $782 million, representing 19 percent year-over-year growth as reported and in constant currency.

• Net new Digital Media Annualized Recurring Revenue ("ARR") was $487 million, exiting the quarter with Digital Media ARR of $16.25 billion. Creative ARR grew to $13.11 billion and Document Cloud ARR grew to $3.15 billion.

• Digital Experience segment revenue was $1.33 billion, representing 9 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.20 billion, representing 13 percent year-over-year growth as reported and in constant currency.

Financial Targets

Adobe is providing third quarter targets and updated fiscal year 2024 targets. These targets factor in current expectations for the macroeconomic environment and FX outlook.

The following table summarizes Adobe's third quarter fiscal year 2024 targets:

About Adobe Adobe is changing the world through personalized digital experiences. For more information, visit www.adobe.com.

https://www.adobe.com/pdf-page.html?pdfTarget=aHR0cHM6Ly93d3cuYWRvYmUuY29tL2NvbnRlbnQvZGFtL2NjL2VuL2ludmVzdG9yLXJlbGF0aW9ucy9wZGZzLzMxNjA0MjAyL2F1NTZ5NDVldGhncmYucGRm

Alphabet Inc. (NASDAQ: GOOGL)

As Sergey and I wrote in the original founders letter 11 years ago, "Google is not a conventional company. We do not intend to become one." As part of that, we also said that you could expect us to make "smaller bets in areas that might seem very speculative or even strange when compared to our current businesses." From the start, we've always strived to do more, and to do important and meaningful things with the resources we have.

We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven't stopped there. We are still trying to do things other people think are crazy but we are super excited about.

We've long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.

Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.

What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related.

Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well. We'll also make sure we have a great CEO for each business, and we'll determine their compensation. In addition, with this new structure we plan to implement segment reporting for our Q4 results, where Google financials will be provided separately than those for the rest of Alphabet businesses as a whole.

This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai. Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I've been tremendously enjoying our work together. He has really stepped up since October of last year, when he took on product and engineering responsibility for our internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations. I have been spending quite a bit of time with Sundar, helping him and the company in any way I can, and I will of course continue to do that. Google itself is also making all sorts of new products, and I know Sundar will always be focused on innovation—continuing to stretch boundaries. I know he deeply cares that we can continue to make big strides on our core mission to organize the world's information. Recent launches like Google Photos and Google Now using machine learning are amazing progress. Google also has some services that are run with their own identity, like YouTube. Susan is doing a great job as CEO, running a strong brand and driving incredible growth.

Sergey and I are seriously in the business of starting new things. Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort . We are also stoked about growing our investment arms, Ventures and Capital, as part of this new structure.

Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.

For Sergey and me this is a very exciting new chapter in the life of Google—the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands.

We are excited about

Getting more ambitious things done.
Taking the long-term view.
Empowering great entrepreneurs and companies to flourish.
Investing at the scale of the opportunities and resources we see.
Improving the transparency and oversight of what we're doing.
Making Google even better through greater focus.
And hopefully… as a result of all this, improving the lives of as many people as we can.

What could be better? No wonder we are excited to get to work with everyone in the Alphabet family. Don't worry, we're still getting used to the name too!

https://abc.xyz/

23/7/2024

Alphabet Announces Second Quarter 2024 Results

MOUNTAIN VIEW, Calif. - July 23, 2024 - Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2024.

Sundar Pichai, CEO, said: "Our strong performance this quarter highlights ongoing strength in Search and momentum in Cloud. We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead."

Ruth Porat, President and Chief Investment Officer; CFO said: "We delivered revenues of $85 billion, up 14% yearon-year driven by Search as well as Cloud, which for the first time exceeded $10 billion in quarterly revenues and $1 billion in operating profit. As we invest to support our highest growth opportunities, we remain committed to creating investment capacity with our ongoing work to durably re-engineer our cost base."

Q2 2024 Financial Highlights (unaudited)

The following table summarizes our consolidated financial results for the quarters ended June 30, 2023 and 2024 (in millions, except for per share information and percentages).

https://abc.xyz/assets/19/e4/3dc1d4d6439c81206370167db1bd/2024q2-alphabet-earnings-release.pdf

Amazon.com (NASDAQ: AMZN)

Who we are

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking.

Leadership Principles
Take a tour of Amazon
Working at Amazon
Amazon fulfillment centers
Diversity and inclusion
Awards and recognition
Our Positions

Building the future

We strive to have a positive impact on customers, employees, small businesses, the economy, and communities. Amazonians are smart, passionate builders with different backgrounds and goals, who share a common desire to always be learning and inventing on behalf of our customers.

Innovation
Small business
Authors
Job creation and investment
Sustainability
Community

What we do

Explore Amazon's products and services.

Amazon.com
Amazon Web Services
Prime Video
Amazon Music
Fire Tablets
Fire TV
Echo and Alexa
Kindle E-readers and Books

https://www.aboutamazon.com/?utm_source=gateway&utm_medium=footer

30/4/2024

Amazon.com Announces First Quarter Results

April 30, 2024

SEATTLE--(BUSINESS WIRE)-- Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2024.

Net sales increased 13% to $143.3 billion in the first quarter, compared with $127.4 billion in first quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 13% compared with first quarter 2023.
North America segment sales increased 12% year-over-year to $86.3 billion.
International segment sales increased 10% year-over-year to $31.9 billion, or increased 11% excluding changes in foreign exchange rates.
AWS segment sales increased 17% year-over-year to $25.0 billion.
Operating income increased to $15.3 billion in the first quarter, compared with $4.8 billion in first quarter 2023.
North America segment operating income was $5.0 billion, compared with operating income of $0.9 billion in first quarter 2023.
International segment operating income was $0.9 billion, compared with an operating loss of $1.2 billion in first quarter 2023.
AWS segment operating income was $9.4 billion, compared with operating income of $5.1 billion in first quarter 2023.
Net income increased to $10.4 billion in the first quarter, or $0.98 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in first quarter 2023.
First quarter 2024 net income includes a pre-tax valuation loss of $2.0 billion included in non-operating expense from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $0.5 billion from the investment in first quarter 2023.
Operating cash flow increased 82% to $99.1 billion for the trailing twelve months, compared with $54.3 billion for the trailing twelve months ended March 31, 2023.
Free cash flow improved to an inflow of $50.1 billion for the trailing twelve months, compared with an outflow of $3.3 billion for the trailing twelve months ended March 31, 2023.
Free cash flow less principal repayments of finance leases and financing obligations improved to an inflow of $46.1 billion for the trailing twelve months, compared with an outflow of $10.1 billion for the trailing twelve months ended March 31, 2023.
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations improved to an inflow of $48.8 billion for the trailing twelve months, compared with an outflow of $4.5 billion for the trailing twelve months ended March 31, 2023.

"It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results," said Andy Jassy, Amazon President and CEO. "The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS's AI capabilities is reaccelerating AWS's growth rate (now at a $100 billion annual revenue run rate); our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses. It's very early days in all of our businesses and we remain excited by how much more we can make customers' lives better and easier moving forward."

Highlights

Obsessing over the customer experience

Amazon obsesses over how to make customers' lives better and easier every day with new and improved products and services. This is true for consumers, sellers, brands, developers, enterprises, and creators. For example, Amazon:

Continued to delight customers with fast and convenient delivery. With more than 2 billion global units arriving the same or next day in Q1, Amazon delivered to Prime members at its fastest speeds ever. In March, across the top 60 largest U.S. metro areas, nearly 60% of Prime member orders arrived the same or next day, and in London, Tokyo, and Toronto, 3 out of 4 items were delivered the same or next day.

Expanded selection across the company's stores with the launch of popular brands. In the U.S., this included Gen Z favorite Parade; luxury fashion and accessories from AREA and HBX Archives by Hypebeast; beauty brands Clinique, Keys Soulcare by Alicia Keys, and LOVED01 by John Legend; tech brands Oura Ring and Sonos speakers; and officially-licensed products from the National Women's Soccer League. In Europe, Luxury Stores at Amazon announced a collaboration with Hardly Ever Worn It to offer customers pre-owned items from luxury brands.

Helped customers save with shopping events worldwide, including Amazon's Spring Deal Days in Europe and the first Big Spring Sale in Canada and the U.S., where customers saved on a wide selection of items including fashion, outdoor furniture, lawn and garden essentials, and cleaning and organizing products. Amazon also held a Ramadan event in Egypt, Saudi Arabia, and the UAE, where customers shopped hundreds of thousands of deals on local and international brands. Amazon also announced it will hold its 10th Prime Day event in July.

Expanded the company's health care offerings to provide customers in the U.S. more convenient access to medical care and medications, including adding Amazon Pharmacy home delivery of select Lilly diabetes, obesity, and migraine medications to LillyDirect patients; launching same-day delivery of prescription medications to Amazon Pharmacy customers in two new locations—greater Los Angeles and New York City—with plans to expand to more than a dozen cities by the end of year; and introducing Health Condition Programs, which makes it easier for customers to discover and enroll in digital health benefits for conditions like prediabetes, diabetes, and high blood pressure in Amazon's U.S. store.

Launched a grocery subscription for unlimited delivery on orders over $35 from Whole Foods Market, Amazon Fresh, as well as local grocery and specialty retailers. The subscription benefit is available to Prime members in more than 3,500 towns and cities in the U.S., as well as customers using a registered Electronic Benefits Transfer card.

Announced that Buy with Prime is available for Salesforce Commerce Cloud merchants. By offering new features like the ability for shoppers to search and filter for Prime-eligible items, and the ability to purchase Prime-eligible and non-eligible items in the same order, Buy with Prime provides merchants using Salesforce Commerce Cloud more flexibility and functionality, while maintaining control over their stores' look and feel.

Announced that Prime Video will stream its first NFL Wild Card playoff game in January 2025. Prime Video, which is home to Thursday Night Football, will have exclusive rights to air an opening round playoff game.

Earned 12 awards for Amazon MGM Studios film American Fiction, including nine for Best Adapted Screenplay by writer/director Cord Jefferson. These include an Academy Award, BAFTA Film Award, Critics Choice Award, two Independent Spirit Awards, and two Writers Guild of America Awards.

Grew Prime Video's international slate of content with more than 30 local Amazon Originals, including Operación Triunfo (Spain), Prime Video's first weekly live entertainment show, which was watched by more than 3.5 million unique viewers in Spain; Indian Police Force (India), which had the most viewers complete the entire first season for any Amazon India Original in its launch week; and Last One Laughing(Mexico) Season Six, which is the longest running edition of the hit global franchise.

Shared how customers and partners are using AWS generative artificial intelligence (generative AI) services to deliver new customer experiences, accelerate employee productivity, and transform operations.

Siemens is integrating Amazon Bedrock into its low-code development platform Mendix to allow thousands of companies across multiple industries to create and upgrade applications with the power of generative AI.

Philips is using AWS HealthImaging and Amazon Bedrock to scale digital pathology, helping labs and healthcare organizations improve diagnostics, increase productivity, accelerate research, and address complex medical cases, like cancer care.

Accenture and Anthropic are collaborating with AWS to help organizations—especially those in highly-regulated industries like healthcare, public sector, banking, and insurance—responsibly adopt and scale generative AI technology with Amazon Bedrock. This collaboration will help organizations like the District of Columbia Department of Health speed innovation, improve customer service, and improve productivity, while keeping data private and secure.

BT Group, a multinational communications company, provided Amazon Q Developer to 1,200 of its engineers, generating more than 100,000 lines of code in its first four months and automating approximately 12% of the repetitive and time-consuming work done by software engineers using the platform.

The Deutsche Fußball Liga (DFL) named AWS the Official Generative AI Provider of the DFL, and is using AI on AWS to generate metadata that allows the league, clubs, and media partners to more efficiently search for content in more than 210,000 hours of video footage.

Audi used Amazon SageMaker and Amazon OpenSearch Service to build a generative AI chatbot to improve its enterprise search experience and help employees find and navigate internal documentation, reducing search time from hours to a few seconds and improving productivity.

Konica Minolta Healthcare, a medical diagnostic imaging and healthcare information technology company, announced an enterprise imaging cloud platform using AWS HealthImaging to reduce image storage costs, enable access from almost anywhere, and accelerate data retrieval.

Dana-Farber Cancer Institute built a new research solution on Amazon Bedrock to help clinicians interpret complex lab results to help diagnose medical conditions, assess treatment efficacy, and determine next steps in clinical care.

Enterprise healthcare software provider symplr announced a generative AI solution that uses Amazon Bedrock and Amazon Q to connect and optimize hospital operations so clinicians and administrators can quickly access relevant data, simplifying staff scheduling and other administrative processes.

Choice Hotels became the first hotel company to migrate its entire system infrastructure to the cloud. The move to AWS is part of Choice Hotels' long-term technology roadmap and adoption of AI, and involves decommissioning more than 3,700 servers, retiring over 300 applications, and migrating more than 250 applications.

Mobile network operator Tele2 launched an Internet of Things customer support solution, powered by Amazon Bedrock, to help agents provide faster and more detailed conversational responses to customers across multiple channels.

Vonage, a cloud communications provider, announced a new anti-fraud solution with AWS generative AI capabilities to enable businesses to better protect themselves from mobile fraud while improving customer experiences.

Genomics England, a human genome research organization, is using Amazon Bedrock to help researchers identify associations between genetic variants and medical conditions by quickly processing millions of pages of scientific literature, with the goal of informing future genetic tests and improving human health.

AI biotechnology company Owkin selected AWS as its primary cloud provider to develop generative AI applications and accelerate drug discovery and development, empowering scientists and researchers to access, analyze, and manage vast amounts of data efficiently and securely in the cloud.

Parsyl, a data-powered insurer, is using Amazon Bedrock to turn unwieldy customer information, like email attachments in different formats, into usable data to help identify patterns of risk for businesses transporting goods.

Continued to expand AWS's infrastructure footprint to support customers by announcing:

Plans to launch new infrastructure Regions in the Kingdom of Saudi Arabia and in Mexico, which will give developers, startups, entrepreneurs, and enterprises greater choice for running their applications and serving end users. As part of AWS's long-term commitment, it is planning to invest more than $5.3 billion in the Kingdom of Saudi Arabia and more than $5 billion in Mexico over the next several years.

A planned investment of $10 billion to build two data center complexes in Mississippi. This investment, which is the single largest capital investment in the state's history, will create at least 1,000 jobs and support new educational trainings in the state.

The general availability of new AWS Local Zones in Atlanta, Chicago, and Houston. In Atlanta, AWS Local Zones support EC2 P5 instances, which deliver the highest performance for deep learning and high-performance computing applications.

Announced that AWS began waiving charges for data transfer out to the internet (DTO) to give customers choice if they want to migrate their data outside of AWS. The waiver on DTO charges is available to all AWS customers around the world and from any AWS Region.

Inventing on behalf of customers

Amazon is driven by a passion for invention across all of its business areas. The company builds new products and services that customers ask for, and also invents new ones that customers didn't know they wanted but make their lives or businesses better in some meaningful way. For example, Amazon:

Announced the general availability of Amazon Q, the most capable generative AI-powered assistant for accelerating software development and leveraging companies' internal data.

On the software development side, Amazon Q not only generates highly accurate code, but also tests code, debugs coding conflicts, and transforms code from one form to another (today, developers can save months using Q to move from older versions of Java to newer, more secure and capable ones; in the near future, Q will help developers transform their .net code as well). Q Developer Agents does multi-step planning and reasoning to allow developers to string together multiple requests and have Q implement them.

On the internal data side, most companies have large troves of data that reside in wikis, intranet pages, Salesforce, storage repositories like Amazon S3, and many other data stores and SaaS apps that are hard to access. It makes answering straightforward questions about company policies, products, business results, code, people, and many other topics hard and frustrating. Q makes this much simpler. Customers can point Q at all of its enterprise data repositories, and it'll search this data, summarize logically, analyze trends, and engage in dialog with customers about this data. With the launch of a powerful new capability called Q Apps, employees can now describe, in natural language, what apps they want to build on top of this internal data, and Q Apps will quickly generate that app. This will make it much easier for internal teams to build useful apps from their own data.

Delivered a number of innovations in Amazon Bedrock (AWS's generative AI service that enables customers to leverage an existing large language model, customize it with their own data, and have the easiest and best features available to deploy secure, high quality, low latency, cost-effective production generative AI apps). Tens of thousands of organizations worldwide are using Amazon Bedrock. These new Bedrock capabilities include:

The general availability of Anthropic's Claude 3 family of vision-enabled foundation models (FMs)—Opus, Sonnet, and Haiku—which are the best performing models in the world right now and provide industry-leading accuracy, performance, speed, and cost. Claude 3 Opus has set a new standard, outperforming other models available today in the areas of reasoning, math, and coding. Amazon Bedrock became the first managed service to add Claude 3 models, and continues to provide customers with the widest choice of high-performing, fully-managed large language models (LLMs) and FMs.

The general availability of Meta Llama 3 models, a collection of pretrained and instruction fine-tuned LLMs that come in two sizes—8B and 70B. The new models demonstrate significant improvements over previous versions due to vastly increased training data and scale. This collection of models supports a broad range of use cases, like text summarization and classification, sentiment analysis, language translation, and code generation.

The addition of FMs from leading AI startup Mistral AI. Mistral Large, the latest and most advanced LLM from Mistral AI, provides top-tier reasoning capabilities for complex multilingual reasoning tasks. Mistral AI's Mixtral 8x7B and Mistral 7B models can summarize, answer questions, and help organize information with their deep understanding of text structure and architecture.

The availability of new Cohere models (Command R and Command R+) on Bedrock.

New first party Amazon Titan LLMs, including Amazon Titan Text Embeddings V2 and the general availability of Amazon Titan Image Generator.

The general availability of Model Evaluation, which is the fastest way for organizations to analyze, compare, and select models on Amazon Bedrock, reducing time from weeks to hours spent evaluating models so customers can bring new applications and experiences to market faster.

The general availability of Guardrails, which provides customers with best-in-class technology to easily implement safeguards to remove personal and sensitive information, profanity, specific words, and harmful content. Guardrails offers industry-leading safety protection on top of the native capabilities of FMs, helping customers block up to 85% of harmful content. Guardrails is the only solution offered by a broad cloud provider that allows customers to have built-in and custom safeguards in a single offering, and it works with all LLMs in Amazon Bedrock, as well as fine-tuned models.

The new Custom Model Import capability that makes it simple for customers to import models from SageMaker (or elsewhere) into Bedrock before deploying their application—enabling customers to take advantage of all the Bedrock features that make it so much easier to build high quality production-grade generative AI apps.

Announced the extension of AWS and NVIDIA's strategic collaboration to make AWS the best place to run NVIDIA GPUs, helping customers unlock new generative AI capabilities. AWS will bring together NVIDIA's next-generation Blackwell platform with AWS Nitro System and AWS Key Management Service advanced security, Elastic Fabric Adapter petabit-scale networking, and Amazon EC2 UltraCluster hyper-scale clustering, enabling customers to securely build and run multi-trillion parameter LLMs faster, at massive scale, and at a lower cost than previous-generation NVIDIA GPUs on Amazon EC2. In addition, Project Ceiba, an AI supercomputer being jointly developed by AWS and NVIDIA exclusively on AWS for NVIDIA's own AI research and development, will be built on the Blackwell platform.

Continued to meet growing demand for AWS Trainium and Inferentia chips, which help customers maximize performance and control costs for their machine learning (ML) workloads. Customers using these purpose-built AWS ML AI chips include Anthropic, Databricks, Leonardo.ai, Qualtrics, Ricoh, Stockmark, Watashiha, and Vyond. In addition, Meta's recently-launched Llama 3 model is running on Trainium and Inferentia2—delivering the lowest cost to train, fine tune, and deploy Llama 3 on AWS.

Updated AWS Neuron (software that lets customers use popular frameworks like PyTorch to train and deploy models with minimal code changes on Amazon EC2 instances, powered by Trainium and Inferentia chips) to include features that further reduce costs for LLM inference for both external customers and internal teams at Amazon, such as Amazon Rufus.

Continued to rollout Rufus in the Amazon Shopping app to millions of customers in the U.S. Rufus, in beta, is a new generative AI-powered shopping assistant that can help customers save time and make more informed purchase decisions by answering a variety of shopping-related questions, providing product comparisons, making recommendations, and more. Amazon improved Rufus' answer accuracy and response speed, and added new features, including "My Orders," which answers questions such as "when did I last order coffee?" and "what dog treats did I last order?"

Added more generative AI features for independent sellers in the U.S. to create product listings, including a new tool that allows sellers to leverage product listings on their own websites, simply by providing Amazon with a URL. Amazon's generative AI-based features automatically parse the information to seamlessly create high-quality, engaging listings for Amazon's store. This feature further enhances and streamlines the process of creating product listings, saving sellers time and effort, while also developing product listings that appeal to customers and help drive sales.

Released 20 films and series from Amazon MGM Studios, including the debut season of Fallout, which attracted more than 65 million viewers worldwide and has become the second most watched title ever on Prime Video through its first 16 days; Road House, which attracted more than 50 million viewers worldwide in its first two weekends streaming on Prime Video, the biggest debut ever for an Amazon MGM Studios-produced film;Hazbin Hotel, which had the most total global viewers on its opening weekend for a new animated series on Prime Video; and The Beekeeper, which ranked in the top-10 of theatrical releases by revenue globally in the first quarter.

Announced plans to create a new series from MrBeast, the world's most-subscribed YouTube creator. Beast Games is set to have 1,000 contestants competing for $5 million—the biggest single prize in the history of television and streaming. The series will premiere on Prime Video in more than 240 countries and territories and is based on MrBeast's popular show.

Announced a global collaboration that will bring Fire TV to Panasonic's new smart TVs. Customers will get the benefits of Fire TV's personalized streaming and access to Alexa, combined with Panasonic's smart TVs. Amazon also announced Matter Casting on Fire TV and Echo Show 15—an industry-first implementation of this practice. Matter Casting lets customers stream and control content on their television or streaming stick from their mobile app. Customers can begin watching a movie from Prime Video on their phone, and cast it to a compatible Fire TV or Echo Show 15 to continue watching on a bigger screen.

Launched Ring Battery Doorbell Pro, Ring's most advanced battery-powered doorbell. It features 3D Motion Detection to make motion alerts more precise; HD+ Head-to-Toe Video to improve image quality; and Audio Toggle to turn audio recording on and off.

Introduced Blink Mini 2, a compact plug-in camera that works both indoors and outdoors. Blink Mini 2 features enhanced image quality, a built-in LED spotlight for night view in color, and on-device computer vision to support smart notifications, including person detection so customers can receive alerts only when a person is detected (versus an animal or object).

Achieved several important milestones on the path toward commercializing Zoox, Amazon's self-driving robotaxi, which is expected later this year. Key deliverables included: receiving Zoox's California Public Utilities Commission Driverless Autonomous Vehicle Pilot permit, which allows Zoox to carry members of the public in Foster City, California, without charging a fare; expanding driving capabilities to include higher speeds, night driving, and driving in light rain in both California and Nevada; and expanding the virtual boundary where Zoox can operate its robotaxis in Las Vegas, helping prepare for the first public riders in the city later this year.

Announced Whole Foods Market Daily Shop, a new quick-shop store designed to provide customers in urban neighborhoods a quick, convenient shopping experience. The new format will launch on the Upper East Side in Manhattan, with additional locations in New York City to follow.

Empowering employees and delivery service partners

In addition to its focus on customers, Amazon strives to make every day better for its employees and delivery service partners. For example, the company:

Announced that Amazon improved recordable incident rates (any work-related injury that requires more than basic first-aid treatment) by 30% and lost time incident rates (any work-related injury that requires someone to take time away from work) by 60% worldwide over the past four years. In 2024, Amazon plans to invest over $750 million in technologies, resources, training, and programs to further improve safety across its network.

Achieved record-breaking participation in Career Choice, Amazon's education benefit that empowers employees to learn new skills for career success, in the first quarter. Since the program launched in 2012, nearly 200,000 employees have furthered their education, earned industry certifications, and learned new skills through the program.

Ranked No. 3 on Fortune magazine's World's Most Admired Companies list—Amazon's eighth straight year in the top three. The annual ranking is determined by a survey of top executives and analysts, and companies are evaluated on factors including the quality of their management and products, commitments to social responsibility, and ability to attract talent.

Expanded opportunities for women in India, including awarding new scholarships for 500 women students to help them build a career in technology as part of the Amazon Future Engineer Scholarship Program. Students will receive 50,000 Indian Rupees each year to go toward courses in computer science.

Announced that Amazon will introduce its Delivery Service Partner (DSP) program in Brisbane, Melbourne, and Sydney, Australia this year. The DSP program provides access to tools, resources, and Amazon's logistics expertise to help entrepreneurs start delivery businesses, and has the potential to create hundreds of jobs for delivery drivers. The program will expand Amazon's last mile network in Australia to meet growing customer demand.

Announced plans to open Amazon Robotics fulfillment centers in Asturias, Spain and Sagamihara City, Japan, as part of Amazon's commitment to design and deploy advanced technology that improves operational safety, employee experience, and customer delivery. The company now has Robotics fulfillment centers in 11 countries around the world, and they help improve workplace ergonomics, reduce heavy lifting and repetitive tasks, and enable employees to gain new skills.

Supporting communities and protecting the environment

Amazon believes that success and scale bring broad responsibility to help the planet, future generations, and communities. Amazon employees have passion for investing in these areas, and a sampling of the efforts from this past quarter are that Amazon:

Launched a Disaster Relief Hub in Rheinberg, Germany—Amazon's first Hub in Europe and the company's 13th around the world. The 21,000-square-foot Hub allows Amazon to store and quickly pack relief items that are most needed following natural disasters and other emergencies. AWS also provided technology to support the nonprofit Help.NGO to fight wildfires in Chile and Colombia, including monitoring active fires, spotting new fires, and evaluating how best to help evacuated residents return to their homes. Since 2017, Amazon has used its global inventory, logistics infrastructure, and cloud technology to respond to more than 145 natural disasters and donate more than 24 million relief items globally.

Increased funding for the AWS Health Equity Initiative by $20 million, bringing its commitment since the program launched in 2021 to $60 million. This program provides free cloud credits and technical expertise to help organizations harness the power of the cloud to advance global health. It has supported 263 organizations globally since 2021.

Was named the largest corporate purchaser of renewable energy by BloombergNEF for the fourth consecutive year. Amazon now has more than 500 wind and solar projects globally that are expected to generate more than 77,000 gigawatt-hours of clean energy each year—or enough to power 7.2 million U.S. homes.

Announced that nearly half of all customer orders fulfilled in India are delivered in reduced or original packaging—meaning less packaging is needed to ensure the deliveries arrive safely, which is better for customers and the environment. Deliveries with reduced or no additional packaging are reaching customers in more than 300 cities across India, up from nine cities in 2019.

Invested in Glacier, a women-led AI and robotics company that helps the recycling industry reduce waste by automating, sorting, and collecting real-time data on recycling streams. The investment is part of Amazon's Climate Pledge Fund, and is the second woman CEO-led company that The Fund has invested in as part of its $53 million Female Founder Initiative, which launched in 2022 to close the funding gap for women in climate tech.

Financial Guidance

The following forward-looking statements reflect Amazon.com's expectations as of April 30, 2024, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.

Second Quarter 2024 Guidance

Net sales are expected to be between $144.0 billion and $149.0 billion, or to grow between 7% and 11% compared with second quarter 2023. This guidance anticipates an unfavorable impact of approximately 60 basis points from foreign exchange rates. In first quarter 2024 the impact from Leap Year added approximately 120 basis points to the year-over-year net sales growth rate.

Operating income is expected to be between $10.0 billion and $14.0 billion, compared with $7.7 billion in second quarter 2023.

This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results.

These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security breaches, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings.

Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

AMAZON.COM, INC.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)

	Three Months Ended March 31,				Twelve Months Ended March 31,
		2023		2024		2023		2024


CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD	$	54,253	$	73,890	$	36,599	$	49,734
OPERATING ACTIVITIES:
Net income		3,172		10,431		4,294		37,684
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other		11,123		11,684		43,851		49,224
Stock-based compensation		4,748		4,961		21,119		24,236
Non-operating expense (income), net		534		2,734		8,811		1,452
Deferred income taxes		(472)		(938)		(6,619)		(6,342)
Changes in operating assets and liabilities:
Inventories		371		1,776		393		2,854
Accounts receivable, net and other		4,724		3,684		(4,361)		(9,388)
Other assets		(3,203)		(2,701)		(14,499)		(11,763)
Accounts payable		(11,264)		(11,282)		1,061		5,455
Accrued expenses and other		(5,763)		(2,928)		(1,418)		407
Unearned revenue		818		1,568		1,698		5,328
Net cash provided by (used in) operating activities		4,788		18,989		54,330		99,147
INVESTING ACTIVITIES:
Purchases of property and equipment		(14,207)		(14,925)		(62,901)		(53,447)
Proceeds from property and equipment sales and incentives		1,137		990		5,252		4,449
Acquisitions, net of cash acquired, non-marketable investments, and other		(3,513)		(3,354)		(5,488)		(5,680)
Sales and maturities of marketable securities		1,115		1,392		9,963		5,904
Purchases of marketable securities		(338)		(1,965)		(1,139)		(3,115)
Net cash provided by (used in) investing activities		(15,806)		(17,862)		(54,313)		(51,889)
FINANCING ACTIVITIES:
Common stock repurchased		—		—		(3,334)		—
Proceeds from short-term debt, and other		12,780		338		40,590		5,687
Repayments of short-term debt, and other		(3,603)		(404)		(34,926)		(22,478)
Proceeds from long-term debt		—		—		21,166		—
Repayments of long-term debt		(1,386)		(330)		(2,644)		(2,620)
Principal repayments of finance leases		(1,380)		(770)		(6,544)		(3,774)
Principal repayments of financing obligations		(57)		(90)		(226)		(304)
Net cash provided by (used in) financing activities		6,354		(1,256)		14,082		(23,489)
Foreign currency effect on cash, cash equivalents, and restricted cash		145		(429)		(964)		(171)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(4,519)		(558)		13,135		23,598
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD	$	49,734	$	73,332	$	49,734	$	73,332
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest	$	402	$	269	$	1,684	$	2,475
Cash paid for operating leases		2,467		3,332		8,733		11,318
Cash paid for interest on finance leases		81		74		348		301
Cash paid for interest on financing obligations		59		64		208		201
Cash paid for income taxes, net of refunds		619		458		6,201		11,018
Assets acquired under operating leases		3,626		3,753		20,251		14,179
Property and equipment acquired under finance leases, net of remeasurements and modifications		8		42		517		676
Property and equipment recognized during the construction period of build-to-suit lease arrangements		131		37		1,953		263
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating		720		—		5,845		654

https://ir.aboutamazon.com/news-release/news-release-details/2024/Amazon.com-Announces-First-Quarter-Results-68b9258cd/

Apple (NASDAQ: AAPL)

Company Background

The Company designs, manufactures and markets mobile communication and media devices and personal computers, and sells a variety of related software, services, accessories and third-party digital content and applications. The Company's products and services include iPhone® , iPad® , Mac® , Apple Watch® , AirPods® , Apple TV® , HomePod™, a portfolio of consumer and professional software applications, iOS, macOS® , watchOS® and tvOS™ operating systems, iCloud® , Apple Pay ® and a variety of other accessory, service and support offerings.The Company sells and delivers digital content and applications through the iTunes Store ® , App Store ® , Mac App Store, TV App Store, Book Store and Apple Music® (collectively "Digital Content and Services"). The Company sells its products worldwide through its retail stores, online stores and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers and resellers. In addition, the Company sells a variety of third-party Apple-compatible products, including application software and various accessories, through its retail and online stores.The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. The Company's fiscal year is the 52- or 53-week period that ends on the last Saturday of September. The Company is a California corporation established in 1977.

Business Strategy

The Company is committed to bringing the best user experience to its customers through its innovative hardware, software and services.The Company's business strategy leverages its unique ability to design and develop its own operating systems, hardware, application software and services to provide its customers products and solutions with innovative design, superior ease-of-use and seamless integration. As part of its strategy, the Company continues to expand its platform for the discovery and delivery of digital content and applications through its Digital Content and Services, which allows customers to discover and download or stream digital content, iOS, Mac, Apple Watch and Apple TV applications, and books through either a Mac or Windows personal computer or through iPhone, iPad and iPod touch® devices ("iOS devices"), Apple TV, Apple Watch and HomePod.The Company also supports a community for the development of third-party software and hardware products and digital content that complement the Company's offerings. The Company believes a high-quality buying experience with knowledgeable salespersons who can convey the value of the Company's products and services greatly enhances its ability to attract and retain customers.Therefore, the Company's strategy also includes building and expanding its own retail and online stores and its third-party distribution network to effectively reach more customers and provide them with a high-quality sales and post-sales support experience.The Company believes ongoing investment in research and development ("R&D"), marketing and advertising is critical to the development and sale of innovative products, services and technologies.

Source Apple Inc 2018 Annual Report

https://investor.apple.com/investor-relations/default.aspx

https://s2.q4cdn.com/470004039/files/doc_financials/2018/q4/10-K-2018-(As-Filed).pdf

2/5/2024

Apple reports second quarter results

Services revenue reaches new all-time record

EPS sets March quarter record

https://nr.apple.com/dJ0Q9G7FB0

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.

"Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services," said Tim Cook, Apple's CEO. "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us."

"Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter," said Luca Maestri, Apple's CFO. "Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row."

Apple's board of directors has declared a cash dividend of $0.25 per share of the Company's common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company's common stock.

https://www.apple.com/newsroom/2024/05/apple-reports-second-quarter-results/

Autodesk (NASDAQ: ADSK)

MAKE ANYTHING

Autodesk makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you've experienced what millions of Autodesk customers are doing with our software.

https://asean.autodesk.com/company

AWESOME PRODUCTS

We make tools for everyone - from designers and engineers to architects and makers. Our products are used across almost every industry you can think of. If it's been 3D modeled, digitally prototyped or manufactured, our products were likely used to design it.

MEANINGFUL WORK

Helping people imagine, design, and make a better world isn't just a statement - it's our reason for being. We bring our mission to life by leveraging our innovative tools and having some of the best people in their industry creating new technologies. From software development, to cloud and mobile, to reality capture and 3D technologies, you can see how our products have helped (sometimes literally) shape the world.

CULTURE OF RESPECT

Autodesk takes great pride in its culture. Our employee engagement scores are best in class and we are more committed than ever to ensuring our culture drives our vision of helping people imagine, design and make a better world. Authenticity, humility, and impact are just a few aspects of our culture that make Autodesk a great place to work.

Autodesk has over 100 offices in over 38 countries around the world. We'd love for you to join us.

https://www.autodesk.com/careers

11/6/2024

Autodesk Inc announces fiscal 2025 first quarter results

Jun 11, 2024

- First quarter revenue grew 12 percent, and 13 percent at constant exchange rates, to $1.4 billion.

- Current remaining performance obligations were $3.9 billion, up 12 percent year over year.

SAN FRANCISCO, June 11, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2025.

All growth rates are compared to the first quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

First Quarter Fiscal 2025 Financial Highlights

Total revenue increased 12 percent to $1.42 billion;
GAAP operating margin was 21 percent, up 4 percentage points;
Non-GAAP operating margin was 35 percent, up 3 percentage points;
GAAP diluted EPS was $1.16; Non-GAAP diluted EPS was $1.87;
Cash flow from operating activities was $494 million; free cash flow was $487 million.

"Autodesk is ahead of its peers in 3D AI and the industry clouds, platforms, and business model evolution that will be needed to deliver 3D AI products and services at scale. We can already use generative AI to quickly generate functional 3D shapes from a variety of inputs including 2D images, text, voxels and point clouds. We are well on the way to reasoning about all CAD geometry," said Andrew Anagnost, Autodesk president and CEO. "We intend to retain and extend this lead while also driving to an industry-leading 'Rule of Forty' ratio of 45 or more."

Additional Financial Details

Total billings decreased 5 percent to $1.11 billion.
Total revenue was $1.42 billion, an increase of 12 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
Design revenue was $1.20 billion, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue decreased 2 percent as reported, and 1 percent on a constant currency basis.
Make revenue was $145 million, an increase of 20 percent as reported, and 21 percent on a constant currency basis. On a sequential basis, Make revenue increased 5 percent as reported and on a constant currency basis.
Subscription plan revenue was $1.33 billion, an increase of 11 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue decreased 1 percent as reported and on a constant currency basis.
Net revenue retention rate remained within the range of 100 to 110 percent, on a constant currency basis.
GAAP operating income was $299 million, compared to $217 million in the first quarter last year. GAAP operating margin was 21 percent, up 4 percentage points compared to the first quarter last year.
Total non-GAAP operating income was $490 million, compared to $404 million in the first quarter last year. Non-GAAP operating margin was 35 percent, up 3 percentage points compared to the first quarter last year.
GAAP diluted net income per share was $1.16, compared to $0.75 in the first quarter last year.
Non-GAAP diluted net income per share was $1.87, compared to $1.55 in the first quarter last year.
Deferred revenue decreased 12 percent to $3.96 billion. Unbilled deferred revenue was $1.93 billion, an increase of $1.03 billion compared to the first quarter last year. Remaining performance obligations ("RPO") increased 9 percent to $5.89 billion. Current RPO increased 12 percent to $3.92 billion.
Cash flow from operating activities was $494 million, a decrease of $229 million compared to the first quarter last year. Free cash flow was $487 million, a decrease of $227 million compared to the first quarter last year.

First Quarter Fiscal 2025 Business Highlights

Net Revenue by Geographic Area

	Three Months Ended April 30, 2024	Three Months Ended April 30, 2023	Change compared to prior fiscal year		Constant currency change compared to prior fiscal year
(In millions, except percentages)	Three Months Ended April 30, 2024	Three Months Ended April 30, 2023	$	%	%
Net Revenue:
Americas
U.S.	$ 509	$ 456	$ 53	12 %	*
Other Americas	110	97	13	13 %	*
Total Americas	619	553	66	12 %	12 %
EMEA	534	474	60	13 %	14 %
APAC	264	242	22	9 %	14 %
Total Net Revenue	$ 1,417	$ 1,269	$ 148	12 %	13 %


* Constant currency data not provided at this level.

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the second quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Second Quarter Fiscal 2025

Q2 FY25 Guidance Metrics	Q2 FY25 (ending July 31, 2024)
Revenue (in millions)	$1,475 - $1,490
EPS GAAP	$1.12 - $1.18
EPS non-GAAP (1)	$1.98 - $2.04


(1) Non-GAAP earnings per diluted share excludes $0.80 related to stock-based compensation expense, $0.15 for the amortization of both purchased intangibles and developed technologies, and $0.07 for acquisition-related costs, partially offset by ($0.16) related to GAAP-only tax charges.

Full Year Fiscal 2025

FY25 Guidance Metrics	FY25 (ending January 31, 2025)
Billings (in millions)	$5,810 - $5,960 Up 12% - 15%
Revenue (in millions) (1)	$5,990 - $6,090 Up 9% - 11%
GAAP operating margin	21% - 22%
Non-GAAP operating margin (2)	35% - 36%
EPS GAAP	$4.71 - $4.93
EPS non-GAAP (3)	$7.99 - $8.21
Free cash flow (in millions) (4)	$1,430 - $1,500


(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher.
(2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs.
(3) Non-GAAP earnings per diluted share excludes $3.16 related to stock-based compensation expense, $0.57 for the amortization of both purchased intangibles and developed technologies, and $0.20 related to acquisition-related costs, partially offset by ($0.65) related to GAAP-only tax charges.
(4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures.

The second quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 21 percent and 19 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.

Earnings Conference Call and Webcast

Autodesk will host its first quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.

A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk's website for at least 12 months.

Investor Presentation Details

An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.

Key Performance Metrics

To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate.

Free Cash Flow: Cash flow from operating activities minus capital expenditures.

Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.

Other Revenue: Consists of revenue from consulting and other products and services, and is recognized as the products are delivered and services are performed.

Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.

Solution Provider: Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions.

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.

Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs.

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, extreme weather events, and the COVID-19 pandemic; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything

Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

https://investors.autodesk.com/news-releases/news-release-details/autodesk-inc-announces-fiscal-2025-first-quarter-results

BlackBerry Ltd (NYSE: BB)

Our Vision

A connected world, in which you are safe and your data is yours.

Our Mission

To be the world's leading provider of end-to-end mobility solutions that are the most secure and trusted.

Transforming and Empowering Securely Connected Organizations

The Internet of Things represents the next great wave in business transformation. BlackBerry is leading the way with a single platform for securing, managing and optimizing how intelligent endpoints are deployed in the enterprise, enabling our customers to stay ahead of the technology curve that will reshape every industry.

BlackBerry Quick Facts

Innovation

23% of revenue invested in R&D

37,600+ patents

18 major development centers in 7 countries

Financial

Second quarter fiscal 2020 total Company non-GAAP revenue of $261 million, 22% growth year-over-year

Second quarter fiscal 2020 total non-GAAP Software and Services revenue of $256 million, 30% growth year-over-year

Fourteenth consecutive quarter of non-GAAP operating income

$938 million of cash at August 31, 2019

NYSE: BB; TSX: BlackBerry

*As of September 24, 2019

Customers

All 7 of the G7 governments, 16 of the G20 governments

9 of the top 10 global financial services brands

9 of the 10 largest automotive OEMs

7 of the 7 largest automotive Tier Ones

8 of the 10 largest aerospace and defense companies

8 of the 10 largest healthcare companies

All 5 of the largest media companies

Operations

Global Headquarters: Waterloo, Ontario, Canada

Operations in: 30 countries

Founded in: 1984

https://www.blackberry.com/us/en/company/overview

26/6/2024

BlackBerry Reports First Quarter Fiscal Year 2025 Results

• Exceeds quarterly revenue guidance for both IoT and Cybersecurity divisions

• IoT achieves 18% year over year revenue growth in the quarter

• Delivers sequential improvement in key Cybersecurity ARR and DBNRR metrics

• Exceeds guidance for adjusted EBITDA and non-GAAP earnings per share

• Makes significant progress in operational separation of IoT and Cybersecurity businesses

Waterloo, Ontario - BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months ended May 31, 2024 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

"BlackBerry's strategy is delivering results. The Company is making significant progress towards operational independence for our IoT and Cybersecurity businesses, as well as towards profitability. We exceeded our outlook range for both adjusted EBITDA and non-GAAP EPS this quarter and achieved a third consecutive sequential improvement in free cash usage. BlackBerry remains on track to be both profitable on a non-GAAP basis and generating positive cashflow in the fourth quarter," said John J. Giamatteo, CEO, BlackBerry. "Both our IoT and Cybersecurity businesses beat revenue expectations. QNX recorded solid royalty revenue while our Cybersecurity division delivered a second consecutive quarter of ARR growth, as well as further enhancing dollar-based net retention."

First Quarter Fiscal 2025 Financial Highlights

• Total company revenue was $144 million.

• Total company non-GAAP and GAAP gross margin was 67%.

• IoT revenue grew 18% year-over-year and exceeded previously-provided guidance at $53 million; IoT gross margin was 81%.

• Cybersecurity exceeded previously-provided guidance at $85 million; Cybersecurity gross margin was 59%.

• Cybersecurity ARR increased by 2% sequentially to $285 million; DBNRR increased sequentially for third consecutive quarter to 87%.

• Licensing and Other revenue was $6 million.

• Non-GAAP operating loss was $12 million and GAAP operating loss was $39 million.

• Non-GAAP basic loss per share beat the previously-provided guidance at $0.03 and GAAP basic loss per share was $0.07.

• Adjusted EBITDA was negative $7 million.

• Total cash, cash equivalents, short-term and long-term investments was $283 million; Operating cash usage was sequentially flat at $15 million, while free cash usage decreased sequentially for the third consecutive quarter to $16 million.

Business Highlights & Strategic Announcements

• ETAS and BlackBerry QNX® forge partnership to jointly sell and market software solutions to provide the safe and secure foundation for the Software-Defined Vehicle (SDV).

• BlackBerry announces collaboration with AMD to advance foundational precision and control for robotics industry by enabling new levels of low latency and jitter, and repeatable determinism.

• BlackBerry launches CylanceMDR™, an expert driven and AI-powered Managed Detection and Response (MDR) solution, including an innovative "On-Demand" solution.

• BlackBerry introduces Cylance Assistant, a generative AI cybersecurity advisor that will help organizations speed up decision-making and stop more threats faster with fewer resources.

• BlackBerry® UEM places in upper-right quadrant as a 2024 Gartner® Peer Insights™ Customers' Choice for Unified Endpoint Management tools for second year running.

• Independent test lab, The Tolly Group, identifies BlackBerry CylanceENDPOINT™ as detecting up to 25 percent more threats and with up to eight times less system impact than competitors.

• BlackBerry nominates Lori O'Neill, an experienced corporate director and financial expert, for election to its Board of Directors.

https://www.blackberry.com/us/en/pdfviewer?file=/content/dam/bbcomv4/blackberry-com/en/company/investors/financial-reports/2025/q12025/Q1-FY25-Earnings-Press-Release.pdf

Broadcom Inc. (NASDAQ: AVGO)

Broadcom Inc. is a global infrastructure technology leader built on 50 years of innovation, collaboration and engineering excellence.

With roots based in the rich technical heritage of AT&T/Bell Labs, Lucent and Hewlett-Packard/Agilent, Broadcom focuses on technologies that connect our world. Through the combination of industry leaders Broadcom, LSI, Broadcom Corporation, Brocade and CA Technologies, the company has the size, scope and engineering talent to lead the industry into the future..

Broadcom is focused on technology leadership and category-leading semiconductor and infrastructure software solutions. The company is a global leader in numerous product segments serving the world's most successful companies.

Broadcom Inc. combines global scale, engineering depth, broad product portfolio diversity, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions so its customers can build and grow successful businesses in a constantly changing environment.

https://www.broadcom.com/company/about-us/

Company History

Broadcom Inc. is a global infrastructure technology leader built on 50 years of innovation, collaboration and engineering excellence. With roots based in the rich technical heritage of AT&T/Bell Labs, Lucent and Hewlett-Packard/Agilent, Broadcom focuses on technologies that connect our world. Through the combination of industry leaders Broadcom, LSI, Broadcom Corporation, Brocade and CA Technologies, the company has the size, scope and engineering talent to lead the industry into the future.

https://www.broadcom.com/company/about-us/company-history/

12/6/2024

Broadcom Inc. Announces Second Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend

Revenue of $12,487 million for the second quarter, up 43 percent from the prior year period
GAAP net income of $2,121 million for the second quarter; Non-GAAP net income of $5,394 million for the second quarter
Adjusted EBITDA of $7,429 million for the second quarter, or 59 percent of revenue
GAAP diluted EPS of $4.42 for the second quarter; Non-GAAP diluted EPS of $10.96 for the second quarter
Cash from operations of $4,580 million for the second quarter, less capital expenditures of $132 million, resulted in $4,448 million of free cash flow, or 36 percent of revenue
Quarterly common stock dividend of $5.25 per share
Fiscal 2024 annual revenue guidance of approximately $51.0 billion including contribution from VMware, an increase of 42 percent from the prior year period
Fiscal 2024 annual Adjusted EBITDA guidance of approximately 61 percent of projected revenue(1)
Ten-for-one forward stock split; trading on a split-adjusted basis is expected to commence on July 15, 2024

PALO ALTO, Calif., June 12, 2024 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2024, ended May 5, 2024, provided guidance for its fiscal year 2024 and announced its quarterly dividend.

"Broadcom's second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds," said Hock Tan, President and CEO of Broadcom Inc. "We are raising our fiscal year 2024 guidance for consolidated revenue to $51 billion and adjusted EBITDA to 61% of revenue."

"Consolidated revenue grew 43% year-over-year to $12.5 billion, including the contribution from VMware, and was up 12% year-over-year, excluding VMware. Adjusted EBITDA increased 31% year-over-year to $7.4 billion," said Kirsten Spears, CFO of Broadcom Inc. "Free cash flow, excluding restructuring and integration in the quarter, was $5.3 billion, up 18% year-over-year. Today we are announcing a ten-for-one forward stock split of Broadcom's common stock, to make ownership of Broadcom stock more accessible to investors and employees."

The ten-for-one forward stock split will be effected through the filing of an amendment to Broadcom's Amended and Restated Certificate of Incorporation that will proportionately increase the authorized shares of common stock. Our stockholders of record after the close of market on July 11, 2024 will receive an additional nine shares of common stock for each share held after the close of market on July 12, 2024. At market open on July 15, 2024, trading is expected to commence on a split-adjusted basis.

Second Quarter Fiscal Year 2024 Financial Highlights

	GAAP							Non-GAAP
(Dollars in millions, except per share data)	Q2 24		Q2 23		Change			Q2 24		Q2 23		Change
Net revenue	$	12,487	$	8,733		+43	%	$	12,487	$	8,733		+43	%
Net income	$	2,121	$	3,481	-$	1,360		$	5,394	$	4,489	+$	905
Earnings per common share - diluted	$	4.42	$	8.15	-$	3.73		$	10.96	$	10.32	+$	0.64

The Company's cash and cash equivalents at the end of the fiscal quarter were $9,809 million, compared to $11,864 million at the end of the prior quarter.

During the second fiscal quarter, the Company generated $4,580 million in cash from operations and spent $132 million on capital expenditures. The Company paid $1,548 million of withholding taxes related to net settled equity awards that vested in the quarter (representing approximately 1.2 million shares withheld).

On March 29, 2024, the Company paid a cash dividend of $5.25 per share, totaling $2,443 million.

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below and presented in detail in the financial reconciliation tables attached to this release.

Fiscal Year 2024 Business Outlook

Based on current business trends and conditions, the outlook for continuing operations for fiscal year 2024, ending November 3, 2024, including the contribution from VMware, is expected to be as follows:

Fiscal year 2024 revenue guidance of approximately $51.0 billion; and

Fiscal year 2024 Adjusted EBITDA guidance of approximately 61 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Company's Board of Directors has approved a quarterly cash dividend of $5.25 per share. The dividend is payable on June 28, 2024 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on June 24, 2024.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of fiscal year 2024 and to discuss the business outlook today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

To Listen via Telephone: Preregistration is required by the conference call operator. Please preregister at https://register.vevent.com/register/BId8ff937a59494fdca3650de7ed2678a1. Upon registering, a link to the dial-in number and unique PIN will be emailed to the registrant.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons.

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom

Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom's category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com.

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)


	Fiscal Quarter Ended						Two Fiscal Quarters Ended
	May 5,		February 4,		April 30,		May 5,		April 30,
	2024		2024		2023		2024		2023

Net revenue	$	12,487	$	11,961	$	8,733	$	24,448	$	17,648
Cost of revenue:
Cost of revenue		3,142		3,114		2,177		6,256		4,551
Amortization of acquisition-related intangible assets		1,516		1,380		441		2,896		976
Restructuring charges		53		92		-		145		2
Total cost of revenue		4,711		4,586		2,618		9,297		5,529
Gross margin		7,776		7,375		6,115		15,151		12,119
Research and development		2,415		2,308		1,312		4,723		2,507
Selling, general and administrative		1,277		1,572		438		2,849		786
Amortization of acquisition-related intangible assets		827		792		348		1,619		696
Restructuring and other charges		292		620		9		912		19
Total operating expenses		4,811		5,292		2,107		10,103		4,008
Operating income		2,965		2,083		4,008		5,048		8,111
Interest expense		(1,047)		(926)		(405)		(1,973)		(811)
Other income, net		87		185		113		272		256
Income from continuing operations before income taxes		2,005		1,342		3,716		3,347		7,556
Provision for (benefit from) income taxes		(116)		68		235		(48)		301
Income from continuing operations		2,121		1,274		3,481		3,395		7,255
Income from discontinued operations, net of income taxes		-		51		-		51		-
Net income	$	2,121	$	1,325	$	3,481	$	3,446	$	7,255

Basic income per share:
Income per share from continuing operations	$	4.56	$	2.82	$	8.39	$	7.41	$	17.40
Income per share from discontinued operations		-		0.11		-		0.11		-
Net income per share	$	4.56	$	2.93	$	8.39	$	7.52	$	17.40

Diluted income per share:
Income per share from continuing operations	$	4.42	$	2.73	$	8.15	$	7.18	$	16.95
Income per share from discontinued operations		-		0.11		-		0.11		-
Net income per share	$	4.42	$	2.84	$	8.15	$	7.29	$	16.95

Weighted-average shares used in per share calculations:
Basic		465		452		415		458		417
Diluted		480		467		427		473		428

Stock-based compensation expense included in continuing operations:
Cost of revenue	$	170	$	161	$	50	$	331	$	87
Research and development		881		863		354		1,744		621
Selling, general and administrative		352		548		109		900		196
Total stock-based compensation expense	$	1,403	$	1,572	$	513	$	2,975	$	904

https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-second-quarter-fiscal-year-2024-financial

Cisco (NASDAQ: CSCO)

Cisco Overview

Cisco helps seize the opportunities of tomorrow by proving that amazing things can happen when you connect the unconnected. An integral part of our DNA is creating long-lasting customer partnerships, working together to identify our customers' needs and provide solutions that fuel their success.

We have preserved this keen focus on solving business challenges since our founding in 1984. Len Bosack and wife Sandy Lerner, both working for Stanford University, wanted to email each other from their respective offices, but technological shortcomings did not allow such communication. A technology had to be invented to deal with disparate local area protocols, and as a result of solving their challenge, the multiprotocol router was born.

https://newsroom.cisco.com/overview

15/5/2024

Cisco Reports Third Quarter Earnings

SAN JOSE, Calif., May 15, 2024 -

News Summary:

$12.7 billion in revenue, down 13% year over year, in line with expectations and reflects our customers' continued implementation of products on-hand
Strong profitability with GAAP gross margin of 65.1% and non-GAAP gross margin of 68.3%
Transformed business model, further enhanced by the Splunk acquisition:
- Total subscription revenue of $6.9 billion including Splunk, representing 54% of total revenue
- Total annualized recurring revenue (ARR) at $29.2 billion including $4.2 billion from Splunk, up 22% year over year, and product ARR at $15.5 billion, up 44% year over year
Gary Steele, former Splunk CEO, named president of Go-to-Market, effective immediately
Q3 FY 2024 Results:
- Revenue: $12.7 billion
  - Decrease of 13% year over year
  - Splunk contributed $413 million in revenue
- Earnings per Share: GAAP: $0.46; Non-GAAP: $0.88
  - GAAP EPS decreased 41% year over year, which includes a negative $0.09 impact from the Splunk acquisition
  - Non-GAAP EPS decreased 12% year over year, which includes a negative $0.01 impact from the Splunk acquisition
Q4 FY 2024 Guidance:
- Revenue: $13.4 billion to $13.6 billion
- Earnings per Share: GAAP: $0.46 to $0.51; Non-GAAP: $0.84 to $0.86
FY 2024 Guidance:
- Revenue: $53.6 billion to $53.8 billion
- Earnings per Share: GAAP: $2.46 to $2.51; Non-GAAP: $3.69 to $3.71

Cisco today reported third quarter results for the period ended April 27, 2024. Cisco reported third quarter revenue of $12.7 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.9 billion or $0.46 per share, and non-GAAP net income of $3.6 billion or $0.88 per share.

"We delivered a solid Q3 performance in what remains a dynamic environment" said Chuck Robbins, chair and CEO of Cisco. "Our unique ability to bring together networking, security, observability, and data enables Cisco to offer our customers unrivaled digital resilience for the AI era."

"Revenue, gross margin and non-GAAP EPS in Q3 were at the high end or above our guidance range, both including and excluding Splunk, resulting in continued operating leverage," said Scott Herren, CFO of Cisco. "Customers are consuming the equipment shipped over the last few quarters in line with our expectations and we are seeing stabilization of demand as a result. The addition of Splunk to our product line will be a catalyst for further growth."

Gary Steele Named President of Go-to-Market

Cisco has named Gary Steele as President of Go-to-Market, effective immediately. Steele is well known for his operational excellence, and in this new role, he will work closely with Robbins to set and execute against Cisco's strategic plans and goals. He will continue to lead the Splunk team through the integration process to ensure a seamless integration into Cisco.

Cisco also announced that Jeff Sharritts, Cisco's Chief Customer and Partner Officer, will depart Cisco after a successful 24-year career at the company. Sharritts will remain with Cisco until mid-July to ensure a seamless transition.

GAAP Results

	Q3 FY 2024	Q3 FY 2023	Vs. Q3 FY 2023
Revenue	$ 12.7 billion	$ 14.6 billion	(13) %
Net Income	$ 1.9 billion	$ 3.2 billion	(41) %
Diluted Earnings per Share (EPS)	$ 0.46	$ 0.78	(41) %

The acquisition of Splunk, including financing costs, had a negative impact of $0.09 to GAAP EPS, for the third quarter of fiscal 2024.

Non-GAAP Results

	Q3 FY 2024	Q3 FY 2023	Vs. Q3 FY 2023
Net Income	$ 3.6 billion	$ 4.1 billion	(14) %
EPS	$ 0.88	$ 1.00	(12) %

The acquisition of Splunk, including financing costs, had a negative impact of $0.01 to Non-GAAP EPS, for the third quarter of fiscal 2024.

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Cisco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.40 per common share to be paid on July 24, 2024, to all stockholders of record as of the close of business on July 5, 2024. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q3 FY 2024 Highlights

Revenue -- Total revenue was $12.7 billion, down 13%, with product revenue down 19% and service revenue up 6%. Cisco completed the acquisition of Splunk Inc. ("Splunk") in the third quarter of fiscal 2024. Splunk contributed $413 million of total revenue for the third quarter of fiscal 2024.

Revenue by geographic segment was: Americas down 15%, EMEA down 9%, and APJC down 12%. Product revenue performance reflected growth in Security up 36% and Observability up 27%. Networking was down 27%. Product revenue in Collaboration was flat. Security and Observability, excluding Splunk, grew 3% and 14%, respectively, in the third quarter of fiscal 2024.

Cisco estimates the following results for the fourth quarter of fiscal 2024:

Q4 FY 2024
Revenue		$13.4 billion - $13.6 billion
Non-GAAP gross margin rate		66.5% - 67.5%
Non-GAAP operating margin rate		31.5% - 32.5%
Non-GAAP EPS		$0.84 - $0.86

Gross Margin -- On a GAAP basis, total gross margin, product gross margin, and service gross margin were 65.1%, 63.5%, and 69.2%, respectively, as compared with 63.4%, 62.7%, and 65.4%, respectively, in the third quarter of fiscal 2023.

On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 68.3%, 66.9%, and 71.6%, respectively, as compared with 65.2%, 64.5%, and 67.3%, respectively, in the third quarter of fiscal 2023.

Total gross margins by geographic segment were: 67.9% for the Americas, 69.6% for EMEA and 67.4% for APJC.

Operating Expenses -- On a GAAP basis, operating expenses were $6.1 billion, up 15%, and were 47.9% of revenue. Non-GAAP operating expenses were $4.3 billion, down 5%, and were 34.0% of revenue.

Operating Income -- GAAP operating income was $2.2 billion, down 44%, with GAAP operating margin of 17.2%. Non-GAAP operating income was $4.3 billion, down 12%, with non-GAAP operating margin at 34.2%.

Provision for Income Taxes -- The GAAP tax provision rate was 15.6%. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS -- On a GAAP basis, net income was $1.9 billion and EPS was $0.46, each a decrease of 41%. On a non-GAAP basis, net income was $3.6 billion, a decrease of 14%, and EPS was $0.88, a decrease of 12%.

Cash Flow from Operating Activities -- $4.0 billion for the third quarter of fiscal 2024, a decrease of 24%, compared with $5.2 billion for the third quarter of fiscal 2023.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments -- $18.8 billion at the end of the third quarter of fiscal 2024, compared with $26.1 billion at the end of fiscal 2023.

Remaining Performance Obligations (RPO) -- $38.8 billion, up 21% in total, with 52% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 29% and service RPO were up 14%.

Deferred Revenue -- $27.5 billion, up 13% in total, with deferred product revenue up 18%. Deferred service revenue was up 9%.

Capital Allocation -- In the third quarter of fiscal 2024, we returned $2.9 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 26 million shares of common stock under our stock repurchase program at an average price of $49.22 per share for an aggregate purchase price of $1.3 billion. The remaining authorized amount for stock repurchases under the program is $7.2 billion with no termination date.

Acquisitions

In the third quarter of fiscal 2024, we closed the following acquisitions:

Splunk Inc., a public cybersecurity and observability company
Isovalent, Inc., a privately held cloud native solutions company

Guidance

Cisco estimates the following results for the fourth quarter of fiscal 2024:

Q4 FY 2024
Revenue		$13.4 billion - $13.6 billion
Non-GAAP gross margin rate		66.5% - 67.5%
Non-GAAP operating margin rate		31.5% - 32.5%
Non-GAAP EPS		$0.84 - $0.86

Our Q4 FY 2024 guidance includes $950 million to $1 billion in revenue from Splunk and a negative impact to non-GAAP EPS of approximately ($0.03) as the interest impact from financing the acquisition more than offsets the operating benefit.

Cisco estimates that GAAP EPS will be $0.46 to $0.51 for the fourth quarter of fiscal 2024.

Cisco estimates the following results for fiscal 2024:

FY 2024
Revenue		$53.6 billion - $53.8 billion
Non-GAAP EPS		$3.69 - $3.71

Cisco estimates that GAAP EPS will be $2.46 to $2.51 for fiscal 2024.

Our Q4 FY 2024 guidance assumes an effective tax provision rate of approximately 18% for GAAP and non-GAAP results. Our FY 2024 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results.

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled "GAAP to non-GAAP Guidance" located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Editor's Notes:

Q3 fiscal year 2024 conference call to discuss Cisco's results along with its guidance will be held on Wednesday, May 15, 2024 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).

Conference call replay will be available from 4:00 p.m. Pacific Time, May 15, 2024 to 4:00 p.m. Pacific Time, May 21, 2024 at 1-800-391-9851 (United States) or 1-203-369-3268 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.

Additional information regarding Cisco's financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, May 15, 2024. Text of the conference call's prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.

https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2024/m05/cisco-reports-third-quarter-earnings.html

Citrix Systems, Inc

31/1/2022

Citrix to be Acquired by Affiliates of Vista Equity Partners and Evergreen Coast Capital for $16.5 Billion

Acquisition will take Citrix private, allowing company to accelerate its SaaS transformation, increase investment, and expand platform for secure hybrid work

Citrix to combine with Vista portfolio company TIBCO Software to create global digital workspace and data analytics leader

FORT LAUDERDALE, Fla. - Jan. 31, 2022 - Citrix Systems, Inc. (NASDAQ: CTXS) ("Citrix"), today announced that it has entered into a definitive agreement under which affiliates of Vista Equity Partners ("Vista"), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Evergreen Coast Capital Corporation ("Evergreen"), an affiliate of Elliott Investment Management L.P. ("Elliott"), will acquire Citrix in an all-cash transaction valued at $16.5 billion, including the assumption of Citrix debt.

Under the terms of the agreement, Citrix shareholders will receive $104.00 in cash per share. The per share purchase price represents a premium of 30 percent over the Company's unaffected 5-day VWAP as of December 7, 2021, the last trading day before market speculation regarding a potential transaction, and a premium of 24 percent over the closing price on December 20, 2021, the last trading day prior to media reports regarding a potential bid from Vista and Evergreen.

In connection with the transaction, Vista and Evergreen intend to combine Citrix and TIBCO Software ("TIBCO"), one of Vista's portfolio companies. TIBCO is a global leader in enterprise data management, empowering its customers to connect, unify, and confidently predict business outcomes. The combination brings together Citrix's secure digital workspace and application delivery suite with TIBCO's real-time intelligent data and analytics capabilities to empower customers and users with the secure application and information access and insights they need to accelerate digital transformation and navigate the hybrid workplace.

The union will create one of the world's largest software providers, serving 400,000 customers, including 98 percent of the Fortune 500, with 100 million users in 100 countries. Further, it will accelerate Citrix's defined growth strategy and SaaS transition. The combined company will be positioned to provide complete, secure and optimized infrastructure for enterprise application and desktop delivery and data management to advance hybrid cloud IT strategies and meet the needs of the modern enterprise.

"Over the past three decades, Citrix has established itself as the clear leader in secure hybrid work. Our market-leading platform provides secure and reliable access to all of the applications and information employees need to get work done, wherever it needs to get done. By combining with TIBCO, we will expand this platform and the outcomes our customers achieve," said Bob Calderoni, Chair of the Citrix Board of Directors and Interim Chief Executive Officer and President. "Together with TIBCO, we will be able to operate with greater scale and provide a larger customer base with a broader range of solutions to accelerate their digital transformations and enable them to deliver the future of hybrid work. As a private company, we will have increased financial and strategic flexibility to invest in high-growth opportunities, such as DaaS, and accelerate its ongoing cloud transition."

"Today's announcement is the culmination of a strategic review process conducted over five months, including extensive outreach to both potential financial and strategic buyers," continued Calderoni. "This transaction provides our shareholders with significant immediate cash value. Moreover, this investment by Vista and Evergreen is a testament to the value Citrix has created and the reputation our team has built."

Added Dan Streetman, CEO of TIBCO, "There has never been a better time to be in the business of connected intelligent analytics, and we're thrilled to bring our industry-leading solutions to Citrix's global customers. The workplace has changed forever, and companies everywhere will require real-time access to faster, smarter insights from the increasingly large volumes of data available to them, their employees, and their ecosystems. I couldn't be more excited about our combined vision and look forward to a strong partnership."

"We have always viewed Citrix as a true technology pioneer, building and defining so many categories that have changed the landscape of the industry," said Monti Saroya, Co-Head of Vista's Flagship Fund and Senior Managing Director. "As a private company, Citrix will have access to additional resources and support, as well as more flexibility to take advantage of strong secular tailwinds with trends supporting modern and secure remote hybrid work to serve the combined customer base and invest in high growth markets."

"Citrix and TIBCO provide mission-critical software and services to many the world's most successful businesses, and we see tremendous value in combining their respective world-class offerings to help companies gather insight from the growing volumes of data generated by the hybrid work economy. Both businesses have now completed transitions to approximately 90% recurring revenue, poising the go-forward combined business to drive future growth," said John Stalder, Managing Director at Vista. "We look forward to partnering with Evergreen and the Citrix and TIBCO teams to ensure this is a seamless transition for all stakeholders."

"We have long appreciated the mission-critical role that Citrix plays in keeping workforces connected," said Managing Partner Jesse Cohn and Senior Portfolio Manager Jason Genrich on behalf of Evergreen and Elliott. "Having first invested in Citrix more than six years ago, we have a deep understanding of its unique strengths and significant potential as a private company. We look forward to partnering with Vista and working closely with Citrix's management team and its talented employees to expand its capabilities and help drive its next phase of growth."

Terms of the Transaction

The transaction, which has been unanimously approved by the members of the Citrix Board of Directors voting on the matter, is expected to close mid-year, subject to customary closing conditions, including approval by Citrix shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, Citrix's shares will no longer trade on the Nasdaq, and Citrix will become a private company. Citrix will continue to operate under the Citrix name and brand, and will remain headquartered in Fort Lauderdale, FL.

Elliott and certain of its affiliates, which hold an approximately 12% interest in Citrix through a combination of outstanding shares of Citrix common stock and derivatives, have entered into a voting agreement with Citrix, pursuant to which they have agreed, among other things, to vote their shares of Citrix common stock in favor of the transaction.

Fourth Quarter and Fiscal Year 2021 Financial Results

In a separate press release, Citrix today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021, which is accessible by visiting the Investor Relations section of the Citrix corporate website at http://www.citrix.com/investors. In light of the announced transaction with Vista and Evergreen, Citrix will not hold an earnings conference call.

Advisors

Qatalyst Partners is serving as financial advisor to Citrix, and Goodwin Procter LLP is acting as legal counsel.

BofA Securities, Barclays, Citi, Credit Suisse, Goldman Sachs & Co. LLC, Lazard and Mizuho Securities USA LLC, are serving as financial advisors to Vista and Evergreen. Kirkland & Ellis LLP is acting as legal counsel for Vista and TIBCO, and Gibson, Dunn & Crutcher LLP and Debevoise & Plimpton LLP are acting as legal counsel for Evergreen.

https://www.citrix.com/news/announcements/jan-2022/takeprivate.html

A Platform for the Future of Work

Citrix is a digital workspace platform that gives employees everything they need to be productive in one unified experience while arming IT with the visibility, simplicity, and security needed to enable and control it all.

Since 1989, Citrix has made it easier for people to access the applications and content they need to do their very best work - wherever and whenever work needs to get done. Today, more than 100 million users across 400,000 organizations - including 99% of the Fortune 500 - trust Citrix to power a better way to work.

We deliver: digital workspace, networking and security, and analytics technologies to help you.

Empower your workforce to increase productivity and improve the employee experience.

Give your people a streamlined experience—powered by automation and personalized insights—that guides and enables them to work smarter.

Simplify your IT landscape with flexibility and choice.

Bridge disparate technology ecosystems to give IT the ability to reliably manage, deliver, and secure any app on any device, network, or hybrid-multi-cloud environment.

Protect your future of work with an integrated approach to security.

Centralize security policies and processes while ensuring intelligent, automated, context-driven detection and remediation of potential threats across all users, apps, networks, and endpoints.

In with the new

Citrix doesn't just give you the freedom to innovate and grow—we give you the guidance and choice you need to be more efficient, agile, and open to new capabilities than you ever thought possible.

Together with customers across industries and the world, we're imagining—and building—how the future works.

Explore solutions to meet the unique needs of your industry and business

Citrix (NASDAQ:CTXS) aims to power a world where people, organizations and things are securely connected and accessible to make the extraordinary possible. We help customers reimagine the future of work by providing the most comprehensive secure digital workspace that unifies the apps, data and services people need to be productive, and simplifies IT's ability to adopt and manage complex cloud environments. With 2017 annual revenue of $2.82 billion, Citrix solutions are in use by more than 400,000 organizations including 99 percent of the Fortune 100 and 98 percent of the Fortune 500.

https://www.citrix.com/about/

Citrix Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Jan 31, 2022 FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the fourth quarter and fiscal year ended December 31, 2021.

Financial Results

For the fourth quarter of fiscal year 2021, Citrix achieved revenue of $851 million, compared to $810 million in the fourth quarter of fiscal year 2020, representing 5 percent revenue growth. For fiscal year 2021, Citrix reported annual revenue of $3.22 billion, compared to $3.24 billion for fiscal year 2020, a 1 percent decrease.

GAAP Results

Net income for the fourth quarter of fiscal year 2021 was $103 million, or $0.81 per diluted share, compared to $112 million, or $0.89 per diluted share, for the fourth quarter of fiscal year 2020. Net income for the fourth quarter of fiscal year 2021 includes restructuring charges of $103 million for severance and facility closing costs and a $120 million income tax benefit related to the finalization of transitional tax relief in accordance with the enactment of federal tax reform in Switzerland.

Annual net income for fiscal year 2021 was $307 million, or $2.44 per diluted share, compared to $504 million, or $4.00 per diluted share for fiscal year 2020. Net income for fiscal years 2021 and 2020 includes restructuring charges of $103 million and $12 million, respectively, for severance and facility closing costs. Net income for fiscal 2021 also includes an income tax benefit of $120M for transitional tax relief in Switzerland.

Non-GAAP Results

Non-GAAP net income for the fourth quarter of fiscal year 2021 was $186 million, or $1.47 per diluted share, compared to $183 million, or $1.46 per diluted share for the fourth quarter of fiscal year 2020. Non-GAAP net income for the fourth quarter of fiscal years 2021 and 2020 excludes the effects of stock-based compensation expense, amortization and impairment of acquired intangible assets, restructuring charges and the tax effects related to these items. Non-GAAP net income for the fourth quarter of fiscal year 2021 also excludes the impacts from transitional tax relief in Switzerland.

Annual non-GAAP net income for fiscal year 2021 was $673 million, or $5.33 per diluted share, compared to $769 million, or $6.10 per diluted share for fiscal year 2020. Annual non-GAAP net income for fiscal years 2021 and 2020 excludes the effects of stockbased compensation expense, amortization and impairment of acquired intangible assets, restructuring charges, and the tax effects related to these items. Annual non-GAAP net income for fiscal year 2021 also excludes acquisition-related costs and the impacts from transitional tax relief in Switzerland.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures."

Cancellation of Earnings Conference Call and Suspension of Guidance

Citrix also announced today that is has entered into a definitive agreement to be acquired by an affiliate of Elliott Investment Management L.P. and Vista Equity Partners. A copy of the press release can be found by visiting the Investor Relations section of the Citrix corporate website at http://www.citrix.com/investors. In light of the announced transaction with Elliott and Vista, Citrix will not host an earnings conference call. In addition, Citrix will not provide guidance for the first quarter 2022 or the full year 2022 as a result of the pending transaction.

About Citrix

Citrix (NASDAQ:CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments. Learn more at www.citrix.com.

For full release:

https://investors.citrix.com/~/media/Files/C/Citrix-IR/documents/quarterly-results/2021/fourth-quarter/4q21-earnings-release.pdf

Cognizant (NASDAQ: CTSH)

Cognizant (NASDAQ-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps many of the best-known organizations in every industry and geography envision, build and run more innovative and efficient businesses.

Founded in 1994 as a technology development arm of The Dun & Bradstreet Corporation, we were spun off as an independent company in 1996, and have worked closely with large organizations to help them build stronger businesses ever since. Today, Cognizant specializes in helping some of the world's most established companies to stay the most loved brands in today's fast-changing technology landscape by advancing every aspect of how they serve their customers: digitizing their products, services and customer experiences; automating their business processes; and modernizing their technology infrastructures.

Put simply, we help clients get digital done at scale and speed—the scale needed to transform their complex organizations to capitalize on the tremendous opportunities the latest technologies make possible, and the speed expected by their customers, partners and owners.

Organizing our horizontal capabilities into Cognizant Digital Business, Cognizant Digital Operations and Cognizant Digital Systems & Technology, we have made it easier for clients to approach us for solutions they require. Cognizant Digital Business helps clients redesign their business models, reinventing existing businesses and creating new ones by innovating products, services and experiences with digital. Cognizant Digital Operations helps clients reinvent their operating models, achieving hyperagility in core business processes by harnessing automation and intelligent, on-demand platforms and utilities. Cognizant Digital Systems & Technology helps clients refresh their technology models, matching their business' capabilities with its ambitions by simplifying, modernizing and securing enabling systems. Because today, creating value by leveraging technology is very industry-specific, we continue to deepen our expertise in 20 different industries, including banking and financial services, healthcare, manufacturing and retail. And to help speed clients' journeys toward becoming digital, we bring our digital capabilities and industry expertise together into horizontal offerings and industry solutions that accelerate the most essential leaps that today's technology makes possible, and complement those solutions with consulting and services built for the speed of business today. With headquarters in the U.S. and a rapidly-expanding footprint that extends from India and China to Europe, North America, South America, and the Middle East, we work around the globe—securely, quickly—while collaborating locally with clients, in person and in their local languages.

We consider it our responsibility to make people feel at home in the future, no matter how technologyenabled it becomes. So, we are committed to helping to solve some of humankind's most difficult challenges in a way that is beneficial and comfortable for people through the work we do, and through investing in training people around the world in the digital skills that will be needed to do that work.

We believe that the opportunity presented by technology has never been greater, and because of that opportunity, Cognizant will continue to be one of the fastest-growing companies in our industry

https://www.cognizant.com/Resources/cognizant-corporate-overview.pdf

2/5/2024

COGNIZANT REPORTS FIRST QUARTER 2024 RESULTS

Revenue of $4.8 billion declined 1.1% year-over-year, or declined 1.2% in constant currency1, which was above the high-end of our guidance range
Operating margin of 14.6%, flat year-over-year, and Adjusted Operating Margin1 of 15.1%, which expanded 50 basis points year-over-year
Trailing 12-month bookings of $25.9 billion; book-to-bill of 1.3x
$284 million returned to shareholders through share repurchases and dividends
2024 revenue guidance unchanged at (2.0%) to 2.0% in constant currency
2024 Adjusted Operating Margin guidance unchanged at 15.3-15.5%, representing year-over-year expansion of 20 to 40 basis points

TEANECK, N.J., May 1, 2024 /PRNewswire/ -- Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its first quarter 2024 financial results.

"During the first quarter, we delivered revenue above the high-end of our guidance range and continued to make progress against our strategic priorities," said Ravi Kumar S, Chief Executive Officer. "We have built upon our large deal momentum of 2023, signing eight deals during the quarter, each with a total contract value of at least $100 million. As our clients navigate an uncertain economic environment, we are adapting to the market dynamics by helping them achieve operational efficiencies, supporting their innovation agendas, and preparing them for AI-driven transformation across their businesses."

$ in billions, except per share data	Q1 2024	Q1 2023
Revenue	$4.76	$4.81
Y/Y Change	(1.1 %)	(0.3 %)
Y/Y Change CC1	(1.2 %)	1.5 %
GAAP Operating Margin	14.6 %	14.6 %
Adjusted Operating Margin1	15.1 %	14.6 %
GAAP Diluted EPS	$1.10	$1.14
Adjusted Diluted EPS1	$1.12	$1.11

"The first quarter's adjusted operating margin of 15.1% expanded by 50 basis points year-over-year, driven by our NextGen program. We remain focused on operational excellence and cost discipline as our clients continue to limit discretionary spending," said Jatin Dalal, Chief Financial Officer. "Our recently completed acquisition of Thirdera, an industry-leading ServiceNow partner, is already opening new growth opportunities and expanding our pipeline. As part of our balanced capital allocation strategy, we continue to seek organic and inorganic investment opportunities to accelerate our growth profile, expand our capabilities, and diversify our portfolio mix."

Bookings

Bookings in the first quarter declined 6% year-over-year. On a trailing-twelve-month basis, bookings grew 1% year-over-year to $25.9 billion, which represented a book-to-bill of approximately 1.3x.

Employee Metrics

Total headcount at the end of the first quarter was 344,400, a decrease of 3,300 from Q4 2023 and a decrease of 7,100 from Q1 2023. Voluntary attrition - Tech Services on a trailing-twelve months basis was 13.1% as compared to 23.1% for the period ended March 31, 2023.

Return of Capital to Shareholders

The Company repurchased 1.4 million shares for $110 million during the first quarter under its share repurchase program. As of March 31, 2024, there was $1.7 billion remaining under the share repurchase authorization. In April 2024, the Company declared a quarterly cash dividend of $0.30 per share for shareholders of record on May 20, 2024. This dividend will be payable on May 29, 2024.

Second Quarter and Full-Year 2024 Guidance2

(all growth rates year-over-year)

Second quarter revenue is expected to be $4.75 - $4.82 billion, a decline of 2.9% to a decline of 1.4%, or a decline of 2.5% to a decline of 1.0% in constant currency.
Full-year 2024 revenue is expected to be $18.9 - $19.7 billion, a decline of 2.2% to growth of 1.8% as reported, or a decline of 2.0% to growth of 2.0% in constant currency. This assumes up to 100 basis points of inorganic contribution.
Full-year 2024 Adjusted Operating Margin3 is expected to be in the range of 15.3% to 15.5%, or 20 to 40 basis points of expansion.
Full-year 2024 Adjusted EPS3 is expected to be in the range of $4.50 to $4.68.

2 Guidance as of May 1, 2024

3 A full reconciliation of Adjusted Operating Margin and Adjusted Diluted EPS guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts. See "About Non-GAAP Financial Measures and Performance Metrics" for more information and a partial reconciliation at the end of this release.

Select Client and Partnership Announcements

Signed agreement with Telstra, Australia's leading telecommunications and technology company, to elevate their software engineering capabilities and enhance their customers' experience. We will leverage our AI tools to drive innovation, enable more efficient software engineering and IT operations and decommission legacy systems to improve operational efficiency and support their employee experience.
Expanded partnership with Microsoft that will leverage Microsoft Copilot and Cognizant's advisory and digital transformation services to help employees and enterprise customers operationalize generative AI and realize strategic business transformation. The partnership aims to make Microsoft's generative AI and Copilots available to millions of users, to transform enterprise business operations, enhance employee experiences and accelerate cross-industry innovation. As part of the partnership, Cognizant purchased 25,000 Microsoft 365 Copilot seats for Cognizant associates, along with 500 Sales Copilot seats and 500 Services Copilot seats to enhance productivity, streamline workflows and transform customer experiences.
Announced a collaboration with Microsoft to infuse generative AI into healthcare administration. The TriZetto Assistant on Facets will leverage Azure OpenAI Service and Semantic Kernel to provide access to generative AI within the TriZetto user interface. This new collaboration aims to increase productivity and efficiency for healthcare payers and providers, while ensuring timely responses and improved care for patients.
Announced a planned collaboration with FICO, a leading analytics software company, to launch a cloud-based real-time payment fraud prevention solution powered by FICO® Falcon® Fraud Manager. The joint offering would leverage both firms' artificial intelligence and machine learning (ML) capabilities to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
Announced a strategic alliance with Shopify and Google Cloud to drive digital transformation and platform modernization for global retailers and brands. By utilizing Shopify's commerce operating system, built on Google Cloud, along with the expansive suite of Google Cloud offerings, retailers are expected to have the foundational technology needed to enable Cognizant to execute impactful digital transformation services and deliver benefits across a range of retail scenarios.
Signed a new agreement to transform and manage the global technology infrastructure of McCormick & Company, Inc., a global leader in flavor with a portfolio of category-leading brands. The new agreement is expected to deliver predictable business outcomes powered by AI automated tools. Cognizant is expected to deliver several key capabilities for McCormick over the next five years, including new self-service capabilities, improved service productivity and significant cost savings.
Extended strategic agreement with LexisNexis® Legal & Professional, a leading global provider of information and analytics. Cognizant will provide cloud and digital engineering services to enhance customer experience on LexisNexis' next-gen legal research solution in the U.S. and Canada.
Extended a strategic partnership with CNO Financial Group, Inc., a leading provider of insurance, financial services and workforce benefits solutions to middle-income America. Cognizant will leverage generative AI technologies designed to deliver improvements and drive efficiencies for CNO's technology landscape across infrastructure, applications, enterprise software, and engineering.
Announced the combination of Cognizant's generative AI technology with the NVIDIA BioNeMo gen AI platform to solve complex challenges of drug discovery in the life sciences industry, such as improving productivity in the development process and increasing the speed at which new, life-saving treatments can be brought to market.
Unveiled an Advanced Artificial Intelligence Lab based in San Francisco that will focus on advancing the science and practice of AI through innovation and development of intellectual property and AI-enablement technologies. Staffed by a team of researchers and developers, including AI pioneers and PhDs, the lab will collaborate with research institutions, customers, and startups.
Renewed Cognizant's long-standing relationship with Pon IT, which is part of the Dutch family-owned multinational Pon Holdings. The collaboration will enable Cognizant to continue providing cloud managed services for Pon IT across its suite of operating companies. During the next phase of the collaboration, Cognizant will continue to implement further optimizations that are expected to enable Pon IT to benefit from an agile, intuitive, and integrated cloud platform.
Selected by Clario, a healthcare research technology company that delivers leading endpoint technology solutions for clinical trials, to support its global IT infrastructure and applications. Cognizant services will provide automation and digital technologies that can reduce cost of service and speed time to market.
Renewed Cognizant's collaboration with Cermaq Group AS, a leading global salmon producer driving the transition of systems towards healthier and more climate-friendly foods. The renewal comes after an existing ten-year relationship between the two companies that has enabled Cognizant to reliably act as a strategic ally on Cermaq's path towards digital modernization.

Select Analyst Ratings, Company Recognition and Announcements

Announced our Bluebolt grassroots innovation program, which launched a year ago in April 2023, has driven more than $150 million in estimated annualized client cost savings across more than 1,100 client implementations. We introduced Bluebolt to empower our global associates to devise and submit ideas - large and small - with the goal of advancing clients' success. Cognizant associates have submitted more than 130,000 ideas to date, of which more than 23,000 ideas have been implemented.
Named as one of "America's Most Innovative Companies 2024" by Fortune Magazine, the world-leading statistics portal and industry ranking provider. Cognizant was recognized for its innovative products and services, processes, and culture for the second consecutive year.
Secured a number three ranking on the LinkedIn Top Companies in India 2024 list, which spotlights 25 leading workplaces with more than 5,000 employees globally. The recognition acknowledges our commitment to prioritizing associate experience, fostering skilling, facilitating career growth and championing gender diversity.
Recognized as a Leader by Everest Group® in:
Retail IT Services PEAK Matrix® Assessment, 2024
Pega Services PEAK Matrix® Assessment, 2024
Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment, 2024
CPG IT Services PEAK Matrix® Assessment, 2024
Intelligent Process Automation Services PEAK Matrix® Assessment, 2024
Marketing Services PEAK Matrix® Assessment, 2024
A Leader in IDC MarketScape:
Worldwide Professional Services in Railways and Airlines 2024 Vendor Assessment, doc #US51421623, February 2024
Market Leader in HFS Horizon 3:
Assuring the Generative Enterprise™, 2024
Customer Experience Service Providers, 2024
Leadership in ISG Provider Lens™:
Intelligent Automation Services and Solutions, 2023
Sustainability and ESG Services, 2024
Mainframe Services, 2024
Salesforce Ecosystem Partners, 2024 - US & UK
Leadership in Avasant RadarViewTM:
Life Sciences Digital Services, 2024
Airlines and Airports Digital Services, 2024
Hybrid Enterprise Cloud Services, 2024
Intelligent Automation Services, 2024
Healthcare Payor Digital Services, 2024
Retail Digital Services, 2024
Manufacturing Digital Services, 2024
Leadership in NelsonHall NEAT Reports:
Salesforce Services, 2024

Conference Call

Cognizant will host a conference call on May 1, 2024, at 5:00 p.m. (Eastern) to discuss the Company's first quarter 2024 results. To listen to the conference call, please dial (877) 810-9510 (domestic) or +1 (201) 493-6778 (international) and provide the following conference passcode: "Cognizant Call."

The conference call will also be available live on the Investor Relations section of the Cognizant website at http://investors.cognizant.com. An earnings supplement will also be available on the Cognizant website at the time of the conference call. For those who cannot access the live broadcast, a replay will be available. To listen to the replay, please dial (877) 660-6853 (domestically) or +1 (201) 612-7415 (internationally) and enter 13744823 beginning two hours after the end of the call until 11:59 p.m. (Eastern) on Tuesday, May 15, 2024. The replay will also be available at Cognizant's website www.cognizant.com for 60 days following the call.

About Cognizant

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our strategy, strategic partnerships and collaborations, competitive position and opportunities in the marketplace, investment in and growth of our business, the pace and magnitude of change and client needs related to generative AI, the effectiveness of our recruiting and talent efforts and related costs, labor market trends, the anticipated amount of capital to be returned to shareholders and our anticipated financial performance. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, our ability to successfully implement our NextGen program and the amount of costs, timing of incurring costs and ultimate benefits of such plans, our ability to successfully use AI-based technologies, legal, reputational and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

About Non-GAAP Financial Measures and Performance Metrics

Non-GAAP Financial Measures

To supplement our financial results presented in accordance with GAAP, this press release includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Operating Margin, Adjusted Diluted EPS, free cash flow, net cash and constant currency revenue growth. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.

Our non-GAAP financial measures Adjusted Operating Margin and Adjusted Income from Operations excludes unusual items, such as NextGen charges. Our non-GAAP financial measure Adjusted Diluted EPS excludes unusual items, such as NextGen charges, net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item excluded from Adjusted Diluted EPS is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities net of purchases of property and equipment. Net cash is defined as cash and cash equivalents and short-term investments less short-term and long-term debt. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues.

Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Accordingly, we believe that the presentation of our non-GAAP measures, which exclude certain costs, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

Performance Metrics

Bookings are defined as total contract value (or TCV) of new contracts, including new contract sales as well as renewals and expansions of existing contracts. Bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large contracts. Our book-to-bill ratio is defined as bookings for the trailing twelve months divided by revenue for the same period. Measuring bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenues may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and contract modifications, including terminations, over the lifetime of a contract. The majority of our contracts are terminable by the client on short notice often without penalty, and some without notice. We do not update our bookings for subsequent terminations, reductions or foreign currency exchange rate fluctuations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenues. However, management believes that it is a key indicator of potential future revenues and provides a useful indicator of the volume of our business over time.

https://news.cognizant.com/2024-05-01-COGNIZANT-REPORTS-FIRST-QUARTER-2024-RESULTS

Dell Technologies (NYSE: DELL)

About Us

"We share a vision of a future that is better than today."

- Michael Dell

Digital Transformation isn't a concept.

It's a reality.

As a powerhouse of seven technology leaders, we're committed to transforming businesses, shaping the future of innovation and developing technologies to drive human progress.

Discover who we are, our family of brands, the leadership team and our strategic sponsorships to understand how Dell Technologies is powering the next technological revolution.

Who We Are

We are passionate about driving to human progress through greater access to better technology, for people with big ideas around the world.

Our Brands

Dell Technologies is at the forefront of driving the digital future. With the combined power of seven industry leaders: Dell, Dell EMC, Pivotal, RSA, Secureworks, Virtustream and VMware, we're committed to transforming lives with world-class technologies.

Leadership

We believe progress sits at the intersection of humanity and technology. The role of our leadership team is to harness transformation on a global scale, so people and organizations can thrive within the digital economy.

Sponsorships

Partnering with dynamic and agile companies is what fuels our desire to drive digital transformation. Together, we create iconic solutions to modernize the technologies, people and processes of today.

https://corporate.delltechnologies.com/en-us/about-us.htm

30/5/2024

Dell Technologies Delivers First Quarter Fiscal 2025 Financial Results

May 30, 2024

News summary

First quarter revenue of $22.2 billion, up 6% year over year

Infrastructure Solutions Group (ISG) revenue of $9.2 billion, up 22% year over year, with record servers and networking revenue of $5.5 billion, up 42%

Client Solutions Group (CSG) revenue of $12.0 billion, flat year over year, with commercial client revenue at $10.2 billion, up 3%

Diluted earnings per share of $1.32, up 67% year over year, and non-GAAP diluted earnings per share of $1.27, down 3%

ROUND ROCK, Texas, May 30, 2024 /PRNewswire/ --

Dell Technologies logo (PRNewsfoto/Dell Technologies)

Full story

Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 first quarter. Revenue was $22.2 billion, up 6% year over year. Operating income was $920 million and non-GAAP operating income was $1.5 billion, down 14% and 8% year over year, respectively. Cash flow from operations was $1.0 billion. Diluted earnings per share was $1.32, and non-GAAP diluted earnings per share was $1.27, up 67% and down 3% year over year, respectively.

Dell returned $1.1 billion to shareholders through share repurchases and dividends and ended the quarter with $7.3 billion in cash and investments.

"We again demonstrated our ability to execute and deliver strong cash flow, with AI continuing to drive new growth," said Yvonne McGill, chief financial officer, Dell Technologies. "Revenue was up 6% at $22.2 billion, servers and networking revenue was up 42%, and we generated $7.9 billion of cash flow from operations over the last 12 months."

First Quarter Fiscal 2025 Financial Results

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
	(in millions, except per share amounts and percentages; unaudited)

Net revenue	$ 22,244	$ 20,922	6 %
Operating income	$ 920	$ 1,069	(14) %
Net income	$ 955	$ 578	65 %
Change in cash from operating activities	$ 1,043	$ 1,777	(41) %
Earnings per share - diluted	$ 1.32	$ 0.79	67 %

Non-GAAP operating income	$ 1,474	$ 1,598	(8) %
Non-GAAP net income	$ 923	$ 963	(4) %
Adjusted free cash flow	$ 623	$ 687	(9) %
Non-GAAP earnings per share - diluted	$ 1.27	$ 1.31	(3) %

Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year-over-year unless otherwise noted.

Infrastructure Solutions Group (ISG) delivered first quarter revenue of $9.2 billion, up 22% year over year. Servers and networking revenue was a record $5.5 billion, up 42%, with demand strength across AI and traditional servers. Storage revenue was flat at $3.8 billion. Operating income was $736 million.

Client Solutions Group (CSG) delivered first quarter revenue of $12.0 billion, flat year over year. Commercial client revenue was $10.2 billion, up 3% year over year, and Consumer revenue was $1.8 billion, down 15%. Operating income was $732 million.

"No company is better positioned than Dell to bring AI to the enterprise," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "Servers and networking hit record revenue in Q1, with our AI-optimized server orders increasing sequentially to $2.6 billion, shipments up more than 100% to $1.7 billion, and backlog growing more than 30% to $3.8 billion."

Dell Technologies World

On May 20, Dell expanded the industry's broadest AI solutions portfolio from desktop to data center to cloud with innovations designed to accelerate AI adoption and innovation:

The Dell AI Factory combines Dell infrastructure, solutions and services optimized for AI workloads with an open ecosystem of partners including NVIDIA, Meta, Microsoft and Hugging Face.

The Dell AI Factory with NVIDIA includes the new PowerEdge XE9680L server, which offers direct liquid cooling in a 4U form factor and can support 72 NVIDIA Blackwell GPUs in a single rack - 33% more GPU density per node compared to the XE9680.

Dell PowerStore software updates give customers up to a 66% performance boost, native sync replication for file and block and improved multicloud data mobility capabilities.

New AI PCs are Copilot+ and powered by Qualcomm Snapdragon® X Elite and Snapdragon® X Plus processors, delivering exceptional battery life and AI performance.

Operating Segments Results

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
	(in millions, except percentages; unaudited)
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking	$ 5,466	$ 3,837	42 %
Storage	3,761	3,756	— %
Total ISG net revenue	$ 9,227	$ 7,593	22 %

Operating Income:
ISG operating income	$ 736	$ 740	(1) %
% of ISG net revenue	8.0 %	9.7 %
% of total reportable segment operating income	50 %	45 %

Client Solutions Group (CSG):
Net revenue:
Commercial	$ 10,154	$ 9,862	3 %
Consumer	1,813	2,121	(15) %
Total CSG net revenue	$ 11,967	$ 11,983	— %

Operating Income:
CSG operating income	$ 732	$ 892	(18) %
% of CSG net revenue	6.1 %	7.4 %
% of total reportable segment operating income	50 %	55 %

About Dell Technologies

Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the AI era.

Copyright © 2024 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

https://investors.delltechnologies.com/news-releases/news-release-details/dell-technologies-delivers-first-quarter-fiscal-2025-financial

Fiserv (NYSE: FI)

Who We Are

Since 1984, Fiserv has been focused on partnership and possibility.

The small business owner ready to meet another busy day. The young home buyer on the way to her first real estate closing. Roommates splitting the monthly expenses. The banker wiring funds for a client's business expansion.

Life moves fast.

And as it does, we know most people aren't thinking about "financial services."

But we are.

We help people and businesses move money and information every minute of every day. Our solutions connect financial institutions, corporations, merchants and consumers to one another, millions of times a day, behind the scenes, reliably and securely.

We're Fiserv, a global leader in Fintech and payments enabling innovative financial services experiences that are in step with the way people live and work today. We proudly serve clients in more than 100 countries, so their customers, members and consumers can move money when and where they need it, at the point of thought.

https://www.fiserv.com/en/about-fiserv.html?_ga=2.49289830.1932300730.1571295060-1988042479.1531799687

24/7/2024

Fiserv Reports Second Quarter 2024 Results

July 24, 2024

GAAP revenue growth of 7% both in the quarter and year to date;

GAAP EPS increased 39% both in the quarter and year to date;

Organic revenue growth of 18% in the quarter and 19% year to date;

Adjusted EPS increased 18% both in the quarter and year to date;

Company affirms 2024 organic revenue growth outlook of 15% to 17%

and raises adjusted EPS outlook to $8.65 to $8.80

MILWAUKEE--(BUSINESS WIRE)--Jul. 24, 2024-- Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2024.

Second Quarter 2024 GAAP Results

GAAP revenue for the company increased 7% to $5.11 billion in the second quarter of 2024 compared to the prior year period, with 9% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment. GAAP revenue for the company increased 7% to $9.99 billion in the first six months of 2024 compared to the prior year period, with 11% growth in the Merchant Solutions segment and 4% growth in the Financial Solutions segment.

GAAP earnings per share was $1.53 in the second quarter and $2.76 in the first six months of 2024, an increase of 39% compared to both the second quarter and first six months of 2023. GAAP operating margin was 28.0% and 26.1% in the second quarter and first six months of 2024 compared to 23.8% and 22.2% in the second quarter and first six months of 2023. GAAP operating margin in the Merchant Solutions segment was 36.6% and 35.4% in the second quarter and first six months of 2024 compared to 33.7% and 31.8% in the second quarter and first six months of 2023. GAAP operating margin in the Financial Solutions segment was 45.9% and 45.0% in the second quarter and first six months of 2024 compared to 45.8% and 44.1% in the second quarter and first six months of 2023. Net cash provided by operating activities increased 8% to $2.17 billion in the first six months of 2024 compared to $2.01 billion in the prior year period.

"Fiserv once again delivered strong performance across the business with 18% growth in both organic revenue and adjusted earnings per share," said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. "Fiserv's integrated solutions, deep client relationships, and strategic positioning continue to drive our industry leadership."

Second Quarter 2024 Non-GAAP Results and Additional Information

Adjusted revenue increased 7% to $4.79 billion in the second quarter and 7% to $9.34 billion in the first six months of 2024 compared to the prior year periods.
Organic revenue growth was 18% in the second quarter of 2024, led by 28% growth in the Merchant Solutions segment and 8% growth in the Financial Solutions segment.
Organic revenue growth was 19% in the first six months of 2024, led by 32% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.
Adjusted earnings per share increased 18% to $2.13 in the second quarter and 18% to $4.00 in the first six months of 2024 compared to the prior year periods.
Adjusted operating margin increased 160 basis points to 38.4% in the second quarter and 180 basis points to 37.2% in the first six months of 2024 compared to the prior year periods.
Adjusted operating margin increased 290 basis points to 36.6% in the Merchant Solutions segment and was flat at 45.9% in the Financial Solutions segment in the second quarter of 2024, compared to the prior year period.
Adjusted operating margin increased 360 basis points to 35.4% in the Merchant Solutions segment and 80 basis points to 45.0% in the Financial Solutions segment in the first six months of 2024, compared to the prior year period.
Free cash flow was $1.48 billion in the first six months of 2024 compared to $1.47 billion in the prior year period.
The company repurchased 10.0 million shares of common stock for $1.5 billion in the second quarter and 20.2 million shares of common stock for $3.0 billion in the first six months of 2024.

Outlook for 2024

Fiserv continues to expect organic revenue growth of 15% to 17% and raises adjusted earnings per share outlook to $8.65 to $8.80, representing growth of 15% to 17%, for 2024.

"Encouraged by the strong results achieved in the first half of the year, we are raising our full year 2024 adjusted earnings per share outlook," said Bisignano. "We expect to extend our track record of sustainable growth and profitability given the strength of our client franchise and continued wins in the marketplace."

Segment Realignment

The company realigned its reportable segments during the first quarter of 2024 to correspond with changes in its business designed to further enhance operational performance in the delivery of its integrated portfolio of products and solutions to its financial institution clients ("Segment Realignment"). The company's new reportable segments are Merchant Solutions and Financial Solutions. Segment results for the three and six months ended June 30, 2023 have been recast to reflect the Segment Realignment. Additional information regarding the Segment Realignment is available in the Current Report on Form 8-K filed by the company on March 26, 2024.

Earnings Conference Call

The company will discuss its second quarter 2024 results in a live webcast at 7 a.m. CT on Wednesday, July 24, 2024. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500™ company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World's Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.

Fiserv, Inc.
Condensed Consolidated Statements of Income
(In millions, except per share amounts, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue
Processing and services	$	4,140	$	3,924	$	8,140	$	7,597
Product		967		832		1,850		1,706
Total revenue		5,107		4,756		9,990		9,303

Expenses
Cost of processing and services		1,343		1,351		2,697		2,756
Cost of product		639		578		1,290		1,178
Selling, general and administrative		1,697		1,696		3,394		3,300
Net loss on sale of businesses and other assets		—		—		—		4
Total expenses		3,679		3,625		7,381		7,238

Operating income		1,428		1,131		2,609		2,065
Interest expense, net		(285)		(232)		(546)		(434)
Other expense, net		(5)		(26)		(12)		(46)

Income before income taxes and (loss) income from investments in unconsolidated affiliates		1,138		873		2,051		1,585
Income tax provision		(221)		(181)		(374)		(305)
(Loss) income from investments in unconsolidated affiliates		(8)		3		(16)		(9)

Net income		909		695		1,661		1,271
Less: net income attributable to noncontrolling interests		15		12		32		25

Net income attributable to Fiserv	$	894	$	683	$	1,629	$	1,246

GAAP earnings per share attributable to Fiserv — diluted	$	1.53	$	1.10	$	2.76	$	1.99

Diluted shares used in computing earnings per share attributable to Fiserv		585.4		619.2		590.1		625.3

Earnings per share is calculated using actual, unrounded amounts.

For full release:

https://newsroom.fiserv.com/news-releases/news-release-details/fiserv-reports-second-quarter-2024-results

HP (NYSE: HPQ)

About Us

Our vision is to create technology that makes life better for everyone, everywhere — every person, every organization, and every community around the globe. This motivates us — inspires us — to do what we do. To make what we make. To invent, and to reinvent. To engineer experiences that amaze. We won't stop pushing ahead, because you won't stop pushing ahead. You're reinventing how you work. How you play. How you live. With our technology, you'll reinvent your world.

https://www8.hp.com/my/en/hp-information/index.html

About HP

HP Inc. creates technology that makes life better for everyone everywhere — every person, every organization, and every community around the globe. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze.

https://investor.hp.com/home/default.aspx?jumpid=in_r12137_my/en/corp/about_us/menu/investor-relations

29/5/2024

HP Inc. Reports Fiscal 2024 Second Quarter Results

May 29, 2024

PALO ALTO, Calif., May 29, 2024 - (GlobeNewswire) - HP (NYSE: HPQ)

Second quarter GAAP diluted net earnings per share ("EPS") of $0.61, within the previously provided outlook of $0.58 to $0.68 per share
Second quarter non-GAAP diluted net EPS of $0.82, within the previously provided outlook of $0.76 to $0.86 per share
Second quarter net revenue of $12.8 billion, down 0.8% from the prior-year period
Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billion
Second quarter returned $0.4 billion to shareholders in the form of dividends and share repurchases

Net revenue and EPS results

HP Inc. and its subsidiaries ("HP") announced fiscal 2024 second quarter net revenue of $12.8 billion, down 0.8% (down 1.2% in constant currency) from the prior-year period.

"We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era" said Enrique Lores, President and CEO, HP Inc. "We have a clear strategy and are well positioned to drive profitable growth across our business."

Second quarter GAAP diluted net EPS was $0.61, down from $1.06 in the prior-year period and within the previously provided outlook of $0.58 to $0.68. Second quarter non-GAAP diluted net EPS was $0.82, up from $0.79 in the prior-year period and within the previously provided outlook of $0.76 to $0.86. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $205 million, or $0.21 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.

Asset Management

HP's net cash provided by operating activities in the second quarter of fiscal 2024 was $581 million. Accounts receivable ended the quarter at $4.3 billion, up 5 days quarter over quarter to 31 days. Inventory ended the quarter at $7.5 billion, up 9 days quarter over quarter to 70 days. Accounts payable ended the quarter at $14.4 billion, up 16 days quarter over quarter to 132 days.

HP generated $481 million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $581 million adjusted for net investments in leases of $19 million and net investments in property, plant and equipment of $119 million.

HP's dividend payment of $0.2756 per share in the second quarter resulted in cash usage of $0.3 billion. HP also utilized $0.1 billion of cash during the quarter to repurchase approximately 3.5 million shares of common stock in the open market. HP exited the quarter with $2.5 billion in gross cash, which includes cash and cash equivalents of $2.4 billion, restricted cash of $75 million, and short-term investments of $3 million included in other current assets. Restricted cash relates to amounts collected and held on behalf of a third party for trade receivables previously sold.

Fiscal 2024 second quarter segment results

Personal Systems net revenue was $8.4 billion, up 3% year over year (up 2% in constant currency) with a 6.0% operating margin. Consumer PS net revenue was down 3% and Commercial PS net revenue was up 6%. Total units were up 7% with Consumer PS units down 1% and Commercial PS units up 12%.

Printing net revenue was $4.4 billion, down 8% year over year (down 7% in constant currency) with a 19.0% operating margin. Consumer Printing net revenue was down 16% and Commercial Printing net revenue was down 12%. Supplies net revenue was down 5% (down 4% in constant currency). Total hardware units were down 17%, with Consumer Printing units down 17% and Commercial Printing units down 17%.

Outlook

For the fiscal 2024 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.63 to $0.77 and non-GAAP diluted net EPS to be in the range of $0.78 to $0.92. Fiscal 2024 second quarter non-GAAP diluted net EPS estimates exclude $0.15 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items.

For fiscal 2024, HP estimates GAAP diluted net EPS to be in the range of $2.60 to $2.90 and non-GAAP diluted net EPS to be in the range of $3.30 to $3.60. Fiscal 2024 non-GAAP diluted net EPS estimates exclude $0.70 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items. For fiscal 2024, HP anticipates generating free cash flow in the range of $3.1 to $3.6 billion.

More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at investor.hp.com.

HP's FY24 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2024Q2Webcast.

Use of non-GAAP financial information

To supplement HP's consolidated condensed financial statements presented on a generally accepted accounting principles ("GAAP") basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP's management uses these non-GAAP measures to evaluate its business, the substance behind HP's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP's management compensates for those limitations, and the substantive reasons why HP's management believes that these non-GAAP measures provide useful information to investors is included under "Use of non-GAAP financial measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

Forward-looking statements

This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the impact of the COVID-19 pandemic; projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions (including the acquisition of Plantronics, Inc. ("Poly")); and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will," "would," "could," "can," "may," and similar terms.

Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine, tension across the Taiwan Strait, the Israel-Hamas conflict, other hostilities in the Middle East and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP's international operations; the effects of global pandemics, such as COVID-19, or other public health crises; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP's global, multi-tier distribution network and potential misuse of pricing programs by HP's channel partners, adapt to new or changing marketplaces and effectively deliver HP's services; HP's ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP's ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP's businesses; successfully innovating, developing and executing HP's go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; successfully competing and maintaining the value proposition of HP's products, including supplies and services; challenges to HP's ability to accurately forecast inventories, demand and pricing, which may be due to HP's multi-tiered channel, sales of HP's products to unauthorized resellers or unauthorized resale of HP's products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP's business) and the anticipated benefits of our restructuring plans; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; our use of artificial intelligence; the effectiveness of our internal control over financial reporting; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and HP's other filings with the Securities and Exchange Commission ("SEC"). HP's fiscal 2023 plan includes HP's efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP's expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP's evolving business models, future investment decisions, market environment and technology landscape.

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP's Quarterly Report on Form 10-Q for the fiscal quarter ending July 31, 2024, Annual Report on Form 10-K for the fiscal year ending October 31, 2024, and HP's other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP's Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP's website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP's website are intended to be inactive textual references only.

https://www.hp.com/us-en/newsroom/press-releases/2024/hp-inc-reports-fiscal-2024-second-quarter-results.html

IBM (NYSE: IBM)

About IBM

World-changing progress

IBMers believe in progress — that the application of intelligence, reason and science can improve business, society and the human condition

Living our values:

Dedication to every client's succes

"Put the client first."

"Listen for need, envision the future."

"Share expertise."

Innovation that matters - for our company and for the world

"Restlessly reinvent — our company and ourselves."

"Dare to create original ideas."

"Treasure wild ducks."

Trust and personal responsibility in all relationships

"Think. Prepare. Rehearse."

"Unite to get it done now."

"Show personal interest."

https://www.ibm.com/ibm/us/en/?lnk=fab

24/7/2024

IBM Releases Second Quarter Results

Accelerated revenue growth led by Software; Raises full-year free cash flow expectation

Jul 24, 2024

ARMONK, N.Y., July 24, 2024 /PRNewswire/ -- IBM (NYSE: IBM) today announced second-quarter 2024 earnings results.

"We had a strong second quarter, exceeding our expectations, driven by growth in both revenue and free cash flow. We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI, and our book of business for generative AI has grown to more than two billion dollars since the launch of watsonx one year ago," said Arvind Krishna, IBM chairman and chief executive officer. "Given our first-half results, we are raising our full-year view of free cash flow, which we now expect to be more than $12 billion."

Second-Quarter Highlights

Revenue

- Revenue of $15.8 billion, up 2 percent, up 4 percent at constant currency

- Software revenue up 7 percent, up 8 percent at constant currency

- Consulting revenue down 1 percent, up 2 percent at constant currency

- Infrastructure revenue up 1 percent, up 3 percent at constant currency

Profit Margin

- Gross Profit Margin: GAAP: 56.8 percent, up 180 basis points; Operating (Non-GAAP): 57.8 percent, up 190 basis points

- Pre-Tax Income Margin: GAAP: 14.1 percent, up 110 basis points; Operating (Non-GAAP): 17.7 percent, up 220 basis points

Cash Flow

- Year to date, net cash from operating activities of $6.2 billion, down $0.2 billion; free cash flow of $4.5 billion, up $1.1 billion

- Over the last twelve months, net cash from operating activities of $13.8 billion; free cash flow of $12.3 billion

SECOND QUARTER 2024 INCOME STATEMENT SUMMARY
	Revenue		Gross Profit	Gross Profit Margin		Pre-tax Income	Pre-tax Income Margin		Net Income	Diluted Earnings Per Share
GAAP from Continuing Operations	$ 15.8 B		$ 8.9 B	56.8%		$ 2.2 B	14.1%		$ 1.8 B	$ 1.96
Year/Year	2	% (1)	5%	1.8	Pts	11%	1.1	Pts	16%	14%
Operating (Non-GAAP)			$ 9.1 B	57.8%		$ 2.8 B	17.7%		$ 2.3 B	$ 2.43
Year/Year			5%	1.9	Pts	17%	2.2	Pts	14%	11%
(1) 4% at constant currency.

"In the quarter, we accelerated our revenue growth as we continue to execute well on our strategy. Our business fundamentals, operating leverage, product mix and productivity initiatives all contributed to significant margin expansion and increased profit and free cash flow," said James Kavanaugh, IBM senior vice president and chief financial officer. "Our strong cash generation enables us to continue investing in innovation and expertise across the portfolio, while returning value to shareholders through dividends."

Segment Results for Second Quarter

Software — revenues of $6.7 billion, up 7.1 percent, up 8.4 percent at constant currency:

- Hybrid Platform & Solutions up 5 percent, up 6 percent at constant currency:

-- Red Hat up 7 percent, up 8 percent at constant currency

-- Automation up 15 percent, up 16 percent at constant currency

-- Data & AI down 3 percent, down 2 percent at constant currency

-- Security up 2 percent, up 3 percent at constant currency

- Transaction Processing up 11 percent, up 13 percent at constant currency

Consulting — revenues of $5.2 billion, down 0.9 percent, up 1.8 percent at constant currency:

- Business Transformation up 3 percent, up 6 percent at constant currency

- Technology Consulting down 3 percent, up 1 percent at constant currency

- Application Operations down 4 percent, down 2 percent at constant currency

Infrastructure — revenues of $3.6 billion, up 0.7 percent, up 2.7 percent at constant currency:

- Hybrid Infrastructure up 4 percent, up 6 percent at constant currency

-- IBM Z up 6 percent, up 8 percent at constant currency

-- Distributed Infrastructure up 3 percent, up 5 percent at constant currency

- Infrastructure Support down 5 percent, down 3 percent at constant currency

Financing — revenues of $0.2 billion, down 8.3 percent, down 6.6 percent at constant currency

Cash Flow and Balance Sheet

In the second quarter, the company generated net cash from operating activities of $2.1 billion, down $0.6 billion year to year. IBM's free cash flow was $2.6 billion, up $0.5 billion year to year. The company returned $1.5 billion to shareholders in dividends in the second quarter.

For the first six months of the year, the company generated net cash from operating activities of $6.2 billion, down $0.2 billion year to year. IBM's free cash flow was $4.5 billion, up $1.1 billion year to year. Over the last twelve months, the company generated net cash from operating activities of $13.8 billion and free cash flow of $12.3 billion.

IBM ended the second quarter with $16.0 billion of cash, restricted cash and marketable securities, up $2.5 billion from year-end 2023. Debt, including IBM Financing debt of $11.1 billion, totaled $56.5 billion, flat year to date.

Full-Year 2024 Expectations

Revenue: The company continues to expect constant currency revenue growth consistent with its mid-single digit model. At current foreign exchange rates, currency is expected to be about a one to two-point headwind to revenue growth
Free cash flow: The company now expects more than $12 billion in free cash flow

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company's current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company's innovation initiatives; damage to the company's reputation; risks from investing in growth opportunities; failure of the company's intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company's ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company's failure to meet growth and productivity objectives; ineffective internal controls; the company's use of accounting estimates; impairment of the company's goodwill or amortizable intangible assets; the company's ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company's pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; potential failure of the separation of Kyndryl Holdings, Inc. to qualify for tax-free treatment; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company's Form 10-Qs, Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.

Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction, the extent of, and the time necessary to obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on IBM's business, the synergies from the transaction, and the combined company's future operating results.

Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Presentation of Information in this Press Release

In an effort to provide investors with additional information regarding the company's results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:

IBM results —

adjusting for currency (i.e., at constant currency);
presenting operating (non-GAAP) earnings per share amounts and related income statement items;
free cash flow;
net cash from operating activities excluding IBM Financing receivables;
adjusted EBITDA.
The rationale for management's use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings.

Conference Call and Webcast

IBM's regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-2q24. Presentation charts will be available shortly before the Webcast.

Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).

For full release:

https://newsroom.ibm.com/2024-07-24-IBM-RELEASES-SECOND-QUARTER-RESULTS

Infosys

Overview

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation.

With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

https://www.infosys.com/about/pages/index.aspx

Established in 1981, Infosys is a NYSE listed global consulting and IT services company with more than 228,000 employees. From a capital of US$ 250, we have grown to become a US$ 11.8 billion (FY19 revenues) company with a market capitalization of approximately US$ 47.7 billion.

In our journey of over 37 years, we have catalyzed some of the major changes that have led to India's emergence as the global destination for software services talent. We pioneered the Global Delivery Model and became the first IT Company from India to be listed on NASDAQ. Our employee stock options program created some of India's first salaried millionaires.

https://www.infosys.com/about/Pages/history.aspx

13/4/2023

Results for the Fourth Quarter and Year ended March 31, 2023

Industry leading FY23 revenue growth of 15.4% with healthy 21.0% operating margins

Revenue growth guidance of 4%-7% and operating margin guidance of 20%-22% for FY24

Bengaluru, India - April 13, 2023: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.2 billion in FY23 revenues with industry-leading growth of 15.4% in constant currency and operating margins of 21.0%. Growth was broad-based across industry verticals and geographical regions. Digital comprised 62.2% of overall revenues and grew at 25.6% in constant currency.

Q4 year on year growth was 8.8% and sequential decline was 3.2% in constant currency terms. Operating margin for the quarter was 21.0%. Free cash flow conversion was 95.7% for Q4. Continuing the recent trend, attrition declined further in Q4.

"Our strong performance in FY23 is a testimony to the continued focus on digital, cloud and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms" said Salil Parekh, CEO and MD. "As the environment has changed, we see strong interest from our clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline. We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients", he added.

Guidance for FY24:

• Revenue growth of 4%-7% in constant currency

• Operating margin of 20%-22%

1. Key highlights:

For the quarter ended March 31, 2023

• Revenues in CC terms grew by 8.8% YoY and declined by 3.2% QoQ

• Reported revenues at $4,554 million, growth of 6.4% YoY

• Digital revenues at 62.9% of total revenues, YoY CC growth of 15.0%

• Operating margin at 21.0%, decline of 0.5% YoY and QoQ

• Basic EPS at $0.18, growth of 0.2% YoY

• FCF at $713 million, decline of 6.3% YoY; FCF conversion at 95.7% of net profit

For the year ended March 31, 2023

• Revenues in CC terms grew by 15.4% YoY

• Reported revenues at $18,212 million, growth of 11.7% YoY

• Digital revenues at 62.2% of total revenues, YoY CC growth of 25.6%

• Operating margin at 21.0%, decline of 2.0% YoY

• Basic EPS at $0.71, growth of 1.3% YoY

• FCF at $2,534 million, decline of 17.1% YoY; FCF conversion at 85.0% of net profit

Our continued focus on cost optimization and operational efficiencies have helped in achieving operating margins of 21.0% in FY23, said Nilanjan Roy, Chief Financial Officer. "Free cash generation in Q4, led by robust collections, was strong. Executing on our capital allocation policy, we successfully completed the share buyback and have proposed a final dividend of `17.50 for FY23", he added.

Capital Allocation

For FY23, the Board has recommended a final dividend of ₹17.50 per share ($0.21 per ADS*). Together with the interim dividend of ₹16.50 per share already paid, the total dividend per share for FY23 will amount to ₹34.00 (app. $0.41 per ADS*) which is a 9.7% increase over FY22. With this, the company has announced total dividend of approx. ₹14,200 crore (approx. $1.7 billion*) for FY23.

The company has completed the open market share buyback on February 13, at an average price of approx. ₹1,539 per share (compared to maximum Buyback Price of ₹1,850 per share). Consequently, the share capital of the company has reduced by 1.44%.

Including the recently concluded buyback and final dividend for FY23, the company has returned approx. 86% of Free Cash Flow to shareholders under the current capital allocation policy.

Client wins & Testimonials

• Infosys and bp collaborated to create 'Energy-as-a-Service' offering for holistic energy management that can enable energy savings, cost reduction, decarbonization and supply reliability. Sashi Mukundan, President, bp India and Senior Vice President, bp Group, said, "bp and Infosys have brought together their complementary capabilities, products, and services to create an integrated Energy-as-a-Service offering. This strategic collaboration builds on our energy transition goals where we can deliver secure, affordable, lower carbon energy the world increasingly needs, managed by AI/ML based digital platform to drive energy efficiency. With this engagement, we will aim to support our customers in achieving their sustainability goals faster."

• Infosys extended its collaboration with Microsoft to accelerate industry adoption of cloud. Anant Maheshwari, President, Microsoft India, said, "This engagement with Infosys extends our trusted relationship over the past two decades and will accelerate the innovation and transformation journeys of businesses worldwide. As we continue to shape the future of the industry cloud, we are pleased to bring together our complementary strengths and serve our strategic customers better through Microsoft Azure-powered solutions with Infosys Cobalt."

• Infosys rolled out its Private 5G-as-a-Service to accelerate business value for its enterprise clients worldwide. Mark Colaluca, Vice President/GM, Communication Technology Group, HPE, said, "Enterprises see Private 5G as an enabler for their digital transformation, and the Infosys approach of vertically aligned pre-integrated business solutions can accelerate 5G adoption. HPE and Infosys are working together by combining HPE's Private 5G solutions with Infosys as-aService offering and pre-integrated vertical use-cases for faster customer value realization."

• Infosys collaborated with ZF Friedrichshafen AG to revamp their multi-echelon supply chain with SAP Integrated Business Planning® and Infosys Cobalt. Rainer Scheuring, Vice President IT AC Market and Materials Management, ZF Friedrichshafen AG, said, "Based on the holistic IBP planning approach and the guidance of our implementation partner Infosys, we built the foundation for improved availabilities and reduced inventories within our multi-echelon supply chain."

• Infosys Finacle implemented the Infosys Finacle Liquidity Management Solution for ABN AMRO's corporate customers, to empower them with a wide range of services to better identify, manage, and enhance liquidity positions on the go. Xander van Heeringen, Director of Transaction Banking, ABN AMRO, said, "We are excited to announce this collaboration with Infosys Finacle, the market-leading provider of banking technology. The right technology investment for corporate banking customers is of great importance to ABN AMRO as smarter cash management is evolving as a key priority for our customers, pushing the need for driving resilience in treasury operations. Together with Infosys Finacle, we will further enable ABN AMRO to propel with its liquidity management business transformation."

• United Nations Development Programme (UNDP) collaborated with Infosys Public Services (IPS) to deploy UNDP's Quantum Global Digital Management System to provide a unified and seamless platform for all UNDP business functions. Sylvain St-Pierre, Chief Information Officer, UNDP, said, "Digital technology will allow us to rapidly evolve with the ever-changing development needs of people and our planet. Our previous systems were difficult to change and often made it challenging to adapt to changing global development needs and world events. This new digital core represents a quantum leap forward that enables UNDP with a modernized, integrated platform, allowing for truly transformative digital capabilities combined with a first-rate digital user experience. Quantum, our new digital corporate management system implemented with Infosys Public Services, underpins a #FutureSmart UNDP that leaves no one behind."

• Infosys collaborated with GE Digital to accelerate grid transformation for the utilities sector. Together, GE Digital and Infosys will follow a joint go-to-market approach to deliver value added solutions for grid related products and services, for their new and existing clients. "With energy transition driving increasing complexity on the grid, alignment between IT and OT is becoming very important," said, Mahesh Sudhakaran, General Manager, GE Digital Grid Software. "Our collaboration with Infosys will help accelerate adoption of grid software that bridges these disciplines, equipping the next generation of grid operators with the tools they need to keep the grid stable, resilient, and sustainable. The utility's ability to not just manage but orchestrate the clean energy grid relies on a unique combination of software and partnership for strategy building, as well as execution of solutions. Infosys' clear understanding of GE solutions and strong commitment to leadership will enable significant productivity and service level improvements, along with critical cost efficiencies."

• Infosys Compaz collaborated with StarHub to enable their IT transformation to help boost the quality, performance, availability, responsiveness, and cost efficiency of StarHub's foundational technology platform, while improving customer satisfaction and minimizing cyber risks. Kee Yaw Yee, CIO, StarHub, said, "We are excited to collaborate with Infosys Compaz to strengthen key components of our IT application and infrastructure landscape as we prepare for the future with a new IT operating model. StarHub's technology leadership, coupled with Infosys' deep domain competencies, local presence, and proven digital capabilities, will definitely strengthen and accelerate StarHub's digital journey, which augurs well for our DARE+ strategy and promises to benefit our customers."

4. Recognitions

• Recognized as one of the 2023 World's Most Ethical Companies® by Ethisphere

• Positioned in the Leadership category of the Indian Corporate Governance Scorecard Assessment 2023

• Recognized as a Global Top Employer 2023 by the Top Employers Institute

• Won the Gold Award at the Brandon Hall Group Excellence in Technology Awards

• Won the Sustainability 100+ Award for Carbon Neutrality under Climate Action category

• Won the Asset Triple A ESG Awards 2022 for Diversity and Inclusion

• Won the ICAI Sustainability Reporting Awards 2021-22 for Gender Equality

• Won the Economic Times Best Organisations for Women Award, 2023

• Identified as a leader in 2022 ISG Provider Lens™ Digital Business Enablement and ESG Services in US, UK, Nordics, Germany, Australia and Brazil

• Positioned as a leader in Avasant's CPG Digital Services 2022-23 RadarView™

• Positioned as a leader in Avasant's Hybrid Enterprise Cloud Services 2022-23 RadarView™

• Rated as a leader in The Forrester Wave™: Multicloud-Managed Services Providers, Q1 2023

• Positioned as a leader in Everest Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance PEAK Matrix® Assessment 2023

• Positioned as a leader in Everest Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2023

• Positioned as a leader in Everest Digital Transformation Consulting Services PEAK Matrix® Assessment 2023

• Rated as a leader in IDC Worldwide Manufacturing Intelligence Transformation 2023 Vendor Assessment

• Rated as a leader in IDC Worldwide Manufacturing Intelligence Transformation Strategic Consulting 2023 Vendor Assessment

• Rated as a leader in IDC MarketScape: Worldwide Professional Services Firms for Mining Operational Process Optimization 2023 Vendor Assessment

• Rated as a leader in IDC MarketScape: Asia/Pacific Intelligent Digital Workplace Services 2023 Vendor Assessment

• Ranked as a leader in HFS Horizons: The Best Service Providers for Retail Banking, 2023

• Ranked as a leader in HFS Horizons: Digital Engineering Service Providers, 2023

• Ranked as a leader in HFS Horizons: Metaverse Services Providers 2023

• Positioned as a leader in Constellation ShortList™ Innovation Services and Engineering

• Positioned as a leader in Constellation ShortList™ Learning Marketplaces

• Positioned as a leader in Constellation ShortList™ Microsoft End-to-End Service Providers

• Rated as a leader in NelsonHall Financial Services Cloud NEAT, BPaas NEAT, and SaaS NEAT 2023

• Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023

• Infosys Finacle won the 'Best Core Banking System Initiative in partnership with Bank Raya' and 'Best Retail Bank in partnership with Axis Bank' at the Retail Banker International Asia Trial blazer Awards 2023

• Infosys BPM recognized as a Leader & Star Performer in Everest Group Capital Markets Operations PEAK Matrix® Assessment 2023

• Infosys BPM recognized as a Leader in Everest Group Marketing Services PEAK Matrix® Assessment 2023

• Infosys BPM recognized as a Leader in the NelsonHall Financial Services Cloud, SaaS & BPaaS NEAT 2023

• Infosys BPM and Rio Tinto won the SSON North America Impact Award 2023, in the Business Resiliency category

• Infosys BPM won the Best CSR Impact Award at the Corporate Social Responsibility Summit & Awards 2023 by UBS Forum

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q4/documents/ifrs-usd-press-release.pdf

Intel (NASDAQ: INTC)

Company Overview

You may know us for our processors. But we do so much more. Intel invents at the boundaries of technology to make amazing experiences possible for business and society, and for every person on Earth.

Harnessing the capability of the cloud, the ubiquity of the Internet of Things, the latest advances in memory and programmable solutions, and the promise of always-on 5G connectivity, Intel is disrupting industries and solving global challenges. Leading on policy, diversity, inclusion, education and sustainability, we create value for our stockholders, customers, and society.

https://www.intel.com/content/www/us/en/company-overview/company-overview.html

25/4/2024

Intel Reports First-Quarter 2024 Financial Results

NEWS SUMMARY

First-quarter revenue of $12.7 billion, up 9% year over year (YoY).
First-quarter GAAP earnings (loss) per share (EPS) attributable to Intel was $(0.09); non-GAAP EPS attributable to Intel was $0.18.
Forecasting second-quarter 2024 revenue of $12.5 billion to $13.5 billion; expecting second-quarter EPS of $(0.05); non-GAAP EPS of $0.10.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intel Corporation today reported first-quarter 2024 financial results.

"We are making steady progress against our priorities and delivered a solid quarter," said Pat Gelsinger, Intel CEO. "Strong innovation across our client, edge and data center portfolios drove double-digit revenue growth in Intel Products. With Intel 3 in high-volume production, leading-edge semiconductors are being manufactured in the U.S. for the first time in almost a decade and we are on track to regain process leadership next year as we grow Intel Foundry. We are confident in our plans to drive sequential growth throughout the year as we accelerate our AI solutions and maintain our relentless focus on execution, operational discipline and shareholder value creation in a dynamic market."

"Q1 revenue was in line with our expectations and we delivered non-GAAP EPS above our guidance, driven by better-than-expected gross margins and strong expense discipline," said David Zinsner, Intel CFO. "Our new foundry operating model, which provides greater transparency and accountability, is already driving better decision-making across the business. Looking ahead, we expect to deliver year-over-year revenue and non-GAAP EPS growth in fiscal year 2024, including roughly 200 basis points of full-year gross margin improvement."

Q1 2024 Financial Highlights

	GAAP					Non-GAAP
	Q1 2024		Q1 2023		vs. Q1 2023	Q1 2024		Q1 2023		vs. Q1 2023
Revenue ($B)	$	12.7	$	11.7	up 9%
Gross Margin		41.0%		34.2%	up 6.8 ppts		45.1%		38.4%	up 6.7 ppts
R&D and MG&A ($B)	$	5.9	$	5.4	up 10%	$	5.0	$	4.8	up 5%
Operating Margin		(8.4)%		(12.5)%	up 4.1 ppts		5.7%		(2.5)%	up 8.2 ppts
Tax Rate		39.2%		(139.0)%	n/m*		13.0%		13.0%	—
Net Income (loss) Attributable to Intel ($B)	$	(0.4)	$	(2.8)	up 86%	$	0.8	$	(0.2)	n/m*
Earnings (loss) Per Share Attributable to Intel	$	(0.09)	$	(0.66)	up 86%	$	0.18	$	(0.04)	n/m*

In the first quarter, the company used $1.2 billion in cash from operations and paid dividends of $0.5 billion.

*Not meaningful

Business Unit Summary

Intel previously announced the implementation of an internal foundry operating model, which took effect in the first quarter of 2024 and created a foundry relationship between its Intel Products business (collectively CCG, DCAI, and NEX) and its Intel Foundry business (including Foundry Technology Development, Foundry Manufacturing and Supply Chain, and Foundry Services (formerly IFS)). The foundry operating model is a key component of the company's strategy and is designed to reshape operational dynamics and drive greater transparency, accountability, and focus on costs and efficiency. The company also previously announced its intent to operate Altera®, an Intel Company (previously Intel's Programmable Solutions Group), as a standalone business beginning in the first quarter of 2024. Altera was previously included in DCAI's segment results. As a result of these changes, the company modified its segment reporting in the first quarter of 2024 to align to this new operating model. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors its operating segment performance starting in fiscal year 2024. There are no changes to Intel's consolidated financial statements for any prior periods.

Business Unit Revenue and Trends	Q1 2024	vs. Q1 2023
Intel Products:
Client Computing Group (CCG)	$7.5 billion	up	31%
Data Center and AI (DCAI)	$3.0 billion	up	5%
Network and Edge (NEX)	$1.4 billion	down	8%
Total Intel Products revenue	$11.9 billion	up	17%
Intel Foundry	$4.4 billion	down	10%
All other:
Altera	$342 million	down	58%
Mobileye	$239 million	down	48%
Other	$194 million	up	17%
Total all other revenue	$775 million	down	46%
Intersegment eliminations	$(4.4) billion
Total net revenue	$12.7 billion	up	9%

Intel Products Highlights

CCG: Intel continues to advance its mission to bring AI everywhere. As of the end of the first quarter, more than 5 million AI PCs have shipped since the December 2023 launch of Intel® Core™ Ultra processors, supported by more than 100 software vendors. Intel expects to exceed its prior forecast of 40 million AI PCs by the end of 2024.

DCAI: At Intel Vision, the company introduced the Intel® Gaudi® 3 AI accelerator, projected to deliver on-average 50% faster inference and 40% greater inference power efficiency than Nvidia H1001 on leading generative AI (GenAI) models. Intel also announced new Intel Gaudi accelerator customers and partners, including NAVER, Dell Technologies, Bosch, Supermicro and many others. Additionally, the next-generation E-core Intel® Xeon®, code-named Sierra Forest, achieved product release this week, and Intel expects Granite Rapids to be released in the third quarter.

NEX: At Mobile World Congress in Barcelona, Intel introduced the new Intel Edge Platform - a modular, open software platform enabling enterprises to develop, deploy, and manage edge and AI applications at scale. The Intel Edge Platform has broad ecosystem support from Amazon Web Services, Lenovo, Red Hat, SAP and Wipro. Intel also announced the Open Platform for Enterprise AI, which aims to accelerate secure, cost-effective GenAI deployments for businesses by driving interoperability across a diverse and heterogeneous ecosystem, starting with retrieval-augmented generation (RAG).

1 NV H100 comparison based on NVIDIA-published data as of March 28, 2024. Reported numbers are per GPU. Vs Intel® Gaudi® 3 projections for LLAMA2-7B, LLAMA2-70B & Falcon 180B. Power efficiency for both Nvidia and Gaudi 3 based on internal estimates. Results may vary.

Intel Foundry Highlights

At its inaugural Direct Connect event in February, Intel launched Intel Foundry, the world's first systems foundry for the AI era, supported by nearly 300 ecosystem partners in attendance. At Direct Connect, Intel Foundry announced an increased expected lifetime deal value for external customers of more than $15 billion.

Intel continues to drive customer adoption of Intel 18A, with a major U.S. aerospace and defense customer committing to Intel 18A, bringing Intel Foundry's external customer commitments on Intel 18A to six. This quarter, Microsoft also announced its plans to design a chip on Intel 18A.

Intel unveiled its process technology roadmap beyond its five-nodes-in-four-years process goal, adding Intel 14A to its leading-edge node lineup following Intel 18A and announcing several specialized node evolutions for Intel 3, Intel 18A and Intel 14A to enable customers to develop and deliver products tailored to their specific needs.

Intel Foundry has a strong pipeline of nearly 50 customer test chips, and has engagements with almost every foundry customer in the industry on advanced packaging, including five design awards.

Also during the quarter, Intel convened more than 140 organizations across the industry at its inaugural Sustainability Summit. Advancing sustainability efforts across the semiconductor ecosystem is a critical step as Intel works to become the industry's most sustainable foundry. The company shared notable progress as of the end of 2023, including preliminary estimates showing that Intel used 99% renewable electricity in its factories worldwide and achieved net positive water in the United States, Costa Rica, Mexico and India.

Q2 2024 Dividend

The company announced that its board of directors has declared a quarterly dividend of $0.125 per share on the company's common stock, which will be payable June 1, 2024, to shareholders of record as of May 7, 2024.

Business Outlook

Intel's guidance for the second quarter of 2024 includes both GAAP and non-GAAP estimates. Reconciliations between GAAP and non-GAAP financial measures are included below.

Q2 2024	GAAP	Non-GAAP
Revenue	$12.5-13.5 billion
Gross Margin	40.2%	43.5%
Tax Rate	61%	13%
Earnings (Loss) Per Share Attributable to Intel—Diluted	$(0.05)	$0.10

Forward-Looking Statements

This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would", and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:

our business plans and strategy and anticipated benefits therefrom, including with respect to our IDM 2.0 strategy, Smart Capital strategy, partnership with Brookfield, internal foundry model, updated reporting structure, and AI strategy;
projections of our future financial performance, including future revenue, gross margins, capital expenditures, and cash flows;
projected costs and yield trends;
future cash requirements, the availability, uses, sufficiency, and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, such as stock repurchases and dividends, and credit ratings expectations;
future products, services, and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation, and benefits of such products, services, and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics, and expectations regarding product and process leadership;
investment plans and impacts of investment plans, including in the US and abroad;
internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
future production capacity and product supply;
supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology, and IP offerings;
expected timing and impact of acquisitions, divestitures, and other significant transactions, including the sale of our NAND memory business;
expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;
future social and environmental performance goals, measures, strategies, and results;
our anticipated growth, future market share, and trends in our businesses and operations;
projected growth and trends in markets relevant to our businesses;
anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages, and constraints;
expectations regarding government incentives;
future technology trends and developments, such as AI;
future macro environmental and economic conditions;
geopolitical tensions and conflicts and their potential impact on our business;
tax- and accounting-related expectations;
expectations regarding our relationships with certain sanctioned parties; and
other characterizations of future events or circumstances.

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

the high level of competition and rapid technological change in our industry;
the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;
implementing new business strategies and investing in new businesses and technologies;
changes in demand for our products;
macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;
the evolving market for products with AI capabilities;
our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;
product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
potential security vulnerabilities in our products;
increasing and evolving cybersecurity threats and privacy risks;
IP risks including related litigation and regulatory proceedings;
the need to attract, retain, and motivate key talent;
strategic transactions and investments;
sales-related risks, including customer concentration and the use of distributors and other third parties;
our significantly reduced return of capital in recent years;
our debt obligations and our ability to access sources of capital;
complex and evolving laws and regulations across many jurisdictions;
fluctuations in currency exchange rates;
changes in our effective tax rate;
catastrophic events;
environmental, health, safety, and product regulations;
our initiatives and new legal requirements with respect to corporate responsibility matters; and
other risks and uncertainties described in this release, our 2023 Form 10-K, and our other filings with the SEC.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel's innovations, go to newsroom.intel.com and intel.com.

https://www.intc.com/news-events/press-releases/detail/1692/intel-reports-first-quarter-2024-financial-results

Intuit (NASDAQ: INTU)

We are laser focused on our customers. We live and breathe innovation. We champion those who dare to dream.

Our Mission is powering prosperity around the world

We do it by attracting the world's top talent, bringing vital partners into our global platform, and leaving the world a better place through exceptional corporate citizenship.

More Money, More Time, More Confidence

Whatever prosperity means to you, we're committed to working on your behalf and making it happen. Every day we innovate with our flagship products - TurboTax, QuickBooks, and Mint. So no matter your financial need, we have a solution that can help. Whether you're a consumer, self-employed, or a small business owner, we're in your corner to help make your dreams of prosperity come true.

The Power of Many

We tap our global ecosystem of partners and users—all ~50 million of them—for high-value insights. Then we put that power at your fingertips by delivering awesome product experiences. We focus the power of many, to drive the prosperity of one.

Intuit Fast Facts

Intuit was founded in 1983 by Scott Cook and Tom Proulx
We went public in 1993
Our CEO is Sasan Goodarzi succeeding Executive Chairman of the Board, Brad Smith
Scott Cook is our Chairman of the Executive Committee

Intuit is featured on:

Ranked #11on Fortune 100 Best Companies to Work
People Magazine Companies That Care
Forbes America's Best Employers for Diversity

For the fiscal year of 2019:

Generated revenue growth of 15% in the Small Business & Self-Employed Group, 11% in the Consumer Group and 4% in the Strategic Partner Group
Grew combined QuickBooks Online and TurboTax Online platform revenue over 23%, totaling approximately $3.9 billion
Grew QuickBooks Online Ecosystem revenue 38%, to $1.7 billion

https://www.intuit.com/company/

23/5/2024

Intuit Reports Strong Third Quarter Results and Raises Full Year Guidance

May 23 2024

Small Business and Self-Employed Group Revenue Grew 18 Percent

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the third quarter of fiscal 2024, which ended April 30.

"The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company," said Sasan Goodarzi, Intuit's chief executive officer. "I'm proud of our innovation and performance, and because of our momentum, we are raising Intuit's revenue, operating income, and earnings per share guidance for the fiscal year."

Financial Highlights

For the third quarter, Intuit:

Grew total revenue to $6.7 billion, up 12 percent.
Increased Consumer Group revenue to $3.7 billion, up 9 percent.
Grew Small Business and Self-Employed Group revenue to $2.4 billion, up 18 percent; increased Online Ecosystem revenue to $1.8 billion, up 19 percent.
Grew Credit Karma revenue to $443 million, up 8 percent.
Increased ProTax Group revenue to $254 million, up 3 percent.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of Third-quarter Results

	GAAP			Non-GAAP
	Q3 FY24	Q3 FY23	Change	Q3 FY24	Q3 FY23	Change
Revenue	$6,737	$6,018	12%	$6,737	$6,018	12%
Operating Income	$3,105	$2,778	12%	$3,712	$3,358	11%
Earnings Per Share	$8.42	$7.38	14%	$9.88	$8.92	11%

Dollars are in millions, except earnings per share. See "About Non-GAAP Financial Measures" below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Business Segment Results

Consumer Group

Consumer Group revenue grew to $3.7 billion, up 9 percent, in the third fiscal quarter.

For the full fiscal year, Intuit expects:

TurboTax Live revenue to grow 17 percent to $1.4 billion, representing approximately 30 percent of total Consumer Group revenue.
Average revenue per return to increase approximately 10 percent.
TurboTax Live units to grow 12 percent and TurboTax Online paying units to grow approximately 2 percent, versus total IRS returns growth of 1 percent.
Total TurboTax units to decline 1 percent, due to share loss with pay-nothing and lower average revenue per return customers, and TurboTax share of total IRS returns to decline approximately 80 basis points.
Customers paying nothing to be over 10 million, down from over 11 million last year.

Unless otherwise noted above, all growth rates refer to Intuit's expectations for the tax filing season through July 31, 2024 compared to the prior season through July 31, 2023.

Intuit plans to provide a TurboTax federal tax unit comparison in its fourth quarter 2024 earnings release.

Small Business and Self-Employed Group

Small Business and Self-Employed Group revenue grew to $2.4 billion, up 18 percent, and Online Ecosystem revenue increased to $1.8 billion, up 19 percent.

Online Services revenue grew 20 percent, driven by growth in payments, payroll, and Mailchimp offerings.

QuickBooks Online Accounting revenue grew 19 percent in the quarter, driven by customer growth, higher effective prices, and mix-shift.

Total international online ecosystem revenue grew 12 percent on a constant currency basis.

Credit Karma

Credit Karma revenue grew to $443 million, up 8 percent, driven by strength in Credit Karma Money, credit cards, auto insurance, and personal loans.

Capital Allocation Summary

In the third quarter, the company:

Reported a total cash and investments balance of approximately $4.7 billion and $6.0 billion in debt as of April 30, 2024.

Repurchased $584 million of shares, with $2.1 billion remaining on the company's share repurchase authorization.

Received Board approval for a quarterly dividend of $0.90 per share, payable July 18, 2024. This represents a 15 percent increase compared to the same period last year.

Forward-looking Guidance

Intuit raised total company guidance for the full fiscal year 2024. The company expects:

Revenue of $16.164 billion to $16.200 billion, growth of approximately 13 percent, up from previous guidance for growth of 11 to 12 percent.
GAAP operating income of $3.815 billion to $3.835 billion, growth of approximately 21 to 22 percent, up from previous guidance for growth of 15 to 18 percent.
Non-GAAP operating income of $6.360 billion to $6.380 billion, growth of approximately 16 percent, up from previous guidance for growth of 12 to 14 percent.
GAAP diluted earnings per share of $10.78 to $10.83, growth of approximately 28 to 29 percent, up from previous guidance for growth of 11 to 15 percent.
Non-GAAP diluted earnings per share of $16.79 to $16.84, growth of approximately 17 percent, up from previous guidance for growth of 12 to 14 percent.

The company also updated full fiscal year 2024 segment revenue guidance:

Small Business and Self-Employed Group: $9.467 billion to $9.481 billion, growth of approximately 18 percent, up from previous guidance for growth of 16 to 17 percent.
Consumer Group: $4.440 billion to $4.455 billion, growth of approximately 7 to 8 percent, at the high end of the previous range.
ProTax Group: $597 million to $599 million, growth of approximately 6 to 7 percent, up from previous guidance for growth of 3 to 4 percent.
Credit Karma: $1.660 billion to $1.665 billion, growth of approximately 2 percent, updated from previous guidance for a decline of 3 percent to growth of 3 percent.

Intuit announced guidance for the fourth quarter of fiscal year 2024, which ends July 31. The company expects:

Revenue of $3.063 billion to $3.099 billion, growth of approximately 13 to 14 percent.
GAAP diluted earnings per share of $0.25 to $0.30.
Non-GAAP diluted earnings per share of $1.80 to $1.85.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on May 23. The conference call can be heard live at https://investors.intuit.com/events-and-presentations/default.aspx. Prepared remarks for the call will be available on Intuit's website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 800-723-0549, or 402-220-2657 from international locations. There is no passcode required. The audio call will remain available on Intuit's website for one week after the conference call.

About Intuit

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.

https://www.intuit.com/company/press-room/press-releases/2024/intuit-reports-strong-third-quarter-results-and-raises-full-year-guidance/

Microsoft (NASDAQ: MSFT)

About Microsoft

Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

Microsoft refers to Microsoft Corp. and its affiliates, including Microsoft Mobile Oy, a subsidiary of Microsoft. Microsoft Mobile Oy develops, manufactures and distributes Nokia X mobile phones and other devices.

Date	Event
1975	Microsoft founded
Jan. 1, 1979	Microsoft moves from Albuquerque, New Mexico to Bellevue, Washington
June 25, 1981	Microsoft incorporates
Aug. 12, 1981	IBM introduces its personal computer with Microsoft's 16-bit operating system, MS-DOS 1.0
Feb. 26, 1986	Microsoft moves to corporate campus in Redmond, Washington
March 13, 1986	Microsoft stock goes public
Aug. 1, 1989	Microsoft introduces earliest version of Office suite of productivity applications
May 22, 1990	Microsoft launches Windows 3.0
Aug. 24, 1995	Microsoft launches Windows 95
Dec. 7, 1995	Bill Gates outlines Microsoft's commitment to supporting and enhancing the Internet
June 25, 1998	Microsoft launches Windows 98
Jan. 13, 2000	Steve Ballmer named president and chief executive officer for Microsoft
Feb. 17, 2000	Microsoft launches Windows 2000
June 22, 2000	Bill Gates and Steve Ballmer outline Microsoft's .NET strategy for Web services
May 31, 2001	Microsoft launches Office XP
Oct. 25, 2001	Microsoft launches Windows XP
Nov. 15, 2001	Microsoft launches Xbox
Jan. 15, 2002	Bill Gates outlines Microsoft's commitment to Trustworthy Computing
April 24, 2003	Microsoft launches Windows Server 2003
Oct. 21, 2003	Microsoft launches Microsoft Office System
July 20, 2004	Microsoft announces plans to return up to $75 billion to shareholders in dividends and stock buybacks
Nov. 22, 2005	Microsoft launches Xbox 360
July 20, 2006	Microsoft announces a new US$20 billion tender offer and authorizes an additional share-repurchase program of up to $20 billion over five years
Jan. 30, 2007	Microsoft launches Windows Vista and the 2007 Microsoft Office System to consumers worldwide
Feb. 27, 2008	Microsoft launches Windows Server 2008, SQL Server 2008 and Visual Studio 2008
June 27, 2008	Bill Gates transitions from his day-to-day role at Microsoft to spend more time on his work at The Bill & Melinda Gates Foundation
June 3, 2009	Microsoft launches Bing decision engine
Oct. 22, 2009	Microsoft launches Windows 7; opens first physical store in Scottsdale, Arizona
June 15, 2010	Microsoft launches general availability of Office 2010
Nov. 10, 2010	Microsoft launches Windows Phone 7
Nov. 17, 2010	Microsoft announces availability of Microsoft Lync
June 28, 2011	Microsoft launches Office 365
Oct. 13, 2011	Microsoft closes its acquisition of Skype
June 25, 2012	Microsoft acquires Yammer
Sept. 4, 2012	Microsoft launches Windows Server 2012
Sept. 12, 2012	Microsoft launches Visual Studio 2012
Oct. 18, 2012	Microsoft employee giving tops US$1 billion
Oct. 23, 2012	Microsoft introduces new entertainment experience from Xbox
Oct. 26, 2012	Microsoft launches Windows 8 and Microsoft Surface
Jan. 29, 2013	Microsoft launches Office 2013, expands Office 365
Feb. 18, 2013	Microsoft launches Outlook.com
May 21, 2013	Microsoft unveils Xbox One
July 11, 2013	"Microsoft One" reorganization realigns company to enable innovation at great speed, efficiency
Sept. 3, 2013	Microsoft announces decision to acquire Nokia's devices and services business, license Nokia's patents and mapping services
Oct. 17, 2013	Microsoft launches Windows 8.1
Oct. 22, 2013	Microsoft launches Surface 2 and Surface Pro 2
Nov. 22, 2013	Microsoft launches Xbox One
Feb. 4, 2014	Satya Nadella named chief executive officer for Microsoft
March 27, 2014	Microsoft launches Office for iPad
April 25, 2014	Microsoft completes acquisition of Nokia Devices and Services business
June 20, 2014	Microsoft launches Surface Pro 3
Sept. 15, 2014	Minecraft to join Microsoft announcement
Nov. 6, 2014	Microsoft announces Office apps for Android tablets
May 5, 2015	Microsoft releases Surface 3
July 29, 2015	Microsoft launches Windows 10
Sept. 22, 2015	Microsoft launches Office 2016
Oct. 6, 2015	Microsoft announces Surface Book, Surface Pro 4, Microsoft Band 2, Lumia 950 and Lumia 95 XL
Oct. 26, 2015	Microsoft opens flagship store in New York City
Nov. 12, 2015	Microsoft opens flagship store in Sydney, Australia
Jan. 19, 2016	Microsoft Philanthropies announces $1B in donations putting Microsoft Cloud to work for the public good
June 1, 2016	Microsoft launches SQL Server 2016
July 6, 2016	Microsoft introduces Microsoft Dynamics 365
Sept. 29, 2016	Microsoft announces formation of new AI and Research Group
Oct. 18, 2016	Microsoft researchers achieve human parity in conversational speech recognition
Oct. 26, 2016	Microsoft introduces Surface Studio, Surface Dial, new Surface Book and Windows 10 Creators Update
Dec. 8, 2016	Microsoft completes acquisition of LinkedIn
March 7, 2017	Microsoft releases Visual Studio 2017
March 17, 2017	Microsoft Teams rolls out to Office 365 customers worldwide
May 2, 2017	Microsoft introduces new technology for education, including Windows 10 S, new Surface Laptop and Microsoft Teams for classrooms
May 23, 2017	Microsoft announces Windows 10 China Government Edition and the new Surface Pro
June 14, 2017	Surface Laptop and new Surface Pro available in 25 markets worldwide
Sept. 21, 2017	Microsoft, Facebook and Telxius complete "Marea," the highest-capacity subsea cable to cross the Atlantic Ocean
Oct. 17, 2017	Windows 10 Fall Creators Update and Mixed Reality Headsets become available; Surface Book 2 announced
Nov. 6, 2017	Microsoft launches Xbox One X
Nov. 28, 2017	Microsoft announces major Redmond campus renovation
Dec. 5, 2017	Microsoft breaks ground on new sustainable Silicon Valley campus
Feb. 22, 2018	Microsoft opens new campus in Dublin, Ireland
May 15, 2018	Microsoft announces Surface Hub 2
May 16, 2018	Microsoft unveils Xbox Adaptive Controller
Aug. 2, 2018	Surface Go becomes available
Oct. 26, 2018	Microsoft completes GitHub acquisition
Jan. 16, 2019	Microsoft announces $500 million commitment to advance affordable housing in Puget Sound region
Feb. 24, 2019	Microsoft introduces HoloLens 2
July 11, 2019	Microsoft opens flagship store in London

https://news.microsoft.com/facts-about-microsoft/#About

30/7/2024

Microsoft Cloud strength drives fourth quarter results

REDMOND, Wash. — July 30, 2024 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year:

Revenue was $64.7 billion and increased 15% (up 16% in constant currency)
Operating income was $27.9 billion and increased 15% (up 16% in constant currency)
Net income was $22.0 billion and increased 10% (up 11% in constant currency)
Diluted earnings per share was $2.95 and increased 10% (up 11% in constant currency)

Business Highlights

Revenue in Productivity and Business Processes was $20.3 billion and increased 11% (up 12% in constant currency), with the following business highlights:

Office Commercial products and cloud services revenue increased 12% (up 13% in constant currency) driven by Office 365 Commercial revenue growth of 13% (up 14% in constant currency)
Office Consumer products and cloud services revenue increased 3% (up 4% in constant currency) and Microsoft 365 Consumer subscribers grew to 82.5 million
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics products and cloud services revenue increased 16% driven by Dynamics 365 revenue growth of 19% (up 20% in constant currency)

Revenue in Intelligent Cloud was $28.5 billion and increased 19% (up 20% in constant currency), with the following business highlights:

Server products and cloud services revenue increased 21% (up 22% in constant currency) driven by Azure and other cloud services revenue growth of 29% (up 30% in constant currency)

Revenue in More Personal Computing was $15.9 billion and increased 14% (up 15% in constant currency), with the following business highlights:

Windows revenue increased 7% (up 8% in constant currency) with Windows OEM revenue growth of 4% and Windows Commercial products and cloud services revenue growth of 11% (up 12% in constant currency)
Devices revenue decreased 11% (down 9% in constant currency)
Xbox content and services revenue increased 61% driven by 58 points of net impact from the Activision acquisition
Search and news advertising revenue excluding traffic acquisition costs increased 19%

Microsoft returned $8.4 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2024.

Fiscal Year 2024 Results

Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2024, as compared to the corresponding period of last fiscal year:

Revenue was $245.1 billion and increased 16% (up 15% in constant currency)
Operating income was $109.4 billion and increased 24%, and increased 22% non-GAAP (up 21% in constant currency)
Net income was $88.1 billion and increased 22%, and increased 20% non-GAAP
Diluted earnings per share was $11.80 and increased 22%, and increased 20% non-GAAP

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$211,915	$88,523	$72,361	$9.68
Severance, hardware-related impairment, and lease consolidation costs	-	1,171	946	0.13
2023 As Adjusted (non-GAAP)	$211,915	$89,694	$73,307	$9.81
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
Percentage Change Y/Y (GAAP)	16%	24%	22%	22%
Percentage Change Y/Y Constant Currency	15%	23%	21%	21%
Percentage Change Y/Y (non-GAAP)	16%	22%	20%	20%
Percentage Change Y/Y (non-GAAP) Constant Currency	15%	21%	20%	20%

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Environmental, Social, and Governance (ESG)

To learn more about Microsoft's corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.

Webcast Details

Non-GAAP Definition

Constant Currency

Financial Performance Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$56,189	$24,254	$20,081	$2.69
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
Percentage Change Y/Y (GAAP)	15%	15%	10%	10%
Constant Currency Impact	$(345)	$(218)	$(269)	$(0.04)
Percentage Change Y/Y Constant Currency	16%	16%	11%	11%

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$211,915	$88,523	$72,361	$9.68
2023 As Adjusted (non-GAAP)	$211,915	$89,694	$73,307	$9.81
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
Percentage Change Y/Y (GAAP)	16%	24%	22%	22%
Percentage Change Y/Y (non-GAAP)	16%	22%	20%	20%
Constant Currency Impact	$900	$717	$312	$0.04
Percentage Change Y/Y Constant Currency	15%	23%	21%	21%
Percentage Change Y/Y (non-GAAP) Constant Currency	15%	21%	20%	20%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2023 As Reported (GAAP)	$18,291	$23,993	$13,905
2024 As Reported (GAAP)	$20,317	$28,515	$15,895
Percentage Change Y/Y (GAAP)	11%	19%	14%
Constant Currency Impact	$(106)	$(174)	$(65)
Percentage Change Y/Y Constant Currency	12%	20%	15%

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended June 30, 2024
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	21%	1%	22%
Office Commercial products and cloud services	12%	1%	13%
Office 365 Commercial	13%	1%	14%
Office Consumer products and cloud services	3%	1%	4%
LinkedIn	10%	(1)%	9%
Dynamics products and cloud services	16%	0%	16%
Dynamics 365	19%	1%	20%
Server products and cloud services	21%	1%	22%
Azure and other cloud services	29%	1%	30%
Windows	7%	1%	8%
Windows OEM	4%	0%	4%
Windows Commercial products and cloud services	11%	1%	12%
Devices	(11)%	2%	(9)%
Xbox content and services	61%	0%	61%
Search and news advertising excluding traffic acquisition costs	19%	0%	19%

About Microsoft

Forward-Looking Statements

intense competition in all of our markets that may adversely affect our results of operations;
focus on cloud-based and AI services presenting execution and competitive risks;
significant investments in products and services that may not achieve expected returns;
acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;
impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;
cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
disclosure and misuse of personal data that could cause liability and harm to our reputation;
the possibility that we may not be able to protect information stored in our products and services from use by others;
abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
issues about the use of artificial intelligence in our offerings that may result in reputational or competitive harm, or legal liability;
excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
quality or supply problems;
government enforcement under competition laws and new market regulation may limit how we design and market our products;
potential consequences of trade and anti-corruption laws;
potential consequences of existing and increasing legal and regulatory requirements;
laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;
claims against us that may result in adverse outcomes in legal disputes;
uncertainties relating to our business with government customers;
additional tax liabilities;
sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;
an inability to protect and utilize our intellectual property may harm our business and operating results;
claims that Microsoft has infringed the intellectual property rights of others;
damage to our reputation or our brands that may harm our business and results of operations;
adverse economic or market conditions that may harm our business;
catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;
exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange and
the dependence of our business on our ability to attract and retain talented employees.

https://news.microsoft.com/2024/07/30/microsoft-cloud-strength-drives-fourth-quarter-results-6/

NortonLifeLock Inc.

Prague, Czech Republic, September 12, 2022 — NortonLifeLock (NASDAQ: NLOK), a global leader in Cyber Safety, today announced it has completed its previously announced acquisition of Avast.

For more information, please visit: https://investor.nortonlifelock.com/news/news-details/2022/NortonLifeLock-Completes-Merger-with-Avast/default.aspx

https://press.avast.com/nortonlifelock-completes-merger-with-avast

Corporate Profile

NortonLifeLock Inc. is a global leader in consumer Cyber Safety. We are dedicated to helping secure the devices, identities, online privacy, and home and family needs of nearly 50 million consumers, providing them with a trusted ally in a complex digital world.

https://www.nortonlifelock.com/about/corporate-profile

Oracle Corporation (NYSE: ORCL)

Introduction

Oracle, a global provider of enterprise cloud computing, is empowering businesses of all sizes on their journey of digital transformation. Oracle Cloud provides leading-edge capabilities in software as a service, platform as a service, infrastructure as a service, and data as a service.

Oracle helps customers develop strategic roadmaps and advance their journey to the cloud from any point: new cloud deployments, legacy environments, and hybrid implementations. Oracle's complete, integrated approach makes it easy for companies to get started in the cloud and even easier to expand as business grows. Oracle's application suites, platforms, and infrastructure leverage both the latest technologies and emerging ones—including artificial intelligence (AI), machine learning, blockchain, and Internet of Things (IoT)—in ways that create business differentiation and advantage for customers.

Today, 430,000 customers in 175 countries use Oracle technologies to seize business opportunities and solve real, tangible challenges. Oracle supports customers on every step of the digital journey, with consulting, financing, support, and training services.

Oracle's security practices are multidimensional and reflect the various ways Oracle engages with its customers:

Oracle has corporate security practices that encompass all the functions related to security, safety, and business continuity for Oracle's internal operations and its provision of services to customers. They include a suite of internal information security policies as well as different customer-facing security practices that apply to different service lines.
Oracle Cloud Security Practices describe how Oracle protects the confidentiality, integrity, and availability of customer data and systems that are hosted in the Oracle Cloud and/or accessed when providing Cloud services.
With Oracle Software Security Assurance, Oracle's goals are to ensure that Oracle's products help customers meet their security requirements while providing for the most cost-effective ownership experience.

https://www.oracle.com/corporate/security-practices/

11/6/2024

Oracle Announces Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results

Q4 Total Remaining Performance Obligations up 44% to $98 billion
Q4 GAAP Earnings per Share $1.11, Non-GAAP Earnings per Share $1.63
Q4 Total Revenue $14.3 billion, up 3% in USD, up 4% in constant currency
Q4 Cloud Revenue (IaaS plus SaaS) $5.3 billion, up 20% in USD and constant currency
Q4 Cloud Infrastructure (IaaS) Revenue $2.0 billion, up 42% in USD and constant currency
Q4 Cloud Application (SaaS) Revenue $3.3 billion, up 10% in USD and constant currency
Q4 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 14% in USD and constant currency
Q4 NetSuite Cloud ERP (SaaS) Revenue $0.8 billion, up 19% in USD and constant currency
FY 2024 Total Revenue $53.0 billion, up 6% in USD and constant currency

Austin, Texas—June 11, 2024

Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q4 and full-year 2024 results. Total quarterly revenues were up 3% year-over-year in USD and up 4% in constant currency to $14.3 billion. Cloud services and license support revenues were up 9% in USD and up 10% in constant currency to $10.2 billion. Cloud license and on-premise license revenues were down 15% in USD and down 14% in constant currency to $1.8 billion.

Q4 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 8% in USD and up 9% in constant currency. GAAP operating margin was 33%, and non-GAAP operating margin was 47%. GAAP net income was $3.1 billion, and non-GAAP net income was $4.6 billion. Q4 GAAP earnings per share was $1.11 while non-GAAP earnings per share was $1.63.

Short-term deferred revenues were $9.3 billion. Operating cash flow was $18.7 billion during fiscal year 2024, up 9% in USD.

Fiscal year 2024 total revenues were up 6% in USD and constant currency to $53.0 billion. Cloud services and license support revenues were up 12% in USD and up 11% in constant currency to $39.4 billion. Cloud license and on-premise license revenues were down 12% in USD and constant currency to $5.1 billion.

Fiscal year 2024 GAAP operating income was $15.4 billion, and GAAP operating margin was 29%. Non-GAAP operating income was $23.1 billion, and non-GAAP operating margin was 44%. GAAP net income was $10.5 billion, while non-GAAP net income was $15.7 billion. GAAP earnings per share was $3.71, while non-GAAP earnings per share was $5.56.

"In Q3 and Q4, Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud," said Oracle CEO, Safra Catz. "These record level sales drove RPO up 44% to $98 billion. Throughout fiscal year 2025, I expect continued strong AI demand to push Oracle sales and RPO even higher—and result in double-digit revenue growth this fiscal year. I also expect that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand. In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud."

"Our multicloud cooperation with Microsoft expanded significantly in Q4, as we agreed to work together to support Open AI and ChatGPT—and 11 of the 23 OCI datacenters we are building inside Azure went live," said Oracle Chairman and CTO, Larry Ellison. "As this Azure/OCI cloud capacity becomes available to the large installed base of Microsoft and Oracle customers, it will turbocharge our cloud database growth. Now customers can run any and every version of the Oracle database—Autonomous, 23ai Vector DB, etc.—in both the Azure and the Oracle Clouds. As customers continue to choose and use multiple clouds, Hyperscalers like Microsoft and Google are responding by interconnecting their clouds. Oracle recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud. We expect the Oracle database to be available within the Google Cloud in September this year."

The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on July 11, 2024, with a payment date of July 25, 2024.

https://www.oracle.com/apac/news/announcement/q4fy24-earnings-release-2024-06-11/

Rackspace (NASDAQ: RXT)

About Rackspace

At Rackspace, we accelerate the value of the cloud during every phase of digital transformation. By managing apps, data, security and multiple clouds, we are the best choice to help customers get to the cloud, innovate with new technologies and maximize their IT investments. As a recognized Gartner Magic Quadrant leader, we are uniquely positioned to close the gap between the complex reality of today and the promise of tomorrow. Passionate about customer success, we provide unbiased expertise, based on proven results, across all the leading technologies. And across every interaction worldwide, we deliver Fanatical Experience™. Rackspace has been honored by Fortune, Forbes, Glassdoor and others as one of the best places to work.

https://www.rackspace.com/about/investor-relations

Rackspace Enters Into a $4.3 Billion Transaction to Become a Private Company through an Acquisition Led by Certain Funds Managed by Affiliates of Apollo Global Management

https://blog.rackspace.com/rackspace-become-private-company-acquisition-apollo-global-management

12/3/2024

Rackspace Technology Reports Fourth Quarter and Full Year 2023 Results

March 12, 2024

Fourth Quarter Revenue of $720 million, down 9% Year-over-Year; 2023 Revenue of $2,957 million, down 5% Year-over-Year
Fourth Quarter Private Cloud Revenue of $285 million, down 14% Year-over-Year; 2023 Private Cloud Revenue of $1,210 million, down 12% Year-over-Year
Fourth Quarter Public Cloud Revenue of $435 million, down 5% Year-over-Year; 2023 Public Cloud Revenue of $1,747 million up 0.4% Year-over-Year
Fourth Quarter Cash Flow From Operating Activities of $72 million; 2023 Cash Flow From Operating Activities of $375 million
Since start of 2023, Estimated Net Financial Debt Reduction of over $900 million through Debt Repurchases and Refinancings, Lowering Net Annual Interest Expense by approximately $40 Million, Assuming Full Participation in Public Exchange Offer

SAN ANTONIO, March 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end hybrid, multicloud, and AI solutions company, today announced results for its fourth quarter and year ended December 31, 2023.

Amar Maletira, Chief Executive Officer, stated, "I'm pleased to announce that our results for the fiscal fourth quarter of 2023 exceeded the midpoint of our revenue, operating profit, and EPS guidance. FY23 was a period of transition, through which we focused on implementing structural changes to facilitate a turnaround, repositioning Rackspace to capitalize on emerging technology inflections points and strengthening our capital structure and I am happy with the progress we have made this year."

Mr. Maletira added, "I'm excited to announce our successful debt refinancing amidst the highest rate environment seen in 20 years. Assuming full participation in the public exchange offer, we will have managed to reduce our net financial debt by over $900 million while securing an additional $575 million of new capital over the past 12 months, resulting in lower interest expenses and extended maturities, thereby enhancing our financial flexibility and improving liquidity."

Fourth Quarter 2023 Results

Revenue was $720 million in the fourth quarter of 2023, a decrease of 9% on a reported and constant currency basis as compared to revenue of $787 million in the fourth quarter of 2022.

Private Cloud revenue was $285 million in the fourth quarter of 2023, a decrease of 14% on a reported basis and 15% on a constant currency basis as compared to revenue of $330 million in the fourth quarter of 2022.

Public Cloud revenue was $435 million in the fourth quarter of 2023, a decrease of 5% on a reported and constant currency basis as compared to revenue of $457 million in the fourth quarter of 2022.

The fourth quarter of 2023 included a total of $4 million of non-cash impairment charges compared to $217 million of non-cash impairment charges in the fourth quarter of 2022. The impairments in the fourth quarter of 2022 were driven primarily by a decline in our market capitalization following the ransomware attack on our Hosted Exchange email business and impairment of our headquarters office.

Loss from operations was $(15) million in the fourth quarter of 2023, compared to loss from operations of $(227) million in the fourth quarter of 2022.

Net income was $28 million in the fourth quarter of 2023, compared to net loss of $(214) million in the fourth quarter of 2022.

Net income per diluted share was $0.13 in the fourth quarter of 2023, compared to net loss per diluted share of $(1.01) in the fourth quarter of 2022.

Non-GAAP Operating Profit was $48 million in the fourth quarter of 2023, a decrease of 34% compared to $74 million in the fourth quarter of 2022.

Non-GAAP Loss Per Share was $(0.03) in the fourth quarter of 2023, a decrease of 150% as compared to Non-GAAP Earnings Per Share of $0.06 in the fourth quarter of 2022.

Capital expenditures were $38 million in the fourth quarter of 2023, compared to $43 million in the fourth quarter of 2022.

Full Year 2023 Results

Revenue was $2,957 million in 2023, a decrease of 5% on a reported and constancy currency basis as compared to revenue of $3,122 million in 2022.

Private Cloud revenue was $1,210 million in 2023, a decrease of 12% on a reported basis and 13% on a constant currency basis as compared to revenue of $1,382 million in 2022.

Public Cloud revenue was $1,747 million in 2023, an increase of 0.4% on a reported and constancy currency basis as compared to revenue of $1,741 million in 2022.

2023 included a total of $761 million of non-cash impairment charges compared to $681 million of non-cash impairment charges in 2022. These impairments were primarily a result of a sustained decrease in our market capitalization.

Loss from operations was $(899) million in 2023, compared to loss from operations of $(679) million in 2022.

Net loss was $(838) million in 2023, compared to net loss of $(805) million in 2022.

Net loss per diluted share was $(3.89) in 2023, compared to net loss per diluted share of $(3.81) in 2022.

Non-GAAP Operating Profit was $183 million in 2023, a decrease of 50% compared to $364 million in 2022.

Non-GAAP Loss Per Share was $(0.15) in 2023, a decrease of 128% as compared to Non-GAAP Earnings Per Share of $0.54 in 2022.

Capital expenditures were $181 million in 2023, compared to $142 million in 2022.

As of December 31, 2023, we had cash and cash equivalents of $197 million with no balance outstanding on our Revolving Credit Facility ($375 million of undrawn commitments).

Debt Refinancing

On March 12, the Company closed a private debt exchange (the "Private Exchange") with certain of its creditors representing more than 72% of the Company's first lien term loans and more than 64% of its first lien notes, as well as 100% of its Revolving Credit Facility lenders. Through the Private Exchange, Rackspace has eliminated more than $375 million of net debt and has received $275 million of new money (the "New Money Financing") to advance key strategic initiatives. Additionally, the maturities on the participating debt facilities were extended to May 2028.

In connection with the transaction, the Company plans to launch a public debt exchange offer (the "Public Exchange Offer") to all of its outstanding lenders and first lien noteholders. The Public Exchange Offer will offer existing lenders and first lien noteholders new term loans or new first lien notes, as applicable, with an improved security position, tighter covenants, and other restrictions. Through full participation in the Public Exchange Offer, the Company has the opportunity to eliminate more than $600 million in net debt, reducing net annual interest expense by approximately $13 million.

	Q1 2024 Guidance
Revenue	$680 - $690 million
Private Cloud Revenue	$268 - $273 million
Public Cloud Revenue	$412 - $417 million
Non-GAAP Operating Profit	$12 - $14 million
Non-GAAP Loss Per Share	($0.12) - ($0.14)
Non-GAAP Other Income (Expense)	($50) - ($52) million
Non-GAAP Tax Expense Rate	26%
Non-GAAP Weighted Average Shares	221 - 223 million

Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable measures in accordance with generally accepted accounting principles in the United States ("GAAP") are provided in subsequent sections of this press release narrative and supplemental schedules. Rackspace Technology has not reconciled Non-GAAP Operating Profit, Non-GAAP Loss Per Share, Non-GAAP Other Income (Expense) or Non-GAAP Tax Expense Rate guidance to the most directly comparable GAAP measure because it does not provide guidance on GAAP net income (loss) or the reconciling items between these Non-GAAP measures and GAAP net income (loss) as a result of the uncertainty regarding, and the potential variability of, certain of these items, such as share-based compensation expense. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort. With respect to Non-GAAP Operating Profit, Non-GAAP Loss Per Share, Non-GAAP Other Income (Expense) and Non-GAAP Tax Expense Rate guidance, adjustments in future periods are generally expected to be similar to the kinds of charges and costs excluded from these Non-GAAP measures in prior periods, but the impact of such adjustments could be significant.

Conference Call and Webcast

Rackspace Technology will hold a conference call today, March 12, 2024, at 4:00pm CT / 5:00pm ET to discuss its fourth quarter and full year 2023 results. Interested parties may access the conference call as follows:

To listen to the live webcast or access the replay following the webcast, please visit our IR website at the following link: https://ir.rackspace.com/news-and-events/events-and-presentations

To obtain a dial-in number, please pre-register at the following link: https://register.vevent.com/register/BI01e651a628314f96ba04ab3fe5146f8f. Registrants will receive dial-in information and a PIN allowing them to access the live call.

About Rackspace Technology

Rackspace Technology is a leading end-to-end hybrid, multicloud, and AI solutions company. We design, build and operate our customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.

https://ir.rackspace.com/news-releases/news-release-details/rackspace-technology-reports-fourth-quarter-and-full-year-2023

Salesforce (NASDAQ: CRM)

Company overview

Salesforce is the world's #1 customer relationship management (CRM) platform. Our cloud-based CRM applications for sales, service, marketing, and more don't require IT experts to set up or manage - simply log in and start connecting to customers in a whole new way.

More than 150,000 companies use Salesforce CRM to grow their businesses by strengthening customer relationships. CRM helps companies understand their customers' needs and solve problems by better managing customer information and interactions - all on a single platform that's always accessible from any desktop or device.

https://investor.salesforce.com/overview/default.aspx

29/5/2024

Salesforce Announces First Quarter Fiscal 2025 Results

May 29, 2024

SAN FRANCISCO--(BUSINESS WIRE)-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its first quarter fiscal 2025 ended April 30, 2024.

First Quarter Highlights

First Quarter Revenue of $9.13 Billion, up 11% Year-Over-Year ("Y/Y"), up 11% in Constant Currency ("CC"), inclusive of Subscription & Support Revenue of $8.59 Billion, up 12% Y/Y
First Quarter GAAP Operating Margin of 18.7% and non-GAAP Operating Margin of 32.1%
Current Remaining Performance Obligation of $26.4 Billion, up 10% Y/Y, up 10% in CC
First Quarter Operating Cash Flow of $6.25 Billion, up 39% Y/Y, and Free Cash Flow of $6.08 Billion, up 43% Y/Y
Returned $2.2 Billion in the Form of Share Repurchases and $0.4 Billion in Dividend Payments to Stockholders

FY25 Guidance Highlights

Initiates Second Quarter FY25 Revenue Guidance of $9.20 Billion to $9.25 Billion, up 7% - 8% Y/Y
Maintains Full Year FY25 Revenue Guidance of $37.7 Billion to $38.0 Billion, up 8% - 9% Y/Y and Lowers Full Year FY25 Subscription & Support Revenue Growth Guidance to Slightly Below 10% Y/Y & Approximately 10% in CC
Lowers Full Year FY25 GAAP Operating Margin Guidance to 19.9% and Maintains non-GAAP Operating Margin Guidance of 32.5%
Maintains Full Year FY25 Operating Cash Flow Growth Guidance of 21% to 24% Y/Y

"Our profitable growth trajectory continues to drive strong cash flow generation. Q1 operating cash flow was $6.25 billion, up 39% year-over-year. Q1 free cash flow was $6.1 billion, up 43% year-over-year," said Marc Benioff, Chair and CEO, Salesforce. "We are at the beginning of a massive opportunity for our customers to connect with their customers in a whole new way with AI. As the world's #1 AI CRM, we're incredibly well positioned to help companies realize the promise of AI over the next decade."

"We delivered another quarter of disciplined profitable growth, with GAAP operating margin of 18.7%, up 1,370 basis points year-over-year, and Non-GAAP operating margin of 32.1%, up 450 basis points year-over year," said Amy Weaver, President and CFO of Salesforce. "We've also made significant progress on our capital return program, returning more than $14 billion to shareholders since inception, including the payout of our first ever quarterly dividend in Q1."

Guidance

Our guidance includes GAAP and non-GAAP financial measures.

Q2 FY25 Guidance

Full Year FY25 Guidance

Total Revenue

$9.20 - $9.25 Billion

$37.7 - $38.0 Billion

Y/Y Growth

7 - 8%

8 - 9%

FX Impact (1)

($50M) Y/Y FX

($100M) Y/Y FX

Subscription & Support Revenue Growth (Y/Y) (2)

N/A

Slightly below 10%, Approx 10% CC

GAAP Operating Margin

N/A

19.9%

Non-GAAP Operating Margin (3)

N/A

32.5%

GAAP Diluted Earnings per Share (3)

$1.31 - $1.33

$6.04 - $6.12

Non-GAAP Diluted Earnings per Share (3)

$2.34 - $2.36

$9.86 - $9.94

Operating Cash Flow Growth (Y/Y)

N/A

21% - 24%

Current Remaining Performance Obligation Growth (Y/Y)

N/A

(1)		Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates.
(2)		Subscription & Support revenue excludes professional services revenue.
(3)		Non-GAAP operating margin and non-GAAP Diluted EPS are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted EPS guidance and non-GAAP Diluted EPS guidance excludes any impact to share count from potential Q2 - Q4 FY25 repurchase activity under our share repurchase program.
(4)		Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.

FX Impact (4)

($200M) Y/Y FX

N/A

The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

		Full Year FY25 Guidance
GAAP operating margin (1)		19.9%
Plus
Amortization of purchased intangibles (2)		4.3%
Stock-based compensation expense (2)(3)		8.2%
Restructuring (2)(3)		0.1%
Non-GAAP operating margin (1)		32.5%

(1)		GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue.
(2)		The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25.
(3)		The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring activities. Stock-based compensation expense included in the full year FY25 guidance GAAP to non-GAAP reconciliation table excludes stock-based compensation expense related to the Company's restructuring activities, which is included in the restructuring line.

The following is a per share reconciliation of GAAP diluted EPS to non-GAAP diluted EPS guidance for the next quarter and the full year:

About Salesforce

Salesforce is the #1 AI CRM, empowering companies to connect with their customers in a whole new way through the power of CRM + AI + Data + Trust on one unified platform: Einstein 1. For more information visit: www.salesforce.com (NYSE: CRM).

"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, earnings per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results or outcomes could differ materially and adversely from those expressed or implied in our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements.

The risks and uncertainties referred to above include -- but are not limited to -- risks associated with:

our ability to maintain sufficient security levels and service performance, avoid downtime and prevent, detect and remediate performance degradation and security breaches;
our ability to secure sufficient data center capacity;
our reliance on third-party infrastructure providers, including hardware, software and platform providers and the organizations responsible for the development and maintenance of the infrastructure of the Internet;
uncertainties regarding AI technologies and their integration into our product offerings;
our ability to achieve our aspirations, goals and projections related to our environmental, social and governance ("ESG") initiatives;
the effect of evolving government regulations, including those related to our industry and providing services on or accessing the Internet, and those addressing ESG matters, data privacy, cybersecurity, cross-border data transfers, government contracting and procurement, and import and export controls;
current and potential litigation and regulatory investigations involving us or our industry;
our ability to successfully expand or introduce new services and product features;
our ability to successfully complete, integrate and realize the benefits from acquisitions or other strategic transactions;
uncertainties regarding the pace of change and innovation and our ability to compete in the markets in which we participate;
our ability to successfully execute our business strategy and our business plans, including efforts to expand internationally and related risks;
our ability to predict and meet expectations regarding our operating results and cash flows, including revenue and remaining performance obligation, including as a result of the seasonal nature of our sales cycle and the variability in our results arising from the accounting for term license revenue products and some complex transactions;
our ability to predict and limit customer attrition and costs related to those efforts;
the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions;
our real estate and office facilities strategy and related costs and uncertainties;
the performance of our strategic investment portfolio, including fluctuations in the fair value of our investments;
our ability to protect our intellectual property rights;
our ability to maintain and enhance our brands;
uncertainties regarding the valuation and potential availability of certain tax assets;
the impact of new accounting pronouncements and tax laws;
uncertainties affecting our ability to estimate our tax rate, including our tax obligations in connection with potential jurisdictional transfer of intellectual property;
uncertainties regarding the effect of geopolitical events, inflationary pressures, market and macroeconomic volatility, financial institution instability, changes in monetary policy, foreign currency exchange rate and interest rate fluctuations, a potential shutdown of the U.S. federal government and climate change, natural disasters and actual or threatened public health emergencies on our workforce, business, and operating results;
uncertainties regarding the impact of expensing stock options and other equity awards;
the sufficiency of our capital resources, including our ability to execute our share repurchase program and declare future cash dividends;
our ability to comply with our debt covenants and lease obligations; and
uncertainties regarding impacts to our workforce and workplace culture, such as those arising from our current and future office environments or remote work policies or our ability to realize the expected benefits of the restructuring plan.

Further information on these and other factors that could affect the Company's actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company's website at http://investor.salesforce.com/financials/.

Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law.

https://investor.salesforce.com/press-releases/press-release-details/2024/Salesforce-Announces-First-Quarter-Fiscal-2025-Results/default.aspx

SAP (NYSE: SAP)

SAP Company Information

SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world's transaction revenue touches an SAP system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers' businesses into intelligent enterprises. Our end-to-end suite of applications and services enables our customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improves people's lives.

Fast Facts

437,000

Customers in more than 180 countries

99,700+

Employees from 140+ countries

18,000+

SAP partner companies globally

24.74b€

Total Revenue (Non-IFRS) in FY2018

200m.+

Subscribers in our cloud user base

100+

Innovation and development centers

https://www.sap.com/corporate/en/company.html

SAP: A 47-year history of success

Building on a track record of innovation

In 1972, five entrepreneurs in Germany (Dietmar Hopp, Hasso Plattner, Hans-Werner Hector, Klaus Tschira, and Claus Wellenreuther) had a vision for the business potential of technology. Starting with one customer and a handful of employees, SAP set out on a path that would not only transform the world of information technology, but also forever alter the way companies do business. Now 47 years and more than 437,000 customers stronger, more than ever, SAP is fueled by the pioneering spirit that inspired its founders to continually transform the IT industry.

https://www.sap.com/corporate/en/company/history.html

23/1/2024

SAP Announces Q4 and FY 2023 Results

WALLDORF — SAP SE announced today its financial results for the fourth quarter and fiscal year ended December 31, 2023.

SAP exceeds non-IFRS operating profit and cash flow outlook for FY 2023
Cloud revenue up 20% and up 23% at constant currencies for FY 2023, underpinned by 25% cloud revenue growth at constant currencies in the fourth quarter
Current cloud backlog of €13.7 billion, up 25% and up 27% at constant currencies
IFRS cloud gross profit up 23%, non-IFRS cloud gross profit up 23% and up 27% at constant currencies in FY 2023
IFRS operating profit down 5%, non-IFRS operating profit up 9% and up 13% at constant currencies in FY 2023
2024 outlook anticipates accelerating cloud revenue growth
Planned transformation program including restructuring in 2024 reflects focus on scalability of operations and Business AI
2025 non-IFRS operating profit and free cash flow ambition updated to reflect updated non-IFRS definition as well as approximately half a billion Euro of incremental efficiency gains from the program

"SAP has delivered: We met or exceeded our outlook for 2023 in all key metrics. Based on a stellar order entry, our current cloud backlog expanded by 27% - an all-time high. We are confident about the company's prospects in 2024. From this position of strength, SAP is opening the next chapter: with the planned transformation program, we are intensifying the shift of investments to strategic growth areas, above all Business AI. Going forward, this will empower us to keep leading with innovation while increasing the scalability of the operating model."

Christian Klein, CEO

"2023 was a year of inflection. We kept our promise and achieved double-digit non-IFRS operating profit growth despite an adverse macro environment. In 2024, we will focus on putting the right gradient of earnings growth in place to deliver on our raised ambition for 2025 and sustain growth and financial performance beyond."

Dominik Asam, CFO

https://news.sap.com/2024/01/sap-announces-q4-and-fy-2023-results/

23/7/2024

Seagate Technology Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results

July 23, 2024

Fiscal Q4 2024 Highlights

Revenue of $1.89 billion
GAAP diluted earnings per share (EPS) of $2.39; non-GAAP diluted EPS of $1.05
Cash flow from operations of $434 million and free cash flow of $380 million
Declared cash dividend of $0.70 per share

Fiscal Year 2024 Highlights

Revenue of $6.55 billion
GAAP diluted EPS of $1.58; non-GAAP diluted EPS of $1.29
Cash flow from operations of $918 million and free cash flow of $664 million
Returned $585 million to shareholders through dividends

FREMONT, Calif.--(BUSINESS WIRE)-- Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal fourth quarter and fiscal year ended June 28, 2024.

"Seagate delivered robust financial performance for the June quarter amid an improving cloud demand environment, capping off a fiscal year of strong execution against our financial goals. Q4 revenue grew 18% year-over-year, non-GAAP gross margin expanded to nearly 31%, and non-GAAP EPS exceeded the high end of our guidance range," said Dave Mosley, Seagate's chief executive officer.

"In fiscal 2025, we are remaining focused on driving profitability and maintaining supply discipline while continuing to execute our mass capacity product roadmap, anchored by our HAMR technology. Our data storage solutions offer our cloud and enterprise customers with cost, power and space advantages that support their investments in critical AI and other data-driven initiatives," Mosley concluded.

Quarterly Financial Results

	GAAP				Non-GAAP
	FQ4 2024		FQ4 2023		FQ4 2024		FQ4 2023
Revenue ($M)	$	1,887	$	1,602	$	1,887	$	1,602
Gross Margin		31.8%		19.0%		30.9%		19.5%
Operating Margin		16.6%		1.6%		17.3%		3.4%
Net Income (Loss) ($M)	$	513	$	(92)	$	222	$	(37)
Diluted Earnings (Loss) Per Share	$	2.39	$	(0.44)	$	1.05	$	(0.18)

Annual Financial Results

	GAAP					Non-GAAP
	2024		2023			2024		2023
Revenue ($M)	$	6,551	$	7,384		$	6,551	$	7,384
Gross Margin		23.4%		18.3%			25.5%		21.1%
Operating Margin		6.9%		(4.6	%)		10.3%		5.6%
Net Income (Loss) ($M)	$	335	$	(529)		$	272	$	40
Diluted Earnings (Loss) Per Share	$	1.58	$	(2.56)		$	1.29	$	0.19

For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.

During the fiscal fourth quarter the Company generated $434 million in cash flow from operations, $380 million in free cash flow, and returned $147 million of capital to shareholders through its quarterly dividend. Additionally, the Company sold the System-on-Chip Operations for $600 million during the fiscal fourth quarter, which included cash proceeds of $560 million. The remaining $40 million is expected to be received by the end of fiscal year 2026. Of the $560 million cash proceeds, $326 million was recorded as an investing inflow and $226 million, net of transaction costs, was recorded in both cash flow from operations and in free cash flow. For fiscal year 2024, the Company generated $918 million in cash flow from operations, $664 million in free cash flow, and paid cash dividends of $585 million. As of the end of the fiscal year, cash and cash equivalents totaled approximately $1.4 billion, and there were approximately 210 million ordinary shares issued and outstanding. Additionally, during the fiscal year, the Company issued $1.5 billion of convertible notes to primarily retire its term loans in the fiscal first quarter.

Seagate has issued a Supplemental Financial Information document, which is available on Seagate's Investor Relations website at investors.seagate.com.

Quarterly Cash Dividend

The Board of Directors of the Company (the "Board") declared a quarterly cash dividend of $0.70 per share, which will be payable on October 7, 2024 to shareholders of record as of the close of business on September 23, 2024. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate's financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.

Business Outlook

The business outlook for the fiscal first quarter 2025 is based on our current assumptions and expectations; actual results may differ materially as a result of, among other things, the important factors discussed in the Cautionary Note Regarding Forward-Looking Statements section of this release.

The Company is providing the following guidance for its fiscal first quarter 2025:

Revenue of $2.10 billion, plus or minus $150 million
Non-GAAP diluted EPS of $1.40, plus or minus $0.20

Guidance regarding non-GAAP diluted EPS excludes known pre-tax charges related to estimated share-based compensation expenses of $0.16 per share.

We have not reconciled our non-GAAP diluted EPS guidance for fiscal first quarter 2025 to the most directly comparable GAAP measure, other than estimated share-based compensation expenses, because material items that may impact these measures are out of our control and/or cannot be reasonably predicted, including, but not limited to, accelerated depreciation, impairment and other charges related to cost saving efforts, net (gain) loss recognized from early redemption of debt, purchase order cancellation fees, strategic investment losses (gains) or impairment charges, income tax adjustments on these measures, and other charges or benefits that may arise. The amounts of these measures are not currently available but may be material to future results. A reconciliation of the non-GAAP diluted EPS guidance for fiscal first quarter 2025 to the corresponding GAAP measures is not available without unreasonable effort. A reconciliation of our historical non-GAAP financial measures to their nearest GAAP equivalent is contained in this release.

Investor Communications

Seagate management will hold a public webcast today at 2:00 PM PT / 5:00 PM ET that can be accessed on its Investor Relations website at investors.seagate.com.

An archived audio webcast of this event will be available on Seagate's Investor Relations website at investors.seagate.com shortly following the event conclusion.

About Seagate

Seagate Technology is a leading innovator of mass-capacity data storage. We create breakthrough technology so you can confidently store your data and easily unlock its value. Founded over 45 years ago, Seagate has shipped over four billion terabytes of data capacity and offers a full portfolio of storage devices, systems, and services from edge to cloud. To learn more about how Seagate leads storage innovation, visit www.seagate.com and our blog, or follow us on X, Facebook, LinkedIn, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the Company's plans, programs, strategies, prospects, and opportunities; financial outlook for future periods, including the fiscal first quarter 2025; expectations regarding our ability to service debt and continue to generate free cash flow; expectations regarding our ability to make timely quarterly payments under the settlement agreement with the U.S. Department of Commerce's Bureau of Industry and Security; expectations regarding logistical, macroeconomic, or other factors affecting the Company; expectations regarding market demand for the Company's products, our visibility into such demand and our ability to optimize our level of production and meet market and industry expectations and the effects of these future trends on Company's financial and operational performance; anticipated shifts in technology and storage industry trends, and anticipated demand and performance of new storage product introductions, including HAMR-based products; and expectations regarding the Company's business strategy and performance, as well as dividend issuance plans for the fiscal quarter ending September 27, 2024 and beyond. Forward-looking statements generally can be identified by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "should," "may," "will," "will continue," "can," "could" or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are subject to various uncertainties and risks that could cause our actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's latest periodic report on Form 10-Q or Form 10-K filed with the U.S. Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.

https://investors.seagate.com/news/news-details/2024/Seagate-Technology-Reports-Fiscal-Fourth-Quarter-and-Fiscal-Year-2024-Financial-Results/

Symantec Corporation

Symantec delisted from the NASDAQ when it became a wholly-owned subsidiary of Broadcom Inc. (NASDAQ: AVGO).

https://investors.broadcom.com/news-releases/news-release-details/broadcom-acquire-symantec-enterprise-security-business-107

Symantec Enterprise Security business is now a division of Broadcom Inc. (NASDAQ: AVGO).

https://www.symantec.com/theme/broadcom

Symantec's consumer product lines, Norton and Lifelock, are now part of NortonLifeLock Inc. (NASDAQ: NLOK).

https://www.nortonlifelock.com/

8/8/2019

Symantec Delivers Better-Than-Expected Fiscal First Quarter 2020 Results

Broad-based performance with growth in revenue and profit for both Enterprise and Consumer segments

Announces Enterprise Security asset sale agreement with Broadcom for $10.7 billion in cash

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Symantec Corp. (NASDAQ: SYMC), the world's leading cyber security company, today reported results for its first quarter fiscal year 2020 ended July 5, 2019. The company's first quarter of fiscal year 2020 consists of a 14 week period, compared to the first quarter of fiscal year 2019, which consisted of a 13 week period.

First Quarter Fiscal Year 2020 Financial Highlights:

GAAP revenue was $1.247 billion, up 8% YoY and non-GAAP revenue was $1.251 billion, up 7% YoY

GAAP operating margin of 13%, up 13 ppt YoY and non-GAAP operating margin of 30%, up 2 ppt YoY

GAAP diluted EPS was $0.04, up $0.14 YoY and non-GAAP diluted EPS was $0.43, up $0.08 YoY or 23% YoY

Cash flow from operating activities of $325 million

"We are pleased with our performance in the first quarter, achieving revenue above guidance in both Enterprise Security and Consumer Cyber Safety," said Rick Hill, Symantec Interim President and CEO. "The performance of our management and employees has been outstanding this quarter. In addition to delivering this operational performance, our management team worked around the clock to execute a definitive purchase agreement for the sale of our Enterprise Security assets to Broadcom. I could not be prouder or more thankful to each and every one of them. The Enterprise Security assets, which include the Symantec name, will become part of the Broadcom Software platform, and will ensure continued cyber-security protection for our worldwide customers for whom our Enterprise employees so tirelessly work. It is a validation of our Integrated Cyber Defense strategy, the strength of the Symantec Brand in Enterprise and the quality of the products that make the world a safer place. This transaction enables us to unlock the value of Enterprise Security for our shareholders, return capital to our shareholders, and position our industry recognized franchise in Consumer Cyber Safety, Norton LifeLock, for growth in Home and Small Business."

"We are also pleased to announce the Board of Directors approved an increase of $1.1 billion to our existing remaining share repurchase authorization, bringing the total available to $1.6 billion," continued Mr. Hill. "These incremental share repurchases will be executed opportunistically over time, after the close of the transaction, and when funds are received and repatriated to allow for their use in the buyback, while maintaining our current debt levels."

"We delivered better-than-expected results for the first quarter and are executing on our stated goal to increase productivity and reduce complexity in how we manage the business," said Vincent Pilette, Executive Vice President and CFO. "During the first quarter of fiscal year 2020, we also identified structural savings and management efficiencies that needed to be implemented to achieve productivity gains across the company. In addition to the sale of the Enterprise Security assets, simultaneously, but entirely separately, we are implementing the fiscal year 2020 company-wide restructuring plan signaled during our last earnings conference call."

Fiscal Year 2020 Restructuring Plan

Today, Symantec announced a fiscal year 2020 restructuring plan to improve productivity and reduce complexity in the way it manages the business. The Company expects to reduce net global headcount by approximately 7%. The Company also plans to downsize, vacate or close certain facilities and data centers in connection with the restructuring plan. The Company estimates that it will incur total costs in connection with the restructuring of approximately $100 million, with approximately $75 million for severance and termination benefits and $25 million for site closures. These actions are expected to be completed in fiscal 2020.

Second Quarter Fiscal Year 2020 Guidance

Our second quarter guidance includes the Enterprise segment, as we do not expect the sale of our Enterprise Security Assets to Broadcom to close until after the second quarter.

Second Quarter Fiscal 2020	GAAP	Non-GAAP
Revenue	$1.153B - $1.203B	$1.155B - $1.205B
Operating Margin	10% - 12%	31% - 33%
EPS (Diluted)	$0.08 - $0.12	$0.40 - $0.44

Symantec's Board of Directors has declared a quarterly cash dividend of $0.075 per common share to be paid on September 18, 2019, to all shareholders of record as of the close of business on August 26, 2019.

To help readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The methods we use to produce non-GAAP results are not in accordance with GAAP and may differ from the methods used by other companies. Additional information regarding our non-GAAP measures are provided below.

In a separate press release, Symantec announced a definitive agreement to sell its Enterprise Security assets to Broadcom for $10.7 billion in cash. The transaction is expected to close before the end of calendar year 2019.

https://investor.symantec.com/About/Investors/press-releases/press-release-details/2019/Symantec-Delivers-Better-Than-Expected-Fiscal-First-Quarter-2020-Results/default.aspx

VMware Inc. (VMW)

Broadcom Completes Acquisition of VMware

SAN JOSE, Calif., Nov. 22, 2023 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of VMware, Inc. VMware's common stock will now cease to be traded on the New York Stock Exchange (NYSE).

Hock Tan, President and Chief Executive Officer of Broadcom, said, "We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company. With a shared focus on customer success, together we are well positioned to enable global enterprises to embrace private and hybrid cloud environments, making them more secure and resilient. Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve."

Broadcom's focus moving forward is to enable enterprise customers to create and modernize their private and hybrid cloud environments. At the core, Broadcom will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds. Incremental to Broadcom's investment in VMware Cloud Foundation, VMware will offer a rich catalog of services to modernize and optimize cloud and edge environments, including VMware Tanzu to help accelerate deployment of applications, as well as Application Networking (Load Balancing) and Advanced Security services, and VMware Software-Defined Edge for Telco and enterprise edges.

https://www.broadcom.com/company/news/financial-releases/61541

What We Do

VMware streamlines the journey for organizations to become digital businesses that deliver better experiences to their customers and empower employees to do their best work. Our software spans compute, cloud, networking and security, and digital workspace.

Accelerate Your Cloud Journey

We give customers the ability to run, manage, connect, and protect all of their apps on any cloud-so they can reduce costs, gain efficiencies, and innovate faster.

Transform Networking & Security

We provide pervasive, secure end-to-end connectivity for your apps and data, wherever they reside.

Empower the Digital Workspace

We support end-to-end management and security for all of the applications that your employees need, while empowering them to work where and how they choose.

https://www.vmware.com/my/company.html

2/3/2023

VMware Reports Fourth Quarter and Fiscal Year 2023 Results

Date : March 2, 2023

FY23 Total Revenue of $13.35 billion

FY23 Subscription and SaaS Revenue of $4.01 billion, an increase of 25% year-over-year

PALO ALTO, Calif.--(BUSINESS WIRE)-- VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the fourth quarter and full fiscal year 2023. The company's fourth quarter of fiscal year 2023 was a 14-week fiscal quarter, while the fourth quarter of fiscal year 2022 was a 13-week fiscal quarter.1

Quarterly Review

Revenue for the fourth quarter was $3.71 billion, an increase of 5% from the fourth quarter of fiscal 2022.

The combination of subscription and SaaS and license revenue was $2.03 billion, an increase of 7% from the fourth quarter of fiscal 2022.

Subscription and SaaS revenue constituted 32% of our total revenue for the quarter.

Subscription and SaaS revenue for the fourth quarter was $1.18 billion, an increase of 36% year-over-year.

Approximately 10 percentage points of this year-over-year growth was associated with the extra week in the fourth quarter of fiscal year 2023.

GAAP net income for the fourth quarter was $494 million, or $1.15 per diluted share, down 17% per diluted share compared to $586 million, or $1.39 per diluted share, for the fourth quarter of fiscal 2022. Non-GAAP net income for the fourth quarter was $915 million, or $2.13 per diluted share, up 5% per diluted share compared to $855 million, or $2.02 per diluted share, for the fourth quarter of fiscal 2022.2

GAAP operating income for the fourth quarter was $658 million, a decrease of 16% from the fourth quarter of fiscal 2022. Non-GAAP operating income for the fourth quarter was $1.14 billion, flat as compared to the fourth quarter of fiscal 2022.

Operating cash flow for the fourth quarter was $1.63 billion. Free cash flow for the fourth quarter was $1.51 billion.

RPO for the fourth quarter totaled $13.56 billion, up 13% year-over-year.

Annual Review

Revenue for fiscal year 2023 was $13.35 billion, an increase of 4% from fiscal year 2022.

The combination of subscription and SaaS and license revenue was $6.85 billion, an increase of 8% from fiscal year 2022.

Subscription and SaaS revenue represented 30% of our total revenue for the fiscal year.

Subscription and SaaS revenue for fiscal year 2023 was $4.01 billion, an increase of 25% from fiscal year 2022. Approximately 2 percentage points of this year-over-year growth was associated with the extra week in fiscal year 2023.

Subscription and SaaS ARR exiting fiscal year 2023 was $4.66 billion, an increase of 30% from fiscal year 2022.

GAAP net income for fiscal year 2023 was $1.31 billion, or $3.09 per diluted share, down 28% per diluted share compared to $1.82 billion, or $4.31 per diluted share, for fiscal year 2022. Non-GAAP net income for fiscal year 2023 was $2.78 billion, or $6.53 per diluted share, down 10% per diluted share compared to $3.06 billion, or $7.25 per diluted share, for fiscal year 2022.2

GAAP operating income for fiscal year 2023 was $2.02 billion, a decrease of 15% from fiscal year 2022. Non-GAAP operating income for fiscal year 2023 was $3.74 billion, a decrease of 5% from fiscal year 2022.

Operating cash flow for fiscal year 2023 was $4.30 billion. Free cash flow for fiscal year 2023 was $3.85 billion.

"We are very pleased with our fiscal year 2023 performance. These results reflect consistent customer appetite for our multi-cloud offerings and our ability to help companies with a cloud smart approach," commented Raghu Raghuram, CEO, VMware. "We look forward to the merger with Broadcom, expected to close in Broadcom's current fiscal year, as our combined solutions will enable customers greater choice and flexibility to build, run, manage, connect and protect their applications at scale."

"We delivered strong performance to close out our fiscal year 2023, achieving over $13 billion in total revenue and $4 billion in subscription and SaaS revenue for the year," said Zane Rowe, executive vice president and CFO, VMware. "We grew subscription and SaaS ARR 30% year-over-year, totaling $4.66 billion, an increase of over $1 billion in ARR for fiscal 2023, reflecting the strength of our subscription and SaaS portfolio and progress on our business model transition."

Business Highlights & Strategic Announcements

At VMware Explore Europe 2022, the company announced new technology offerings to enable customers to accelerate their digital transformation, including:

Sovereign SaaS innovations that enable partners to deliver services equivalent to those found in public clouds, while also better assuring data is protected, compliant and resident within national territories. Solutions include VMware Tanzu on sovereign cloud and VMware Aria Operations Compliance pack for sovereign clouds. Additionally, VMware achieved partner momentum having doubled the number of VMware Sovereign Cloud providers to 36 partners globally, up from 14 in April 2022.

VMware SD-WAN solutions that help enterprises more securely, reliably and optimally deliver applications, data and services—no matter where they reside—to the site, branch and home, across any network to any device.

New Anywhere Workspace platform capabilities for Digital Employee Experience Management (DEEM), Workspace ONE Freestyle Orchestrator and VMware Horizon Cloud that help further ease management burdens for IT teams and improve their productivity with automation.

VMware and Equinix expanded their global relationship and unveiled VMware Cloud on Equinix Metal, a new distributed cloud service that will deliver a more performant, secure and cost-effective cloud option to support enterprise applications.

VMware and Hewlett Packard Enterprise expanded their partnership to bring together HPE GreenLake and VMware Cloud to deliver a fully integrated solution with a simple pay-as-you-go hybrid cloud consumption model.

VMware was positioned as a Leader in the IDC MarketScape: Worldwide Virtual Client Computing 2022-2023 Vendor Assessment across both strategies and capabilities.3 The report highlighted VMware's diverse ecosystem and growing body of certified engineers.

VMware was positioned as a Leader in the IDC MarketScape: European End User Experience Management 2022 Vendor Assessment across both strategies and capabilities.4 The report highlighted VMware's portfolio of technologies and ability to add new virtual environments during performance issues.

VMware received recognition for its ongoing leadership in ESG, demonstrating progress on its 2030 Agenda:

For the third consecutive year, VMware was recognized by the 2022 Dow Jones Sustainability Indices, ranking in the 99th percentile for all companies.

For the sixth consecutive year, VMware was included in the JUST 100, a comprehensive ranking of ESG and stakeholder performance among America's largest publicly traded companies. Within the software industry, VMware ranked number one in the "workers" category, demonstrating a commitment to fair and livable wages, worker safety, cultivating a diverse workplace, investing in workforce training and providing benefits and work-life balance.

VMware was named one of the Best Places to Work in IT by Computerworld for the 9th consecutive year.

1The extra week during the fourth quarter of fiscal 2023 resulted in incremental ratable and professional services revenue on a comparable basis. For more information about impacts of the extra week in fiscal 2023, see the table titled "Supplemental Reconciliation of GAAP to non-GAAP Data—Estimated Impact on Revenue Growth Rates Associated with the Extra Week."

2Our annual effective tax rate is based upon, among other things, current tax law, including Internal Revenue Code Section 174 relating to research and development expense capitalization, which became effective beginning in VMware's fiscal 2023. If in the future this provision is deferred, modified or repealed, our effective tax rate may fluctuate significantly in the quarter in which such change in law becomes effective.

3IDC MarketScape: Worldwide Virtual Client Computing 2022-2023 Vendor Assessment (Doc #US49857422, December 2022)

4IDC MarketScape: European End User Experience Management 2022 Vendor Assessment (Doc #EUR148395522, December 2022)

About VMware

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company's 2030 Agenda. For more information, please visit vmware.com/company.

Definitive Agreement to be Acquired by Broadcom

VMware has entered into a definitive agreement to be acquired by Broadcom Inc. ("Broadcom"). The transaction, which is expected to be completed in Broadcom's fiscal year 2023, is subject to the receipt of regulatory approvals and other customary closing conditions. Please refer to the May 26, 2022 announcement entitled, "Broadcom to Acquire VMware for Approximately $61 Billion in Cash and Stock," available on news.vmware.com.

Additional Information

VMware's website is located at vmware.com, and its investor relations website is located at ir.vmware.com. VMware's goal is to maintain the investor relations website as a portal through which investors can easily find or navigate to pertinent information about VMware, all of which is made available free of charge. The additional information includes: materials that VMware files with the SEC; announcements of investor conferences, speeches and events at which its executives talk about its products, services and competitive strategies; webcasts of its earnings calls, investor conferences and events (archives of which are also available for a limited time); additional information on its financial metrics, including reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures; press releases on quarterly earnings, product and service announcements, legal developments and international news; corporate governance information; ESG (environmental, social and governance) information; other news, blogs and announcements that VMware may post from time to time that investors may find useful or interesting; and opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.

VMware, Explore, VMware Aria, Tanzu, Workspace ONE, and Horizon are registered trademarks or trademarks of VMware, Inc. or its subsidiaries in the United States and other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective organizations.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to VMware's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "About Non-GAAP Financial Measures."

Annual Recurring Revenue ("ARR")

ARR is an operating measure VMware uses to assess the strength of the Company's subscription and SaaS offerings. ARR is a performance metric and should be viewed independently of, and not as a substitute for or combined with, revenue and unearned revenue. ARR represents the annualized value of VMware's committed customer subscription and SaaS contracts as of the end of the reporting period, assuming any contract that expires during the next 12 months is renewed on its existing terms and any applicable termination for convenience clauses are not exercised, except that, for consumption-based subscription and SaaS offerings, ARR represents the annualized quarterly revenue based on revenue recognized for the current reporting period.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding the expected benefits to customers, partners and stockholders of VMware's strategy, offerings, and partnerships; portfolio; progress in VMware's business model transition; and the proposed acquisition of VMware by Broadcom, related timing of its consummation and benefits to customers of combined VMware and Broadcom solutions. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (1) the satisfaction of the conditions precedent to consummation of the proposed acquisition, and the ability to consummate the proposed acquisition, on a timely basis or at all; (2) business disruption following the announcement of the proposed acquisition, including disruption of current plans and operations; (3) the effects of the proposed acquisition, the spin-off of VMware from Dell and changes in VMware's and Dell's commercial relationships and go-to-market strategy on VMware's ability to (a) enter into, maintain and extend strategically effective partnerships, collaborations and alliances, (b) maintain and establish new relationships with customers, partners and suppliers, and (c) maintain operating results and VMware's business generally; (4) difficulties in retaining and hiring key personnel and employees, including due to the proposed acquisition; (5) the ability to implement plans, forecasts and other expectations with respect to the business after the completion of the proposed acquisition and realize synergies; (6) the impact of the COVID-19 pandemic on VMware's operations, financial condition, customers, the business environment and global and regional economies; (7) the ability of VMware to transition its business model and adapt its offerings, business operations and go-to-market activities to changes in how customers consume information technology resources, such as through subscription and SaaS offerings and its subscription and SaaS portfolio; (8) changes to VMware's and Dell's respective financial conditions and strategic directions, including potential effects of the proposed acquisition of VMware by Broadcom, that could adversely impact the VMware-Dell commercial relationship and collaborations; (9) the continued risk of on-going and new litigation and regulatory actions, including the outcome of any legal proceedings related to the proposed acquisition; (10) adverse changes in general economic or market conditions; (11) delays or reductions in consumer, government and information technology spending, including due to the announced acquisition; (12) competitive factors, such as pricing pressures, industry consolidation, entry of new competitors into the industries in which VMware competes, as well as new product and marketing initiatives by VMware's competitors; (13) rapid technological changes in the virtualization software, cloud, end user, edge security and mobile computing and telecom industries; (14) the uncertainty of VMware's customers' acceptance of and ability to transition to emerging technologies and new offerings and computing strategies in the industries in which VMware competes; (15) VMware's ability to protect its proprietary technology; (16) changes to product and services development timelines; (17) risks associated with cyber-attacks, information security and data privacy; (18) disruptions resulting from key management changes; (19) risks associated with international sales, such as fluctuating currency exchange rates and increased trade barriers; (20) changes in VMware's financial condition; and (21) other impacts to VMware's business, including those related to industry, market, economic, political, regulatory and global health conditions. These forward-looking statements are made as of the date of this press release, are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including VMware's most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K that VMware may file from time to time, which could cause actual results to vary from expectations. VMware assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

For full release:

https://ir.vmware.com/websites/vmware/English/2120/us-press-release.html?airportNewsID=497b6a12-45b9-46bb-8bfb-1efd18a555b9

Wipro Ltd (NYSE: WIT)

Overview

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Spirit of Wipro

The Spirit of Wipro is the core of Wipro. These are our Values. It is about who we are. It is our character. It is reflected consistently in all our behavior. The Spirit is deeply rooted in the unchanging essence of Wipro. But it also embraces what we must aspire to be. It is the indivisible synthesis of the four values. The Spirit is a beacon. It is what gives us direction and a clear sense of purpose. It energizes us and is the touchstone for all that we do.

We succeed when we make our clients successful. We collaborate to sharpen our insights and amplify this success. We execute with excellence. Always.

We treat every human being with respect. We nurture an open environment where people are encouraged to learn, share and grow. We embrace diversity of thought, of cultures, and of people.

We will be global in our thinking and our actions. We are responsible citizens of the world. We are energized by the deep connectedness between people, ideas, communities and the environment.

Integrity is our core and is the basis of everything. It is about following the law, but it's more. It is about delivering on our commitments. It is about honesty and fairness in action. It is about being ethical beyond any doubt, in the toughest of circumstances.

https://www.wipro.com/about-us/

18/10/2023

Wipro Announces Results for the Quarter-Ended September 30, 2023

Large deal bookings reach $1.3 billion, an increase of 79% YoY and 6% QoQ

Total bookings of $3.8 billion, mark a 6% YoY increase

IT services segment EBIT increases 6% YoY. EPS increases 4.1% YoY

Operating cash flows at 145% of net income

EAST BRUNSWICK, N.J. | BANGALORE, India - October 18, 2023: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter-ended September 30, 2023.

Highlights of the Results

Results for the Quarter ended September 30, 2023:

1. Gross revenue reached ₹225.2 billion ($2.7 billion1), a decrease of 0.1% YoY.

2. IT services segment revenue was at $2,713.3 million, a decrease of 2.3% QoQ.

3. Non-GAAP2 constant currency IT Services segment revenue decreased 2.0% QoQ.

4. Total bookings3 was at $3.8 billion, up by 6% YoY and large deal bookings4 was at $1.3 billion, up by 79.0% YoY.

5. IT services segment EBIT for the quarter was ₹36.1 billion ($434.0 million1), an increase of 6% YoY.

6. IT services operating margin5 for the quarter was at 16.1%, up 10 bps QoQ and 100 bps YoY.

7. Earnings per share for the quarter was at ₹5.06 ($0.061), an increase of 4.1% YoY.

8. Net income for the quarter was at ₹26.5 billion ($318.5 million1), a decrease of 0.5% YoY.

9. Operating cash flows at 145% of Net Income for the quarter was at ₹38.6 billion ($465.0 million1).

10. Voluntary attrition6 has continued to moderate QoQ, coming in at 9-quarter low of 13.4% in Q2'24.

Outlook for the Quarter ending December 31, 2023

We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,672 million*. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms.

* Outlook for the Quarter ending December 31, 2023, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.09, AUD/USD at 0.66, USD/INR at 82.70 and CAD/USD at 0.74

Performance for the Quarter ended September 30, 2023

"We continue to win in the market despite the uncertain macro environment," said Thierry Delaporte, CEO and Managing Director. "We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in FY'21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters."

"Against a challenging environment, we continue to take the bold decisions needed to realize our long-term ambitions. We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and creating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever shifting business and economic landscape."

Aparna C. Iyer, Chief Financial Officer, said, "We remain focused on profitable growth despite a challenging market. Our disciplined approach to improve efficiency, productivity and utilization has led to an increase of 100 bps YoY in our IT services operating margins. Our absolute IT services segment EBIT grew 6% YoY. We generated strong operating cash flow of 145% of net income for the quarter."

IT Products

1. IT Products segment revenue for the quarter was ₹1.47 billion ($17.7 million1)

2. IT Products segment results for the quarter was a loss of ₹0.47 billion ($5.6 million1)

Please refer to the table on page 11 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹83.08, as published by the Federal Reserve Board of Governors on September 30, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2023, was US$1= ₹82.54

2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.

3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.

4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.

5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.

7. Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for the quarter ended September 30, 2023 were computed by rebase lining Q2'23 numbers.

8. A global technology company has selected Wipro to deliver high-quality digital designs to enhance their manufacturing process. Through the Technology Excellence Center model, Wipro Engineering Edge will implement hardware design verification for multiple business units in a cost-effective, scalable, and efficient manner. This will lead to a 20-25% reduction in total cost, faster time-to-market, high-quality delivery, and the ability to scale.

9. A leading workplace pension provider in the UK has selected Wipro to provide regulated Pensions Administration and Technology Services to the member of its Defined Contribution (DC) Pensions book. Through this engagement, the client will see enhanced member experience, faster time to market for new products, and significant cost reduction, while supporting 15% year-on-year business growth.

10. A North American financial institution has selected Wipro to digitize and streamline its loan origination systems and deliver a consistent omni-channel experience to its end-users. NetOxygen, Wipro's award-winning enterprise loan origination solution, will improve the lending process through automation and cloud technology. This will ensure compliance and information security, as well as fully integrated bilingual support (in French and English). The client will see a reduction in their cost-per-loan of up to 30% and can expect an increase of up to 80% in digital self-generation loan requests.

Analyst Recognition

1. Wipro was positioned as a Leader in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services

2. Wipro was rated a Leader in Everest Group's Digital Twin Services PEAK Matrix® Assessment 2023

3. Wipro was recognized as a Leader in ISG Provider Lens™ - Cybersecurity - Solutions and Services 2023 - US, UK, France, Nordics (multiple quadrants)

4. Wipro was rated as a Leader in ISG Provider Lens™ - Google Cloud Partner Ecosystem 2023 - US & Europe (all quadrants)

5. Wipro was rated as a Leader in Avasant's High-Tech Industry Digital Services RadarView™ 2023 - 2024

6. Wipro was positioned a Leader in Everest Group's Oracle Cloud Applications Services PEAK Matrix® Assessment 2023

7. Wipro was featured as a Leader in ISG Provider Lens™ - Retail & CPG Services 2023 - US & Europe (all quadrants)

8. Wipro was recognized as a Leader in ISG Provider Lens™ - Customer Experience Services 2023 - Europe (multiple quadrants) & US (Digital Operations)

9. Wipro was rated as a Leader in Whitelane's IT Sourcing Study 2023 - Switzerland

10. Wipro was featured as a Leader in Avasant's Application Modernization Services RadarView™ 2023

11. Wipro was recognized a Leader in Everest Group's Network Transformation and Managed Services PEAK Matrix® Assessment - System Integrators (SIs) 2023

12. Wipro was recognized as a Leader in Avasant's Canada Digital and IT Services RadarView™ 2023 - 2024

Source & Disclaimer: *Gartner, "Magic Quadrant for Public Cloud IT Transformation Services", Mark Ray, et al, 16 August 2023.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner content described herein (the "Gartner Content") represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this [type of filing]), and the opinions expressed in the Gartner Content are subject to change without notice.

About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table on page 11 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter ended September 30, 2023, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP181023

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With nearly 245,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

https://www.wipro.com/newsroom/press-releases/2023/wipro-announces-results-for-the-quarter-ended-september-30-2023/

ACQ_REF: IS/44705/20240801/USA/14/13

ACQ_AUTHOR: Senior Associate/Joseph Hang Ellision

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