Technology 

India’s Infosys raises revenue guidance, but third-quarter profit misses estimate

FILE PHOTO: The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo (Reuters) – Indian IT services company Infosys Ltd raised its full-year revenue growth forecast on Friday, but reported a larger-than-expected drop in third-quarter profit, due to higher expenses. The country’s second-biggest software services exporter by market capitalization reported a 29.6 percent fall in attributable profit for October-December to 36.09 billion rupees ($511.94 million). That compared with the 41.31 billion rupees average of 25 analyst estimates compiled by Refinitiv…

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Technology 

India’s Tata Consultancy Services posts record quarterly profit

Tata Consultancy Services (TCS) Chief Executive Officer Rajesh Gopinathan attends a news conference announcing the company’s quarterly results in Mumbai, India, January 10, 2019. REUTERS/Francis Mascarenhas (Reuters) – Tata Consultancy Services Ltd (TCS.NS), India’s biggest listed company by market capitalization, reported a record quarterly net profit, helped by gains in Banking, Financial services and Insurance (BFSI) segment. In a seasonally weak quarter for Indian IT firms due to year-end holidays, TCS posted a profit of 81.05 billion rupees ($1.15 billion) for the Oct-Dec period, up from 65.31 billion rupees a…

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Technology 

LG Electronics sees 80 percent drop in fourth-quarter profit; analysts point to thinning TV margins

SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations. The world’s second-biggest television set maker behind compatriot Samsung Electronics Co Ltd (005930.KS) estimated profit of 75.3 billion won ($67.03 million) for October-December last year. That would compare with the 387 billion won average of 11 analyst estimates in an I/B/E/S Refinitiv poll. Revenue likely fell 7 percent to 15.8 trillion won, LG said in a regulatory filing,…

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Technology 

LG Elec sees 80 percent drop in fourth-quarter profit; analysts point to thinning TV margins

Jim Tran, senior vice president and general manager go handset products for Qualcomm, speaks on the 5G collaboration between Qualcomm and LG during an LG Electronics news conference at the 2019 CES in Las Vegas, Nevada, U.S. January 7, 2019. REUTERS/Steve Marcus SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations. The world’s second-biggest television set maker behind compatriot Samsung Electronics Co Ltd (005930.KS) estimated profit of…

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Samsung Elec says weak chip demand pushed Q4 profit well below market estimates

SEOUL (Reuters) – Samsung Electronics surprised the market on Tuesday with an estimated 29 percent drop in quarterly profit, blaming weak chip demand in a rare commentary issued to “ease confusion” among investors already fretting about a global tech slowdown. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji The South Korean firm also said profit would remain subdued in the first quarter due to difficult conditions in memory chips, but that the market is likely to improve in…

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Technology 

Samsung Electronics says fourth-quarter profit likely fell 29 percent; China demand weak

SEOUL (Reuters) – South Korea’s Samsung Electronics Co Ltd (005930.KS) on Tuesday estimated a decline in quarterly operating profit for the first time in two years, as a slowing Chinese economy erodes demand for its chips and handsets. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji Weaker earnings at the world’s biggest maker of smartphones and semiconductors adds to worries for investors already on edge after Apple Inc (AAPL.O) last week lowered its quarterly sales forecast, in a…

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Samsung Electronics braces for profit drop as China slowdown chips away at demand

SEOUL (Reuters) – Samsung Electronics Co Ltd is set to post its first drop in quarterly operating profit in two years as slowing economic growth in China, a key market for the South Korean tech giant, erodes demand for its products. The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman Bleak results from the world’s top maker of semiconductors and smartphones would add to worries for investors, already on edge after Samsung’s biggest rival Apple Inc this…

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Technology 

Micron sales, profit miss estimates as chip glut hurts prices

(Reuters) – U.S. chipmaker Micron Technology Inc (MU.O) gave on Tuesday quarterly sales and profit forecasts well below Wall Street estimates, citing a market glut of memory chips as consumer and business demand for phones and computers is weakening. Memory chip parts of U.S. memory chip maker MicronTechnology are pictured at their fair booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach/File Photo Micron said it expected industry output, including from South Korean rivals Samsung Electronics Co Ltd (005930.KS) and SK Hynix (000660.KS), to outstrip demand…

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Technology 

Costs for early retirement of workers to slash Bezeq’s 2018 profit

The logo of Bezeq Israeli Telecommunication Corp Ltd, the country’s largest telecom group, is seen outside their headquarters in Tel Aviv, Israel June 21, 2017. REUTERS/Amir Cohen TEL AVIV (Reuters) – Bezeq Israel Telecom said on Monday its expected 2018 annual profit would fall by almost half after approving a cost cutting plan to retire 337 workers early at an expense of 512 million shekels ($136 million). The expense would be in addition to 90 million shekels set aside in the first and second quarters of 2018 for early retirement,…

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Asos issues profit warning over fashion discounting

Image copyright Asos Online fashion retailer Asos has warned of lower profits this financial year after heavy discounting hit its trading in November. Despite sales growth of 14% from September to November, it had seen “a significant deterioration” in November. Economic uncertainty plus weaker consumer confidence had led to “the weakest growth in online clothing sales in recent years”. “As a result, we have reduced our expectations,” the firm said. “Whilst trading in September and October was broadly in line with our expectations, November, a very material month for us…

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