|Day's Range||1.8200 - 4.6000|
Norway's sovereign wealth fund, the world's largest, made a 19.9% return on investment last year, earning a record 1.69 trillion Norwegian crowns ($180.49 billion), it said on Thursday. The $1.1 trillion fund's return for the year was stronger than that of its benchmark index, it added.
U.S. stock futures fell Wednesday night, after a news conference by President Donald Trump failed to reassure investors and as a new case of coronavirus with no known origin was discovered in California.
Microsoft Corp is keen to invest in data centres in Indonesia which will soon make regulatory changes to facilitate the move, the country's president said after meeting with the software giant's CEO on Thursay. Indonesia's digital economy is the largest and fastest-growing in Southeast Asia and expected to reach some $130 billion by 2025 compared with $40 billion last year, according to a report by Google, Singapore state investor Temasek Holdings and Bain & Company. "Microsoft wants to invest immediately in Indonesia," President Joko Widodo told reporters after giving a speech at an event celebrating 25 years of the company's presence in Southeast Asia's largest economy.
Microsoft Corp is keen to invest in data centers in Indonesia which will soon make regulatory changes to facilitate the move, the country's president said after meeting with the software giant's CEO on Thursday. Indonesia's digital economy is the largest and fastest-growing in Southeast Asia and expected to reach some $130 billion by 2025 compared with $40 billion last year, according to a report by Google, Singapore state investor Temasek Holdings and Bain & Company. "Microsoft wants to invest immediately in Indonesia," President Joko Widodo told reporters after giving a speech at an event celebrating 25 years of the company's presence in Southeast Asia's largest economy.
After Wednesday's rally attempt fizzled, stock futures fell on a U.S. virus case of unknown origin, while a Microsoft coronavirus warning hit big techs.
The Redmond-based company said that the continued spread of the coronavirus (COVID-19), especially in China, has affected the sales in its "More Personal Computing" segment, with Windows operating system and Surface laptops. "Although we see strong Windows demand in line with our expectations, the supply chain is returning to normal operations at a slower pace than anticipated at the time of our Q2 earnings call," Microsoft said in a statement.
Now that Microsoft, the world’s most valuable tech giant, has warned investors that its PC business will not meet its recent guidance because of the impact of the coronavirus on the supply chain, the rest of the PC universe will likely follow suit.
The US tech industry response to the coronavirus crisis has moved beyond conference cancellations and a refusal to shake hands in meetings. On Wednesday Microsoft joined Apple in declaring that disruption in China due to the viral outbreak would affect sales in the next quarter. Microsoft’s “More Personal Computing” segment will fall short of sales guidance of between $10.75bn and $11.15bn.
(Bloomberg) -- Microsoft Corp. became the latest tech giant to reduce its quarterly outlook based on the outbreak of a novel coronavirus that’s slowing production of computers and crimping sales of an array of consumer services and electronics.In a statement Wednesday, the company said it doesn’t expect to meet earlier guidance for fiscal third-quarter revenue in the Windows personal-computer software and Surface device business because the supply chain is returning to normal at a slower pace than expected. Last month, Microsoft gave a wider-than-usual sales target -- $10.75 billion to $11.15 billion -- for that division, citing uncertainty related to the spread of the deadly respiratory virus.The world’s largest software maker joins iPhone maker Apple Inc. and PC company HP Inc. in cutting estimates because of supply-chain disruptions related to the virus, known as Covid-19. Merchants who sell on Amazon.com Inc. also are trimming ad spending on the e-commerce giant’s marketplace, seeking to moderate demand amid worries they may run out of inventory of Chinese-made goods. Questions about the virus’ economic ripples had already sent the S&P 500 Index down by 6.6% this week; Microsoft’s acknowledgment that the PC market is being hit reinforces investor concerns about broader consequences, said Dan Ives, an analyst at Wedbush Securities.“It fans the flames on Corona worries,” Ives said. “Apple and Microsoft now confirm the negative impact the Street had feared.”In recent days, anxiety has mounted about the spread of the virus outside of China, where it originated. For the first time, more cases were reported in countries other than China in the past 24 hours, the World Health Organization said late Wednesday, a significant development as new cases spread around the globe, with South Korea, Italy and Iran particularly hard hit. Globally 2,771 have died and 81,317 people have been infected.As component makers and tech-gadget assembly companies in China continue to face production slowdowns due to quarantines and shuttered factories, U.S. technology companies are reported to be scrambling for alternatives. Microsoft and Alphabet Inc.’s Google are looking at manufacturing facilities in Vietnam and Thailand, the Nikkei Asian Review reported Wednesday.Microsoft shares declined about 2% in late trading following the announcement. The stock has fallen in four of the last five trading sessions, along with the broader market, on concerns that the spreading health crisis could hurt the global economy and the technology sector. The shares had been trading at all-time highs earlier this month. Shares of Intel Corp., the biggest PC chipmaker, and rival Advanced Micro Devices Inc. also fell in extended trading, as did PC makers Dell Technologies Inc. and HP. Dell reports earnings Thursday.The reduced forecasts come as Covid-19’s impact spreads through global companies in a range of industries. Booking Holdings Inc. on Wednesday said room nights booked would drop 5% to 10% in the first quarter, compared with analysts’ estimates for an increase of 5%. The company said cancellations are rising.For Microsoft, demand for Windows operating-system software is strong and has been in line with the company’s forecasts, according to the statement. The rest of the company’s outlook for the current quarter remains unchanged. On average, analysts were predicting total sales of $34.6 billion for the period ending in March, according to estimates gathered by Bloomberg. The More Personal Computing unit typically generates more than a third of Microsoft’s annual sales.Microsoft will have to account for supply issues with its Surface devices and lost software sales from Windows on PCs made by other manufacturers who may be facing the same production and parts challenges in China. The Redmond, Washington-based company is also preparing to release a new generation of Xbox video-game consoles in the fall, and will need to work through setting the final production lines and then building up inventory ahead of that release, a process that could be affected by lingering shutdowns in China.The spread of the virus outside of China also raises the chances of impact of work shutdowns, quarantines, store closures, and conference and meeting cancellations in other countries where technology and other global firms have a significant presence.To contact the reporter on this story: Dina Bass in Seattle at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Microsoft joins Apple and other major firms in cautioning investors that the coronavirus crisis will hurt their financial performance.
Microsoft is the second company in the trillion dollar club to withdraw outlook. The software maker had previously expected the More Personal Computing unit, which houses Windows, to post third-quarter revenue between $10.75 billion and $11.15 billion. Its Windows and Surface computers had been more negatively impacted than expected, Microsoft said in a statement.
After attending meetings at the RSA Conference 2020 being held this week in San Francisco, one analyst at Piper Sandler came away convinced about the prospect the security segment holds for Microsoft Corporation ...
Microsoft Corp. shares fell more than 2% late Wednesday after the software giant said it won't meet some of its guidance for the fiscal 2020 third quarter due to COVID-19. Microsoft in late January guided for fiscal third-quarter sales for its More Personal Computing segment between $10.75 billion and $11.15 billion, which "included a wider-than-usual range to reflect uncertainty related to the public health situation in China," the company said in a statement. While there's "strong" demand for Windows in line with the company's expectations, the supply chain "is returning to normal operations at a slower pace than anticipated," Microsoft said. "As a result, for the third quarter of fiscal year 2020, we do not expect to meet our More Personal Computing segment guidance as Windows OEM and Surface are more negatively impacted than previously anticipated." All other components of its Q3 guidance remain unchanged, Microsoft said. Shares of Microsoft ended the regular trading day up 1.3%.
As Microsoft closely monitors the impact of the COVID-19 health emergency, our top priority remains the health and safety of our employees, customers, partners, and communities. Our global health response team is acting to help protect our employees in accordance with global health authorities' guidance. Worldwide, Microsoft employees are working to support organizations addressing the challenges on the ground. Microsoft also continues to make donations to relief and contamination efforts, including directly providing technology to help hospitals and medical workers.
Box Inc reported better-than-expected quarterly revenue on Wednesday as it signed on more customers for its online software products that allow companies to manage and store content. Box competes with Dropbox Inc for a share of the file storage market that has seen a sharp rise in demand for cloud services to share and store files, especially in the workplace. The content management platform that went public in 2015 competes with tech heavyweights like Microsoft Corp's OneDrive and Alphabet Inc's Drive.
(Bloomberg) -- UiPath, a software maker valued last year at $7 billion, is getting closer to an initial public offering after helping some of the biggest companies in the U.S. automate routine processes.Armed with last year’s $568 million funding round that gave the New York-based company its multi-billion dollar valuation, co-founder and Chief Executive Officer Daniel Dines sees more growth on the cards. The bourse entry may take place as soon as early next year, depending on market conditions and strategic decisions.“We just started our growth journey in 2016 and if you look at the average age of a company to do an IPO it’s probably 7 years, so there’s” no reason to hurry, Dines said in an interview from New York. “You have to become a public company at some point to allow your employees to get more liquidity, give them stock options. We’re almost there.”Founded in Romania in 2005 as DeskOver and renamed in 2015, UiPath’s client base includes the CIA, the U.S. Navy, McDonald’s Corp, Duracell and Swiss Re. The company had $360 million in annual recurring revenue last year and it attracted funding from investors such as Sequoia, CapitalG, Wellington Management, Sands Capital and others.“Even though UiPath technically can do an IPO, I think they don’t have to do that. They already got a huge amount -- $1 billion -- in venture funding and don’t have to get their hands tied up in the capital market. The only RPA company that went IPO is Blue Prism, which wanted to issue additional shares to cover its operating losses last year but struggled to get shareholder approvals”\--Kathy Gao, a BloombergNEF analyst focused on the digital industryBlue Prism said in an email it hadn’t had any difficulties getting shareholder approval for an additional issuance last year, adding that it executed its 100 million pound ($129 million) placement last January with ease, received 99% shareholder approval and used the proceeds to fund expansion.UiPath’s software performs low-skilled and repetitive tasks once outsourced to humans in cheaper-wage countries, via “robotic process automation,” or RPA. Examples include the processing of applications for jobs, pensions or handling student data at universities.Virus BacklogUiPath, which became Romania’s first unicorn in 2018, competes with other software vendors such as Blue Prism Group Plc, Kofax, and Automation Anywhere Inc. Dines, who ruled out acquisitions in the near future, didn’t give financial details on UiPath’s potential IPO.“We’ve seen increased competition, even Microsoft said they will come with an RPA solution,” Dines said. “This is a great validation for the industry.”One key area to watch is the use of UiPath to help hospitals fighting the coronavirus to avoid backlogs and speed up diagnosis, according to Dines.“RPA has become a really big and established sector and many companies have plans to implement it,” he said.(Updates with Blue Prism comment in 6th paragraph)To contact the reporters on this story: Andra Timu in Bucharest at email@example.com;Irina Vilcu in Bucharest at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrea Dudik at email@example.com, Andras Gergely, Piotr BujnickiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
President Donald Trump is scheduled to hold a news conference on the coronavirus at 6 p.m. ET (2300 GMT). At 12:54 p.m. ET, the Dow Jones Industrial Average was up 108.42 points, or 0.40%, at 27,189.78 and the S&P 500 was up 14.81 points, or 0.47%, at 3,143.02. Walt Disney Co slipped 2.9% on news that Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek.