Meituan’s third-quarter sales rise as antitrust clouds gather over China’s internet giants



The logo of Meituan is seen on insulated boxes fastened on its food delivery couriers’ motorcycles in the central business district of Beijing. Photo: Reuters


© REUTERS
The logo of Meituan is seen on insulated boxes fastened on its food delivery couriers’ motorcycles in the central business district of Beijing. Photo: Reuters

Meituan, operator of China’s largest e-commerce platform for services, expects “reinforced regulation” to promote more innovation and balance of interests in China’s internet industry, following Beijing’s release of a draft antitrust guideline in November.

“We think the new antitrust consultation paper is supportive of the healthy development of the internet … and helps promote fair competition within the industry,” said Wang Xing, co-founder and chief executive of Meituan, in a conference call with analysts after the market closed on Monday. “As internet platforms become bigger and more important to the economy, regulatory frameworks will also evolve.”

His comments come after Meituan reported third-quarter financial results that beat market estimates, as the domestic economy continued to recover amid increased consumer spending and the steady

Read More

VMware Gets Wary Support From Analysts on Third-Quarter Results

Several analysts gave guarded praise to VMware  (VMW) – Get Report Wednesday after the cloud-computing company beat Wall Street’s third-quarter earnings expectations .

Shares of the Palo Alto, Calif.-based company, which is a subsidiary of Dell Technologies  (DELL) – Get Report, were down 2.62% to $146.63 in pre-market trading.

VMware reported net income of $704 million, or $1.66 per share, up from $602 million, or $1.42 per share a year ago. FactSet’s consensus called for earnings of $1.44 per share.

The combination of subscription and Software as a Service (SaaS) and license revenue came to $1.32 billion, an increase of 10% from a year ago. 

“The star of the show was the bottom-line performance as tighter expense controls led to a massive beat,” wrote Wedbush analyst Daniel Ives, who maintains an outperform rating with a $175 price target, “which we believe is sustainable for the

Read More

VMware Post Third-Quarter Earnings Beat, Raises Guidance

 VMware  (VMW) – Get Report the cloud-computing major controlled by Dell Technologies  (DELL) – Get Report, reported better-than-expected third-quarter earnings Tuesday and raised its full year guidance.

VMware reported net income of $704 million, or $1.66 per share, up from $602 million, or $1.42 per share a year ago. FactSet’s consensus called for earnings of $1.44 per share.

Revenue totaled $2.86 billion, up 8% a year ago and surpassing FactSet’s consensus of $2.81 billion.

The combination of subscription and Software as a Service (SaaS) and license revenue came to $1.32 billion, an increase of 10% from a year ago. Subscription and SaaS revenue was $676 million, the company said, an increase of 44% year-over-year, representing 24% of total revenue.

“Subscription and SaaS revenue increased 44% year-over-year in Q3 and surpassed license revenue for the first time,”  Zane Rowe, executive vice president and chief financial officer,

Read More

Apple Supplier Foxconn Third-Quarter Profit Growth Near Flat, Beats Estimates | Technology News

TAIPEI (Reuters) – Foxconn, the world’s largest contract electronics maker, reported near flat quarterly profit on Thursday, beating market estimates amid firm demand for telecommuting devices as the pandemic-induced work-from-home trend continues.

The Taiwanese company, whose clients include technology majors such as Apple Inc, booked July-September net profit of T$30.8 billion ($1.08 billion), Reuters calculations showed based on nine-month figures.

That compared with the T$28.61 billion average of 13 analyst estimates compiled by Refinitiv. Profit growth was nearly flat versus the T$30.7 billion of the same period a year prior.

Chief Financial Officer David Huang told an investor conference that third-quarter revenue fell 7% due to clients delaying product launches.

Still, Chairman Liu Young-way said Foxconn saw “stronger than expected” demand for both smartphones and servers, with strong shipments of Apple’s new iPhone 12 supporting revenue.

Foxconn, formally Hon Hai Precision Industry Co Ltd, said it expected revenue to rise

Read More