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  1. The Photoshop maker reported revenue of $2.74 billion, up 25% from a year ago. Adobe delivered better-than-expected second quarter financial results on Tuesday. The cloud giant reported fiscal second quarter earnings of $632 million, or $1.29 a share. Non-GAAP earnings in the quarter were $1.83 a share on revenue of $2.74 billion, up 25% from a year ago. Wall Street was looking for earnings of $1.78 a share on revenue of $2.7 billion. The Photoshop maker said subscription revenue was $2.46 billion, product revenue was $152.8 million, and that services and support revenue reached $135 million. Revenue from Adobe's Digital Media unit overall was $1.89 billion and Digital Experience segment revenue was $784 million. Broken out, Creative Cloud revenue reached $1.59 billion in Q2, while Document Cloud was $296 million. Meanwhile, Adobe said annualized recurring revenue in its Digital Media unit grew to $7.47 billion, a quarter-over-quarter increase of $406 million. For the current quarter, analysts are looking for earnings of at least $2.05 a share on revenue of $2.83 billion. Adobe responded with a revenue estimate of $2.8 billion with non-GAAP earnings of $1.95. Adobe's acquisitions of Marketo and Magento garnered considerable attention from executives on the company's earnings call. Adobe CEO Shantanu Narayen said the acquisitions helped the company attract new customers and expand its addressable market, noting deepened integrations between Adobe Marketing Cloud and Marketo Engage, as well as the launch of Adobe Commerce Cloud, built on the Magento Commerce platform. Similarly, Adobe CFO John Murphy highlighted the company's focus in Q2 on driving synergies between Magento and Marketo, including organizational, product and go-to-market alignment. "The depth and breadth of our enterprise partner ecosystem remains a competitive advantage contributing to pipeline generation, customer success as well as financial performance," Murphy added. "We had another successful quarter of selling alongside Microsoft, where our combined value proposition is resonating with enterprise customers." Shares of Adobe were up slightly after hours. Source
  2. Spotify added 8 million subscribers in the quarter that ended in June, slightly below the estimated 8.5 million figure, the streaming giant reported today. The top music streamer said it had amassed 232 million monthly active users and 108 million paying subscribers at the end of June, up from 217 million users and 100 million subscribers in the quarter that ended in March. Monthly active users include paying subscribers and non-paying users. “We missed on subs… That’s on us,” the company said. Paying subscribers include users who are enjoying the 30-day trial Spotify offers. Additionally, Spotify recently kickstarted a biannual campaign, which offered customers access to the premium service for $1. This, among other factors, has pushed its average revenue per user to €4.86 ($5.42) — down 1% since last quarter — the company said, adding that it expects the decline to continue in the low single digits for the rest of the year. Image and data: Spotify In comparison, Apple Music had 60 million paying subscribers as of June this year. (This also includes users who are part of Apple Music’s three-month free trial.) On the business side, Spotify said its quarterly revenue rose 31% from the same period last year to $1.86 billion, while operating expenses increased 4%. Its operating loss narrowed to $3.34 million, the company said — better than estimations of analysts who expected Spotify to lose about $62 million on sales of $1.83 billion. Additionally, Spotify revealed that it has reached an agreement with two of the four major record labels for licenses and is in active talks with the other two. It did not identify the labels. Spotify’s future profits — and losses — will depend on how its existing margins change during the negotiations with the music labels. The bulk of the revenue Spotify generates goes to the music labels. Every few years, they all meet to renew their agreements. The music streaming service, which has ramped up its podcast offerings with the acquisition of Gimlet Media, Anchor and Parcast, said its podcast audience is up 50% since the last quarter. Barry McCarthy, CFO of Spotify, said the company is still open to acquiring more podcasting businesses. Spotify, which earlier this year filed a complaint in Europe accusing Apple of stifling competition, did not talk about the iPhone-maker today. (Apple has refuted the accusation.) The company also did not speak much about India, where it launched its music streaming service in February. In late April, Spotify said it had amassed 2 million users in India. “Our newest market, India, performed well and in line with expectations,” it said today. Source
  3. HONG KONG (Reuters) - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year. Ren’s downbeat assessment that the ban will hit revenue by $30 billion, the first time Huawei has quantified the impact of the U.S. action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient. The United States has put Huawei on an export blacklist citing national security issues, barring U.S. suppliers from selling to the world’s largest telecommunications equipment maker and No.2 maker of smartphones, without special approval. The firm has denied its products pose a security threat. The ban has forced companies, including Alphabet Inc’s Google and British chip designer ARM to limit or cease their relationships with the Chinese company. Huawei had not expected that U.S. determination to “crack” the company would be “so strong and so pervasive”, Ren said, speaking at the company’s Shenzhen headquarters on Monday. Two U.S. tech experts, George Gilder and Nicholas Negroponte, also joined the session. “We did not expect they would attack us on so many aspects,” Ren said, adding he expects a revival in business in 2021. “We cannot get components supply, cannot participate in many international organizations, cannot work closely with many universities, cannot use anything with U.S. components, and cannot even establish connection with networks that use such components.” Huawei, which turned in a revenue of 721.2 billion yuan ($104 billion) last year, expects revenue of around $100 billion this year and the next, Ren said. This compares to an initial target for a growth in 2019 to between $125 billion and $130 billion depending on foreign exchange fluctuations. TRADE WAR The Trump administration slapped sanctions on Huawei at a time when U.S.-China trade talks hit rough waters, prompting assertions from China’s leaders about the country’s progress in achieving self-sufficiency in the key semiconductor business. Huawei has also said it could roll out its Hongmeng operating system (OS), which is being tested, within nine months if needed, as its phones face being cut off from updates of Google’s Android OS in the wake of the ban. But industry insiders have remained skeptical that Chinese chip makers can quickly meet the challenge of supplying Huawei’s needs and those of other domestic technology firms. Negroponte, founder of the Massachusetts Institute of Technology Media Lab, said the U.S. ban was a mistake. “Our president has already said publicly that he would reconsider Huawei if we can make a trade deal. So clearly that is not about national security,” he said. “It is about something else,” Negroponte added. Huawei’s smartphone sales have, however, been hit by the uncertainty. Ren said the firm’s international smartphone shipments plunged 40%. While he did not give the time period, a spokesman clarified the CEO was referring to the past month. Bloomberg reported on Sunday that Huawei was preparing for a 40-60% drop in international smartphone shipments. The CEO, however, said Huawei will not cut research and development spending despite the expected hit from the ban to the company’s finances and would not have large-scale layoffs. ($1 = 6.9239 Chinese yuan) Source
  4. Ariana Grande leads album sales, Drake tops most-streamed Image: Ariana Grande was the top-selling artist in the first half of the year, according to Nielsen Music. Revenue from recorded music in the U.S. rose 18% to $5.4 billion in the first half of the year, driven by growth in subscriptions to streaming services like the ones offered by Spotify Technology SA , Apple Inc. and Amazon.com Inc. Such paid streaming services added more than 1 million new subscriptions a month in the period, according to a report from the Recording Industry Association of America, a trade group for recorded-music companies, and subscribers totaled 61.1 million by the end of the first six months of 2019. In 2018, the music business experienced its third consecutive year of growth in revenue from recorded music in the U.S., as streaming continued to power the industry’s recovery after years of declines. Pop singer Ariana Grande was the top-selling artist in the first half of the year, according to Nielsen Music, with 285,000 albums sold and 2.59 billion on-demand audio streams. Hip-hop artists, however, have fared particularly well in the streaming era, with rappers securing seven of the 10 top-streaming slots. Drake, the No. 2 selling artist overall, led the way in streaming with 2.66 billion on-demand audio streams. Revenue from music streaming in the U.S., including paid subscriptions and ad-supported options, increased 26% to $4.3 billion in the period, representing 80% of the industry’s total revenue. Paid subscriptions surged 31% to $3.3 billion, accounting for 62% of total industry revenue. Such paid streaming services added more than 1 million new subscriptions a month in the period, according to a report from the Recording Industry Association of America, a trade group for recorded-music companies, and subscribers totaled 61.1 million by the end of the first six months of 2019. In 2018, the music business experienced its third consecutive year of growth in revenue from recorded music in the U.S., as streaming continued to power the industry’s recovery after years of declines. Pop singer Ariana Grande was the top-selling artist in the first half of the year, according to Nielsen Music, with 285,000 albums sold and 2.59 billion on-demand audio streams. Hip-hop artists, however, have fared particularly well in the streaming era, with rappers securing seven of the 10 top-streaming slots. Drake, the No. 2 selling artist overall, led the way in streaming with 2.66 billion on-demand audio streams. Revenue from music streaming in the U.S., including paid subscriptions and ad-supported options, increased 26% to $4.3 billion in the period, representing 80% of the industry’s total revenue. Paid subscriptions surged 31% to $3.3 billion, accounting for 62% of total industry revenue. Source
  5. Huawei reports increased sales despite US sanctions Third quarter revenue is up 24.4 percent. fongfong2 via Getty Images Huawei's latest quarterly results show that the Chinese company is doing just fine, despite ongoing trade issues with America. Third-quarter revenue is up 24.4 percent on the same period last year, while the company says it has shipped more than 185 million smartphones in the first three quarters of 2019, up 26 percent year-on-year. The figures fly in the face of earlier predictions, which anticipated a marked downfall for the company following its US export ban in May. Indeed, Huawei's revenue growth slowed to 13 percent in the second quarter of the year, with the company estimating a $30 billion fall out from its war with America. Huawei has also announced that it has so far signed 60 contracts with telecom carriers to provide equipment for 5G networks around the world, so all signs point to the company holding firm amid the turmoil. However, the company remains cautious, with Huawei chairman Liang Hua noting back in the summer that despite holding steady, it's "not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term." Source: Huawei reports increased sales despite US sanctions
  6. Google suffers first revenue decline as ads hit by pandemic Executives express cautious optimism for a return to growth. Enlarge / Google logo seen during Google Developer Days (GDD) in Shanghai, China, September 2019. Lyu Liang | VCG | Getty Images 43 with 25 posters participating Google has suffered its first recorded revenue decline, as the coronavirus crisis wiped 8 percent from advertising income in the latest quarter and depressed parent company Alphabet’s revenues by 2 percent from the year before. Despite the unprecedented fall-off in its core business, however, Google executives said conditions had improved as the quarter progressed, and offered cautious optimism for a return to growth in the current period. Sundar Pichai, chief executive, said Google had seen “the early signs of stabilization, as users returned to commercial activity online.” Ruth Porat, chief financial officer, added that the search advertising business had ended the quarter with revenue roughly flat compared with the previous year, and had also seen “a modest improvement” in July. The advertising business is closely tied to the broader economy, she added, and “fragile” conditions left the outlook uncertain in the months ahead. Google’s advertising is heavily dependent on small and medium-sized businesses, which have been the hardest hit in the downturn. The advertising decline was partially offset by a 6-percent increase at YouTube, where some improvement in demand for brand advertising lifted revenue to $3.8 billion. The company’s cloud business also posted a 43-percent jump in revenue, to $3 billion. Though the performance echoed the gains reported by other cloud computing companies during the pandemic, the growth was still lower than the 52 percent of the preceding three months, and below most expectations. Google missed out on the pandemic-fueled bounce at rival Amazon in the latest quarter because its cloud business is far smaller than Amazon Web Services, while repeated attempts to boost its position in online commerce have failed to gain traction. Mr Pichai said he was confident its latest efforts, under a new management team, would yield “long-term” results. The company’s executives said three months ago that Google had started the second quarter with advertising revenue suffering a “mid teen year-on-year decline.” But they also surprised investors at the time with the news that they were seeing the first signs of stabilization in search advertising. Since then, Alphabet’s shares have risen 25 percent, nearly double the rise in the broader US stock market. After the results news, the price was up less than 1 percent. Alphabet—which counts on Google for more than 99 percent of its revenue—reported gross revenue in the latest period of $38.3 billion. Net revenue, after deducting traffic acquisition costs, fell less than a percentage point, to $31.6 billion. Earnings per share declined 29 percent, to $10.13, as costs rose 7 percent, despite a company-wide moratorium on all but essential hiring. Most analysts had expected Alphabet’s net revenue to fall 4 percent to $30.5 billion in the latest quarter, with earnings per share dropping to $8.34. They had also forecast a return to growth in the third quarter, with revenues expected to rebound nearly 3 percent and earnings per share up 6 percent. Google suffers first revenue decline as ads hit by pandemic
  7. (Reuters) - Coca-Cola Co beat quarterly revenue expectations on Thursday as the world’s largest soda maker benefited from the partial reopening of theaters and restaurants shut for months by the COVID-19 pandemic. The beverage company, which makes about half of its revenue from sales in restaurants, theaters and other public venues, said the last quarter was the most challenging one due to lockdowns even though consumers stocked up on sodas and beverages at home. Organic sales, which strip out acquisition and currency impacts, fell 6% for the three months ended Sept. 25, but improved from a 26% fall in the second quarter. Sales of its trademark Coca-Cola and Coca-Cola Zero Sugar improved, Coke said. Net income attributable to the company’s shareholders fell to $1.74 billion, or 40 cents per share, from $2.59 billion, or 60 cents per share, a year earlier. Net revenue fell 9% to $8.7 billion, above the analysts’ average estimate of $8.36 billion, according to IBES data from Refinitiv. Source
  8. (Reuters) - AT&T Inc on Thursday reported the coronavirus pandemic had taken a heavy toll on its media business, but quarterly results were offset by stronger than expected gains in new phone subscribers lifted by offers for its HBO Max streaming service for free on certain phone plans. That helped AT&T beat revenue expectations. Total revenue was $42.3 billion during the third quarter ended Sept. 30, exceeding the average analyst expectation of $41.59 billion, according to IBES data from Refinitiv. Shares of AT&T rose 1% to $27.03 in premarket trading. The company added 645,000 net new phone subscribers during the quarter who pay a recurring monthly bill. Analysts had expected AT&T to lose a net 9,000 customers, according to research firm FactSet. AT&T, which has spent the past few years investing in media businesses, said it had 38 million subscribers in the United States for both its premium TV channel HBO and HBO Max during the third quarter, reaching its 2021 goal a year early, as more people sought out entertainment at home. It currently has 57 million subscribers worldwide. AT&T reported 8.6 million HBO Max “activations,” which it said was a sign of engagement and are defined as customers who had access to the streaming service through their unlimited phone plans, for instance, and then activated their accounts to use the service. The services had 36.3 million subscribers in the United States in the previous quarter. WarnerMedia, the segment that contains HBO and the company’s movie and TV studio, generated revenue of $7.5 billion, down from $8.4 billion in the year-ago quarter, as movie theaters largely remained shut in the U.S. Even as the WarnerMedia segment attracts new subscribers, it must also contend with existing HBO subscribers through their pay TV providers who are cutting the cord. AT&T is playing catchup to larger streaming video rivals. Netflix currently serves about 68 million U.S. customers and nearly 200 million worldwide. Walt Disney Co’s Disney+ has more than 60 million subscribers, reaching its goal four years early. Adjusted earnings per share were 76 cents, matching analyst expectations. The figure was down from 94 cents in the same quarter last year. AT&T said the pandemic eroded earnings per share by 21 cents. The company added 357,000 net new fiber internet customers during the quarter, as demand for home internet increased with more Americans working from home during the pandemic. Source
  9. (Reuters) - Twitter Inc on Thursday widely beat analyst expectations for quarterly revenue as ad sales rose with the return of sports and other events, but it added fewer users than Wall Street had expected. The company said it expected revenue trends could continue or even improve in the current quarter, but cautioned that it was hard to predict how advertisers would react as the U.S. presidential election nears on Nov. 3, and that there could be a pause in ad spending. The San Francisco-based social media company said it had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv. The figure stood at 186 million in the previous quarter. Twitter said total revenue grew 14% year-over-year to $936 million during the quarter ended Sept. 30, beating analyst estimates of $777.15 million. The growth was helped by updated advertising formats, improved ad measurement and the return of events that had been paused due to the pandemic, said Twitter Chief Financial Officer Ned Segal in the earnings release. Advertisers are often drawn to Twitter because the platform allows them to appear next to major cultural moments or conversation topics such as sports events. Last year, Twitter suffered from technical glitches that hurt its ability to target ads, though the company has since rolled out fixes. Ad revenue in the third quarter grew 15% to $808 million from the same period a year ago, surpassing estimates of $645.95 million. Costs and expenses grew 13% from the same period last year to $880 million, as the company said it spent more on infrastructure-related expenses. Twitter noted that many companies paused ad spending during the second quarter due to widespread protests after the death of George Floyd in May and said there could be a similar dynamic with the U.S. election. Source
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