Company news in brief
Uber posts US$1 bln loss
Uber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6% in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year.
The San Francisco-based firm lost US$1.07 billion for the three months ending Sept. 30, a 20% increase from the previous quarter but down 27% from a year ago, when the company posted its biggest publicly reported quarterly loss on the heels of the departure of Uber co-founder and former chief executive Travis Kalanick.
Uber is seeking to expand in freight hauling, food delivery and electric bikes and scooters as growth in its now decade-old ride-hailing business dwindles. The company, valued at US$76 billion, faces pressure to show it can still grow enough to become profitable and satisfy investors in an initial public offering planned for some time next year.
Broader economic conditions and sustained losses could push Uber to merge with rivals in India and the Middle East, particularly as Uber and India-based Ola share an investor in SoftBank Group Corp.
Revenue for the quarter was US$2.95 billion, a 5% boost from the previous quarter and up 38% from a year ago. That trailed the second-quarter year-over-year revenue increase of 63%.
Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief US rival, Lyft Inc, according to sources familiar with the matter. – Nampa/Reuters
Levi Strauss planning to go public
Levi Strauss & Co, the 145-year-old company that made the first pair of blue jeans, is planning an initial public offering, CNBC reported on Wednesday, citing sources familiar with the matter.
The company, which plans to raise about US$600 million to US$800 million, is likely to go public in the first quarter of 2019, sources told CNBC.
The maker of Levi's jeans is aiming to debut with a valuation of about US$5 billion, the report said. Levi Strauss said it does not comment on marketplace rumours or speculation.
This could be the company's return to the public markets, nearly five decades after going private.
The company first went public in 1971, but descendants of Levi Strauss, the creator of the blue jeans, took the company private shortly after. – Nampa/Reuters
KPMG suspended from new auditing work in Oman
Oman's securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
The Capital Market Authority (CMA) took corrective steps at those companies to protect investors, it said in a statement without naming the firms or giving other details.
It is another setback for KPMG, which is under scrutiny after losing clients in South Africa following its role in a high-profile corruption scandal there and has faced investigations in Britain over its auditing of some clients.
In Oman, KPMG is banned for one year from doing new auditing work for companies regulated by the CMA, including listed companies, securities firms and insurers.
The penalty does not affect projects where KPMG has already been appointed, and KPMG has a right to appeal against the penalty before an independent authority, the CMA said. – Nampa/Reuters
Aston Martin's profits rise as sales double
Aston Martin posted a 900% increase in third-quarter profit before tax to 3.1 million pounds (US$4 million) as the newly listed carmaker continues a growth plan which saw its volumes double in the period.
The luxury brand, which last month became the first British carmaker in decades to float on the London Stock Exchange, said it expected full-year sales to come in at the top end of expectations at up to 6 400 vehicles.
Total volumes rose 99% to 1 776 vehicles, helped by a 185% increase in the Americas and a 133% increase in Asia Pacific. – Nampa/Reuters
Tencent profit beats on investment gain
Tencent beat third-quarter profit forecasts on Wednesday but gave no update on a regulatory block in China, the world's largest gaming market, that has damaged its core business.
China has imposed tougher rules on the gaming industry, including a halt to new game approvals as part of a regulatory overhaul and calls to tackle addiction among young people.
Tencent, China's biggest gaming and social media group, said profit in the July-September quarter rose by 30% to 23.3 billion yuan, beating an average analyst estimate of 19.32 billion yuan, thanks largely to investment gains.
Although Tencent's revenue rose by 24% to 80.6 billion yuan (US$11.6 billion), this represented its slowest quarterly growth in more than three years.
Analysts said Tencent's mobile gaming growth was better than expected, but the fact that its president Martin Lau had no news on China's gaming regulation raised margin pressure concerns. – Nampa/Reuters
Uber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6% in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year.
The San Francisco-based firm lost US$1.07 billion for the three months ending Sept. 30, a 20% increase from the previous quarter but down 27% from a year ago, when the company posted its biggest publicly reported quarterly loss on the heels of the departure of Uber co-founder and former chief executive Travis Kalanick.
Uber is seeking to expand in freight hauling, food delivery and electric bikes and scooters as growth in its now decade-old ride-hailing business dwindles. The company, valued at US$76 billion, faces pressure to show it can still grow enough to become profitable and satisfy investors in an initial public offering planned for some time next year.
Broader economic conditions and sustained losses could push Uber to merge with rivals in India and the Middle East, particularly as Uber and India-based Ola share an investor in SoftBank Group Corp.
Revenue for the quarter was US$2.95 billion, a 5% boost from the previous quarter and up 38% from a year ago. That trailed the second-quarter year-over-year revenue increase of 63%.
Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief US rival, Lyft Inc, according to sources familiar with the matter. – Nampa/Reuters
Levi Strauss planning to go public
Levi Strauss & Co, the 145-year-old company that made the first pair of blue jeans, is planning an initial public offering, CNBC reported on Wednesday, citing sources familiar with the matter.
The company, which plans to raise about US$600 million to US$800 million, is likely to go public in the first quarter of 2019, sources told CNBC.
The maker of Levi's jeans is aiming to debut with a valuation of about US$5 billion, the report said. Levi Strauss said it does not comment on marketplace rumours or speculation.
This could be the company's return to the public markets, nearly five decades after going private.
The company first went public in 1971, but descendants of Levi Strauss, the creator of the blue jeans, took the company private shortly after. – Nampa/Reuters
KPMG suspended from new auditing work in Oman
Oman's securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
The Capital Market Authority (CMA) took corrective steps at those companies to protect investors, it said in a statement without naming the firms or giving other details.
It is another setback for KPMG, which is under scrutiny after losing clients in South Africa following its role in a high-profile corruption scandal there and has faced investigations in Britain over its auditing of some clients.
In Oman, KPMG is banned for one year from doing new auditing work for companies regulated by the CMA, including listed companies, securities firms and insurers.
The penalty does not affect projects where KPMG has already been appointed, and KPMG has a right to appeal against the penalty before an independent authority, the CMA said. – Nampa/Reuters
Aston Martin's profits rise as sales double
Aston Martin posted a 900% increase in third-quarter profit before tax to 3.1 million pounds (US$4 million) as the newly listed carmaker continues a growth plan which saw its volumes double in the period.
The luxury brand, which last month became the first British carmaker in decades to float on the London Stock Exchange, said it expected full-year sales to come in at the top end of expectations at up to 6 400 vehicles.
Total volumes rose 99% to 1 776 vehicles, helped by a 185% increase in the Americas and a 133% increase in Asia Pacific. – Nampa/Reuters
Tencent profit beats on investment gain
Tencent beat third-quarter profit forecasts on Wednesday but gave no update on a regulatory block in China, the world's largest gaming market, that has damaged its core business.
China has imposed tougher rules on the gaming industry, including a halt to new game approvals as part of a regulatory overhaul and calls to tackle addiction among young people.
Tencent, China's biggest gaming and social media group, said profit in the July-September quarter rose by 30% to 23.3 billion yuan, beating an average analyst estimate of 19.32 billion yuan, thanks largely to investment gains.
Although Tencent's revenue rose by 24% to 80.6 billion yuan (US$11.6 billion), this represented its slowest quarterly growth in more than three years.
Analysts said Tencent's mobile gaming growth was better than expected, but the fact that its president Martin Lau had no news on China's gaming regulation raised margin pressure concerns. – Nampa/Reuters
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