The bank also said it plans to buy back 20-million shares, or 2.1 per cent of the company, over the course of a year. At Wednesday’s closing price of $73.50, that’s nearly $1.5-billion worth of stock. CIBC’s previous buyback program, which ended in December 2022, saw the bank buy just $134-million worth of shares.The bank said it recorded profit of just under $1.8-billion in the quarter ended July 31, or $1.82 per share, up 25 per cent from the prior year’s quarter.
In 2024′s third quarter, CIBC also made lower provisions in its U.S. commercial banking and wealth management divisions. That was partially offset by higher provisions in its Canadian personal and business banking, capital markets, and direct financial services divisions.) gained on Thursday as investors cheered the customer relationship management software maker’s upbeat quarterly results and its artificial intelligence push to drive growth.
Salesforce also raised its profit forecast for the year ending January 2025, as margins continue to expand, thanks to its restructuring efforts last year. The company’s U.S. shares rose as the quarterly operating loss narrowed to US$242.3-million from a revised US$273.6-million a year earlier, helped by cost actions.
The company said on Thursday it had secured an extra US$300-million in funding via a one-year term loan facility from a bank in August. Cash and cash equivalents at the end of June were US$669-million, versus US$784-million at the end of March. CEO George Kurtz said the incident delayed some of the company’s deals into subsequent quarters, but the majority remain “in the pipeline.”
“The customer support package and Falcon Flex are CrowdStrike’s moves to solidify trust and ramp up platform adoption after the July 19 outage,” said Shrenik Kothari, lead sector analyst at Baird. Its second-quarter revenue rose about 32 per cent to US$963.9-million, beating estimates of US$958.6-million, and it reported adjusted profit per share of US$1.04, above expectations of 97 US cents.) raised its annual profit forecast after topping second-quarter earnings expectations on Thursday, as tighter controls on costs help the electronics retailer offset the impact from steeper discounts and promotions across categories.
Consumers in the United States looked to upgrade their laptops and tablets during the summer after several quarters of keeping a tight lid on spending on expensive electronics. “They beat but this was just one of those situations where expectations were so high. I don’t know that they could have had a good enough number for people to be happy,” said JJ Kinahan, CEO of IG North America and president of online broker Tastytrade.
Analysts on average forecast second-quarter per-share profit of 64 US cents, with 71 US cents apiece being the highest estimate. Nvidia reported earnings of 68 US cents per share.) slashed its annual sales and profit forecast on Thursday amid increased competition, with budget-conscious customers prioritizing essential purchases over higher-margin goods, sending its shares down.
“It seems pretty clear that dollar store operators are losing market share to other discount retailers,” Arun Sundaram, an analyst with CFRA Research said, and added the retailer would need to cut prices and increase promotions. The company posted net sales of US$10.21-billion for the quarter ended Aug. 2, compared with analysts’ average estimate of US$10.37-billion, according to LSEG data.
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