News

Pure Storage Announces First Quarter Fiscal 2025 Financial Results

Published

8 months ago

29 May, 2024

FinCrypto Staff

Pure Storage Announces First Quarter Fiscal 2025 Financial Results

Q1 total revenue growth of 18%, year-over-year

Subscription services ARR over $1.4 billion

SANTA CLARA, Calif., May 29, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its first quarter fiscal year 2025 ended May 5, 2024.

“Pure Storage is uniquely positioned to integrate fragmented data storage environments, which hinders enterprises from easily deploying artificial intelligence, hybrid cloud, and modern application deployment,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “At our June Accelerate conference, global customers will see how our latest innovations enable enterprises to adapt to rapid technological change with a platform that fuses data centers and cloud environments.”

First Quarter Financial Highlights

Revenue $693.5 million, an increase of 18% year-over-year
Subscription services revenue $346.1 million, up 23% year-over-year
Subscription annual recurring revenue (ARR) $1.4 billion, up 25% year-over-year
Remaining performance obligations (RPO) $2.3 billion, up 27% year-over-year
GAAP gross margin 71.5%; non-GAAP gross margin 73.9%
GAAP operating loss $(41.8) million; non-GAAP operating income $100.4 million
GAAP operating margin (6.0%); non-GAAP operating margin 14.5%
Q1 operating cash flow $221.5 million; free cash flow $172.7 million
Total cash, cash equivalents, and marketable securities $1.7 billion

“We are pleased with the strong start to our year as Q1 revenue growth of 18 percent and profitability both outperformed,” said Kevan Krysler, Chief Financial Officer, Pure Storage. “We are well positioned with our highly differentiated data storage platform for substantial long-term growth.”

At the Pure//Accelerate annual customer event next month, the company will be delivering industry-first innovations in the Pure data storage platform to address the most pressing topics critical to customers, including AI and Cyber Resiliency.

First Quarter Company Highlights

Accelerating Enterprise AI: Through integrations with NVIDIA, Pure delivered new validated reference architectures for running generative AI use cases, including a new NVIDIA OVX-ready validated reference architecture, adding more options for customers in addition to the previously announced NVIDIA BasePod certification. As a leader in AI, Pure Storage, in collaboration with NVIDIA, is arming global customers with a proven framework to manage the high-performance data and compute requirements they need to drive successful AI deployments.
Subscription Services Innovation: New self-service capabilities across its Pure1® storage management platform and Evergreen® portfolio empower customers with more control over their data storage environment via a single management layer, simplifying end-to-end operations.

Awards and Accolades

Second Quarter and FY25 Guidance

Q2FY25
Revenue	$755M
Revenue YoY Growth Rate	9.6 %
Non-GAAP Operating Income	$125M
Non-GAAP Operating Margin	16.6 %

FY25
Revenue	$3.1B
Revenue YoY Growth Rate	10.5 %
TCV Sales for Evergreen//One & Evergreen//Flex Subscription Service Offerings	$600M
TCV Sales for Evergreen//One & Evergreen//Flex Subscription Service Offerings YoY Growth Rate	Approximately 50%
Non-GAAP Operating Income	$532M
Non-GAAP Operating Margin	17 %

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Pure//Accelerate 2024

Register for Pure//Accelerate® 2024 in Las Vegas from June 18-21, 2024 and discover how to embrace the new age of data. Be front and center as we make history, changing the future of storage and the industry. Pure Storage executives and world-leading experts – including Pure Storage CEO, Charles Giancarlo, and World Champion & Mental Health Advocate, Michael Phelps – will share insights, strategies, and their vision for the future.

Conference Call Information

Pure will host a teleconference to discuss the first quarter fiscal 2025 results at 2:00 pm PT today, May 29, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

Bank of America Global Technology Conference
Date: Tuesday, June 4, 2024
Time: 2:00 p.m. PT / 5:00 p.m. ET
Founder & Chief Visionary Officer John “Coz” Colgrove
Chief Financial Officer Kevan Krysler

William Blair Growth Stock Conference
Date: Thursday, June 6, 2024
Time: 9:20 a.m. PT / 12:20 p.m. ET
Chief Technology Officer Rob Lee

Product & Technology-Focused Meeting for Financial Analysts at Pure//Accelerate 2024
Date: Thursday, June 20, 2024
Time: 1:00 p.m. PT / 4:00 p.m. ET

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.

About Pure Storage

Pure Storage (NYSE: PSTG) delivers the industry’s best platform to store, manage, and protect the world’s data. With a cloud experience across a unified storage operating environment, Pure empowers every organization with the agility to meet evolving data requirements at speed and scale, while reducing total cost of ownership. Pure believes it can make a meaningful impact in reducing data center emissions worldwide by providing a storage platform that enables customers to significantly reduce their carbon and energy footprint. Pure is proud to be a customer-first organization, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

Analyst Recognition
Leader in the 2023 Gartner Magic Quadrant for Primary Storage
Leader in the 2023 Gartner Magic Quadrant for Distributed File Systems & Object Storage

Connect with Pure
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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial and business results, demand for our products and subscription services, including Evergreen//One, our technology and product strategy, specifically customer priorities around sustainability, the benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, our ability to capture storage workloads for AI environments and hyperscalers, the timing and magnitude of large orders, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, including the E//Family, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of May 29, 2024, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metrics

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

Total Contract Value (TCV) Sales, or bookings, of Pure’s Evergreen//One and Evergreen//Flex offerings is an operating metric, representing the value of orders received and/or expected to be received during the fiscal year.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring costs related to severance and termination benefits, and costs associated with the impairment and early exit of certain leased facilities that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited)

	At the End of
	First Quarter of Fiscal 2025	Fiscal 2024

Assets
Current assets:
Cash and cash equivalents	$ 900,615	$ 702,536
Marketable securities	823,397	828,557
Accounts receivable, net of allowance of $965 and $1,060	423,454	662,179
Inventory	40,674	42,663
Deferred commissions, current	85,386	88,712
Prepaid expenses and other current assets	174,238	173,407
Total current assets	2,447,764	2,498,054
Property and equipment, net	368,153	352,604
Operating lease right-of-use-assets	126,435	129,942
Deferred commissions, non-current	211,240	215,620
Intangible assets, net	29,156	33,012
Goodwill	361,427	361,427
Restricted cash	9,595	9,595
Other assets, non-current	69,840	55,506
Total assets	$ 3,623,610	$ 3,655,760

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$ 55,709	$ 82,757
Accrued compensation and benefits	137,669	250,257
Accrued expenses and other liabilities	127,885	135,755
Operating lease liabilities, current	44,819	44,668
Deferred revenue, current	860,221	852,247
Total current liabilities	1,226,303	1,365,684
Long-term debt	100,000	100,000
Operating lease liabilities, non-current	120,709	123,201
Deferred revenue, non-current	741,255	742,275
Other liabilities, non-current	61,370	54,506
Total liabilities	2,249,637	2,385,666
Stockholders’ equity:
Common stock and additional paid-in capital	2,890,317	2,749,627
Accumulated other comprehensive loss	(5,584)	(3,782)
Accumulated deficit	(1,510,760)	(1,475,751)
Total stockholders’ equity	1,373,973	1,270,094
Total liabilities and stockholders’ equity	$ 3,623,610	$ 3,655,760

PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited)

	First Quarter of Fiscal
	2025	2024

Revenue:
Product	$ 347,384	$ 308,963
Subscription services	346,095	280,344
Total revenue	693,479	589,307
Cost of revenue:
Product (1)	100,753	96,213
Subscription services (1)	97,020	79,747
Total cost of revenue	197,773	175,960
Gross profit	495,706	413,347
Operating expenses:
Research and development (1)	193,820	185,331
Sales and marketing (1)	250,972	232,446
General and administrative (1)	76,787	67,384
Restructuring and impairment (2)	15,901	—
Total operating expenses	537,480	485,161
Loss from operations	(41,774)	(71,814)
Other income (expense), net	14,091	11,749
Loss before provision for income taxes	(27,683)	(60,065)
Income tax provision	7,326	7,336
Net loss	$ (35,009)	$ (67,401)

Net loss per share attributable to common stockholders, basic and diluted	$ (0.11)	$ (0.22)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	322,589	305,863

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product	$ 2,782	$ 2,655
Cost of revenue — subscription services	8,871	5,647
Research and development	50,294	38,232
Sales and marketing	23,519	17,181
General and administrative	27,528	14,115
Total stock-based compensation expense	$ 112,994	$ 77,830

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and
abandonment charges associated with cease-use of our former corporate headquarters.

PURE STORAGE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	First Quarter of Fiscal
	2025	2024

Cash flows from operating activities
Net loss	$ (35,009)	$ (67,401)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	33,943	29,690
Stock-based compensation expense	112,994	77,830
Lease impairment and abandonment charges	6,375	—
Other	2,343	(1,804)
Changes in operating assets and liabilities:
Accounts receivable, net	238,768	221,205
Inventory	2,406	308
Deferred commissions	7,707	(2,331)
Prepaid expenses and other assets	(9,219)	(6,095)
Operating lease right-of-use assets	8,122	11,001
Accounts payable	(26,581)	(3,993)
Accrued compensation and other liabilities	(116,716)	(89,082)
Operating lease liabilities	(10,587)	(6,100)
Deferred revenue	6,954	10,019
Net cash provided by operating activities	221,500	173,247
Cash flows from investing activities
Purchases of property and equipment (1)	(48,818)	(51,424)
Purchases of marketable securities and other	(165,123)	(128,788)
Sales of marketable securities	37,689	43,040
Maturities of marketable securities	127,857	288,373
Net cash provided by (used in) investing activities	(48,395)	151,201
Cash flows from financing activities
Net proceeds from exercise of stock options	13,223	4,630
Proceeds from issuance of common stock under employee stock purchase plan	25,328	21,219
Principal payments on borrowings and finance lease obligations	(1,099)	(576,780)
Proceeds from borrowing	—	100,000
Tax withholding on vesting of equity awards	(12,478)	(6,759)
Repurchases of common stock	—	(69,911)
Net cash provided by (used in) financing activities	24,974	(527,601)
Net increase (decrease) in cash, cash equivalents and restricted cash	198,079	(203,153)
Cash, cash equivalents and restricted cash, beginning of period	712,131	591,398
Cash, cash equivalents and restricted cash, end of period	$ 910,210	$ 388,245

(1) Includes capitalized internal-use software costs of $4.5 million and $5.3 million for the first quarter of fiscal 2025 and 2024.

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

	First Quarter of Fiscal 2025						First Quarter of Fiscal 2024
	GAAP results	GAAP gross margin (a)	Adjustment		Non- GAAP results	Non- GAAP gross margin (b)	GAAP results	GAAP gross margin (a)	Adjustment		Non- GAAP results	Non- GAAP gross margin (b)

			$ 2,782	(c)					$ 2,655	(c)
			296	(d)					147	(d)
			20	(e)					—
			3,306	(f)					3,306	(f)
Gross profit — product	$ 246,631	71.0 %	$ 6,404		$ 253,035	72.8 %	$ 212,750	68.9 %	$ 6,108		$ 218,858	70.8 %

			$ 8,871	(c)					$ 5,647	(c)
			867	(d)					338	(d)
			309	(e)					—
			—						13	(g)
Gross profit — subscription services	$ 249,075	72.0 %	$ 10,047		$ 259,122	74.9 %	$ 200,597	71.6 %	$ 5,998		$ 206,595	73.7 %

			$ 11,653	(c)					$ 8,302	(c)
			1,163	(d)					485	(d)
			329	(e)					—
			3,306	(f)					3,306	(f)
			—						13	(g)
Total gross profit	$ 495,706	71.5 %	$ 16,451		$ 512,157	73.9 %	$ 413,347	70.1 %	$ 12,106		$ 425,453	72.2 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate expenses for severance and termination benefits related to workforce realignment.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate payments to former shareholders of acquired company.

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

	First Quarter of Fiscal 2025						First Quarter of Fiscal 2024
	GAAP results	GAAP operating margin (a)	Adjustment		Non- GAAP results	Non- GAAP operating margin (b)	GAAP results	GAAP operating margin (a)	Adjustment		Non- GAAP results	Non- GAAP operating margin (b)

			$ 112,994	(c)					$ 77,830	(c)
			—						885	(d)
			9,400	(e)					4,815	(e)
			—						4,070	(f)
			3,536	(g)					3,839	(g)
			9,855	(h)					—
			6,375	(i)					—
Operating income (loss)	$ (41,774)	-6.0 %	$ 142,160		$ 100,386	14.5 %	$ (71,814)	-12.2 %	$ 91,439		$ 19,625	3.3 %

			$ 112,994	(c)					$ 77,830	(c)
			—						885	(d)
			9,400	(e)					4,815	(e)
			—						4,070	(f)
			3,536	(g)					3,839	(g)
			9,855	(h)					—
			6,375	(i)					—
			153	(j)					647	(j)
Net income (loss)	$ (35,009)		$ 142,313		$ 107,304		$ (67,401)		$ 92,086		$ 24,685

Net income (loss) per share — diluted	$ (0.11)				$ 0.32		$ (0.22)				$ 0.08
Weighted- average shares used in per share calculation — diluted	322,589		15,959	(k)	338,548		305,863		11,134	(k)	316,997

(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate duplicate lease costs during the transition of our corporate headquarters.

(g) To eliminate amortization expense of acquired intangible assets.

(h) To eliminate expenses for severance and termination benefits related to workforce realignment.

(i) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.

(j) To eliminate amortization expense of debt issuance costs related to our debt.

(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

	First Quarter of Fiscal
	2025	2024
Net cash provided by operating activities	$ 221,500	$ 173,247
Less: purchases of property and equipment (1)	(48,818)	(51,424)
Free cash flow (non-GAAP)	$ 172,682	$ 121,823

(1) Includes capitalized internal-use software costs of $4.5 million and $5.3 million for the first quarter of fiscal 2025 and 2024.

SOURCE Pure Storage

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

Source

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Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

Source

News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

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Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
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Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
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Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
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Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

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6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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