Logitech: Fiscal Q4 Earnings Snapshot
On a per-share basis, the Lausanne, Switzerland-based company said it had net income of 96 cents. Earnings, adjusted for one-time gains and costs, came to 93 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
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Associated Press
7 minutes ago
- Associated Press
Dubai's booming restaurant scene is feeling the heat of high costs and high failure rates
DUBAI, United Arab Emirates (AP) — From suspended tables to underwater lounges, some 13,000 food and drink establishments in Dubai pull out all the stops to attract customers in one of the world's most saturated dining markets. They cater to all tastes and budgets. Some spots ladle out inexpensive biryani while others offer dishes dusted with edible gold. These are some of the ways the emirate is competing with its neighbors Saudi Arabia and Qatar for tourist dollars and, so far, it's beating them handily. Dubai has more restaurants per capita than any major city except Paris. But the city-state's booming restaurant scene is testing the limits of its growth-at-all-costs model, raising questions about how long Dubai can keep feeding its own ambitions. A crowded and competitive market The competition is cutthroat, so presentation is key. 'Gone are the days when it just tastes good,' said Kym Barter, the general manager of Atlantis The Palm, a resort perched on a manmade archipelago that boasts more Michelin stars than any other venue in the Middle East. But dazzling Dubai's food bloggers — the most popular of whom have millions of social media followers — isn't enough. Staying afloat means battling high rents and winning over a diverse and demanding group of consumers. Dubai has roughly nine expatriate residents for every Emirati citizen. Most of its private sector workers are migrants on temporary contracts, and only Vatican City has a higher share of foreign-born residents. Tourists, in turn, outnumber locals about five to one by some estimates, and they spend lavishly. Visitors to Dubai drop an average of over five times more than those traveling to nearby Saudi Arabia or even the U.S., according to global restaurant consultant Aaron Allen. Dubai is 'on the right path' to becoming the world's food capital, said Torsten Vildgaard, executive chef at FZN by Björn Frantzén. The restaurant, which runs at more than $540 a head, was one of two in Dubai to nab three Michelin stars in May. 'We're only seeing the tip of the iceberg of what's to come in terms of gastronomy here,' Vildgaard added. With each new set of illuminated high-rises and hotels, another crop of eateries emerge, vying for patrons. The legions of construction workers powering Dubai's progress also need affordable options. That growth, propped up in part by investor pressure on some of the world's biggest chains to expand in Dubai, has created what some analysts warn is a bubble. 'If you're a publicly traded company like Americana, what are you supposed to do — just stop opening restaurants?' restaurant consultant Allen said, referring to the Gulf-based operator of KFC, Pizza Hut and other big franchises. The frenetic expansion of Dubai's restaurant industry is part of a regional shift that has seen Gulf Arab states pour hundreds of billions of dollars into building out tourist destinations as they move away from hydrocarbons to diversify their economies. Saudi Arabia has a high-stakes, $500 billion project: a straight-line futuristic city called Neom. But, in a Muslim-majority region, the United Arab Emirates has gone to lengths that some consider too much of a compromise, including relaxing restrictions on alcohol that fuel its pubs and nightlife and other social reforms. High costs and failure rates The rapid development comes at a price. Dubai's restaurants have a high failure rate, industry veterans say, though local authorities don't say what the rate of closures is. In the downtown district and other prime areas, annual rents for restaurants can top $100 per square foot. That's on a par with some of the world's most expensive cities. Still, the emirate issued almost 1,200 new restaurant licenses last year, according to Dubai's Department of Economy and Tourism. The department declined to respond to questions. Empty tables during peak hours are common, even in top locations. Part of the problem, managers say, is that traffic congestion is so severe that convincing diners to drive out can be a tall task. 'I sometimes go, 'Do I go into the restaurant right now, because I'm going to get into traffic?''' said Waseem Abdul Hameed, operations manager at Ravi, a Pakistani family-owned eatery famous for its official Adidas shoe line and a 2010 TV feature from Anthony Bourdain. He knows restaurateurs who have had to shut up shop and others who are squeezed by slim margins and increasingly reliant on delivery apps, Hameed said. The demand sends fleets of migrant workers racing through gridlock on motorbikes, with few protections and tight delivery windows. Emirati newspaper Khaleej Times reported the accidental deaths of 17 Dubai food couriers last year. The math of Dubai's restaurant scene doesn't add up, delivery apps and wealthy tourists notwithstanding, restaurant consultant Allen said. He cited operating expenses that have more than doubled relative to sales since 2009, when a financial crisis almost hobbled the emirate. Too many Dubai entrepreneurs, he put it simply, have 'too much money, and they don't know what to do besides open restaurants.'
CNBC
42 minutes ago
- CNBC
AI voice startup ElevenLabs pushes global expansion as it gears up for an IPO
LONDON — ElevenLabs, a London-based startup that specializes in generating synthetic voices through artificial intelligence, has revealed plans to be IPO-ready within five years. The company told CNBC it is targeting major global expansion as it prepares for an initial public offering. "We expect to build more hubs in Europe, Asia and South America, and just keep scaling," Mati Staniszewski, ElevenLabs' CEO and co-founder, told CNBC in an interview at the firm's London office. He identified Paris, Singapore, Brazil and Mexico as potential new locations. London is currently ElevenLabs' biggest office, followed by New York, Warsaw, San Francisco, Japan, India and Bangalore. Staniszewski said the eventual aim is to get the company ready for an IPO in the next five years. "From a commercial standpoint, we would like to be ready for an IPO in that time," he said. "If the market is right, we would like to create a public company … that's going to be here for the next generation." Founded in 2022 by Staniszewski and Piotr Dąbkowski, ElevenLabs is an AI voice generation startup that competes with the likes of Speechmatics and Hume AI. The company divides its business into three main camps: consumer-facing voice assistants, integrations with corporates such as Cisco, and tailor-made applications for specific industries like health care. Staniszewski said the firm hasn't yet decided where it could list, but that this decision will largely rest on where most of its users are located at the time. "If the U.K. is able to start accelerating," ElevenLabs will consider London as a listing destination, Staniszewski said. The city has faced criticisms from entrepreneurs and venture capitalists that its stock market is unfavorable toward high-growth tech firms. For example, Deliveroo, whose shares tanked nearly 30% when the company went public, was recently acquired by U.S. food delivery rival DoorDash for close to $4 billion. Meanwhile, British money transfer firm Wise last month said it plans to move its primary listing location to the U.S., ElevenLabs was valued at $3.3 billion following a recent $180 million funding round. The company is backed by the likes of Andreessen Horowitz, Sequoia Capital and ICONIQ Growth, as well as corporate names like Salesforce and Deutsche Telekom. Staniszewski said his startup was open to raising more money from VCs, but it would depend on whether it sees a valid business need, like scaling further in other markets. "The way we try to raise is very much like, if there's a bet we want to take, to accelerate that bet [we will] take the money," he said.
Business Wire
an hour ago
- Business Wire
Assetze Introduces ‘EOI', A New IT Model for Global Companies Entering India
BANGALORE, India--(BUSINESS WIRE)--Assetze, an India-based IT asset management company, has supported countless businesses in scaling and running smooth IT operations. Its intuitive SaaS platform enables centralized control and real-time visibility, with companies reporting up to 2x improvement in operational efficiency. Now, Assetze is introducing its latest offering: Employer of IT (EOI). A comprehensive backend model built specifically for companies expanding into India. EOI enables organizations to establish and scale their presence in India while entrusting their entire IT function to Assetze, from infrastructure setup to long-term support and maintenance. Expertise: Whether supporting a fast-growing global startup or an established enterprise, Assetze brings in-depth operational experience to deliver a reliable and compliant IT framework – with experience of serving over 150 companies across the globe. With an on-ground team managing setup, maintenance, and coordination, companies gain a dependable partner for all backend IT operations. Access: Beyond IT management, Assetze also offers Employer of Record (EOR) services, allowing companies to easily establish teams in India. The combination of EOI and EOR gives businesses a complete backend foundation for confidently launching and scaling operations. Results: EOI ensures that IT operations are aligned with security protocols and compliance standards from day one. By eliminating the need for multiple vendors or in-house IT teams, the model simplifies scaling while reducing operational risk and complexity. Several Y Combinator-backed companies already rely on Assetze for IT support, procurement, AI Infra, E-waste, and maintenance services across India. Jagadish V, one of the company's co-founders, expressed, 'Our EOI model has made it effortless for our global clients to establish reliable IT operations in India without building from scratch. It's a new and unique approach to solving a very real problem faced by companies looking to take advantage of India's skilled workforce.'
