Latest news with #Genovese
Yahoo
7 days ago
- Business
- Yahoo
Verizon And Federal Wins Power Ribbon Communications' Confident Outlook
Ribbon Communications (NASDAQ:RBBN) reported a robust second quarter for 2025, driven by strong demand and key customer wins. Ribbon Communications reported total second-quarter 2025 revenue of $221 million, marking a 22% sequential increase and a 15% year-over-year rise, surpassing estimates by approximately $6 million. This growth was fueled by strong performance with major clients, including Verizon Communications (NYSE:VZ) and U.S. federal agencies, and the successful closure of several previously delayed deals. Despite some pressure on gross margins due to a mix of hardware and professional services sales, the company's Cloud and Edge segment delivered record-high profitability, and its IP Optical segment saw a significant improvement in its financial performance. Ribbon Communications also maintained its full-year outlook, forecasting continued growth and the earnings report, Rosenblatt analyst Mike Genovese reaffirmed a Buy rating for Ribbon Communications and increased his price forecast from $5.50 to $6.00. This positive adjustment came despite a slight dip in the stock's trading price on the day of the announcement. Genovese highlighted that the impressive revenue growth was driven by continued strong demand from Verizon Communications, U.S. federal agencies, new wins in critical infrastructure, and Bharti Airtel in India. He said the company also secured a new contract with a Tier 1 telecom operator in Southeast Asia, while several previously delayed deals closed during the quarter. Domestic revenue reached $117 million, jumping 40% quarter-over-quarter and 45% year-over-year. International revenue came in at $104 million, rising 6% sequentially but declining 7% compared to the prior year. Genovese noted that the Cloud and Edge segment delivered $137 million in revenue, up 27% sequentially and 24% year-over-year, which was in line with expectations driven by robust growth from Verizon and government customers. He pointed out that Verizon accounted for 20% of Ribbon's total revenue and was the only customer exceeding 10% of sales, as it continues to modernize its voice network. Cloud and Edge gross margins contracted 110 basis points sequentially and 410 basis points year-over-year to 61.9%, largely due to a higher mix of professional services and hardware and a dip in maintenance and software sales. Despite the margin pressure, Genovese pointed out that the segment posted a record adjusted EBITDA of $37 million. The analyst said IP Optical revenue rose to $84 million, up 13% sequentially and 2% year-over-year, beating estimates by 6%. Sales in India and North America surged over 40% year-over-year. Excluding Eastern Europe, the IP Optical segment posted a 5% annual increase. He noted that the segment's gross margin expanded 760 basis points sequentially to 35.9%, supported by stronger North American sales, improved mix and margins in Asia-Pacific, and better fixed cost absorption from higher volume. The adjusted EBITDA loss for IP Optical narrowed to $5 million from a $15 million loss a year ago. Company-wide gross margin reached 52.1%, expanding 340 basis points quarter-over-quarter, though contracting 230 basis points year-over-year, missing estimates due to a greater share of hardware and services revenue, Genovese noted. The analyst said that operating margin expanded sharply to 12.5%, up 1,120 basis points sequentially and 300 basis points year-over-year, beating projections by 20 basis points. He noted that adjusted EBITDA totaled $32 million, representing a 433% increase sequentially and 47% growth year-over-year, at the high end of company guidance. Genovese noted that management guided third-quarter revenue between $213 million and $227 million, slightly below prior estimates. The analyst expects IP Optical revenue to grow sequentially, while Cloud and Edge revenue will likely decline, primarily due to project timing with Verizon. Gross margins are projected between 53.5% and 54%, below the prior 55.9% estimate, and adjusted EBITDA is forecast between $28 million and $34 million. The company reiterated its full-year 2025 outlook, maintaining revenue guidance of $870 million to $890 million, gross margins of 54%–55%, and adjusted EBITDA of $130 million to $140 million. However, management noted that GMs and EBITDA are trending toward the lower end of those ranges due to stronger-than-expected product and professional services sales and a $2 million quarterly opex impact from the weaker U.S. dollar. Genovese noted that management expects the fourth quarter to remain the strongest quarter of the year, as is typical for Ribbon. Additionally, the firm anticipates $15 million to $20 million in tax savings following a recent bill passed by Congress. Genovese highlighted that the Ribbon story remains attractive, especially at a valuation of 12.5x estimated 2026 EPS. The analyst emphasized Ribbon's ability to weather recent headwinds, such as its exit from Eastern Europe and timing-related delays in the Federal and Enterprise sectors, while consistently delivering on its guidance across multiple quarters. He also noted meaningful improvement in the Cloud and Edge narrative, particularly with Verizon's shift to next-gen voice infrastructure, enhancing Ribbon's growth prospects. Additionally, Genovese noted that Ribbon could win a similar deal with AT&T (NYSE:T), which has committed to fully modernizing its voice systems by 2029. He highlighted growing synergies between Ribbon's business segments, as Verizon now uses its routers for the Cloud and Edge upgrade, a signal of broader strategic alignment and opportunity ahead. Price Action: RBBN stock is trading lower by 11.7% to $3.76 at last check Thursday. Latest Ratings for RBBN Date Firm Action From To Jan 2021 B. Riley Securities Initiates Coverage On Buy Oct 2019 Northland Capital Markets Downgrades Outperform Market Perform Aug 2018 Cowen & Co. Upgrades Underperform Market Perform View More Analyst Ratings for RBBN View the Latest Analyst Ratings Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Verizon And Federal Wins Power Ribbon Communications' Confident Outlook originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Scroll.in
01-07-2025
- Scroll.in
A look at 15th-century India through the eyes of a Genoan merchant
A year before Christopher Columbus set sail from Castille on a journey that would take him to the Americas, another two Genoans travelled south to Egypt and then to Sumatra through India, Ceylon and Burma. The nearly-forgotten merchant duo of Giròlamo da Santo Stefano and Giròlamo Adorno set off on their adventure in 1491 from Genoa. While Adorno would die in Pegu, Burma, some years later, da Santo Stefano completed the trek, returning home via the Maldives in 1499. Da Santo Stefano described his travels – coming a little before Vasco da Gama's arrival in India – in a letter to Gian Giacomo Mainerio, who published it in Portuguese. Read today, that account provides a picture of late 15th-century southern India, a time of change and considerable activity. Mountains and deserts To get to India, da Santo Stefano and Adorno took the route that was popular among Arab traders plying between West Asia and Kerala. So they first went to Egypt. In Cairo, they bought coral beads and other merchandise, and then travelled by land through what da Santo Stefano described as 'those mountains and deserts, wherein Moses and the people of Israel wandered when they were driven out by the Pharaoh'. At the Red Sea port of Quseer, they boarded a ship, 'the timbers of which were sewn together with cords and the sails made of rush mats,' da Santo Stefano wrote. The ship sailed for 25 days, 'putting in every evening at very fine but uninhabited ports' before arriving in Massawa in modern-day Eritrea. The Genovese stayed in the city for two months and then carried on with their journey. 'Sailing through the said twenty-five days more, we saw many boats fishing for pearls, and having examined them we found that they were not of so good quality as the Oriental pearls,' da Santo Stefano wrote. 'At the end of twenty-five days, we arrived at the city of Aden, situated on the left shore of the sea and on the mainland.' So impressed was da Santo Stefano with the ruler of Aden that he wrote, 'The lord of this country is so just and good, that I do not think any other infidel potentiate can be compared with him.' Adorno and da Santo Stefano stayed in Aden for four months before sailing to Calicut. 'We sailed for twenty-five days with a prosperous wind without seeing land, and then we saw several islands, but did not touch at them; and continuing our voyage for ten days more, with a favourable wind, we finally arrived at a great city called Calicut.' Spice production The Calicut that the Genovese merchants reached was a prosperous town ruled by the Samoothiri (Zamorin). The primary spice exporter in south India at the time, Calicut was a popular destination among Arab and Chinese merchants and travellers. 'We found that pepper and ginger grew here,' da Santo Stefano wrote. 'The pepper trees are similar to the ivy, because they grow round other trees wherever they can attach themselves; their leaves resemble those of the ivy. Their bunches are the length of half a palm or more, and as slender as a finger: the grain grows very thickly around.' Da Santo Stefano was genuinely fascinated with how pepper was produced. 'When it is ripe and gathered in, it is green like ivy; it is left to dry in the sun, and in five or six days it becomes black and wrinkled as we see it.' The production of ginger also interested him. 'For the propagation of ginger, they plant a small fresh root, about the size of a small nut, which at the end of the month grows large: the leaf resembling that of the wild lily.' Like other staunch Catholics at the time, da Santo Stefano referred to Muslims as 'infidels' and Hindus and Buddhists as 'idolaters'. Describing the Hindus of Calicut, he wrote, 'They worship an ox, or the sun, and also various idols, which they themselves make. When these people die, they are burnt: their customs and usages are various; inasmuch as some kill all kinds of animals excepting oxen and cows: if anyone were to kill or wound these, he would be himself immediately slain, because as I have before said, they are objects of worship.' He mentioned that some people in Calicut were vegetarian. Like some other foreigners who travelled to India in the 15th or 16th century, da Santo Stefano had his own interpretation of the local marriage customs. 'Every lady may take to herself seven or eight husbands, according to her inclination. The men never marry any woman who is a virgin; but if one, being a virgin, is betrothed, she is delivered over before the nuptials to some other person for fifteen or twenty days in order that she may be deflowered.' Da Santo Stefano noted that Calicut had a thousand houses inhabited by Christians, probably referring to the St. Thomas Christians of Kerala. Coromandel Coast From Calicut, Da Santo Stefano and Adorno went to Ceylon. 'We departed hence in another ship, made like the one above described, and after a navigation of twenty-six days, we arrived at a large island called Ceylon, in which grow the cinnamon trees, which resemble the laurel even in the leaf,' da Santo Stefano wrote. He found the landscapes of Malabar and Ceylon similar. 'There are many trees here of the sort which bears the nut of India (cocoa-nut), which also are found in Calicut, and are properly speaking like palm trees.' Ceylon, at the time, was as famous for its gems as it was for its cinnamon. 'Here grow many precious stones, such as garnets, jacinthes, cat's eyes, and other gems, but not of very good quality, for the fine ones grow in the mountains.' The Genovese merchants spent only a day on the island. Da Santo Stefano did not mention where in Ceylon their vessel called on, but the primary port on the island back then was Galle. From Ceylon, the merchants travelled to the Coromandel Coast, reaching it 12 days later. The region was so abundant in red sandalwood trees that, Da Santo Stefano wrote, people built houses with it. In the region, Da Santo Stefano noticed the prevalence of Sati. 'There is another custom in practice here, that when a man dies and they prepare to burn him, one of his wives burns herself alive with him; and this is their constant habit.' Da Santo Stefano and Adorno spent seven months in southeastern India, but nothing about this period was mentioned in da Santo Stefano's letter to Mainerio. From modern-day Tamil Nadu, they sailed over 20 days to reach the city of Pegu in Burma. After Adorno died in Pegu, da Santo Stefano travelled as far as Sumatra, before going back home. On his return journey, he visited the Maldives and then Hormuz and mainland Persia. Travelling overland through Persia and Iraq, he went to Aleppo and Tripoli in modern-day Lebanon, from where he wrote the letter to Mainero. An Italian version of the letter was published in the mid-16th century and featured in a collection of travel accounts compiled by Italian humanist and historian Giovan Battista Ramusio. The collection was titled Delle Navigationi et viaggi (On Journey by Sea and Land). The Enciclopedia Italiana (Italian Encyclopedia), published in 1933, said the travelogue was 'poorly connected and crudely written,' but it gave Europe a rare glimpse of life in late 15th-century Asia before the age of colonial conquest. The account was translated to English and published in India in Fifteenth Century Being a Collection of Narratives of Voyages to India, edited by RH Major. Little more is known about Giròlamo da Santo Stefano, an adventurer who set off from Genoa to distant lands on challenging journeys, seeing what few from his part of the world had done before him.
Time Out
13-06-2025
- Entertainment
- Time Out
1-Alfaro: New lighthouse-inspired dining spot in Singapore with stunning sea views from 34 storeys high
A scenic locale, picture-perfect ambience, and thoughtfully curated menu focused on a specific type of cuisine – it goes without saying that these winning elements are always present with any concept by 1-Group, the F&B collective that's behind the likes of Botanico @ The Summerhouse, Camille at 1-Flowerhill and plenty others. It's thus no mystery why these locations are always top picks for special occasions like anniversaries, proposals and even weddings. Now, buckle up for its newest dining spot, 1-Alfaro by Monti, which delivers in these aspects and more. While unexpectedly located at Pasir Panjang – an area laden with steely industrial buildings full of STEM companies – this new date night spot rewards patrons with sweeping views of the surrounding sea from its vantage point on the 34th floor. Which is beautifully fitting, since 'Alfaro' means 'lighthouse' in Italian. Here's what you can expect at 1-Alfaro, which houses Italian restaurant La Torre, and alfresco rooftop bar La Luna. It's classic Italian staples over at La Torre, which leans towards the cuisine of Emilia-Romagna in Northern Italy. Tuck into the likes of hearty charcoal-grilled meat and seafood, fried lasagna ($16), and house-made burrata gelato with rosemary tuile ($17) – a menu conceptualised by a Genovese chef. Small eaters – or those who'd like to try a little bit of everything – will be glad to know that most of La Torre's handmade pastas such as Fettuccine flat egg pasta ($26) and cannelloni della nonna ($26) also come in half-portion alternatives, at half the price. Your meal tastes even better accompanied with panoramic views of the sea, which you'll get to enjoy a good eyeful of thanks to the floor-to-ceiling glass walls. Golden hour here is sure to be stunning, so if you're coming for dinner, it'll be wise to pick a strategic timing that'll let you witness the sunset. La Luna: chill alfresco rooftop bar Watch ships cruise by with a classic Italian cocktail ($16) in hand at La Luna – La Torre's semi-outdoor bar extension. This airy space will have you soaking up the salty sea breeze, all under the comfort of a shelter overhead. Wine-lovers have much to be excited about with an extensive list featuring 90-odd reds, whites, rosés and champagnes from Italy, France, Spain and more. Weddings at 1-Alfaro Just like other 1-Group dining venues, 1-Alfaro does take bookings for wedding solemnisations and banquets, inclusive of all the essential equipment like a projector, sound system, and bridal room, along with customised planning with styling. The indoor space of La Torre can accommodate up to 120 persons, seated – which is just the right amount for a cosy celebration with all your nearest and dearest – but those who'd like to book out the entire venue to fit more people can also do so. How to get to 1-Alfaro by Monti Despite its tranquil ambience, 1-Alfaro is located just a two-minute walk from Labrador Park MRT station – absolutely convenient. It's also not too far from Labrador Nature Reserve, so you can enjoy a breezy post-meal stroll there and head out to the tip of Labrador Jetty or even the pink Berlayer Beacon (also known as Berlayer Point Lighthouse) if you've got comfy shoes on. 1-Alfaro by Monti is located at Level 34 of Labrador Tower along 1 Pasir Panjang Road. Find out more here.
Yahoo
29-05-2025
- Business
- Yahoo
Freight Fraud and Cargo Theft: The Epidemic Nobody Wants to Talk About
In the trucking industry, fraud and cargo theft are full-blown crises. Maybe this isn't Bonanno, Colombo, Gambino, Genovese and Lucchese-level organized crime, but make no mistake, organized crime exploits vulnerabilities in our supply chains and it's impacting everyone from small carriers to global shippers. We delve into the realities of freight fraud, the effectiveness of recent Federal Motor Carrier Safety Administration identity checks and how industry initiatives like Transportation Worker Identification Credential (TWIC) verification and the Freight Fraud Task Force are reshaping the fight against these crimes. At its simplest, freight fraud is a deception involving carriers, brokers or shippers to steal freight, money or even company identities. Common tactics include double brokering, where fraudulent brokers rebook freight without authorization, often leaving carriers unpaid, and carrier identity theft, in which scammers use legitimate carrier credentials, including MC or DOT numbers, to book and steal freight. Legitimate carriers suffer twice, losing income and getting saddled with compliance violations they didn't commit or lawsuits they had no involvement in. Cargo theft has become sophisticated. Criminal groups arrange fake pickups using forged paperwork, forged credentials and counterfeit identification. Recently, authorities in Los Angeles County alone recovered over $1.3 million in stolen merchandise, ranging from electric bikes and Sony TVs to beauty products and electronics, emphasizing how lucrative and widespread these crimes have become. Part of the blame lies with the agency designed to prevent it, the FMCSA. Existing laws such as MAP-21 (2012) explicitly require the FMCSA to vet brokers thoroughly, yet these requirements, like mandatory knowledge tests and documented experience, remain largely unenforced. Today, anyone with roughly $1,500 (a $300 FMCSA fee, $1,000 down on a surety bond and minimal administrative costs) can become a broker. This ease of entry allows fraudulent brokers to scam shippers, pocket cash and disappear overnight. The FMCSA's own data systems are notoriously muddy and inadequate in highlighting fraudulent activity or clearly detailing limited authority for carriers, especially enterprise carriers, which frequently operate beyond their permitted scope. Recognizing these vulnerabilities, the FMCSA began implementing stringent measures in April to tighten identity verification. Working with Idemia, the FMCSA introduced mandatory facial recognition and government-issued ID checks for all new motor carrier applicants. The immediate impact of this initiative was significant. According to data from CarrierOK, the filed-to-published application approval rate, previously around 60%-65%, plummeted dramatically to roughly 30% after the verification rollout. This sudden drop might mean that the new ID checks are successfully weeding out fraudulent or incomplete applications before they even reach public review, or the agency is so slow in processing applications because of a lack of resources that it's miring down the process. Although the number of total filings remains steady, the sharp decline in published approvals might indicate a crackdown effect, clearly demonstrating that tighter identity controls are effectively curbing fraud at the entry point. Notice I said 'might.' The industry isn't just standing by. It's tired of the crazy. Solutions are emerging to tackle freight fraud proactively, led by innovative platforms like FreightValidate. Founder Dale Prax and partners John Cantera, Jeff Dickinson, Bill Robinson, Claudia Atletts and others (including myself) have established or are part of the Freight Fraud Task Force Inc, to curb industry fraud through education, audits, best practices and accountability at every level. FreightValidate's partnership with AU10TIX has introduced powerful, yet user-friendly verification tools. In under 90 seconds, carriers, drivers and brokers can complete facial recognition and real-time ID checks on any mobile device. This rapid validation ensures that the people handling the freight are exactly who they claim to be, dramatically reducing fraud opportunities before the truck arrives at the loading dock. I have long advocated for a cyberphysical approach to logistics fraud. A year or so ago, I wrote an article on a model for mitigating double brokering through integrated technologies. Leverage blockchain, smart contracts, digital identity verification and real-time tracking to build a trust-driven freight system. I even name-dropped Rich Mason, president and Chief Security Officer at Critical Infrastructure and Chief Information Security Officer (CISO) legend, to hopefully draw him into this good time. The idea centers on a blockchain-based reputation system, where carriers, brokers and shippers earn scores based on performance, disputes and reliability. Smart contracts would lock in terms and trigger updates on the blockchain with each completed task. Verified digital identities, powered by facial recognition or biometrics, would restrict access to only authenticated users. Internet-of-things-based shipment tracking and AI-driven analytics could enhance this digital fortress to flag fraud patterns before a single invoice is sent. I believe that fighting fraud requires cybersecurity-level thinking. At the end of the day, our only solution is a solid cybersecurity program and some good CISOs to put it all together for us mere layman transportation folk. Ironically, FMCSA recently launched a costly facial recognition partnership with Idemia. Why spend millions on new systems when we already have proven verification mechanisms with a criminal background element like the Transportation Worker Identification Credential (TWIC)? What sense does that make? Not much, but maybe the issue is we have such a revolving door at the federal agency that the people running the FMCSA aren't familiar enough with the supply chain to know what we have and what we don't or how to use it practically. TWIC, used extensively in ports, provides biometric verification and comprehensive background checks that go beyond simple identity confirmation. Implementing TWIC requirements for brokers and carriers would significantly strengthen vetting, ensuring that criminals don't just find new ways around superficial security measures. An extra $125 added to the FMCSA's application fee could cover these deeper screenings, bringing significant ROI in fraud prevention without burdening taxpayers. The Freight Fraud Task Force emphasizes practical, actionable steps over mere technology deployment. Real-time, in-person carrier audits at loading docks, comprehensive fraud-awareness training and best practices education form the backbone of its strategy. Companies are encouraged to actively participate, share information and implement robust anti-fraud measures in-house. The Task Force's Risk Assessment Audit Program provides audits, tailored training and certifications to proactively catch fraud early. The mantra here isn't cleanup after the theft, it's prevention before the crime happens. Ultimately, meaningful change requires industrywide accountability and governmental enforcement. As long as laws remain unenforced, cargo theft and fraud will persist, inflating consumer costs and damaging reputable carriers and brokers. FMCSA and the Department of Transportation need to commit fully to vetting carriers, brokers and shippers, enforcing existing laws and cooperating closely with private initiatives that are already making significant strides. The time to act isn't tomorrow, it's now. The freight industry's future, its integrity and its profitability depend on stopping fraud and theft before they happen. Industry leaders, tech innovators, regulators and carriers must unite under a common mission: protecting the lifeblood of our economy by finally enforcing the accountability and integrity this industry deserves. The post Freight Fraud and Cargo Theft: The Epidemic Nobody Wants to Talk About appeared first on FreightWaves.
Business Insider
15-05-2025
- Business
- Business Insider
Rosenblatt Securities Remains a Buy on Cisco Systems (CSCO)
In a report released yesterday, Michael Genovese from Rosenblatt Securities reiterated a Buy rating on Cisco Systems (CSCO – Research Report), with a price target of $74.00. The company's shares closed yesterday at $61.29. Confident Investing Starts Here: Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter According to TipRanks, Genovese is a 5-star analyst with an average return of 9.3% and a 52.41% success rate. Genovese covers the Technology sector, focusing on stocks such as Applied Optoelectronics, Arista Networks, and Ciena. In addition to Rosenblatt Securities, Cisco Systems also received a Buy from Evercore ISI's Amit Daryanani in a report issued on May 12. However, on the same day, Barclays maintained a Hold rating on Cisco Systems (NASDAQ: CSCO).
