Latest news with #TechSector
Khaleej Times
11 hours ago
- Business
- Khaleej Times
Pakistan: Microsoft shuts down office after 25 years
Microsoft has officially shut down its office in Pakistan and laid off five employees, marking a significant development in the country's tech sector, as reported by Dawn. The move, which sparked speculation on social media, was first brought to public attention by a LinkedIn post from Jawad Rehman, the former head of Microsoft Pakistan. Citing insider information, he claimed the tech giant had "officially closed its operations" in the country. While Microsoft maintained a small on-ground presence in Pakistan until recently, most of its operations were already being managed by foreign offices and local partners, according to Dawn. . Responding to Dawn 's queries, a Microsoft spokesperson confirmed the closure, stating, "We will serve our customers through both our strong and extensive partner organisation, and other closely located Microsoft offices. We follow this model successfully in several other countries around the world." According to Dawn, the decision is part of Microsoft's global restructuring efforts and broader transition towards artificial intelligence (AI) and Software-as-a-Service (SaaS) business models. Just this week, Microsoft announced a four per cent reduction in its global workforce, amounting to nearly 9,000 job cuts out of 2,28,000 total employees, following earlier layoffs in May. The Ministry of IT and Telecommunications, in a statement cited by Dawn, clarified that this should not be seen as Microsoft "exiting" Pakistan, but rather a shift to a cloud-based, partner-led model consistent with evolving industry standards. Technology expert Habibullah Khan explained to Dawn that as companies move from on-premise to SaaS models, physical presence in local markets becomes less necessary. He added that Microsoft's closure in Pakistan is aligned with this shift and is part of a global trend, not a commentary on Pakistan's tech landscape. Dawn also noted that other multinationals, such as Careem, have recently announced scaling back or ceasing operations in Pakistan, though Khan emphasised Microsoft's move is more about cost-efficiency and strategy, not instability.
Yahoo
2 days ago
- Business
- Yahoo
Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo and Citigroup
Chicago, IL – July 3, 2025– Zacks Director of Research Sheraz Mian says, "While negative revisions to Q2 estimates have stabilized in recent weeks, estimates for the period have been under significant pressure relative to other recent periods since the June-quarter got underway." Note: The following is an excerpt from this week'sEarnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: Total S&P 500 earnings for the June quarter are expected to be up +5.0% from the same period last year on +4.0% higher revenues. While negative revisions to Q2 estimates have stabilized in recent weeks, estimates for the period have been under significant pressure relative to other recent periods since the June-quarter got underway. Q2 earnings estimates for 13 of the 16 Zacks sectors have come down since the quarter got underway, with Aerospace, Utilities, and Consumer Discretionary as the only sectors whose estimates have modestly moved higher since the start of April. Q2 earnings estimates for the Tech and Finance sectors, the two largest contributors to aggregate S&P 500 earnings, accounting for 51% of all index earnings, have also been cut since the quarter got underway. The quarter started with significant pressure on Tech sector estimates, but the negative revisions trend notably stabilized in the subsequent weeks. In terms of year-over-year growth, three sectors are expected to enjoy double-digit earnings growth in Q2: Aerospace (+15.2%), Tech (+12.1%), and Consumer Discretionary (+106.1%). On the negative side, seven sectors are expected to earn less in Q2 relative to the year-earlier period, with double-digit declines at the Energy (-25.7%), Construction (-14.7%), and Autos (-31.2%) sectors. JPMorganJPM, Wells Fargo WFC and Citigroup C will kick-start the June-quarter reporting cycle for the Finance sector on July 15th. These banks comfortably passed the Fed's stress tests, opening the way for increased capital returns to shareholders through share buybacks and dividend hikes. However, the earnings outlook for the group remains subdued, with growth hindered by weak demand trends in both the conventional banking business and investment banking. For JPMorgan, Q2 earnings are expected to be down -5.6% on -13.4% lower revenues. For Citigroup and Wells Fargo, Q2 earnings are expected to be down -3.2% and -6.8% from the year-earlier level, respectively. The Zacks Investment Brokers & Managers industry at the mezzanine level, which includes JPMorgan, Citigroup, and Wells Fargo, total Q2 earnings are expected to be down -2.8% from the same period last year, on -0.6% lower revenues. For the Zacks Finance sector, Q2 earnings are expected to be up +8.2% on +3.9% higher revenues. Unlike the group's anemic earnings growth expectations, these stocks have been standout performers in the market lately, which likely reflects the aforementioned capital returns expectations and hopes of improving earnings growth in the coming periods. The start of Q2 coincided with heightened tariff uncertainty following the punitive April 2nd tariff announcements. While the onset of the announced levies was eventually delayed by three months, the issue has understandably weighed heavily on estimates for the current and upcoming quarters, particularly in the first few weeks following the April 2nd announcement. The expectation at present is for Q2 earnings for the S&P 500 index to increase by +5.0% from the same period last year on +4.0% higher revenues. While it is not unusual for estimates to be adjusted lower, the magnitude and breadth of Q2 estimate cuts are greater than we have seen in the comparable periods of other recent quarters. Since the start of the quarter, estimates have come down for 13 of the 16 Zacks sectors, with the biggest declines for the Transportation, Autos, Energy, Construction, and Basic Materials sectors. The only sectors experiencing favorable revisions in this period are Aerospace, Utilities, and Consumer Discretionary. Estimates for the two largest earnings contributors to the index – Tech & Finance – have also declined since the quarter began. Tech sector earnings are expected to be up +12.1% in Q2 on +10.9% higher revenues. While these earnings growth expectations are materially below where they stood at the start of April, the revisions trend appears to have notably stabilized lately, as we have been flagging in recent weeks. This stabilizing turn in the Tech sector's revisions trend can be seen in expectations for full-year 2025 as well. The two charts above show that estimates for the Tech sector have stabilized and are no longer under the type of downward pressure experienced earlier in the quarter. The Tech sector is much more than just any other sector, as it alone accounts for almost a third of all S&P 500 earnings. The market's rebound from the post-tariffs April lows has been very impressive, likely suggesting that market participants don't see the tariff uncertainty as presenting a significant threat. We find ourselves a bit skeptical of this sanguine view. Whatever the final level of tariffs turns out to be, it will have an impact on the earnings picture. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Follow us on Twitter: Join us on Facebook: Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@ provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. Past performance is no guarantee of future results. Inherent in any investment is the potential for material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC) : Free Stock Analysis Report JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report Citigroup Inc. (C) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
2 days ago
- Business
- Globe and Mail
Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo and Citigroup
For Immediate Release Chicago, IL – July 3, 2025– Zacks Director of Research Sheraz Mian says, "While negative revisions to Q2 estimates have stabilized in recent weeks, estimates for the period have been under significant pressure relative to other recent periods since the June-quarter got underway." Looking Ahead to Q2 Bank Earnings Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: Total S&P 500 earnings for the June quarter are expected to be up +5.0% from the same period last year on +4.0% higher revenues. While negative revisions to Q2 estimates have stabilized in recent weeks, estimates for the period have been under significant pressure relative to other recent periods since the June-quarter got underway. Q2 earnings estimates for 13 of the 16 Zacks sectors have come down since the quarter got underway, with Aerospace, Utilities, and Consumer Discretionary as the only sectors whose estimates have modestly moved higher since the start of April. Q2 earnings estimates for the Tech and Finance sectors, the two largest contributors to aggregate S&P 500 earnings, accounting for 51% of all index earnings, have also been cut since the quarter got underway. The quarter started with significant pressure on Tech sector estimates, but the negative revisions trend notably stabilized in the subsequent weeks. In terms of year-over-year growth, three sectors are expected to enjoy double-digit earnings growth in Q2: Aerospace (+15.2%), Tech (+12.1%), and Consumer Discretionary (+106.1%). On the negative side, seven sectors are expected to earn less in Q2 relative to the year-earlier period, with double-digit declines at the Energy (-25.7%), Construction (-14.7%), and Autos (-31.2%) sectors. Bank Earnings in Focus JPMorgan JPM, Wells Fargo WFC and Citigroup C will kick-start the June-quarter reporting cycle for the Finance sector on July 15 th. These banks comfortably passed the Fed's stress tests, opening the way for increased capital returns to shareholders through share buybacks and dividend hikes. However, the earnings outlook for the group remains subdued, with growth hindered by weak demand trends in both the conventional banking business and investment banking. For JPMorgan, Q2 earnings are expected to be down -5.6% on -13.4% lower revenues. For Citigroup and Wells Fargo, Q2 earnings are expected to be down -3.2% and -6.8% from the year-earlier level, respectively. The Zacks Investment Brokers & Managers industry at the mezzanine level, which includes JPMorgan, Citigroup, and Wells Fargo, total Q2 earnings are expected to be down -2.8% from the same period last year, on -0.6% lower revenues. For the Zacks Finance sector, Q2 earnings are expected to be up +8.2% on +3.9% higher revenues. Unlike the group's anemic earnings growth expectations, these stocks have been standout performers in the market lately, which likely reflects the aforementioned capital returns expectations and hopes of improving earnings growth in the coming periods. Expectations for 2025 Q2 The start of Q2 coincided with heightened tariff uncertainty following the punitive April 2 nd tariff announcements. While the onset of the announced levies was eventually delayed by three months, the issue has understandably weighed heavily on estimates for the current and upcoming quarters, particularly in the first few weeks following the April 2 nd announcement. The expectation at present is for Q2 earnings for the S&P 500 index to increase by +5.0% from the same period last year on +4.0% higher revenues. While it is not unusual for estimates to be adjusted lower, the magnitude and breadth of Q2 estimate cuts are greater than we have seen in the comparable periods of other recent quarters. Since the start of the quarter, estimates have come down for 13 of the 16 Zacks sectors, with the biggest declines for the Transportation, Autos, Energy, Construction, and Basic Materials sectors. The only sectors experiencing favorable revisions in this period are Aerospace, Utilities, and Consumer Discretionary. Estimates for the two largest earnings contributors to the index – Tech & Finance – have also declined since the quarter began. Tech sector earnings are expected to be up +12.1% in Q2 on +10.9% higher revenues. While these earnings growth expectations are materially below where they stood at the start of April, the revisions trend appears to have notably stabilized lately, as we have been flagging in recent weeks. This stabilizing turn in the Tech sector's revisions trend can be seen in expectations for full-year 2025 as well. The two charts above show that estimates for the Tech sector have stabilized and are no longer under the type of downward pressure experienced earlier in the quarter. The Tech sector is much more than just any other sector, as it alone accounts for almost a third of all S&P 500 earnings. The Earnings Big Picture The market's rebound from the post-tariffs April lows has been very impressive, likely suggesting that market participants don't see the tariff uncertainty as presenting a significant threat. We find ourselves a bit skeptical of this sanguine view. Whatever the final level of tariffs turns out to be, it will have an impact on the earnings picture. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Follow us on Twitter: Join us on Facebook: Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@ provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. Past performance is no guarantee of future results. Inherent in any investment is the potential for material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC): Free Stock Analysis Report Citigroup Inc. (C): Free Stock Analysis Report
Globe and Mail
5 days ago
- Business
- Globe and Mail
Analysts Offer Insights on Technology Companies: IonQ (IONQ), Salesforce (CRM) and Fiserv (FI)
There's a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on IonQ (IONQ – Research Report), Salesforce (CRM – Research Report) and Fiserv (FI – Research Report) with bullish sentiments. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. IonQ (IONQ) In a report released today, David Williams from Benchmark Co. maintained a Buy rating on IonQ, with a price target of $50.00. The company's shares closed last Friday at $40.25. According to Williams is a 5-star analyst with an average return of 27.4% and a 53.1% success rate. Williams covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Lattice Semiconductor, and Power Integrations. ;'> Currently, the analyst consensus on IonQ is a Strong Buy with an average price target of $43.00. Salesforce (CRM) TD Cowen analyst Derrick Wood maintained a Buy rating on Salesforce today. The company's shares closed last Friday at $273.42. According to Wood is a 5-star analyst with an average return of 13.8% and a 59.4% success rate. Wood covers the Technology sector, focusing on stocks such as Onestream, Inc. Class A, Klaviyo, Inc. Class A, and Rimini Street. ;'> The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Salesforce with a $347.93 average price target, which is a 28.0% upside from current levels. In a report issued on June 17, Morgan Stanley also maintained a Buy rating on the stock with a $404.00 price target. Fiserv (FI) In a report released today, Andrew Harte from BTIG maintained a Buy rating on Fiserv, with a price target of $215.00. The company's shares closed last Friday at $172.33. According to Harte is a 5-star analyst with an average return of 28.4% and a 45.8% success rate. Harte covers the Technology sector, focusing on stocks such as Exodus Movement, Inc. Class A, International Money Express, and AvidXchange Holdings. ;'> Currently, the analyst consensus on Fiserv is a Moderate Buy with an average price target of $212.13, implying a 23.7% upside from current levels. In a report issued on June 17, Bernstein also maintained a Buy rating on the stock with a $214.00 price target.
Globe and Mail
5 days ago
- Business
- Globe and Mail
Analysts Offer Insights on Technology Companies: Hewlett Packard Enterprise (HPE), VNET Group, Inc. Sponsored ADR (VNET) and Dayforce Inc (DAY)
Companies in the Technology sector have received a lot of coverage today as analysts weigh in on Hewlett Packard Enterprise (HPE – Research Report), VNET Group, Inc. Sponsored ADR (VNET – Research Report) and Dayforce Inc (DAY – Research Report). Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Hewlett Packard Enterprise (HPE) Morgan Stanley analyst Meta Marshall maintained a Hold rating on Hewlett Packard Enterprise yesterday and set a price target of $22.00. The company's shares closed last Friday at $18.41. According to Marshall is a 4-star analyst with an average return of 6.6% and a 57.4% success rate. Marshall covers the Technology sector, focusing on stocks such as Zoom Video Communications, Keysight Technologies, and Motorola Solutions. ;'> Currently, the analyst consensus on Hewlett Packard Enterprise is a Moderate Buy with an average price target of $21.25, which is a 15.2% upside from current levels. In a report issued on June 25, KeyBanc also initiated coverage with a Hold rating on the stock. VNET Group, Inc. Sponsored ADR (VNET) In a report released today, Daley Li from Bank of America Securities maintained a Buy rating on VNET Group, Inc. Sponsored ADR, with a price target of $11.30. The company's shares closed last Friday at $6.98. Li has an average return of 115.4% when recommending VNET Group, Inc. Sponsored ADR. ;'> According to Li is ranked #431 out of 9653 analysts. VNET Group, Inc. Sponsored ADR has an analyst consensus of Strong Buy, with a price target consensus of $12.04. Dayforce Inc (DAY) Needham analyst Scott Berg maintained a Buy rating on Dayforce Inc today and set a price target of $95.00. The company's shares closed last Friday at $55.14. According to Berg has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -4.9% and a 39.0% success rate. Berg covers the Technology sector, focusing on stocks such as ServiceTitan, Inc. Class A, Zeta Global Holdings Corp, and Onestream, Inc. Class A. ;'> Dayforce Inc has an analyst consensus of Moderate Buy, with a price target consensus of $68.38, a 23.5% upside from current levels. In a report issued on June 17, Citi also maintained a Buy rating on the stock with a $70.00 price target.
