Awarded industry-first design win from a top-four hyperscaler SANTA CLARA, Calif. , Dec. 3, 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 third quarter fiscal year 2025 ended November 3, 2024. "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," said Pure Storage Chairman and CEO Charles Giancarlo . "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption." Third Quarter Financial Highlights "Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models," said Kevan Krysler , Pure Storage CFO. "We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape." Third Quarter Company Highlights Industry Recognition and Accolades Fourth Quarter and FY25 Guidance Q4FY25 Revenue $867M Revenue YoY Growth Rate 9.7 % Non-GAAP Operating Income $135M Non-GAAP Operating Margin 15.6 % FY25 Revenue $3.15B Revenue YoY Growth Rate 11.5 % Non-GAAP Operating Income $540M 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. Conference Call Information Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 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: Wells Fargo 8th Annual TMT Summit Date: Wednesday, December 4, 2024 Time: 1:30 p.m. PT / 4:30 p.m. ET Chief Technology Officer Rob Lee 27th Annual Needham Growth Conference Date: Thursday, January 16, 2025 Time: 9:45 a.m. PT / 12:45 p.m. ET Founder & Chief Visionary Officer John "Co z" Colgrove Chief Financial Officer Kevan Krysler 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 most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com . Connect with Pure Blog LinkedIn Twitter Facebook Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks . Other names may be 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 our opportunity with hyperscale and AI environments, our ability to meet hyperscalers' performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving 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, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, 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 December 3, 2024, and Pure undertakes no duty to update this information unless required by law. Key Performance Metric 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. 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, and amortization of intangible assets acquired from acquisitions 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 Third Quarter of Fiscal 2025 Fiscal 2024 Assets Current assets: Cash and cash equivalents $ 894,569 $ 702,536 Marketable securities 753,960 828,557 Accounts receivable, net of allowance of $956 and $1,060 578,224 662,179 Inventory 41,571 42,663 Deferred commissions, current 86,839 88,712 Prepaid expenses and other current assets 204,485 173,407 Total current assets 2,559,648 2,498,054 Property and equipment, net 431,353 352,604 Operating lease right-of-use-assets 157,574 129,942 Deferred commissions, non-current 210,671 215,620 Intangible assets, net 23,039 33,012 Goodwill 361,427 361,427 Restricted cash 11,249 9,595 Other assets, non-current 99,504 55,506 Total assets $ 3,854,465 $ 3,655,760 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 102,021 $ 82,757 Accrued compensation and benefits 155,652 250,257 Accrued expenses and other liabilities 141,846 135,755 Operating lease liabilities, current 47,941 44,668 Deferred revenue, current 897,174 852,247 Debt, current 100,000 — Total current liabilities 1,444,634 1,365,684 Long-term debt — 100,000 Operating lease liabilities, non-current 146,390 123,201 Deferred revenue, non-current 784,282 742,275 Other liabilities, non-current 68,573 54,506 Total liabilities 2,443,879 2,385,666 Stockholders' equity: Common stock and additional paid-in capital 2,821,010 2,749,627 Accumulated other comprehensive income (loss) 1,023 (3,782) Accumulated deficit (1,411,447) (1,475,751) Total stockholders' equity 1,410,586 1,270,094 Total liabilities and stockholders' equity $ 3,854,465 $ 3,655,760 PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) Third Quarter of Fiscal First Three Quarters of Fiscal 2025 2024 2025 2024 Revenue: Product $ 454,735 $ 453,277 $ 1,204,714 $ 1,161,978 Subscription services 376,337 309,561 1,083,608 878,838 Total revenue 831,072 762,838 2,288,322 2,040,816 Cost of revenue: Product (1) 154,970 126,770 385,446 343,588 Subscription services (1) 93,180 83,321 284,168 244,541 Total cost of revenue 248,150 210,091 669,614 588,129 Gross profit 582,922 552,747 1,618,708 1,452,687 Operating expenses: Research and development (1) 200,086 182,100 589,396 549,923 Sales and marketing (1) 255,830 231,707 757,069 696,885 General and administrative (1) 67,319 64,729 213,551 192,944 Restructuring and impairment (2) — — 15,901 16,766 Total operating expenses 523,235 478,536 1,575,917 1,456,518 Income (loss) from operations 59,687 74,211 42,791 (3,831) Other income (expense), net 17,156 5,184 50,684 23,619 Income before provision for income taxes 76,843 79,395 93,475 19,788 Income tax provision 13,204 9,006 29,171 23,915 Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127) Best trending stories from the week. 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By LINDSEY BAHR Do you have a someone in your life who plays Vulture’s Cinematrix game every morning? Or maybe they have the kitchen television turned to Turner Classic Movies all day and make a point of organizing Oscar polls at work? Hate to break it to you: They might be a hard-to-please cinephile. But while you might not want to get into a winless debate over the “Juror No. 2” release or the merits of “Megalopolis” with said person, they don’t have to be hard to buy gifts for. The Associated Press has gathered up some of the best items out there to keep any movie lover stylish and informed. “Interstellar” 4K UHD While Christopher Nolan dreams up his next film, fans can tide themselves over by revisiting his modern classic “Interstellar,” which will be back in IMAX theaters on the weekend of Dec. 6, followed by the home release of a new collector’s edition on 4K Ultra HD and Blu-ray ($59.95). A third disc in the set, available Dec. 10, contains more than two hours of bonus content, like a never-before-seen storyboard sequence, and new interviews with Nolan, producer Emma Thomas and famous fans Peter Jackson and Denis Villeneuve . A biography of Elaine May Elaine May does not give interviews anymore. But thankfully that didn’t deter writer Carrie Courogen, who did a remarkable job stitching together the life of one of our culture’s most fascinating, and prickly, talents. “Miss May Does Not Exist” is full of delightful anecdotes about the sharp and satirical comedian who gained fame as one half of Nichols and May and went on to direct films like “The Heartbreak Kid” and “Mikey and Nicky.” Courogen writes about May’s successes, flops and her legendary scuffles with the Hollywood establishment. It’s a vital companion to Mark Harris’ biography of Mike Nichols . Macmillan. $30. A “Matrix” hoodie The Academy Museum of Motion Pictures has an exclusive new “Matrix” sweatshirt for sale in conjunction with its Cyberpunk exhibition. Brain Dead Studios designed and created several items, including the black hoodie ($140), a white rabbit tee ($54) and a pint glass ($18). An Academy Museum exhibition catalog If you can’t make it to Los Angeles to check out the “Color in Motion” exhibit for yourself, the Academy Museum also has a beautiful new companion book for sale ($55) charting the development of color technology in film and its impact. It includes photos from films like “The Red Shoes,” “Vertigo,” “2001: A Space Odyssey,” and images of rare prints from the silent era. The Academy Museum Store is having a sale (20% off everything) from Nov. 28 to Dec. 2. A status tote Related Articles Things To Do | US airports with worst weather delays during holiday season Things To Do | The right book can inspire the young readers in your life, from picture books to YA novels Things To Do | These holiday gifts change the game when building fires, printing photos, watching birds and more Things To Do | ‘Gladiator II’ review: Are you not moderately entertained? Things To Do | Beer pairings for your holiday feasts Want to look like a real film festival warrior, the kind who sees five movies a day, files a review and still manages to make the late-night karaoke party? You’re going to need the ultimate status tote from the independent streaming service MUBI . Simple, to-the-point and only for people in the know. $25. The Metrograph magazine Film magazines may be an endangered species, but print is not dead at The Metrograph . Manhattan’s coolest movie theater is starting a biannual print publication “for cinephiles and cultural connoisseurs alike.” The first issue’s cover art is by cinematographer Ed Lachman (“Carol”), and contributors include the likes of Daniel Clowes, Ari Aster, Steve Martin and Simon Rex. There’s also a conversation with Clint Eastwood. It’s currently available for pre-order and will be in bookstores Dec. 10 for $25 ($15 for Metrograph members). Director style This is not a book about filmmaking styles, camera angles and leadership choices. It’s literally about what directors wear. “How Directors Dress: On Set, in the Edit, and Down the Red Carpet” ($40) has over 200 archival photos of filmmakers in action: Spike Lee in his basketball caps, Sofia Coppola in her Charvet button-ups, Steven Spielberg’s denim on denim and many more. With a forward by the always elegant Joanna Hogg and writing from some of the top fashion journalists, it’s a beautiful look at how filmmakers really dress for work — and might even be a source of inspiration.
LONDON -- Arsenal stepped up their pursuit of Premier League leaders Liverpool by sealing a 2-0 win against Manchester United at the Emirates on Wednesday, once again highlighting their peerless ability to score from set-pieces. Second-half goals from Jurriën Timber and William Saliba , both from corners, clinched a comfortable win for the Gunners which left United coach Ruben Amorim with his first defeat since taking charge at Old Trafford last month. With Liverpool dropping two points after being held to a dramatic 3-3 draw against Newcastle St. James' Park, Arsenal reduced the gap between themselves and Arne Slot's team to seven points with the win against United. First defeat for Amorim, but Man United show progress Amorim warned that a "storm will come" ahead of Manchester United's visit to Arsenal. The new United coach arrived at the Emirates unbeaten in three games since arriving at the club last month, but the defeat against Arsenal ended that unblemished start. Editor's Picks Liverpool player ratings: Alexander-Arnold, Salah star in thriller vs. Newcastle 1h Adam Brown Who are the most 'clutch' in Premier League when it comes to scoring, stopping goals? 2d Ryan O'Hanlon Manchester City's era of dominance is fading away right before our very eyes 2d Mark Ogden Amorim said he expected United to endure a difficult period and that might now come considering a run of games that sees his side play Manchester City , Tottenham and Newcastle before the end of the month. But, while United were well-beaten in the end by the Gunners, there was enough shown by the players to suggest that Amorim's influence is beginning to have an effect. For a start, United played with purpose for much of this game and had a clear plan of what was expected of them. Amorim and his coaches have clearly drilled the players on the training ground and the back three looks convincing and in midfield, captain Bruno Fernandes looks like he could be a solution in a deeper-lying role. Mason Mount brought energy and tactical awareness to his position further forward and Leny Yoro 's appearance as a second-half substitute was the French teenager's first competitive game since his summer arrival from Lille following a lengthy foot injury lay-off. The manner of United's defeat -- two goals conceded from two corners -- and the way his team ran out of steam late in the game will be a concern, however. Amorim has already cited the need to improve the squad's physical condition and that is a job that is still to be done. But there are signs of progress. Amorim is giving all his players a chance to make or break their United careers and he is seeing them win and now lose, which will help him learn more about their capabilities. By the time United return to the Emirates for an FA Cup third round tie in January, expect them to be better still and more likely to emerge with a positive result. -- Mark Ogden Arsenal cut into Liverpool's lead Gunners manager Mikel Arteta last week warned Liverpool that a big lead at the top of the table is no guarantee of anything, suggesting that "suddenly when you think you have it, one day it collapses." A 3-3 draw at Newcastle does not constitute a collapse by Liverpool but it did present an opportunity for the chasing pack to chip away at their nine-point lead. Chelsea and Manchester City did so in the slightly earlier kick-offs with wins against Southampton and Nottingham Forest respectively, ramping up the pressure on the Gunners to follow suit. They were just wrapping up those victories around the time Timber opened the scoring at Emirates Stadium on 54 minutes, settling palpable nerves in the stands after a first-half in which United did a good job of stifling their opponents. Arsenal held their nerve despite an opening 45 minutes in which they never really got going and Arteta will be pleased with the maturity his team showed in maintaining their composure and finding the breakthrough. From the moment they took the lead, United never seriously threatened aside from Matthijs De Ligt's 67th-minute header and, after Saliba's goal six minutes later, the Gunners were left to close a relatively comfortable win, which will fuel their self-belief that Liverpool can be caught. A winnable run of league games until the New Year awaits: Fulham away, Everton at home, Crystal Palace away and Ipswich at home. Maximum points would put Liverpool under further pressure. -- James Olley Amorim gives Man United energy from the touchline The new Manchester United head coach is a bundle of energy on the touchline, and his passion and drive is rubbing off on his new team. Erik ten Hag's successor was constantly coaching, cajoling and berating his players from the technical area, with left-back Tyrell Malacia pretty much given a personal one-on-one coaching session as he attempted to deal with Arsenal's Bukayo Saka during the first-half. Amorim was organising his players, telling them to be more compact as a defensive unit and also urging them to hit Arsenal quicker on the break. His frustration, too, was evident whenever an attacking move broke down because his forwards -- usually Alejandro Garnacho -- cut back and failed to be more direct. There are shades of Jurgen Klopp in Amorim's actions on the touchline, although he has yet to be quite as critical of the officials as the former Liverpool manager. But compared to Ten Hag, who often stood motionless on the touchline with his hands in his pockets, Amorim is a much livelier character and his players feed off it because they know they have to step it up to impress their new boss. -- Ogden No Gabriel, no problem from set-pieces for Arsenal When Thomas Partey made an embarrassing hash of a close-range near-post header in the eighth minute, it was tempting to speculate how much Arsenal would miss their biggest threat from set-pieces. They scored 32 Premier League goals from dead-ball situations last season -- a league high -- and from corners the figure is even starker. No Premier League team has scored more goals from corners since the start of last season than Arsenal's 22 and in the past three years, no defender has netted more than Gabriel's 15. As a reminder of the Brazilian's enduring threat, he scored in Arsenal's previous two matches before missing out here with a thigh injury -- against Sporting CP in the Champions League last week and then the opening goal in Saturday's 5-2 thrashing of West Ham. Instrumental in that corner routine at the London Stadium was Timber, whose gentle near-post nudge on Lucas Paquetá enabled Gabriel to meet Bukayo Saka's delivery. This time, Timber got the telling touch himself from Declan Rice 's corner to score his first goal for the Gunners. They were at it again in the 73rd-minute. Saka's delivery to the far post found Partey unmarked and this time his header back across goal hit Saliba and flew in. Arteta celebrated both goals with Arsenal's set-piece coach Nicolas Jover -- it is a familiar sight these days and Arsenal's unparalleled potency from dead-ball situations decided another contest in their favour. -- OlleyNone
Vijilan Security Partners With Cribl To Modernize Data Management For Msps And EnterprisesImagion to advance cancer-diagnosis platformSANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024
Shopping on Shein and Temu for holiday gifts? You're not the only one
NoneThe champions had descended into crisis after a run of seven games without a win – six of which were defeats and the other an embarrassing 3-3 draw after leading 3-0. Four of those losses had come in the Premier League, heavily damaging their chances of claiming a fifth successive title, but they appeared to turn the corner by sweeping Forest aside at the Etihad Stadium. “We needed it,” said City manager Guardiola. “The club, the players, everyone needed to win. “But it is just one game and in three days we are at Selhurst Park, where it has always been difficult. “We played good. We still conceded some transitions and missed some easy things and lost some passes that you have to avoid, but in general, the most important thing was to break this routine of not winning games and we won it.” Kevin De Bruyne, making his first start since September after overcoming a pelvic injury, made a huge difference to a side that appeared rejuvenated. His powerful header was turned in by Bernardo Silva for the opening goal and the Belgian followed up with a powerful strike to make it 2-0. The 33-year-old is out of contract at the end of the season but it was a strong riposte to recent suggestions of a rift with Guardiola. A sweet strike 💥 ⚡️ #HighSpeedMoments | @eAndGroup pic.twitter.com/WJOkfKo2zr — Manchester City (@ManCity) December 4, 2024 “I’m so happy for him,” said Guardiola of De Bruyne’s telling contribution. “Last season he was many months injured and this season as well. “I’m so happy he’s back. He fought a lot, he’s worked and he’s back with his physicality. The minutes he played in Anfield were really good and today he played 75 fantastic minutes.” Jeremy Doku wrapped up a pleasing win when he finished a rapid counter-attack just before the hour but there was still a downside for City with injuries to defenders Nathan Ake and Manuel Akanji. Guardiola said: “For Nathan it doesn’t look good and Manu has struggled a lot over the last two months. We will see. “Phil (Foden) has bronchitis but when he doesn’t have fever he will be ready.” Despite City’s dominance, Forest did have some bright moments and manager Nuno Espirito Santo was not downbeat. He said: “When you lose 3-0 and you say it was a good performance maybe people don’t understand, but I will not say that was a bad performance. “There are positive things for us in the game. Of course there are a lot of bad things, mistakes, but we had chances. “We didn’t achieve but I think we come out proud of ourselves because we tried. For sure, this game will allow us to grow.”Top 10 Data Science Job Profiles in 2025 Data science continues to change the future of technology and business. Companies use data to predict trends, streamline processes, and make more intelligent decisions. As advanced analytics and artificial intelligence enter industries, the need for skilled professionals in the field of data science keeps rising. By 2025, several specialized job profiles will dominate the field, presenting exciting opportunities for those who possess the right skills. Here are the top 10 data science job profiles expected to lead the industry into 2025: Data scientists are at the core of large dataset analysis and interpretation. These people develop models, test hypotheses, and help provide actionable insights. They are defined by a very strong command of programming languages such as Python or R, along with expertise in statistics and machine learning. A data scientist solves complex problems and helps businesses stay competitive in a fast-changing world. Machine learning engineers build systems that learn and change over time. They work in building and deploying algorithms for the applications of recommendation systems, image recognition, and even fraud detection. Proficiency in frameworks like TensorFlow or PyTorch and experience on cloud platforms would be ideal. Data engineers ensure that data flows well within an organization. They design, build, and maintain data pipelines that collect, organize, and prepare data for analysis. They handle massive datasets using tools like Apache Spark, Hadoop, and SQL. This role is even more important due to the increasing need for real-time analytics. Business intelligence analysts interpret raw data into meaningful insights. Visualization tools such as Tableau and Power BI create reports and dashboards that guide the decision-making process. A stakeholder collaboration role entails the identification of trends, opportunities, and areas that require improvement. SQL knowledge and analytical thinking are fundamental for success in this position. The leaders in innovations regarding intelligent systems mimicking human behavior are AI specialists. These will find solutions like chatbots, virtual assistants, or even a recommendation engine. Their required skills may be within an artificial intelligence framework, natural language processing, or even a neural network. It could innovate anything from healthcare to retail. Data architects design the high-level structure of an organization's data systems. Their job entails creating frameworks that are safe, scalable, and efficient. They plan how data will be stored, accessed, and managed so analytics teams can work without problems. The use of cloud technologies and knowledge in data modeling makes this job indispensable. There is a growing use of high-level neural models that require significant processing power, particularly for complex problem-solving applications found in areas such as autonomous systems, facial recognition, and predictive modeling. Experience with the Keras and TensorFlow frameworks highlights expertise in GPU-based computation, which is a key aspect of this profession. A deep-learning specialist plays a critical role in advancing breakthroughs in artificial intelligence. NLP engineers are focused on training machines to understand and process human language. Applications such as voice assistants, language translation, and sentiment analysis run on the back of their work. It requires a good skillset in Python, NLP libraries, and linguistics. Increasing usage of conversational AI makes this role more critical every day. Data analysts look through the data to find hidden patterns and trends. Reports and recommendations are written and presented to organizations for strategic decisions. They need strong Excel, SQL, and visualization skills. The job usually leads to entry-level roles in the data science career track. Big data engineers work with massive datasets that necessitate particular tools and techniques. It involves constructing data lakes, distributed system management, and guaranteeing scalability. Tools include Apache Hadoop and Spark, together with cloud-based solutions, which define the role of big data engineers. Predictive analytics mainly relies on big data engineers in industries such as healthcare and finance. Success in these roles involves a mix of technical and soft skills: Programming: Python, R, or SQL skills are required. Machine Learning: Known Algorithms and Frameworks Create Innovations. Big Data Tools: Skills in Hadoop, Spark, and cloud platforms ensure scalability. Visualization: Experience with Tableau, Power BI, or other similar technology in presenting insights. Problem-solving is the most significant application for analytical thinking as well as creativity. Data science continues transforming industries as it unlocks the value hidden in data. Such job profiles help companies predict trends, personalize experiences, and optimize operations. It is expected that by 2025, AI and big data will create an even more tremendous demand for such professionals. It's about now being data-driven in the strategy of organizations in health care, finance, retail, and technology. It will shape the future of what kind of professionals would drive innovation and bring about solutions that make a difference. The future of data science in 2025 holds immense promise, with these top 10 roles driving innovation and transformation across industries. Technical expertise, adaptability, and creativity will be essential for success in these positions. The data science field is set for huge growth, with opportunities for leadership and the chance to shape a world where data-driven insights fuel progress and innovation.
Much like the computer industry at large, Michael Dell’s wealth has grown substantially in the 40 years since he started selling computer parts from his dorm room at the University of Texas. The way Michael Dell ran his fledgling company during the second half of the 80s helped him break into — and then shape — the burgeoning computer industry. By using just-in-time inventory management, offering toll-free customer support, and avoiding the in-person retail market, Dell was able to save money, win loyal customers, and gain market share, rapidly growing his business into the household name it is today. 💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💸💰 Now, four decades later, Dell Technologies remains one of the dominant names in personal computing, and two-time CEO Michael Dell’s net worth lands him among a select group of fewer than 20 individuals whose personal wealth exceeds $100 billion. So, what is he worth today? And how much does he make annually as Dell’s CEO? Diego Donamaria/Getty Images What is Michael Dell’s net worth in 2024? Dell’s net worth fluctuates constantly along with Dell Technologies’ stock price; about half of his wealth comes from his holdings in the company, which trades publicly on the New York Stock Exchange. As of this article’s last update (mid-November 2024), Michael Dell had a net worth of about $111.4 billion, making him the 12th-richest person in the world at the time. His wealth first exceeded the $100 billion mark in early March 2024, after Dell’s earnings release for the fourth quarter of 2023 impressed investors, sending the company’s stock skyrocketing by about 32%. Dell’s wealth jumped by almost $14 billion in a single day as a result, and he joined the $100 billion club for the first time. Related: Tim Cook's net worth: How much the Apple CEO's stock is worth Michael Dell’s salary: How much does he make as CEO? In 2024, Michael Dell’s compensation as CEO totals about $3 million, although only $950,000 of this is his salary. He receives an additional $2 million or so in cash bonuses, along with about $47,000 in other compensation, according to sources like salary.com and AFL-CIO, a federation of national and international labor organizations. This level of pay puts Dell’s compensation at about 41 times the median compensation of all Dell employees (about $73,000). In 2023, Dell made about $2.8 million in total compensation, about 38 times the company median. How did Michael Dell get rich? His career explained Dell’s wealth comes largely from his career in the computer industry. What began as a money-making side project during Dell’s undergraduate studies in premedical biology at the University of Texas quickly snowballed into a successful business. The birth of Dell Dell started out by selling upgraded personal computers and computer-upgrade components, which he would assemble in his dorm room, directly to consumers and businesses. From the beginning, he realized that a company could save on costs by eliminating the retail environment and selling entire made-to-order computers directly to customers. By obtaining a vendor’s license, Dell was also able to bid on (and win, due to his low overhead costs) contracts to create computers for the State of Texas. He registered his company, PC’s Unlimited, in January of 1984, just one semester into college. He soon moved (both himself and his company’s operations) out of his dorm room and into a condominium. By May, after finishing his freshman year, Dell dropped out of school, paid $1,000 to incorporate his company as Dell Computer Corporation, and moved the company’s operations once again, this time into a small office in a business park in North Austin. Here, the company’s first generation of staff comprised just “three guys with screwdrivers sitting at six-foot tables upgrading machines,” along with several additional employees to take and fill orders, according to Michael Dell’s 1999 autobiographical account of the company’s early years. Related: Steve Wozniak’s net worth: The Apple cofounder’s wealth in 2024 Despite fear of admonition from his parents, Dell’s choice to drop out was fairly clear-cut. The University of Texas had a policy that allowed students to take a semester off “with no academic penalty,” and the company was already bringing in between $50,000 and $80,000 in monthly sales, so Dell didn’t feel he had much to lose, “other than missing a few fraternity parties,” according to his book. Rapid growth, IPO, and the 1990s Dell employed the “just-in-time” inventory and manufacturing principle, meaning the company would only acquire parts and supplies for computers once they were ordered, then assemble and ship them immediately, eliminating the need for additional inventory storage space. Dell also sold its products directly to consumers via telephone order, eliminating the need for the overhead cost of retail space. Together, these practices allowed Dell to undercut its competitors’ prices by about 10%, causing the company to grow rapidly as its customer base exploded. In addition to selling computers by phone, Dell also offered toll-free tech support to customers via telephone, a practice that would later become ubiquitous among computer companies but was uncommon at the time. More net worth: In 1988, Dell took the company public at an initial share price of $8.50 ($0.09 per share adjusted for subsequent stock splits), raising $30 million and bringing the company’s market cap to $85 million. By 1992, Dell has entered the exclusive ranks of the Fortune 500, with 27-year-old Michael Dell being the youngest-ever CEO of a Fortune 500 company at the time. The 90s were a decade of rapid growth for the computer company. Dell expanded its operations overseas, built improved processors, and started manufacturing and selling servers in addition to PCs and notebooks. In 1990, Dell finally entered the brick-and-mortar retail market, selling its computers at Best Buy, CompUSA, and similar tech chains. In 1996, Dell became one of the first companies to start selling computers online. By the end of the decade, daily online sales reached an impressive $18 million. World Economic Forum, CC-BY-SA-2.0 via Wikimedia Commons The 2000s, Dell’s first retirement, and going private As the 90s were wrapping up, Michael Dell founded a private investment firm through which he could help build smaller, newer companies in the tech space. He also created the Michael & Susan Dell Foundation, a nonprofit with the goal of improving children’s health and education globally, and released Direct from Dell: Strategies That Revolutionized an Industry , his autobiographical account of Dell’s first 15 or so years. In 2004, Dell stepped down as CEO of the company he built, remaining on the board of directors and handing the reigns to then-COO Kevin Rollins, although this arrangement only lasted until 2007, when Dell reassumed the CEO role at the request of the company’s board of directors. During his years off, Dell focused heavily, along with his wife Susan on their philanthropic ventures. In a controversial move, Dell enlisted the financial help of Microsoft, Silver Lake Partners, and other lenders to take Dell private for a whopping $25 billion in 2013. Once this deal was finalized, Michael Dell personally owned 75% of the company. During its private years, the company invested heavily in the cloud computing and gaming markets, before going public once again in 2018 at a split-adjusted stock price of around $23. Dell’s return to the stock market and modern era In the 6 years since its return to public trading, Dell’s stock has more than quintupled in value, and Michael Dell still owns about 16.9 million shares (after selling $1.2 billion worth of shares in 2024). Dell remains the company’s largest shareholder, and as of late November 2024, his stake in Dell alone would be worth around $2.43 billion. Much of the remainder of Michael Dell’s massive wealth comes from his private investment firm, which focuses on building stakes in hotels and corporate credit. Related: Steve Ballmer’s net worth: How his wealth compares to Gates' Frequently asked questions about Michael Dell Below are answers to some of the most common questions readers have about Michael Dell. What is Michael Dell’s education? Is he a college dropout? After graduating from Memorial High School in Houston, Dell attended the University of Texas, studying biology as a premedical student. Dell left the school after completing his freshmen year, however, as his burgeoning computer company, which he started in his dorm room, was already growing rapidly. His university allowed students to take a semester off without academic penalty, so his decision to drop out was an easy one, as he could always return the subsequent spring if things didn’t work out with his computer venture. They did work out, however, so Dell never returned to university. Where does Michael Dell’s wealth come from? Dell built his early wealth through his own company, later using much of it to start investment companies and his philanthropic nonprofit, the Michael and Suan Dell Foundation. In 2024, Dell is still his company’s largest shareholder, retaining 16.9 million shares, representing an approximate 2.38% stake worth around $2.43 billion as of late November 2024. Much of the rest of his wealth comes from his stake in his private investment firm, DFO Management, which invests in hospitality companies and corporate credit. Does Michael Dell support Israel? Michael Dell has long been a financial supporter of the controversial country of Israel, which has been engaged in a large-scale offensive that has killed at least 44,000 Gazan citizens, mostly women and children, since October 2023. Dell Technologies also supplies servers and other technology to the Israeli Ministry of Defense, the governmental entity that conducts Israel’s military pursuits, including the current offensives in Gaza and Lebanon. The Michael and Susan Dell Foundation funds humanitarian aid, medical equipment, mental health services, and STEM educational initiatives in Israel. Related: The 10 best investing books (according to stock market pros)Lions rush for 3 scores and use stingy defense to beat Colts 24-6 for 9th straight win
CHONGQING, China -- Chinese electric vehicle maker BYD will not focus on sales volume when it debuts in the Korean passenger car market early next year, the EV giant’s Asia Pacific head says. “We will not set a sales target for our first year (in Korea), “said Liu Xueliang, general manager of BYD Asia Pacific auto sales division, in a group interview with Korean reporters at BYD’s headquarters in Shenzhen, China, Wednesday. “Our hope is to give Korean customers hands-on experience with BYD EVs. We think that Korea’s EV penetration rate can reach a top global level with a little bit more effort. The EV share of newly sold vehicles has already hit 9.6 percent in the Korean market ...Korean customers have a high level of understanding for EVs.” Liu revealed that the Chinese brand signed partnerships with six Korean dealership firms in the Korean market. The official launch will take place in January with the announcement of the locations of its showrooms across the country. The BYD official added that the showrooms will be located nationwide by naming major cities such as Seoul, Busan and Jeju. “The current situation is that we are facing a once-in-a-century timing for the automotive industry,” said Liu. “The advancement of eco-friendly vehicles cannot be done by a single company. The entire society must progress together. In the midst of the transforming automotive industry, China’s eco-friendly vehicles proportion among newly sold cars has exceeded 40 percent. Some may say that China sells (EVs) well on the back of (government) subsidies. That was true seven years ago as it was a new industry. But today’s eco-friendly vehicle market is different. The current customers are making choices to buy eco-friendly cars amid the competition in the market.” Although the Asia Pacific head did not disclose which BYD products are slated to hit the Korean market, he pointed out that the Chinese EV maker will limit which models it releases while launching a new model every year. For BYD's Korean debut, industry watchers have pointed to the possible release of the Atto 3, a compact crossover sport utility vehicle, and the Seal, a mid-sized sport sedan. Asked about the competition BYD would have to deal with in Korea such as Hyundai Motor and Kia, Liu reiterated that the Chinese EV maker’s entrance into the Korean passenger car market is not about selling the most vehicles, at least for the time being. “The BYD brand is just beginning (in Korea) so it will not be enough to generate as much sales volume as Hyundai and Kia,” he said. “It’s more important to offer more options for Korean customers including (BYD), Hyundai, Kia and (KG Mobility) to expand EV experiences. ... Today’s EV is a product that can express new technologies. I think Korean customers who have high standards (for EVs) will make the fairest judgment on BYD cars.”Week 12’s Sunday games brought pretty much every ending you could think of: an onside kick recovery leading to overtime in Chicago, a missed chip-shot field goal from one of the NFL ’s best kickers costing the Texans , a Carolina Panthers near-upset over the defending champs, and another miracle touchdown in Washington, but all for naught after a missed extra point. NO GOOD. 📺: #DALvsWAS on FOX 📱: https://t.co/waVpO8ZBqG pic.twitter.com/FDg7wGy8KF — NFL (@NFL) November 24, 2024 The endings were exciting, but the games as a whole carried more meaning. The Athletic NFL writers Mike Jones, Ted Nguyen and Dan Pompei share their thoughts on all of these storylines and more. Missed PAT aside, Washington needed another miracle touchdown just to hang around in an eventual loss to the Cooper Rush -led Cowboys on Sunday. What do you make of the Commanders, specifically on offense, after another underwhelming performance? Nguyen: This offense is far too predictable and defenses are catching up. They haven’t been as willing to run Daniels after his rib injury, and so much of this system is predicated on the QB options and scrambles. They’re handicapped without it. The short passes and screens haven’t been as effective either. Their unwillingness to throw the ball downfield is maddening to watch. Offensive coordinator Kliff Kingsbury was dismissive of the trend that his offenses fell off a cliff in the second half of seasons during his time in Arizona, but it looks like it’s happening again. Kyler Murray took a beating when Kingsbury was his offensive coordinator, and the same looks like it’s happening with Daniels. When asked about the regression Kingsbury said he didn’t plan on changing his offense, but this system desperately needs to evolve. This Cowboys defense is terrible. The one sustained drive, late in the game, on which Daniels threw the ball downfield was their best. 2019-2022 Cardinals Weeks 1-8 Pts per drive: 2.29 (6th) EPA per play: 0.04(10th) Weeks 8-17 Pts per drive: 1.91 (20th) EPA per play: -0.05 (24th) https://t.co/zR9liUhdix — Ted Nguyen (@FB_FilmAnalysis) November 21, 2024 Pompei: No question the offense isn’t clicking like it was early, and there is room for improvement. Perhaps defenses have caught on. But the Commanders offense played well enough to win Sunday — 26 points wins most games. The team was undercut by defensive issues and special teams problems, especially special teams problems. Has a team ever won a game in which it gave up two kick return touchdowns and missed two field goal attempts and an extra point? The Commanders probably weren’t as good as they appeared early, but they’re probably not as bad as some of their critics will say they are today. Advertisement Jones: Kingsbury is under a lot of scrutiny because of the way Washington’s offense appears to be taking a nose dive — just like his Cardinals offenses did when he was head coach in Arizona. However, Washington’s biggest problem on Sunday involved poor effort on both sides of the ball. Washington received multiple opportunities in the first half thanks to strong special teams play, but there appeared to be no sense of urgency and no rhythm or flow from the Commanders’ offensive players. The same listless play continued in the second half, and Washington’s defense had miscues that also were inexcusable against a weak opponent like the Cowboys. The Commanders were lucky that Dallas is bad enough that they had a chance late. They still couldn’t capitalize, due to kicking woes (a missed PAT at 28-27) and kickoff coverage gaffes ( KaVontae Turpin ’s 99-yard kickoff return after the Commanders had cut the lead to three with three minutes left, and Dallas returned an onside kick attempt for another touchdown). Under Dan Quinn, Washington has displayed much greater effort and execution than the team’s long-suffering fans are accustomed to. However, on Sunday, this team appeared to revert to the old days and repeatedly shot itself in the foot with sloppy play, poor attention to detail and no sense of urgency. Yes, Washington’s offense has issues that Kingsbury must figure out. But the problems were wide-spread and Quinn has to figure out how to get his team back on track after three straight losses. Are the Texans further away from being an AFC contender than we thought? Jones: Entering the season, it seemed realistic to expect the Texans to take another step forward after last year’s success. I never saw them as a team capable of challenging for the AFC title, but improvement certainly was realistic. Instead, this team has seemed to be off all season. Maybe it’s a bit of a sophomore slump, maybe it’s C.J. Stroud struggling with the weight of expectations, but he hasn’t been as consistently effective this season. Injuries at wide receiver hurt; so too does the continued struggles of the offensive line. The defensive struggles are a bit perplexing. And that’s a lot to have to clear up over the next several weeks if the Texans aim to contend in the AFC. They’ll still win their division, but they’re just not on the level of Kansas City , Buffalo , Baltimore or Pittsburgh . So, I don’t view the Texans as legit AFC title contenders. Pompei: The Texans are not the quality of team most of us thought they would be. They’ve had two bad losses now, to the Jets and Titans . They will have a chance to change the narrative of their season, however. They have huge games remaining against the Chiefs and Ravens — wins would put this team in a different light. But given they have had difficulty winning the games they are supposed to win, you have to wonder if they will defeat the Jaguars , Dolphins , and Titans. Unless their offensive line makes significant improvements, which is unlikely, the Texans probably will have a disappointing finish. Advertisement Nguyen: All year, there were signs that the Texans offense is deeply flawed despite their weapons on the outside. Their offensive line is one of the worst in football. They can’t run-block, so Stroud is forced into a lot of third-and-longs, but they also can’t pass-block, so Stroud has to deal with a lot of pressure in passing situations. Early in the season Stroud was able to play hero ball, but it was unsustainable. On the final drive, with the Texans down three points, Stroud was under siege. I’m not sure how much this offensive line could improve. The offense still has big-play ability but the negative plays caused by the line issues are a lot to overcome. That’s four straight wins for the Vikings , with four of their final six games at home. We asked this question earlier in the season, but would you put this team in the “Super Bowl contender” category? Pompei: The Vikings are absolutely Super Bowl contenders, despite how close they came to losing to the Bears Sunday. They are as well-coached as any team and their defense is legit — that’s a good combination. The only NFC team clearly better than them is the Detroit Lions , and the Lions haven’t been that much better (two points separated the teams when they met in Minnesota in October). The Vikings also have beaten the Packers and 49ers , both NFC contenders. Assuming their season continues to unfold the way it has, the Vikings will have an opportunity to set the tone for the postseason in Detroit in the final week of the regular season. Jones: Good team, yes. Playoff team, most def. Super Bowl contender? Nah. They aren’t on the same level as NFC North rival Detroit. And the Vikings would probably also have a hard time beating Philadelphia . He played better on Sunday, but Sam Darnold has come back down to earth a bit, and you still don’t want to put a lot on his shoulders. That’s not the mark of a Super Bowl contender. Also, Minnesota’s defense isn’t consistently dominant. The unit has bright spots and can cause problems for a lot of teams, but it also has some costly breakdowns. They allowed Caleb Williams to throw for 340 yards, two touchdowns and no interceptions. They didn’t have an answer for Jared Goff a few weeks ago. The road to the Super Bowl looks like it will go through Detroit. Not great for Minnesota. Advertisement Nguyen: I’m not sure if I’d call them Super Bowl contenders; in the last three weeks, their defense was suffocating against Joe Flacco , Mac Jones , and Will Levis , three quarterbacks that struggle against pressure. This week, the Bears scored 27 points on them. Offensively, they are explosive but it’s hard to trust Darnold in a game when more is on his shoulders. If things go according to script and the defense plays well, they can certainly win a playoff game or two, but at some point Darnold will have to win a game for them in the playoffs, and I don’t have faith in him to do that yet. They’re a talented and well-coached team, but the defense can be exposed against teams that sort out the Vikings’ pressures. After a blowout loss to the Bucs, how did you feel about the Giants turning their season over to Tommy DeVito in order to avoid risking Daniel Jones’ injury guarantee? Jones: Moving on from Daniel Jones made sense; it was clear he wasn’t the answer, and prolonging the misery wasn’t doing anyone any favors. Given Jones’ injury history, the Giants were smart to pull the plug rather than risk being on the hook for that $23 million injury guarantee in Jones’ contract. Going to Tommy DeVito made very little sense, however. Drew Lock , who signed a one-year, $5 million contract to join New York this offseason, had earned the No. 2 quarterback job, which means he was better than DeVito in the eyes of his coaches. So passing over Lock to play DeVito feels like an order from above rather than a coaching decision. Giants owner John Mara cares about fan opinions and player popularity. DeVito became a fan favorite last season, so it wouldn’t be surprising to find out that Brian Daboll was instructed to give DeVito a shot in hopes of stirring up some feel-good vibes similar to the brief stint when DeVito shined last season. But ... DeVito was rather underwhelming Sunday. There was no spark there. So, the Giants continue their losing ways and take another step toward the top pick in the draft. Too bad there aren’t any clear franchise-savior quarterbacks in the upcoming draft class. Nguyen: From the perspective of building for the future it made sense. One of the worst decisions that the franchise has made recently was giving Jones a lucrative contract extension in the first place. They couldn’t risk an injury to Jones. But for the players, it’s yet another sign that the franchise is punting on this season, and they likely view it as a callous, anti-player type of decision. We’ll see if they can find some motivation to play hard for the rest of the season, but it didn’t look like they were very interested against the Buccaneers . Advertisement Pompei: I have mixed feelings. It was a murky situation. On one hand, the Giants needed change. They needed a spark. DeVito gave them that kind of spark last year. But on the other hand, the Giants should play the quarterback who gives them the best chance to win. They owe that to the other players on the roster — some of whom have indicated they thought Jones was that player — and they owe it to their fans. There is an argument to be made that they should have given the ball to Lock instead of DeVito, and maybe that’s coming. In a sense, almost any quarterback decision they could have made would have been wrong because they don’t have the player who could turn around their season. (Top photo: Timothy Nwachukwu / Getty Images)
NonePNC Financial Services Group Inc. trimmed its stake in shares of The Estée Lauder Companies Inc. ( NYSE:EL – Free Report ) by 22.9% during the third quarter, Holdings Channel reports. The firm owned 67,310 shares of the company’s stock after selling 19,938 shares during the period. PNC Financial Services Group Inc.’s holdings in Estée Lauder Companies were worth $6,710,000 as of its most recent filing with the Securities and Exchange Commission. Several other hedge funds have also made changes to their positions in the stock. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Estée Lauder Companies in the 3rd quarter valued at about $1,989,000. Prospera Financial Services Inc raised its holdings in shares of Estée Lauder Companies by 12.7% during the third quarter. Prospera Financial Services Inc now owns 2,992 shares of the company’s stock valued at $299,000 after buying an additional 338 shares during the last quarter. Zevin Asset Management LLC boosted its position in shares of Estée Lauder Companies by 9.1% during the third quarter. Zevin Asset Management LLC now owns 80,034 shares of the company’s stock worth $7,979,000 after buying an additional 6,676 shares during the period. Swiss National Bank grew its holdings in Estée Lauder Companies by 0.3% in the 3rd quarter. Swiss National Bank now owns 691,600 shares of the company’s stock worth $68,946,000 after buying an additional 1,900 shares in the last quarter. Finally, S&CO Inc. increased its position in Estée Lauder Companies by 71.2% in the 3rd quarter. S&CO Inc. now owns 58,689 shares of the company’s stock valued at $5,850,000 after acquiring an additional 24,414 shares during the period. Institutional investors own 55.15% of the company’s stock. Estée Lauder Companies Stock Up 4.6 % Shares of NYSE:EL opened at $69.93 on Friday. The Estée Lauder Companies Inc. has a 52 week low of $62.29 and a 52 week high of $159.75. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.90 and a current ratio of 1.32. The company has a market cap of $25.10 billion, a PE ratio of 124.88, a price-to-earnings-growth ratio of 4.04 and a beta of 1.05. The firm has a 50 day simple moving average of $82.78 and a 200 day simple moving average of $98.26. Estée Lauder Companies Cuts Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, November 29th. Estée Lauder Companies’s dividend payout ratio (DPR) is 471.43%. Wall Street Analyst Weigh In A number of brokerages have recently commented on EL. Wells Fargo & Company lowered Estée Lauder Companies from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $105.00 to $72.00 in a report on Thursday, October 31st. StockNews.com downgraded shares of Estée Lauder Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. cut shares of Estée Lauder Companies from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $113.00 to $74.00 in a report on Friday, November 1st. B. Riley cut their target price on Estée Lauder Companies from $95.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Estée Lauder Companies from $98.00 to $75.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Nineteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Estée Lauder Companies presently has a consensus rating of “Hold” and an average target price of $98.57. View Our Latest Stock Analysis on EL Insider Buying and Selling In other news, Director Charlene Barshefsky sold 3,437 shares of Estée Lauder Companies stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $91.93, for a total transaction of $315,963.41. Following the completion of the sale, the director now directly owns 49,800 shares in the company, valued at $4,578,114. The trade was a 6.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link . Also, Director Paul J. Fribourg purchased 77,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average cost of $64.01 per share, with a total value of $4,960,775.00. Following the purchase, the director now owns 234,500 shares in the company, valued at $15,010,345. This represents a 49.36 % increase in their position. The disclosure for this purchase can be found here . 12.78% of the stock is currently owned by corporate insiders. About Estée Lauder Companies ( Free Report ) The Estée Lauder Companies Inc manufactures, markets, and sells skin care, makeup, fragrance, and hair care products worldwide. It offers skin care products, including moisturizers, serums, cleansers, toners, body care, exfoliators, acne care and oil correctors, facial masks, and sun care products; and makeup products, such as lipsticks, lip glosses, mascaras, foundations, eyeshadows, and powders, as well as compacts, brushes, and other makeup tools. Recommended Stories Want to see what other hedge funds are holding EL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Estée Lauder Companies Inc. ( NYSE:EL – Free Report ). Receive News & Ratings for Estée Lauder Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Estée Lauder Companies and related companies with MarketBeat.com's FREE daily email newsletter .
NoneAn eyewitness account
Sports on TV for Monday, Nov. 25WASHINGTON (AP) — Former White House adviser Peter Navarro, who served prison time related to the Jan. 6 attack on the U.S. Capitol, will return to serve in Donald Trump’s second administration, the president-elect announced Wednesday. Navarro, a trade adviser during Trump’s first term, will be a senior counselor for trade and manufacturing, Trump said on Truth Social. The position, Trump wrote, “leverages Peter’s broad range of White House experience, while harnessing his extensive Policy analytic and Media skills.” The appointment was only the first in a flurry of announcements that Trump made on Wednesday as his presidential transition faced controversy over Pete Hegseth, Trump’s choice for Pentagon chief. Hegseth faces allegations of sexual misconduct, excessive drinking and financial mismanagement, and Trump has considered replacing him with another potential nominee. As he works to fill out his team, Trump said he wanted Paul Atkins, a financial industry veteran and an advocate for cryptocurrency, to serve as the next chairman of the Securities and Exchange Commission. He wrote on Truth Social that Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.” Trump also said he was changing course on his choice for White House counsel. He said his original pick, William McGinley, will work with the Department of Government Efficiency, which will be run by Elon Musk and Vivek Ramaswamy with the goal of cutting federal spending. Now David Warrington, who has worked as Trump’s personal lawyer and a lawyer for his campaign, will serve as White House counsel. In addition, Trump announced the selections of Daniel Driscoll, an Army veteran who was a senior adviser to Vice President-elect JD Vance, as Army secretary; Jared Isaacman, a tech billionaire who conducted the first private spacewalk on Elon Musk’s SpaceX rocket, as NASA administrator; and Adam Boehler, a lead negotiator on the Abraham Accords team, as special presidential envoy for hostage affairs. Navarro was held in contempt of Congress for defying a subpoena from the House committee that investigated Jan. 6. Sentenced to four months in prison, he described his conviction as the “partisan weaponization of the judicial system.” Hours after his release in July, Navarro spoke on stage at the Republican National Convention, where he told the crowd that “I went to prison so you won’t have to.” Navarro, 75, has been a longtime critic of trade arrangements with China. After earning an economics doctorate from Harvard University, he worked as an economics and public policy professor at the University of California, Irvine. He ran for mayor of San Diego in 1992 and lost, only to launch other unsuccessful campaign efforts, including a 1996 race for Congress as a Democrat. During Trump’s initial term, Navarro pushed aggressively for tariffs while playing down the risks of triggering a broader trade war. He also focused on counterfeited imports and even helped assemble an infrastructure plan for Trump that never came to fruition. Navarro often used fiery language that upset U.S. allies. In 2018, after a dispute between Trump and Canadian Prime Minister Justin Trudeau, Navarro said “there’s a special place in hell for any foreign leader that engages in bad faith diplomacy with President Donald J. Trump and then tries to stab him in the back on the way out the door.” Canadians were outraged, and Navarro later apologized. Issacman, 41, has reserved two more flights with SpaceX, including as the commander of the first crew that will ride SpaceX’s mega rocket Starship, still in test flights out of Texas. He said he was honored to be nominated. “Having been fortunate to see our amazing planet from space, I am passionate about America leading the most incredible adventure in human history,” he said via X. Trump kept rolling out positions on Wednesday afternoon. He announced Gail Slater as assistant attorney general for the Justice Department’s antitrust division. Trump wrote on Truth Social that “Big Tech has run wild for years, stifling competition in our most innovative sector.” Slater worked for Trump’s National Economic Council during his first term, and she’s been an adviser to Vance. Trump also said Michael Faulkender would serve as deputy treasury secretary. A professor at the University of Maryland’s Smith School of Business, Faulkender was the Treasury Department’s assistant secretary for economic policy during Trump’s initial term. He has also been the chief economist at the America First Policy Institute, a think tank formed to further the Trump movement’s policy agenda. Outside the White House, Trump said that he had asked Michael Whatley to remain on as chair of the Republican National Committee. Whatley ran the committee during the election along with Lara Trump, the wife of Trump’s son Eric.
