Quarterly Financial Report Watch
DENVER, Colo., Nov 15, 2024 (247marketnews.com)- This week featured several quarterly/annual financial reports that stood out, including Siyata Mobile (NASDAQ: SYTA), Beneficient (NASDAQ: BENF), Arena (NYSE: AREN), Disney (NYSE: DIS), Cisco (NASDAQ: CSCO), and Alibaba (NYSE: BABA)
Siyata Mobile’s (NASDAQ: SYTA) third quarter 2024 was a smash hit by nearly every metric, starting with Siyata setting a new Company quarterly revenue record of $5.9 million, a 218%, or over $4 million, year-over-year increase and a 210%, or $4.0 million, quarter-over-quarter increase.
Siyata’s year-to-date sales have increased by 55%, as the global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories credits the results primarily due to increased demand for its SD7 handset and accessories, and having the inventory to fulfill this demand.
Marc Seelenfreund, Siyata’s CEO, stated, “We are also extremely excited with our sales outlook going forward as we are now seeing tangible, rapid adoption of our unique PTT product portfolio across our various sales channels. We believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level. We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months. We are optimistic that more wireless carriers will follow suit.”
Seelenfreund added, “Our strategy to place Siyata’s PTT devices into the hands of top carriers is driving the top-line growth our shareholders have been waiting for. This partnership with T-Mobile, coupled with the launch of the SD7 Ultra 5G models, underscores our commitment to delivering innovative solutions for mission-critical needs. Our devices offer unmatched sound quality and rugged reliability, making them essential tools for enterprise customers.”
With the largest carriers, including AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS) now stocking Siyata’s devices, we believe that the Company will benefit from potential cobranding deals.
So, it sounds like Siyata plans on building on these results and maintain a very strong growth trajectory, as first responders, governmental organizations, transportation companies, and others replace their legacy two-way radios with solutions like Siyata’s next-generation SD7 Ultra series 5G MCPTT handsets, which recently launched on T-Mobile’s extensive 5G network , and VK7 Vehicle Kits.
Beneficient (NASDAQ: BENF) reported its second consecutive quarter of positive GAAP net income and management’s comments included, “We are pleased to report our second consecutive profitable quarter as a public company, which we believe positions Ben as a leading solution for liquidity and primary capital in large and growing private investment markets. With our Board of Directors having authorized up to $5 billion of fiduciary financings to Customer ExAlt Trusts through ExchangeTrust transactions, our platform is designed for substantial growth as new opportunities are identified and negotiated. We believe that our comprehensive model will enable stockholders to benefit from the range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.
“Additionally, we are pleased to have strengthened our balance sheet through a previously announced transaction whereby our subsidiary Beneficient Company Holdings, L.P. redesignated approximately $125.5 million of its preferred equity as non-redeemable. As a result of the transaction, which was approved by the Company’s founders holding the majority of the preferred equity, Beneficient reclassified approximately $125.5 million of temporary equity to permanent equity as of September 30, 2024.”
Thanks to cutting an expected $40 million in costs on an annual basis, Arena (NYSE: AREN) realized a $13.6 million positive swing in year-over-year quarterly income from continuing operations. As a result, Arena Group realized its first quarter of positive net income, of $4 million, in the Company’s history, despite revenue from continuing operations dropping from $37 million, in Q3 2023, to $33.6 million, for Q3 2024.
Sara Silverstein, The Arena Group’s CEO, stated, “The financial results for Q3 2024 reflect the strength of the new, leaner, more efficient Arena Group.
“We’re achieving meaningful revenue diversification, including a significant increase in e-commerce and other revenue, enabling a substantial improvement in profitability. We generated higher gross margins, returned to positive operating income, and delivered our first-ever quarter of positive net income.
“Our business transformation plan has focused on a restructuring and investments in tech and editorial. “We’re building a modern media company that not only creates great content, but also delivers strong results for our partners and drives diversified revenue and sustainable profits. We generated more than $13.6 million higher income from continuing operations on $3.4 million in lower revenue as we shed unprofitable operations. We believe we now have a stable, profitable platform for growth.”
Disney (NYSE: DIS) reported its fourth quarter and full year financial results, yesterday, as fourth quarter revenues increased 6%, to $22.6 billion from $21.2 billion in the prior-year quarter, and 3% for the year, to $91.4 billion from $88.9 billion in the prior year.
Pixar’s Inside Out 2 and Marvel’s Deadpool & Wolverine were key drivers that helped Disney significantly grow its operating income.
Fourth quarter diluted earnings per share (EPS) increased 79% to $0.25 from $0.14 in the prior-year quarter, and for the year more than doubled to $2.72 from $1.29 in 2023.
Robert Iger, Disney’s CEO, commented, “This was a pivotal and successful year for The Walt Disney Company, and thanks to the significant progress we’ve made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future.
“Our solid performance in the fiscal fourth quarter reflected the success of our strategic efforts to improve quality, innovation, efficiency, and value creation. In Q4 we saw one of the best quarters in the history of our film studio, improved profitability in our streaming businesses, a record-breaking 60 Emmy Awards for the company, the continued power of live sports, and the unveiling of an impressive collection of new projects coming to our Experiences segment. As a result of our strategies and our focus on managing our businesses for both the near- and long-term, we are differentiating ourselves from traditional competitors, leveraging the deepest and broadest set of entertainment assets in the industry to drive attractive returns and further advance our goals.”
Cisco (NASDAQ: CSCO) reported, on Wednesday, a broad-based acceleration in product orders, which indicates normalizing demand, while its product orders grew by 20% year-over-year and by 9% year-over-year, excluding Splunk.
Chuck Robbins, Cisco’s CEO and Chair, commented, “Cisco is off to a strong start to fiscal 2025. Our customers are investing in critical infrastructure to prepare for AI, and with the breadth of our portfolio, we are uniquely positioned to capitalize on this opportunity.”
Cisco’s quarterly revenue, of $13.8 billion, was at the high end of the Company’s guidance range, while GAAP gross margin of 65.9% and non-GAAP gross margin of 69.3% exceeded Cisco’s guidance range.
Scott Herren, Cisco’s CFO, added, “Revenue, gross margin and EPS in Q1 were at the high end or above our guidance range, generating strong operating leverage. We are focused on solid execution and operating discipline while making strategic investments to drive innovation and growth.”
Today’s Alibaba (NYSE: BABA) quarterly earnings report was almost as much about gauging the Chinese consumers’ financial health, during China’s economic slowdown, than it was about the Chinese e-commerce leader’s performance.
Alibaba reported revenue of RMB236.5 billion (US$33.7 billion), a 5% year-over-year increase, which was below the analysts’ average estimate of RMB240.17 billion.
Eddie Wu, Alibaba’s CEO, stated, “This quarter we continued to invest in the user experience and strengthen product offerings to serve our consumers. We entered into long-term collaborations with industry peers to broaden payment and logistics services on Taobao and Tmall platforms, which we expect will accelerate our overall growth. Growth in our Cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth. We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth. Our other businesses continued to improve their operating efficiency, with most of them continuing to increase their profitability or reduce losses.”
Toby Xu, Alibaba’s CFO, added, “Our revenue growth this quarter was driven by improving monetization of Taobao and Tmall Group, which included GMV-based service fees and merchant adoption of our marketing tool Quanzhantui. Consistent with our strategy, we continue to invest in our core businesses while enhancing operational efficiency. During the quarter we repurchased US$4.1 billion of shares, achieving earnings accretion to our shareholders through a net 2.1% reduction in total shares outstanding since the end of June.”
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