IBM beats expectations; CCI fines MMT, Oyo; Persistent hits $1 bln revenue run rate, KPIT raises forecast
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IBM yesterday beat analysts’ estimates for its fiscal third quarter across software, consulting and infrastructure segments, and raised its growth projection for the full year, CNBC reports. The Competition Commission of India has pulled up MakeMyTrip, Goibibo and Oyo for anti-competitive behaviour, fining them $47 million in total; and mid-sized Indian IT services companies are reporting strong growth. Notes: IBM yesterday beat analysts’ estimates for its fiscal third quarter across software, consulting and infrastructure segments, and raised its growth projection for the full year, CNBC reports. Earnings were $1.81 per share, adjusted, vs. $1.77 per share as expected by analysts, according to Refinitiv. Revenue was $14.11 billion, vs. $13.51 billion as expected by analysts. Revenue increased 6.5 percent from a year earlier, according to a statement, CNBC reports. “With our year-to-date performance, we now expect full-year revenue growth above our mid-single digit model,” CEO Arvind Krishna said in the statement. In July the company said it had expected growth at the high end of the estimate. India's competition regulator said on Wednesday that it had fined online hotel-booking companies MakeMyTrip and Goibibo and IPO-bound hotel chain Oyo a combined $47 million for anti-competitive behaviour, Economic Times reports. The Competition Commission of India (CCI) has been investigating the companies since 2019 following allegations by a hotel industry lobby that MakeMyTrip gave special treatment to SoftBank-backed Oyo on its platform. The CCI has directed MakeMyTrip and Goibibo to amend their market behaviour, fining them about $27 million. Oyo was fined $20 million, according to ET. Indian Web3 startups have grown to a 450+ community, with 4 unicorns, raising $1.3 billion in total investments, until April 2022, with 170 new Web3 startups registered in 2021-22, according to a press release from India’s software industry lobby Nasscom. Currently, India is home to about 11 percent of the global Web3 talent, making the country the third largest Web3 talent pool in the world, according to Nasscom. Persistent Systems, Pune based Indian IT services company, hit the $1 billion annual revenue run rate in the September quarter, the company said in a press release yesterday. Persistent reported fiscal second-quarter revenues rose 40.2 percent year-on-year to $255.56 million. Revenue increased by 5.8 percent from the first quarter. Meanwhile, KPIT Technologies, a software engineering services specialist in the automotive sector raised its forecast for the full fiscal year that ends on March 31, 2023. “Q2FY23 performance has been better than expectations. We have a healthy pipeline with a couple of mega engagements expected to close in the coming 3-4 months,” Kishor Patil, co-founder, CEO and MD of the Pune-based company said in a statement. “We have thus raised our FY23 growth outlook to 31-32 percent. The organic growth outlook is 200+ bps higher than the higher end of the 18-21 percent outlook at the beginning of the year,” Patil said. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds
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