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Zoom shares rise 16pc as first-quarter earnings beat expectations

For the second quarter, Zoom now expects revenue of $1.115 billion to $1.12 billion, representing growth of at least 9.2%

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Zoom shares rise 16pc as first-quarter earnings beat expectations
GNN Media: Representational Photo

Zoom shares rose 16% in extended trading on Monday after the provider of video chat software reported better-than-expected first-quarter earnings and issued an upbeat forecast for the second period.

Here’s how the company did:

Earnings: $1.03 per share, ex-items vs. 87 cents per share as expected by analysts, according to Refinitiv.
Revenue: $1.07 billion vs $1.07 billion as expected by analysts, according to Refinitiv.

Zoom sailed past analysts’ earnings estimates for the quarter and gave profitability guidance for the current quarter and full year that were well above expectations. That shows the company is able to reduce costs as growth decelerates. Investors are looking for tech companies that can produce earnings as they move into stocks that can better withstand rising inflation and interest rates.

Heading into the report, Zoom had been a struggle for shareholders. After five straight quarters of triple-digit revenue growth during the pandemic, Zoom is now reckoning with dramatically slower expansion and a market correction that’s hammered stay-at-home stocks the most.

As of Monday’s close, Zoom shares were down about 85% from their peak in October 2020, including a drop of more than 50% this year.

Revenue growth in the period ended April 30, came in at 12%, down from close to 200% in the same quarter a year earlier.

For the second quarter, Zoom now expects revenue of $1.115 billion to $1.12 billion, representing growth of at least 9.2%. Analysts were looking for growth of 8.7% to $1.1 billion, according to Refinitiv. The company anticipates earnings per share in the range of 90 cents to 92 cents, higher than the 87 cents analysts were estimating.

For the full fiscal year, Zoom expects revenue between $4.53 billion and $4.55 billion, versus the $4.55 billion analysts anticipated. It expects earnings between $3.70 and $3.77 per share, versus $3.53 analysts were expecting, according to Refinitiv.

SOURCE: CNBC

Pakistan

Eidul Adha on July 10 as Zil Hajj moon not sighted in Pakistan

Central Ruet-e-Hilal Committee Chairman Maulana Syed Abdul Khabir Azad announced the decision following a meeting of the committee

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Eidul Adha on July 10 as Zil Hajj moon not sighted in Pakistan

The Central Ruet-e-Hilal Committee announced Wednesday that the Zil-Hajj moon has not been sighted in Pakistan, adding that Eid ul Adha in Pakistan will be observed on July 10 (Sunday).

Chairman Maulana Syed Abdul Khabir Azad announced the decision following a meeting of the committee, held in Karachi after Maghrib prayers to sight the crescent moon.

The first day of Zil hajj would fall on July 1 (Friday), he added.

In the meeting, it was formally announced by the committee that the moon of Zul-Hijjah has not been seen anywhere in the country, therefore Eid-ul-Adha will be on Sunday, July 10.

Earlier, the Lahore Zonal Committee had also announced that the moon of Dhi Al-Hajj has not been seen. Eid-ul-Adha will be on Sunday, July 10, however, the final announcement in this regard was to be made by the Central Route Hilal Committee.

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

There is zero petroleum levy on petroleum products.

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.

However, the government hinted about increasing PDL to Rs50 per litre gradually.

At present, there is zero petroleum levy on petroleum products.

On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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Pakistan

Participants of National Security and War Course visit Naval Headquarters, Islamabad

"Participants of the National Security and War Course were briefed on the role of Pakistan Navy in the development of maritime defense and maritime sector"

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Participants of National Security and War Course visit Naval Headquarters, Islamabad

Islamabad: Participants of National Security and War Course visited Naval Headquarters in Islamabad on Wednesday.

According to Pakistan Navy spokesman, participants included officers from all three armed forces.

He said that participants of the National Security and War Course were briefed on the role of Pakistan Navy in the development of maritime defense and maritime sector.

Naval Chief Admiral Muhammad Amjad Khan Niazi also addressed the participants of the course.

The course participants appreciated the efforts of Pakistan Navy in maritime peace and stability.

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