Semtech Q2 Profit Rises

Semiconductor company Semtech Corp. (SMTC) reported second-quarter profit of $32.9 million or $0.50 per share, up from $16.1 million or $0.24 per share last year.

Adjusted earnings for the quarter were $0.65 per share, up from $0.43 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Net sales for the second quarter rose 29 percent to $185.0 million from $143.7 million last year. Analysts had a consensus revenue estimate of $182.87 million for the quarter.

Semtech said it generated record Wireless and Sensing products sales driven by LoRa and proximity sensing sales. Signal Integrity products sales driven by record Tri-Edge and 10G PON sales.

Looking forward to the third quarter, Semtech expects adjusted earnings of $0.68 to $0.76 per share and revenues of $188.0 million to $198.0 million. Analysts had a consensus revenue estimate of $0.67 per share on revenues of $189.67 million.

Veeva Systems Q2 Profit Rises

Healthcare information provider Veeva Systems Inc. (VEEV) on Wednesday reported higher income in the second quarter, helped by higher subscription services revenues. The company also announced its fiscal 2021 outlook, which came in above analysts’ expectations.

The company posted second quarter net income of $108.9 million or $0.67 per share, higher than $93.6 million or $0.58 per share in the same period last year.

Excluding items, income was $152.7 million or $0.94 per share, compared to $116.4 million or $0.72 per share in the prior-year quarter. On average, 20 analysts polled by Thomson Reuters expected the company to post earnings of $0.87 per share in the quarter.

Total revenues rose 29 percent to $455.6 million from $353.7 million a year ago, while analysts were looking for revenues of $451.9 million.

Looking ahead, in the third quarter, the company expects adjusted income between $0.87 and $0.88. Revenues are expected between $464 million and $466 million.

On average, 20 analysts were looking for earnings of $0.86 per share on revenues of $460.0 million in the third quarter.

For fiscal 2021, the company expects adjusted earnings per share of $3.57 and revenues between $1.83 billion and $1.84 billion.

On average, 22 analysts expect the company to post earnings per share of $3.47 on revenues of $1.82 billion for fiscal 2021.

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INmune Bio Reports Positive Results From Early-Stage Trial Of Alzheimer’s Treatment; Shares Jump 14%

Shares of INmune Bio, Inc. (INMB) jumped nearly 14% in extended trading session on Wednesday after the company reported positive results from an early stage study of its treatment for Alzheimer’s disease.

The company reported that its XPro treatment showed statistically significant decrease in Phospho Tau 217 (pT271) and pT181, a type of protein associated with the disease and other neurological diseases, and an improvement in an imaging biomarker of myelination.

Alzheimer’s patients treated with 1.0 mg/kg of XPro once a week for three months had a 46% reduction is CSF pT217 and a lesser reduction in pT181.

“CSF pT217 appears to be the more sensitive tau biomarker of neurodegeneration in patients with AD, and our data show that controlling neuroinflammation decreases pT217,” said CJ Barnum, PhD, Head of Neurosciences for INmune Bio. “Tau pathology has been associated with decreased white matter integrity in AD and we believe these data are consistent with our biomarkers for the measurement of white matter pathology in patients with AD. White matter pathology starts early, the changes are measurable, and appear to be reversed following treatment with XProTM.”

INMB closed Wednesday’s trading at $23.87, up $0.15 or 0.63%, on the Nasdaq. The stock further gained $3.24 or 13.57% in the after-hours trading.

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Apple will let some apps guide users to websites to make payments, bypassing Apple’s cut

• The rule does not apply to all transactions through the App Store. Game oriented in-app purchases will still need to use Apple's payment system.
• But so-called "reader apps" that link to content subscriptions can now offer a service without offering a subscription handled through Apple.

Apple on Wednesday said that some apps will be allowed to provide a link to their websites to prompt users to sign up for a subscription.

Apple previously forbid app makers from directing users to subscribe through a website, for example to sign up for a service like Spotify or Netflix. Instead developers were directed to Apple's own billing, which takes between 15% and 30% of the gross sales.

The rule does not apply to all transactions through the App Store. Game oriented in-app purchases will still need to use Apple's payment system. But so-called "reader apps" that link to content subscriptions can now offer a service without offering a subscription handled through Apple.

The issue is one of the main complaints of developers who say Apple's App Store has anticompetitive practices. Those include Spotify, whose complaint was a factor in the European Union's decision to say Apple breaks competition rules.

Apple said the decision was made as part of a settlement with the Japan Fair Trade Commission but that it was applying the new rule globally.