Kaleyra To Acquire MGage – Quick Facts

Kaleyra, Inc. (KLR) has signed a definitive agreement to acquire mGage, a global mobile messaging provider for $215 million in cash and Kaleyra common stock. The consideration will consist of cash in the amount of $195 million and 1.6 million shares of Kaleyra common stock.

mGage, a Vivial company, is a mobile messaging solution allowing enterprise clients across a diverse range of end-markets to effectively engage with their customers through all mobile channels for a variety of use cases.

Dario Calogero, Kaleyra’s CEO, said: “This combination will accelerate and expand Kaleyra’s opportunity to serve the CPaaS market which is expected to reach $26 billion in 2025 with a compound annual growth rate of 35% and consolidate the A2P Enterprise messaging market which is expected to reach $78 billion in 2022. We expect, on a pro forma basis, the new Kaleyra to generate more than $350 million in revenue for fiscal year 2021, increased scale, an enhanced margin profile and robust free cash flow.”

ITT Corporation Q4 adjusted earnings Beat Estimates

Below are the earnings highlights for ITT Corporation (ITT):

-Earnings: -$13.5 million in Q4 vs. $68.4 million in the same period last year.
-EPS: -$0.16 in Q4 vs. $0.77 in the same period last year.
-Excluding items, ITT Corporation reported adjusted earnings of $87.9 million or $1.01 per share for the period.
-Analysts projected $0.92 per share
-Revenue: $708.6 million in Q4 vs. $719.1 million in the same period last year.

Netflix To Open Office In Canada

Netflix is set to make a new home for itself in Canada by opening a new corporate office in the North American country soon. The office is expected to be setup mostly in Toronto or Vancouver.

The move by the online-video streaming giant comes a decade after Canadians invited Netflix into their homes for the first time. It had begun filming their first original production in Ontario in 2012. Netflix has over seven million Canadian subscribers and recently celebrated its 10-year anniversary in Canada.

The Canadian office will be in addition to Netflix’s production hub in Toronto which was set up in 2019. Netflix said its growing local presence will help it share Canadian stories more authentically with the world, whether through the development of original content or through co-production and licensing opportunities.

Netflix has already spent more than C$2.5 billion on productions in the country since 2017. In the process, it also built relationships with so many talented directors, screenwriters, actors, producers, animators and more.

The video-streaming service provider is adding the Canadian office to its ever growing international presence.

It had opened a French office last year and is on track to set up an office in Italy in the second half of 2021. The company reportedly has 21 corporate offices around the world, including Amsterdam and Rome. It also has offices in the UK, Netherlands, India, Mexico, and Australia.

U.S. Consumer Sentiment Unexpectedly Drops To Six-Month Low In February

Reflecting a notable deterioration in expectations, the University of Michigan released a report on Friday showing an unexpected decrease in U.S. consumer sentiment in the month of February.

The University of Michigan said its consumer sentiment index fell to 76.2 in February after edging down to 79.0 in January. The drop came as a surprise to economists, who had expected the index to inch up to 80.8.

With the unexpected decrease, the consumer sentiment index slid to its lowest level since hitting 74.1 in August of 2020.

The decline by the headline index came as the index of consumer expectations slumped to 69.8 in February from 74.0 in the previous month.

The current economic conditions index showed a much more modest decrease, edging down to 86.2 in February from 86.7 in January.

Surveys of Consumers chief economist Richard Curtin said the unexpected deterioration in consumer sentiment was concentrated in expectations and among households with incomes below $75,000.

“Households with incomes in the bottom third reported significant setbacks in their current finances, with fewer of these households mentioning recent income gains than anytime since 2014,” Curtin said.

He added, “Presumably a new round of stimulus payments will reduce financial hardships among those with the lowest incomes.”

On the inflation front, the report said one-year inflation expectations jumped to 3.3 percent in February from 3.0 percent in January, while five-year inflation expectations were unchanged at 2.7 percent.

DTE Energy Q4 Profit Beats View; Reaffirms FY21 Earnings Outlook – Quick Facts

DTE Energy Co. (DTE) on Friday reported net earnings for the fourth quarter of $275 million or $1.42 per share, up from $267 million or $1.40 per share in the year-ago period.

Operating earnings for the quarter were $1.39 per share, compared to $1.35 per share last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.24 per share for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2021, DTE reaffirmed its outlook for operating earnings in a range of $6.88 to $7.26 per share. The Street expects the company to report earnings of $7.16 per share for the year.

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