Sea Spikes 30% After Recording Surge In Q3 Revenues

Sea Ltd (SE) shares are gaining more than 30 percent on Tuesday morning trade after the company reported 17.4 percent increase in third-quarter revenues.

The quarterly revenues were $3.155 billion compared to $2.688 million last year. There was 50.9 percent increase in e-commerce and other services revenue.

Currently, shares are at $59.66, up 30.26 percent from the previous close of $49.43 on a volume of 5,323,638.

Endava Climbs On Q1 Results, Outlook

Endava plc (DAVA) shares are gaining more than 12 percent on Tuesday morning trade after reporting an increase in first-quarter earnings. The company provided an outlook for the second quarter as well as the full year.

The quarterly profit was 31.73 million pounds or 0.55 pounds per share compared to 20.55 million pounds or 0.36 pounds per share a year ago. Adjusted profit on a non-IFRS basis was 39.5 million pounds.

Revenue for the quarter increased to 196.17 million pounds from 147.47 million pounds last year.

Currently, shares are at $78.59, up 12.88 percent from the previous close of $69.62 on a volume of 248,414.

Looking ahead to the second quarter, the company expects adjusted earnings per share in a range of 0.56-0.58 per share. Revenue is projected to be in the range of 204 -206 million pounds.

For the full year adjusted earnings outlook is 2.37-2.42 per share on revenue of 843 million to 852 million.

Alibaba Stock Jumps 10% On Positive China Online Retail Sales Data

Shares of Alibaba Group Holding Limited (BABA) are gaining over 10% on Tuesday morning after official data revealed better-than-expected October retail sales in China.

BABA is currently trading at $79.06, up $7.73 or 10.84%, on the NYSE.

China’s National Bureau of Statistics said online retail sales of physical goods rose 7.2% in the first 10 months of the year, which was above 6.1% rise in the January-to-September period.

Meanwhile, last week, Alibaba, along with JD.com (JD), did not release full sales results for its annual Singles Day event for the first time ever. But the Chinese online retail giant said the sales results were in line with last year. Alibaba’s last year 11.11 Global Shopping Festival generated RMB 540.3 billion in gross merchandise volume.

Nike Rises 3%

Shares of sportswear company NIKE, Inc. (NKE) are rising 3 percent on Tuesday’s trading after the company announced the launch of an online store and trading platform for virtual sneakers as management pumps investment into the metaverse.

Nike will release its own goods on the .Swoosh platform, and users will be able to collect and show off their items on it.

Currently at $107.06, the stock has traded between $82.22 and $177.75 during the past 52 weeks.

UiPath Stock Gains 15% On Q3 Preliminary Revenues, Announces Further Job Cuts

Shares of UiPath Inc. (PATH) are gaining nearly 15% on Tuesday morning after the automation software company announced preliminary revenues for the third quarter and revealed further job cuts to restructure its business.

PATH is currently trading at $13.84, up $1.79 or 14.85%, on the NYSE. The stock opened its trading at $13.42 after closing Monday’s trading at $12.05. The stock has traded between $10.40 and $56.11 in the past 52-week period.

The company, in an 8-K filing late Monday, said it expects third-quarter revenues of about $260 million. The company also anticipates recording annual recurring revenue of roughly $1.108 billion as of October 31. Analysts polled by Thomson Reuters currently estimate revenues of $245.34 million for the quarter.

The company plans to further reduce about 6% of its global workforce of around 4,025, with most of these reductions expected to occur by the end of fiscal year 2023.

UiPath said the workforce reduction will further support the company’s “strategic positioning designed to increase execution velocity, operational efficiency, and customer centricity.”

The company now expects total restructuring expenses of around $30 million, up from the $15 million estimate previously provided in the June.

Twitter very slow in India: Elon Musk

Billionaire entrepreneur Elon Musk has said Twitter is “very slow” in India and many other countries.

“Twitter is very slow in India, Indonesia & many other countries.

“This is a fact, not a “claim”.

“10 to 15 secs to refresh homeline tweets is common.

“Sometimes, it doesn’t work at all, especially on Android phones.

“The only question is how much delay is due to bandwidth/latency/app,” Musk, Twitter’s new owner, tweeted.

In another tweet, he said he would “like to apologise for Twitter being super slow in many countries. The app is doing >1000 poorly batched RPCs just to render a home timeline!

“I was told ~1200 RPCs independently by several engineers at Twitter, which matches # of microservices. The ex-employee is wrong,” he said.

In another tweet, he said “Same app in the US takes ~2 secs to refresh (too long), but ~20 secs in India, due to bad batching/verbose comms. Actually useful data transferred is low.

“There are ~1200 “microservices” server side, of which ~40 are critical to Twitter working at all, according to the server control team.

“Trimming down that 1200 number, reducing data usage, serialised trips & simplifying the app are all needed to improve the speed of use.”

Twitter very slow in India: Elon Musk

Billionaire entrepreneur Elon Musk has said Twitter is “very slow” in India and many other countries.

“Twitter is very slow in India, Indonesia & many other countries.

“This is a fact, not a “claim”.

“10 to 15 secs to refresh homeline tweets is common.

“Sometimes, it doesn’t work at all, especially on Android phones.

“The only question is how much delay is due to bandwidth/latency/app,” Musk, Twitter’s new owner, tweeted.

In another tweet, he said he would “like to apologise for Twitter being super slow in many countries. The app is doing >1000 poorly batched RPCs just to render a home timeline!

“I was told ~1200 RPCs independently by several engineers at Twitter, which matches # of microservices. The ex-employee is wrong,” he said.

In another tweet, he said “Same app in the US takes ~2 secs to refresh (too long), but ~20 secs in India, due to bad batching/verbose comms. Actually useful data transferred is low.

“There are ~1200 “microservices” server side, of which ~40 are critical to Twitter working at all, according to the server control team.

“Trimming down that 1200 number, reducing data usage, serialised trips & simplifying the app are all needed to improve the speed of use.”