Shares of International Business Machines Corp. (NYSE:IBM) ended Thursday session in green amid volatile trading. The shares closed up +0.58 points or 0.37% at $156.11 with 2.69 million shares getting traded. Post opening the session at $156.15, the shares hit an intraday low of $155.69 and an intraday high of $157.22 and the price vacillated in this range throughout the day. The company has a market cap of $150.26 billion and the numbers of outstanding shares have been calculated to be 955.84 million shares.
On Sept. 21, 2016 International Business Machines Corp. (IBM) in partnership with Ontario Centres of Excellence and the Government of Ontario launched the IBM Innovation Space, a new startup hub in Toronto to accelerate innovation activities and investments in Ontario by helping businesses propel into the global marketplace. The IBM Innovation Space is the first initiative to launch under the IBM Innovation Incubator Project, a $54 million dollar initiative funded by a $24.75 million dollar contribution from IBM and $22.75 million from the Government of Ontario’s Jobs and Prosperity Fund. Other partners include the SOSCIP Research Consortium and members of the Ontario Network of Entrepreneurs (ONE).
The IBM Innovation Space will provide capacity, networking, infrastructure, and a multitude of new IBM cloud and cognitive business technologies to help entrepreneurs, startups, and developers incubate and innovate ideas and more rapidly move their business plans from research to commercialization.
IBM’s Innovation Space will connect to the Ontario Network of Entrepreneurs to support businesses with advanced IBM technologies, including a range of cloud, mobile, analytics, and social solutions. Experts from IBM and its network of collaborators will offer mentoring, support services, education, and legal counsel to assist startups in transforming some of Canada’s biggest challenges in areas such as healthcare, natural resources, and financial services.
“Access to the latest technology, including cognitive and cloud, as well as these kinds of resources and support, are so often out of the reach of start-ups – that’s why we created this space,” said Dino Trevisani, IBM Canada President. “We want to help them innovate, get to market and expand more quickly to ultimately become the disruptors of tomorrow.”
“OCE’s partnership with IBM through the IBM Innovation Incubator Project provides an ideal opportunity to bolster innovation across the province and help companies scale-up to become creators of the high value jobs that drive economic prosperity,” says OCE President and CEO Dr. Tom Corr. “By establishing and leveraging incubator hubs like the IBM Innovation Space, we can help turn Ontario’s big ideas into commercial success here in Ontario and around the globe.”
Shares of 58.com Inc (ADR) (NYSE:WUBA) ended Thursday session in green amid volatile trading. The shares closed up +1.39 points or 2.82% at $50.75 with 1.95 million shares getting traded. Post opening the session at $49.34, the shares hit an intraday low of $48.93 and an intraday high of $50.99 and the price vacillated in this range throughout the day. The company has a market cap of $7.35 billion and the numbers of outstanding shares have been calculated to be 232.51 million shares.
58.com Inc (ADR) (WUBA) on Aug. 17, 2016 reported its unaudited financial results for the second quarter ended June 30, 2016.
First Half 2016 Financial Highlights
- Total revenues were US$529.1 million, a 114.5% increase from the same period last year.
- Gross margin was 90.8%, compared with 93.5% during the same period of last year.
- Loss from operations was US$15.6 million, compared with loss from operations of US$93.7 million during the same period of last year.
- Non-GAAP income from operations was US$22.5 million, compared with non-GAAP loss from operations of US$83.4 million during the same period of last year.
- Net loss attributable to 58.com Inc. was US$68.2 million, compared with net loss attributable to 58.com Inc. of US$79.3 million during the same period of last year.
- Non-GAAP net loss attributable to 58.com Inc. was US$29.2 million, compared with non-GAAP net loss attributable to 58.com Inc. of US$68.7 million during the same period of last year.
- Basic and diluted losses per ADS attributable to ordinary shareholders were US$0.48. One ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders were US$0.20.
“I am pleased to report another quarter of strong financial results,” commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. “With Ganji and Anjuke now fully consolidated following years of intense competition, we regained profitability for the first time since the fourth quarter of 2014. Ganji’s integration continues to make solid progress as we find new and meaningful ways to create synergies between the two businesses. Despite the slowdown in China’s economy, we continue to see overall growth in user and merchant numbers as well as revenues. We believe there is still significant room for growth as businesses shift from offline to online, whether it be consumers searching for information or merchants using the internet to market their services and attract potential customers. Our ability to innovate new products and efficiently connect consumers and merchants is as strong as ever. We are particularly excited about the potential our platforms have to create greater value for our users and shareholders.”
Mr. Hao Zhou, Chief Financial Officer of 58.com added, “Total revenues and paying customer numbers continued to hit new record highs during the quarter. Revenues continue to grow faster than costs demonstrating the scalability of our business. Our operating and net margins also continue to expand as does our cash flow. Just as we were able to generate profit in 2013, our operating margin expansion this year again reflects our ability to deliver profits once revenue growth exceeds the increase in expenses.”