The Life360 Inc (ASX: 360) share price is marching higher in morning trade, up 2.15% trading at $8.09.

We take a look at the ASX tech share’s quarterly update for the period ending 30 June, along with an acquisition confirmation.

What updates did Life360 report?

The Life360 share price is gaining after the company firstly reported it had signed definitive agreements to acquire Jiobit. Based in the US state of California, Jiobit provides wearable location devices intended for young children, pets and seniors.

The ASX tech share first reported on the pending acquisition on 27 April, which saw the Life360 share price leap to a then record high.

In its June quarterly update, also released this morning, the company said its global monthly active user (MAU) base increased by 4.2 million over the quarter to reach 32.3 million users.

In the United States, MAU was up 12% over the previous quarter and 25% year-on-year, to 20.3 million users. MAU also grew strongly in Australia, up 48% year-on-year and 18% from the prior quarter, to 836,000 users.

Underlying revenue of US$25.0 million (AU$33.8 million) increased 28% year-on-year, while annualised monthly revenue (AMR) for June increased 36% year-on-year to US$105.9 million.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at a loss of US$3.3 million. The company noted this excluded stock based compensation and other non-recurring adjustments.

Commenting on the results, Life360 CEO Chris Hulls said:

Direct revenue was the key driver of the result, benefiting from a 19% year-on-year increase in Paying Circles to 1.0 million, and a 21% uplift in ARPPC. Momentum in our membership model has accelerated with cumulative 327,000 new and upsell subscribers, now accounting for 40% of US paying circles.

While legacy subscribers are grandfathered on their previous plans, the new membership cohort is delivering an ARPPC uplift of 37% versus the first half of 2020.

Life360 share price snapshot

The Life360 share price has gained an impressive 148% over the past 12 months, sailing past the 25% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, the Life360 share price has continued its stellar performance, up 108% so far in 2021.

The post Why the Life360 (ASX:360) share price is marching higher today appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Life360, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Rio Tinto Ltd (ASX: RIO) share price has tipped lower on Wednesday after the company revealed a $2.4 billion investment into its Jadar lithium project.

At the time of writing, the Rio Tinto share price is down 1.04% to $131.12.

Rio Tinto to scale up exposure to battery materials

The Rio Tinto share price might be looking to ride the hype behind the lithium industry after committing $2.4 billion to fund its Jadar lithium-borates project in Serbia.

This move is designed to “scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition”.

The Jadar project will produce both battery-grade lithium carbonate, used in electric vehicles and battery storage, and borates, used in solar panels and wind turbines.

The company believes the project will position Rio Tinto as the “largest source of lithium supply in Europe for at least the next 15 years”.

The sheer size and scale of the project is expected to have a significant impact on the Serbian economy.

Rio Tinto estimates that Jadar will be one of the largest industrial investments in Serbia and potentially contribute 1% directly and 4% indirectly to the country’s GDP.

Management commentary

Rio Tinto chief executive Jakob Stausholm said:

We have great confidence in the Jadar project and are ready to invest, subject to approvals. Serbia and Rio Tinto will be well-positioned to capture the opportunity offered by rising demand for lithium, driven by the global energy transition and the project will strengthen our offering, particularly to the European market. It could supply enough lithium to power over one million electric vehicles per year.

When will production start?

The announcement advised the first “saleable” production is expected in 2026 which will be followed by a ramp-up to full production by 2029.

By then, Jadar is expected to produce ~58,000 tonnes of lithium carbonate, 160,000 tonnes of boric acid and 255,000 tonnes of sodium sulphate annually.

Based on these figures, this would position Rio Tinto as one of the top ten lithium producers in the world.

For now, Rio Tinto will be seeking both an exploitation licence and regulatory approvals including the approval of the environmental assessment studies.

Rio Tinto share price nears record highs

The Rio Tinto share price is within an arm’s reach of its 10 May all-time high of $133.42.

Shares in the iron ore major have edged 0.67% lower to $131.58, broadly consistent with the S&P/ASX 200 Index (ASX: XJO) which is down 0.22%.

The post Rio Tinto (ASX:RIO) share price lower after major investment into lithium appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The IGO Ltd (ASX: IGO) share price is down this morning after the company released its latest quarterly activity report.

IGO has reported earnings before interest, tax, depreciation, and amortisation (EBITDA) margins of 52%, while its Nova operation has exceeded guidance.

However, the IGO share price is in the red. In morning trade, IGO shares are trading for $8.98, 1.1% lower than the previous closing price.

Let’s take a closer look at today’s news from the exploration and mining company.

The news that might be driving the IGO share price

The IGO share price is dropping after it released news of what looks to be a successful quarter.

During the period, it formed a joint venture with Tianqi Lithium. The two will work to deliver IGO’s clean energy strategy.

IGO also continued exploration activities at numerous projects in Australia and Greenland.

The company spent $63.8 million on exploration in the financial year just been. It expects to spend $65 million on exploration during the 2022 financial year.

Financial report

Despite what looks to be a strong financial performance in the quarter ending in June, the IGO share price is being driven lower this morning.

Over the period, IGO brought in $266.2 million worth of sales – 44% more than the previous quarter.

IGO also saw its underlying EBITDA reach $139.5 million. That’s a 50% improvement on its EBITDA for the previous quarter.

The company’s net profit after tax for the period was $453 million. This includes $385 million (after tax) from selling its Tropicana operation at the end of May.

Up until then, Tropicana produced 63,248 ounces of gold at an all-sustaining cost of $1,830 per ounce.

However, the amount of cash IGO has in the bank dropped to $528.5 million after it bought into the joint venture with Tianqi. The company still has $450 million of undrawn debt facilities.

Nova operation

The IGO share price is also down despite a good quarter’s production at Nova.

The company’s nickel, copper, and cobalt operation exceeded production guidance over the fourth quarter.

Additionally, its production costs over the quarter were less than was originally predicted, equalling $1.85 per pound for the full 2021 financial year.

IGO also gave guidance for the 2022 financial year’s activities at Nova. It expects it will have a higher cash cost, costing the company between $2 and $2.20 per pound of nickel produced.

In the 2022 financial year, the company expects Nova to produce between 27,000 and 29,000 tonnes of nickel concentrate, 11,500 to 12,500 tonnes of copper concentrate, and 900 to 1,000 tonnes of cobalt concentrate.

IGO is continuing exploration activities at Nova.

Commentary from management

IGO managing director and CEO Peter Bradford commented on the company’s quarter:

Over FY21, our talented and committed team have safely delivered consistently strong operating and financial performance and have successfully reshaped our asset portfolio – transforming IGO into a future-facing resources business with a strategy focused 100% on clean energy metals…

With the two key transactions now complete and a strong June 2021 quarter performance, IGO is well positioned with a cash position of $528 million and no debt. This balance sheet strength will enable us to fund future growth through exploration and disciplined mergers and acquisitions, while continuing to deliver cash returns to shareholders.

IGO share price snapshot

Despite today’s fall, the IGO share price has been performing well lately.

It has gained 40% year to date. It is also 64% higher than it was this time last year.

The company has a market capitalisation of around $6.8 billion, with approximately 757 million shares outstanding.

The post The IGO (ASX:IGO) share price is falling. Here’s why. appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Commonwealth Bank of Australia (ASX: CBA) share price is trading lower on Wednesday morning.

At the time of writing, the banking giant’s shares are down 1% to $99.78.

This makes the CBA share price the worst performer among the big four banks today.

Why is the CBA share price under pressure?

The softness in the CBA share price today appears to have been driven by the announcement of changes to the bank’s regional branch network.

According to the release, branches across 90 regional locations will change their opening hours to 9:30am to 1:00pm.

After these branches close, staff will begin to assist the bank’s Australian-based contact centres, which it notes are receiving more than a million increasingly complex customer enquiries every month.

Why is CBA making these changes?

CBA’s Executive General Manager of Customer Service Network, Mark Jones, revealed that these moves will allow the bank to adapt to changing customer needs while saving jobs in regional communities.

Mr Jones said: “Our branches in regional Australia will continue to play an important role in delivering great service to our customers now and into the future, and this is an example of how we are adapting to meet changing customers’ evolving needs while ensuring jobs stay in regional communities.”

“We’re expanding our Australian-based contact centre network from five dedicated locations to over 90 communities across the country, while keeping a physical banking presence in regional communities,” he added.

CBA explained that while the coronavirus pandemic has not changed how it determines its branch footprint and services, it has accelerated the continuing shift in customer preferences towards digital and contact centre services.

In recent years, Australia’s largest bank has seen a significant increase in customers self-serving on the app or via NetBank, with CBA now serving 7.5 million digitally-active customers.

What else?

The bank notes that outside of these new trading hours, Bank@Post will continue to be available at 3,500 Australia Post outlets for customers who prefer face-to-face banking services.

CBA recently renewed its 110-year partnership with Australia Post until 2032, so both personal and business customers can make withdrawals, deposits and bill payments, including passbooks, during normal business hours.

It also highlighted that all of these 90 local communities already have convenient 24/7 access to CBA ATMs, which will remain available.

Mr Jones commented: “We understand these changes may be an adjustment for some of our customers, and the team at their local branch will continue to be available to help them find the solutions that best suit their needs.”

“We’re concentrating on offering a range of different but complementary options for millions of Australians to complete their everyday banking, including our branches, Bank@Post, our Australian-based contact centres, ATMs, and our digital services,” he added.

The post CBA (ASX:CBA) share price lower following major regional branch changes appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Select Harvests Limited (ASX: SHV) share price is in positive territory today, nearing its 52-week high of $7.79. This comes after the almond producer provided a trading update to the ASX this morning.

At the time of writing, Select Harvests shares are up 1.73%, trading at $7.66.

Crop update

In its release, Select Harvests advised it has processed 70% of its crop so far. The company estimates that crop volume, including the acquired Piangil Almond Orchard, will be approximately 28,250 metric tonnes. This reflects a 21.5% increase on 2020 levels, which stood at 23,250 metric tonnes.

The company added that its investment in new inshell optical sorters and better crop quality had led to increased production in Chinese and Indian markets. Inshell volume had already reached last year’s full-year amount and was “trading at a premium” to its almond kernels.

Strong market conditions

In addition to the crop update, Select Harvest touched on the Almond Board of Australia’s May Export Position Report.

It reported that Australian almond exports surged 67% year-on-year (March to May 2021), with the South/Central Asia market rocketing 306% during the period. Other notable increases included Europe, up 20%, and the North-East Asia (China) market also up 46%.

The current market price for almonds accelerated between $6.75 per kilo to $7.25 per kilo, reflecting a $0.50 per kilo jump. Select Harvests noted that demand remained robust at these levels.

So far, 65% of the company’s 2021 crop has received commitments at prices in the range of $6.15 per kilo to $6.45 per kilo. The remaining portion is said to be at the lower value grades.

In addition, the company said next year’s crop was tracking as planned, with “good tree health” and “sufficient chill hours” from all regions. It expects pollination to peak around mid-August, and beekeepers have begun delivering hives to Select Harvests orchards.

Select Harvests managing director Paul Thompson commented:

The strengthening of current market conditions is pleasing with the demand for inshell almonds, almond kernels and value-added almond products remaining strong.

We are looking forward to a strong performance in 2022 including the benefits of our Piangil Almond Orchard acquisition, the improving profile of our orchards and the recent strengthening of the almond price.

About the Select Harvest share price

Over the past 12 months, Select Harvest shares have lifted to record a 52-week high of $7.79 yesterday. The company’s share price has gained more than 30% since this time last year.

On valuation metrics, Select Harvest presides a market capitalisation of around $905 million, with 120 million shares on its books.

The post Select Harvests (ASX:SHV) share price edges higher after business update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Openpay Group Ltd (ASX: OPY) share price briefly opened higher this morning, up 3% to $1.24 after the company announced its June quarter results.

But its rally was short-lived, sliding back into negative territory, down 1.25% to $1.185 at the time of writing.

Openpay share price continues to struggle following quarterly results

The Openpay share price has really struggled to stay afloat this year, sliding almost 50% year-to-date. While its shares might be tumbling, the company continues to make headway in the BNPL space.

In the June quarter, the company reported 2.0 million active plans, a 141% increase on the prior corresponding period (pcp) and up 16% quarter-on-quarter.

Openpay had 541,000 active customers during the quarter, achieving a growth rate of 69% on the pcp. The company advised that 51% of active customers were from the UK.

Pleasingly, Openpay said that strong customer engagement and awareness has translated to its highest-ever percentage of active plans held by repeat customers.

Active merchants on the platform increased 77% on pcp to 3,800. This figure represents the company’s strongest year-on-year growth in terms of active merchants.

What to look out for in FY22

While the Openpay share price might have opened lower on Wednesday, the company revealed a number of growth initiatives for the year ahead.

Openpay signed two partnership agreements with major platform and aggregator partners in Australia and New Zealand. The company described this move as one which will enable merchants to “simply switch on Openpay as a payment type” rather than signing them up one-by-one.

Openpay UK has now outpaced Australia in terms of total active customers.

The company continues to focus on driving UK partnerships to position its product in front of thousands of new merchants. It also intends to expand into new verticals such as healthcare.

Back in June, Openpay acquired a leading automotive BNPL provider in the UK.

The acquisition of Payment Assist would welcome more than 177,000 active customers and 4,500 merchants to Openpay.

This move was aimed at providing the company with “significant expansion and scale opportunity” in the UK automotive vertical.

Finally, and perhaps most exciting, is Openpay’s plan to launch in the United States in early October 2021.

The company said that it has “built a large pipeline of banking and funding partners, wholesale merchant aggregators aligned with our key verticals”.

Management commentary

Openpay CEO Michael Eidel commented on the company’s achievements to date saying:

“The June quarter was perhaps the most pivotal for Openpay since we announced our US launch in December. Headlining the quarter was our acquisition of leading UK BNPL Auto provider, Payment Assist. The combination of their strong, profitable franchise in Auto with our organic launch in Healthcare in June creates a formidable player in the UK BNPL market with significant growth synergies.

With a US launch right around the corner, Eidel also added:

We are putting the finishing touches on our launch into the US market, targeting go-live in our key Healthcare vertical in early October 2021. This will present another major step forward for Openpay and the first of many very significant commercial opportunities for Opy USA.

A long way to go for the Openpay share price

The Openpay share price is down 47% year-to-date from $2.26 to $1.185 at the time of writing.

Looking ahead, the company believes that “FY22 will be the year when Openpay will record initial substantial volume growth in the largest global consumer market, the US, where all high-growth competitors have built a presence, creating a fundamental quantum leap in growth and scale.”

The post Openpay (ASX:OPY) share price falls despite strong quarter and US plans appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Reuters reported early on Tuesday that Amazon.com‘s (NASDAQ: AMZN) “India arm is in talks with several domestic players in film and media distribution including cinema chain Inox Leisure Ltd for a potential stake, the Indian Express newspaper reported on Tuesday, citing sources.”

Inox denied that it was in any discussions with Amazon India, Reuters said, while Amazon India didn’t immediately respond to the news agency’s request for comment. Of course, we’d expect denials even if the information is accurate. Companies nearly always attempt to keep these types of discussions confidential.

Inox Leisure is the No. 2 multiplex chain in India

Inox is India’s second-largest multiplex chain by number of screens, behind PVR Cinemas. Inox had 153 multiplexes with 648 total screens in 69 Indian cities, as of March 2020.

For some context on relative size, in 2019, PVR had 812 movie screens, Inox Leisure had 612, and the No. 3 player, Carnival Cinemas, had 412, according to Statista.

Inox has “reported a net loss for at least five consecutive quarters since March 2020, when a nationwide coronavirus lockdown was imposed,” according to Reuters. This information, of course, isn’t surprising, as movie theaters across the globe have been one of the industries hardest hit by the pandemic.

Does it make sense that Amazon is interested in an Indian movie theater chain?

At first glance, it wouldn’t seem like the e-commerce and tech giant would be that interested in getting into the movie theater chain business. A movie studio or production company would seem a better fit, as that type of acquisition or stake would expand the company’s content library for its Prime Video streaming service.

Indeed, in May, Amazon announced that it was acquiring famed U.S. movie studio MGM for $8.5 billion. That deal immediately struck me as a highly synergistic, as content is king in the video-streaming business.

However, it doesn’t seem out of the realm of possibilities that Amazon could be interested in acquiring a stake in either Inox or another similar Indian company involved in movie distribution.

India presents an attractive market in general due to its size — it’s the second most-populous country in the world — and population dynamics. Big waves of consumers in this country of about 1.4 billion people continue to move up into the middle class, and this dynamic should continue for some time.

The country is one of the fastest-growing markets for Amazon and has a long runway for growth given the population dynamics mentioned above.

Moreover, the pandemic has presented financially strong companies an ideal opportunity to make acquisitions or acquire stakes in companies that are struggling because they are involved in businesses that have been particularly hurt by the global crisis. Some companies are probably considering making deals they’d not have otherwise considered had the pandemic not presented them with certain opportunities they view as financially attractive.

Whether or not Amazon (which is scheduled to report its second-quarter results on Thursday after the market close) makes a deal with Inox Leisure or another Indian movie theater chain remains to be seen. However, it makes perfect sense that the e-commerce titan would be on the hunt for attractive deals of some kind in the entertainment realm in India.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Amazon reportedly considering deal with top movie theater chain in India appeared first on The Motley Fool Australia.

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Beth McKenna has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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It’s not often you see an ASX 200 share with an almost vertical price chart.

This has been the fortunate case for Mineral Resources Limited (ASX: MIN).

On a weekly chart, the Mineral Resources share price has set a new record high every week, for the past 8 weeks since 7 June.

The company’s shares have rallied an astonishing ~350% from March 2020 lows, with very few pullbacks in between.

Why Mineral Resources is a top performing ASX 200 share

Leveraging Australia’s surging commodity exports

During the February reporting season, Mineral Resources reported that its mining services segment experienced a 28% increase in revenue to $784 million (or 51% of overall revenue).

This growth was primarily driven by continued growth in high-profile mining hubs such as Yilgarn and Utah, where many ASX 200 shares such as BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) operate.

As part of Mineral Resources’ 5 year plan, the company is targeting “significant growth” for its mining services, with the expectation that this segment “more than [doubles]”.

Mineral Resources share price riding the sky high iron ore prices

According to Mineral Resources, the company is Australia’s 5th largest iron ore producer, tailing behind ASX 200 shares BHP, Fortescue and Rio Tinto Limited (ASX: RIO)

In the company’s third quarter update, it cited iron ore shipments totalling 4.1 million wet metric tonnes (wmt), consistent with Q2 FY21 output and up over 51% on the prior corresponding period (pcp).

In addition, total iron ore production during the third quarter was 4.9 million wmt up 44% on pcp.

Mineral Resources has an aspirational goal to increase its iron ore production from 20 million tonnes per annum to 90 mtpa over the next five years.

Did I mention lithium?

The lithium sector is surging with ASX 200 shares such as Pilbara Minerals Ltd (ASX: PLS), Galaxy Resources Limited (ASX: GXY) and Orocobre Limited (ASX: ORE) delivering near triple digit year-to-date returns.

The Mineral Resources share price could also be benefiting from the hype around the lithium sector and renewables industry.

According to the company’s website, its two hard rock lithium mines in Western Australia make it “one of the world’s largest owners of hard rock lithium units”.

The post This ASX 200 share has made new record highs every week for the past 8 weeks appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Apple Inc (NASDAQ: AAPL) share price moved to the downside overnight despite the company reporting another quarter of solid growth.

Shares in the US tech giant slipped in the session leading up to Apple’s third-quarter results. The Apple share price proceeded to move lower after-hours following the release of its results after the market closed.

Let’s inspect the numbers that failed to enthuse investors.

Growth across all major product lines

Although Apple’s results for Q3 may not have impressed investors, it did beat analysts’ estimates. On the top line, total revenue came to US$81.41 billion compared to estimates of US$73.30 billion. This represented an increase of 36% year-over-year (YoY).

Meanwhile, net income totalled US$21.74 billion, equating to earnings per share of US$1.31 per share. Analysts were expecting US$1.01.

Breaking down Apple’s sales by category, iPhone sales increased 49.7% YoY to US$39.57 billion. Similarly, services revenue surged 33% to US$17.48 billion. Other products, Mac, and iPad sales came to US$8.76 billion, US$8.24 billion, and US$7.37 billion respectively.

In fact, all major product lines delivered double-digit growth. Much of this growth came from sales in China. According to the release, Apple notched up US$14.76 billion in sales from China – representing an increase of 58.2% on the prior corresponding period.

Commenting on the result, Chief Financial Officer Luca Maestri said:

Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices. We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.

Chip shortage weighs on Apple share price

While the results were a major positive for the tech company, concerns surrounding the ongoing computer chip shortage appear to have investors on edge.

During the earnings call, CEO Tim Cook signalled Apple is seeing supply constraints that could impact iPhone and iPad sales in the September quarter.

Additionally, the shortage affected Mac and iPad numbers during the third quarter. However, Cook said the company was able to mitigate some of the impacts.

Lastly, Apple once again did not provide guidance, potentially putting further pressure on the Apple share price.

The post Apple (NASDAQ:AAPL) share price slips despite smashing estimates appeared first on The Motley Fool Australia.

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The Nitro Software Ltd (ASX: NTO) share price is rising on Wednesday.

In morning trade, the document productivity software company’s shares are up 1.5% to $3.50

Why is the Nitro share price trading lower?

The Nitro share price is trading higher today following the release of a solid second quarter result.

According to the release, Nitro’s annualised recurring revenue (ARR) reached US$33.8 million at the end of June. This was an increase of 56% over the prior corresponding period.

This means that Nitro is on course to deliver on its FY 2021 guidance for ARR of between US$39 million and US$42 million.

Management advised that this was driven by the continuation of its sales momentum. This includes key customer wins and expansions such as Silicon Valley Bank, FLSmidth & Co, Canadian Natural Resources, Thermo Fisher Scientific, and AmSpec.

It notes that the strong demand for the Nitro Productivity Platform continues to be underpinned by the global shift to remote and digital work, accelerated by the COVID-19 pandemic. There were more than 1 million eSign requests sent in the first half of FY 2021. This is the same number of eSign requests that were sent for the entirety of FY 2020.

Nitro ended the period with a cash balance of US$38.8 million with no debt.

SaaS model transition continues

Also giving the Nitro share price a boost today was the strong progress the company is making with its transition to a SaaS business model.

The release reveals that subscription revenue comprised 63% of total revenue for the first half. This compares to 48% in the prior corresponding period. Furthermore, in the larger Business sales channel, 85% of revenue was from subscriptions.

Nitro’s Co-Founder and Chief Executive Officer, Sam Chandler, commented: “The evolution of the Nitro Productivity Platform has continued to accelerate across the past quarter, with major milestones that have enabled us to offer a full suite of powerful productivity solutions to meet our customers’ needs.”

“In June, we announced the acquisition of PDFpen, adding Mac, iPad and iPhone capabilities to our platform and opening up new market opportunities. This month we have unveiled a comprehensive new pricing and packaging structure that, for the first time, includes the full commercial availability of Nitro Sign as a standalone subscription product offering.”

“With these developments, our Platform offers customers the flexibility to tailor individual productivity solutions that remove barriers to growing their businesses in this fast-changing, post-COVID world,” he added.

Outlook

As mentioned above, Nitro is on track to achieve its FY 2021 ARR guidance of between US$39 million and US$42 million.

In addition, the company has upgraded its revenue guidance to be between US$47 million and US$50 million. This compares to the prior guidance range of between US$45 million and US$49 million. Management notes that the favourable revenue expectation is due to higher return on investment from some of the company’s first half initiatives.

Another positive is that its full year operating EBITDA loss is not expected to be as great as previously expected. It now expects a loss within the range of US$9 million to US$11 million, compared to the previous guidance range of US$11 million to US$13 million.

This is due largely to its stronger revenue performance and partly from cost efficiencies and the timing of personnel hiring.

The Nitro share price is up 70% over the last 12 months.

The post Nitro (ASX:NTO) share price pushes higher following strong Q2 update appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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