SAP says business recovered more than expected in second quarter

FRANKFURT (Reuters) – SAP said on Wednesday its business activity gradually improved in the second quarter from the effects of a global lockdown, with revenues and operating profit edging up, and the German software maker confirmed its full-year outlook.

Total revenue in the period increased by 2% to 6.74 billion euros ($7.64 billion). Software licenses – SAP’s cash-cow business that generates much of its profits but is “lumpy” because revenue is recognised up front – slumped 18%, but cloud revenues were up by the same amount.

“Software licenses revenue, while still below normal levels, recovered more than expected”, SAP said in a pre-released earnings statement, adding that the revenue showed a strong sequential improvement compared to the first quarter.

Operating profit increased by 7% to 1.96 billion euros as SAP slowed hiring new staff and cut costs, including by spending less on travel and staging more virtual events.

“Our quick

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Cinedigm Books Q4 Operating Profit In Core Streaming Business As Viewing Triples

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Cinedigm, which has pivoted its former cinema equipment business to streaming, reported a few bright spots in its fiscal fourth quarter despite continued red ink.

The company, which has built a portfolio of streaming services such as CONtv and Docurama, reported total revenue of $39.3 million in the quarter ending March 31, a 27% drop from the year-ago period. The company blamed the slide on the decline of its legacy cinema equipment business. Net losses per share narrowed to 34 cents from 44 cents in the year-ago period.

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The news was better in the streaming unit, where adjusted EBITDA was $700,000 in the period, a $3.5 million swing into positive territory.

The company’s portfolio of 16 streaming services collectively reached 13.2 million monthly ad-supported viewers by May 31 and 9.7 million by March 31, nearly triple the level

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Starling Bank CEO Anne Boden on COVID-19 crisis, Bounce Back loans, and outperforming rivals

Starling Bank chief executive Anne Boden. Photo: Starling Bank
Starling Bank chief executive Anne Boden. Photo: Starling Bank

Starling Bank has had a good crisis.

While rivals have laid off staff, shut business lines, and set aside huge sums to cover expected losses, Starling has hired more staff, raised £40m ($50m), and continued to sign up new customers.

“We haven’t furloughed people, we’ve hired nearly 100 people during lockdown,” Anne Boden, Starling’s chief executive and founder told Yahoo Finance UK this week. “It’s been pretty good going.”

Founded in 2014, Starling is one of a number of digital-only banks set up in recent years to challenge the dominance of the high street names. The crop of startups, which include the likes of Monzo and Revolut, have all raced ahead to land millions of customers and have attracted over a billion pounds of investment between them.

READ MORE: Monzo to lay off 120 staff

However, not

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Macron backs plans to tell French to eat less cheese to help the environment

A citizens' environmental panel suggested cutting meat and cheese consumption in France by 20 per cent - AFP
A citizens’ environmental panel suggested cutting meat and cheese consumption in France by 20 per cent – AFP

President Emmanuel Macron, reeling from a humiliating wave of Green local election victories over the weekend, has embraced an unusual strategy to win back popularity: suggesting the French eat less cheese. 

The president backed a series of proposals from an environmental citizens’ panel on Monday, including that the French should cut their cheese and meat consumption by 20 per cent.

He also promised €15 billion (£13.7bn) in new funding to fight climate change, a day after Green candidates seized control of cities including Lyon, Strasbourg and Besançon. In Paris, the Socialist mayor, Anne Hidalgo, was re-elected with Green support.

On Monday, Macron met members of a citizen’s panel he convened earlier this year to shape government policy on the environment after accusations that he had failed to deliver on promises

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