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Investing.com -- Timee reported third-quarter sales growth of 27% year-over-year, marking the company’s lowest quarterly growth rate since its public listing and falling short of analyst expectations of 29% growth.
The sales figure also represented a slowdown from the second quarter’s 28% growth rate. The company experienced weakness in both food and retail industries as clients reduced their usage to manage costs.
Despite the sales miss, Timee raised its full-year operating profit guidance. However, market reaction may focus more on the sales performance than the improved profit outlook.
Looking ahead, Timee revised its fourth-quarter sales growth guidance to 19-21% year-over-year. The company expressed optimism that growth would accelerate in the first quarter, which is traditionally the peak period for its logistics business, citing positive results from its field manager dispatch initiative in the logistics area.
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