upGrad claimed to have crossed the milestone of ₹100 cr monthly revenue and hit an Annual Revenue Run Rate of ₹1,200 cr. The startup now aims a 25% revenue growth during the quarter ending in June. The edtech startup registered a 100% revenue growth in 2020, while offerings jumped 3x along with garnering 1 mn “learners across 50+ countries.” It had registered 10 mn hrs of learning experiences and acquired three companies in 2020.
The Indian IT industry is likely to hit $300-$350 bn revenue over the next five years growing 10% a year, according to a yet-to-be-released report by McKinsey & Company. The growth is much higher for the $194 bn industry which grew 7.5% over the last five years. This growth will come primarily from digital services, which currently accounts for 30% of the total revenue, but expected touch 50% in next five years to hit $170 to $200 bn of revenue.
People speeding, globally, in the top 100 non-game subscription-based apps grew 34% YoY from $9.7 bn in 2019 to $13 bn in the year 2020, said market intelligence firm Sensor Tower. Revenue from these apps constitutes around 11.7% of the total $111 bn that users spent on in-app purchases last year, the same share as in 2019. In Q4 2020, 86 of the top 100 earning non-game apps globally offered subscriptions, down from 89 in Q4 2019.
Cisco’s revenue declined for a fifth straight quarter, as enterprises spent less on network infrastructure products for offices due to the rise of WFH culture. The poor performance sent the firm’s shares 4% down in extended trading. The infrastructure platforms unit, whose sales fell 3% in the quarter, took the biggest hit from the pandemic. The company’s total revenue fell slightly to $11.96 bn in the Q2 ended Jan 23, from $12.01 bn a year earlier.
IBM’s earnings showed that its cloud and cognitive software revenues were down by 4.5% to $6.8 bn. Revenue from cognitive applications — where AI incomes are mentioned — were flat. However, Red Hat performed well, with a rise of 18% in revenue YoY. But overall IBM’s revenue declined for the fourth straight quarter. Experts, however, said it’s too easy to say that IBM’s transformation strategy has failed, the results aren’t there yet.
PhonePe reported a 74% rise in yearly revenue to Rs 147.21 cr in the FY ended March 2020, from Rs 245.8 cr a year earlier. Its total loss narrowed 7% to Rs 1,772.93 cr, YoY. The business unit’s total expenses were up 2% to Rs 2,202.91 cr. Advertising and promotional charges, its largest expenditure, dropped 22% to Rs 1,016,64 cr. Employee costs, another big cost centre, were cut 10% to Rs 478.92 cr.
Google India revenue grew 34.8% to about ₹5,593.8 cr in FY20 over the previous financial year. The tech giant’s India income stood at ₹4,147 cr in the period, while net profit was higher by about 23.9% at ₹586.2 cr compared to ₹472.8 cr in the preceding fiscal. The company’s expenses rose 30.4% to ₹4,455.5 cr in FY20 from ₹3,416.5 cr in 2018-19. Advertising revenue contributed about 27%, while IT-enabled services 32% and IT services 41%.
Zoom has raised its annual revenue forecast by 30% as more of its free users convert to paid subscribers amid the pandemic. Its shares surged almost 4X this year, rising 9.3% to $355.30. Zoom became increasingly popular since the onset of pandemic earlier this year. But a lot of its customers turned to competitors due to its security concerns. Despite this, it had a master quarter with 355% revenue hike to $663.5M, topping analysts’ average estimate of $500.5M.
Infosys reported an 11.5% growth in profits to ₹4,233 cr in the Q1. Revenues, during the period, rose by 8.5% to ₹23,655 cr. The company said it would grow by 0-2 % in the current FY, Infosys won large projects due to acceleration of digital project in large enterprises, following COVID- 19 pandemic. “We see a lot of demand in areas like cloud, workplace and digital transformation activities,” said CEO, Salil Parekh.