Buffalo Coal Corp reported a strong increase in revenue of 72% and turned to a small profit of R2 million for the quarter.
Buffalo Coal CEO Emma Oosthuizen stepped into the role of CFO to make way for the newly appointed CEO, Somdeb Banerjee.
US markets are down, with the S&P 500 closing 0.2% lower and the Nasdaq declining by 0.6%.
The Nikkei 225 is down 0.4% in early morning trade, while the Hang Seng index climbed 0.7%.
CrowdStrike shares tumbled 19% despite beating expectations due to low growth in new revenue.
Meanwhile, iPhone maker Foxconn offered bonuses to entice angry workers to return to its Zhengzhou, China factory.
Here is the biggest news of the day.
- Buffalo Coal Corp reported a strong increase in revenue and turned profitable for the quarter. Revenue increased 72% from last year to R195.9 million, and the company went from a loss of R15.5 million to a small profit of R2 million. For the 9-month period that ended September, the company is still at a loss of R1.5 million. Buffalo Coal reported a loss per share of R0.02 for the quarter. CEO Emma Oosthuizen, who was also acting as the interim CFO, has resigned from her role as CEO. She now assumes the CFO role full-time. It makes way for Somdeb Banerjee as the new CEO, effective from 29 November.
- CrowdStrike shares tumbled 19% despite beating expectations due to low growth in new revenue. Overall revenue for the third quarter came in at $581 million, beating analyst expectations of $574 million, while earnings per share (EPS) of $0.40 beat expectations of $0.31. Annual recurring revenue (ARR) was up 54% year over year, reaching $2.34 billion. More than $198 million was net new ARR, but CEO George Kurtz said that it was below expectations. “Increased macroeconomic headwinds elongated sales cycles with smaller customers and caused some larger customers to pursue multi-phase subscription start dates,” Kurtz said.
- iPhone maker Foxconn offered bonuses to entice angry workers to return to its Zhengzhou, China factory. Foxconn said on Tuesday that it would give a 500 yuan ($70) payment to returning workers, a 3,000 yuan bonus for those who stay more than 30 days, and a 6,000 yuan January bonus. Labor unrest over pay disputes in the face of strict Covid restrictions saw large numbers of employees walk out, threatening to leave Apple with a shortfall of iPhones for the crucial holiday season.
- Fairvest results after merger with Arrowhead. The merger between Arrowhead Properties and Fairvest Property Holdings has successfully been concluded, and Arrowhead’s results are consolidated from 26 January 2022, while the Old Fairvest reporting period was extended to include the 15 months ended September 2022. Revenue was R1.98 billion. Headline earnings per share (HEPS) came in at R0.43, while basic earnings per share (EPS) were R1.93. Distributable income was R1.26 for A shares and R0.43 for B shares, with a 100% payout ratio.
- Hyprop to list on A2X. The secondary listing will commence on 7 December.