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    GOOGL   US02079K3059

ALPHABET INC.

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Delayed Nasdaq  -  04:00 2022-06-24 pm EDT
2359.50 USD   +5.11%
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Paytm parent's quarterly loss widens as expenses surge

05/20/2022 | 01:45pm EDT
FILE PHOTO: Paytm app is seen on a smartphone in this illustration

(Reuters) - India's One 97 Communications Ltd, the parent of fintech firm Paytm, on Friday reported a wider fourth-quarter loss due to higher expenses related to payment processing, marketing and employee benefits.

The company had said in April it expected to be operationally profitable by September 2023, though analysts have raised concerns over its business model, with Macquarie Research saying Paytm "has too many fingers in too many pies".

A regulatory audit at its payments bank has also pummeled its share price, down 57% so far this year.

The company, headquartered in Noida in the national capital region, reiterated it was "well on track" to meet its profitability targets.

Paytm, which competes with Google and Walmart Inc's PhonePe in India's digital-payments market, said revenue in the reported quarter jumped 89% to 15.41 billion rupees. The company reported a net loss of 7.63 billion rupees ($97.97 million) for the three months ended March 30, compared with a loss of 4.44 billion rupees a year earlier.

Payment processing charges for the company soared 52%, and employee benefits expenses surged 148%, driving total expenses up 78%.

($1 = 77.8266 Indian rupees)

(Reporting by Mehr Bedi and Chris Thomas in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 5.11% 2359.5 Delayed Quote.-18.55%
MACQUARIE GROUP LIMITED 1.06% 165.33 Delayed Quote.-20.35%
ONE97 COMMUNICATIONS LIMITED 3.19% 648.05 Delayed Quote.-52.94%
WALMART INC. 0.08% 123.72 Delayed Quote.-14.56%
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Analyst Recommendations on ALPHABET INC.
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Financials (USD)
Sales 2022 298 B - -
Net income 2022 73 919 M - -
Net cash 2022 145 B - -
P/E ratio 2022 21,2x
Yield 2022 -
Capitalization 1 557 B 1 557 B -
EV / Sales 2022 4,74x
EV / Sales 2023 4,04x
Nbr of Employees 163 906
Free-Float 89,7%
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Mean consensus BUY
Number of Analysts 50
Last Close Price 2 359,50 $
Average target price 3 186,07 $
Spread / Average Target 35,0%
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Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
John L Doerr Independent Director
Ann Mather Independent Director
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