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Trump contradicts Pompeo, plays down alleged Russian role in cyberattack

The company at the center of the attack, SolarWinds, has not assigned blame to any country thus far.

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U.S. President Donald Trump speaks to the press in the James Brady Press Briefing Room at the White House on November 20, 2020 in Washington, DC.

Tasos Katopodis | Getty Images

President Donald Trump suggested Saturday that China might have been behind a cyberattack affecting multiple U.S. government agencies and companies, despite Secretary of State Mike Pompeo’s allegation hours earlier that Russia was likely behind the attack.

The assertion adds confusion to an already complex situation, as cybersecurity workers strive to figure out a hack that came to light less than week ago. At that time Reuters reported, citing people familiar with the matter, that attackers were affiliated with Russia.

“Russia is the priority chant when anything happens because Lamestream is, for mostly financial reasons, petrified of……..discussing the possibility that it may be China (it may!)” Trump wrote in a pair of tweets.

Russia has been a sensitive topic for Trump. An investigation led by Robert Mueller found that the Russian government had interfered in the 2016 election that resulted in Trump becoming president. Trump said in 2019 that he had never worked for Russia, after The New York Times reported the Federal Bureau of Investigation had begun looking into whether he had become influenced by the Kremlin.

Shares of management software maker SolarWinds have fallen nearly 40% over the past week, during which it started to become clear how many organizations installed updates to software that had included a vulnerability likely introduced by attackers between March and June. Cisco, Microsoft and VMware are among the companies that have said in recent days that they were impacted.

The Energy Department confirmed Thursday that the attack had reached its business networks. Last weekend the Commerce Department said it had been breached, and NBC News reported that the White House National Security Council said it was investigating a possible breach at the Treasury Department.

Sen. Marco Rubio, a Republican representing Florida, said in a Saturday tweet that it was “increasingly clear that Russian intelligence conducted the gravest cyber intrusion in our history.”

SolarWinds itself has not assigned blame to a specific country.

“While security professionals and other experts have attributed the attack to an outside nation-state, we have not independently verified the identity of the attacker,” the company said in a regulatory filing on Thursday.

WATCH: Scope of suspected Russian hack grows as more organizations reveal breaches

Source: https://www.cnbc.com/2020/12/19/trump-contradicts-pompeo-plays-down-alleged-russian-role-in-hack.html

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Source: https://www.cnbc.com/earnings/

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

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© 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Market Data Terms of Use and Disclaimers

Data also provided by Reuters

Source: https://www.cnbc.com/earnings/

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