Tech Stocks to watch for – 21Vianet Group Inc (VNET), Xerox Corp (XRX)
Shares of 21Vianet Group Inc (NASDAQ:VNET) ended Thursday session in red amid volatile trading. The shares closed down -0.19 points or -2.37% at $7.82 with 640,191.00 shares getting traded. Post opening the session at $8.00, the shares hit an intraday low of $7.80 and an intraday high of $8.08 and the price vacillated in this range throughout the day. The company has a market cap of $700.71 million and the numbers of outstanding shares have been calculated to be 458.92 million shares.
21Vianet Group Inc (VNET) announced its unaudited financial results for the second quarter of 2016.
Second Quarter 2016 Financial Highlights
Net revenues increased to RMB910.8 million (US$137.1 million) from RMB866.8 million in the comparative period in 2015
Mr. Steve Zhang, Chief Executive Officer of the Company, stated, “Despite headwinds in certain market segments, we are pleased to report that core business areas, including IDC, Cloud and VPN gained solid growth momentum in the second quarter. Following a slow start during the first quarter this year, new cabinet additions in our self-built data centers were back on track and utilization continued to trend up and we expect the momentum in our core IDC segment to continue. Additionally, we are experiencing solid growth in our cloud business, driven by both steady growth from our existing Microsoft cloud business, as well as contributions from IBM cloud business. However, challenges in our managed network services (“MNS”) segment remain, which we are proactively and aggressively addressing. As we continue to focus on our key growth areas and optimizing our revenue mix, we believe that we are well positioned to capture the tremendous growth potential in China and maintain our position as a leading internet infrastructure service provider in China.”
Shares of Xerox Corp (NYSE:XRX) ended Thursday session in green amid volatile trading. The shares closed up +0.04 points or 0.40% at $10.01 with 5.52 million shares getting traded. Post opening the session at $9.96, the shares hit an intraday low of $9.94 and an intraday high of $10.04 and the price vacillated in this range throughout the day. The company has a market cap of $10.28 billion and the numbers of outstanding shares have been calculated to be 1.01 billion shares.
Xerox Corp (XRX) announced the latest milestone in its plan to separate into two independent, publicly-traded companies – unveiling the global brand identity of Conduent Incorporated, the soon-to-be industry leading business process services company.
“Our brand identity signifies core ideas behind our company and the value we create for our clients,” said Ashok Vemuri, CEO of Conduent following the company’s separation. “Both enterprises and governments are seeking ways to improve and modernize the way they interact with their constituents and clients. We are forming a company built around an unwavering focus on our client’s needs, delivery excellence and a set of core values – all in service of creating more consistent experiences and returns for our stakeholders.”