Business

NVIDIA out to be a giant in an AI age

US graphics chip maker NVIDIA aims to be a powerhouse in an era of artificial intelligence with the big-ticket buy of Britain-based Arm, whose microprocessors are in many smartphones.

Internet

Zoom rides pandemic to another quarter of explosive growth

Zoom's videoconferencing service is deepening its integral role in life during the pandemic as tens of thousands more businesses and other users pay for subscriptions to get more control over their virtual meetings.

Business

Toyota warns of 64% drop in full-year net profit

Toyota on Thursday warned of a 64 percent drop in full-year net profit and reported a slump in quarterly earnings, as the coronavirus pandemic shreds the global auto market.

Business

Oracle shares slump on earnings hit by pandemic

Oracle shares fell Tuesday after the business software company reported its earnings took a hit from the pandemic's toll on hotels, shops and other enterprises that rely on its cloud computing offerings.

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Fiscal year

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (i.e., January through December). Fiscal years vary between businesses and countries.

In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems and Tesco.[citation needed]

In the United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zealand and Japan).[citation needed]

Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months.

Some media/communication based organizations use a Broadcast calendar as the basis for their fiscal year.

This text uses material from Wikipedia, licensed under CC BY-SA