Tag Archives: earnings

FuboTV inventory jumps 12% after sports-focused streamer

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FuboTV Inc. simply surpassed expectations for gross sales development within the second quarter and executives elevated their forecast, calling for full-year income to greater than double, sending shares 12% greater in after-hours buying and selling Tuesday.

Fubo
FUBO,
+2.54%
reported a second-quarter lack of $94.9 million, or 68 cents a share, on gross sales of $130.9 million, up from $44.2 million a 12 months in the past. After adjusting for stock-based compensation and different prices, the corporate reported losses of 38 cents a share, an enchancment from $2.46 a share within the year-ago quarter.

Analysts on common anticipated adjusted losses of 49 cents a share on income of $121.Four million, in accordance with FactSet, after the corporate forecast gross sales of $120 million to $122 million. Shares soared greater than 10% greater within the prolonged session, after closing with a 2.5% acquire at $28.64.

In response, Fubo executives elevated their full-year steering for income to $560 million to $570 million, after beforehand stating $520 million to $530 million; FuboTV reported 2020 gross sales of $268.eight million. After ending the quarter with 681,721 subscribers, Fubo executives predicted that whole would high 900,000 on the finish of the 12 months, growing the forecast to 910,000 to 920,000 from 830,000 to 850,000 beforehand.

For the third quarter, executives count on subscribers to high 800,000, guiding for 810,000 to 820,000 on the finish of the interval, resulting in quarterly income of $140 million to $144 million. Analysts on common have been anticipating third-quarter income of $128.5 million, in accordance with FactSet.

Fubo presents a sports-focused streaming service, and hopes to launch a sportsbook providing that may mix playing choices with the reside occasions it airs. Executives mentioned Tuesday that the corporate is on observe to launch that providing earlier than the top of the 12 months, and provided a preview.

“We’re excited to preview for the primary time in the present day how the Fubo Sportsbook app will instantly and in real-time replace with related bets primarily based on what the consumer is watching — whilst they alter the channel to a brand new sport,” executives wrote in a letter to buyers Tuesday. “This invisible connection between streaming video and our cell betting app is a characteristic we consider solely FuboTV can carry to market.”

After going public late final 12 months, Fubo inventory shot greater towards the top of final 12 months, however has calmed down of late whereas nonetheless valuing the corporate at roughly $Four billion. Shares are up 186.4% previously 12 months, however down 37.5% previously six months, because the S&P 500 index
SPX,
+0.10%
has gained 31.9% and 13.4% in these intervals.

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E*Trade, Apple, Walmart: Stocks That Defined the Week

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E*Trade Financial Corp.

The long-predicted M&A frenzy in the wealth management industry is here. Wall Street stalwart Morgan Stanley agreed to buy discount broker E*Trade in a $13 billion deal announced Thursday. The all-stock deal is the biggest takeover by a giant U.S. bank since the 2008 crisis. Earlier in the week, money manager Franklin Resources Inc. agreed to buy rival Legg Mason Inc. for $4.5 billion in cash. E*Trade shares soared 22% Thursday.

…

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Twitter shares jump on rise in user numbers, revenue

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Shares in Twitter have surged after the social media company said its revenue growth and user numbers exceeded forecasts

February 6, 2020, 3:13 PM

3 min read

Shares in Twitter jumped Thursday after the social media company said its revenue growth and user numbers exceeded forecasts in the latest quarter, though profit fell.

The San Francisco-based tech company said that fourth-quarter net earnings fell to $119 million, or 15 cents per share. That’s down from $255 million, or 33 cents, in the same period a year earlier.

The short messaging service posted revenue of $1.01 billion in the period, 11% higher than a year ago, and the first time that it surpassed the $1 billion mark.

The company reached a “new milestone” for revenue in the quarter, Chief Financial Officer Ned Segal said, “reflecting steady progress on revenue product and solid performance across most major geographies, with particular strength in U.S. advertising.”

The company had 152 million daily users in the latest quarter, up from 145 million in the previous quarter.

While the net income figure was below analyst forecasts for $231 million, other figures cheered investors, sending shares up a sharp 16% in early trading.

The sales figure was on the upper end of market expectations, according to data provider FactSet. And the number of active daily users was above the forecast for 147 million.

Last year, Twitter started disclosing its daily user base – that is, users who log into the site at least once a day and see ads on the platform. The daily metric has replaced its monthly user count, which Twitter said it will no longer disclose. Other companies, such as Facebook, give both daily and monthly counts.

Twitter executives said the company is making it a priority to clean up its platform.

“We’ll increase healthy public conversation,” CEO Jack Dorsey said on a call with analysts. “Misleading information is probably the biggest challenge facing us and our industry. This will be a key focus for us.”

Tech companies have been stepping up their efforts to remove misinformation, abuse, hate speech and spam. In Twitter’s latest move, announced earlier this week, the company said it will start labeling or even taking down doctored or manipulated photos, audio and videos designed to mislead people.

For the year as a whole, Twitter posted net income of $1.47 billion on revenue of $3.46 billion. For the current quarter, Twitter forecasts revenue to come in between $825 million and $885 million.

Dorsey said he wanted Twitter’s staff to be less focused on San Francisco, in an indication that he thinks the company should look more to fast-growing international markets.

“Our concentration in San Francisco is not serving us any longer,” Dorsey said. “We’ll strive to be a far more distributed workforce which will help us improve our execution.”

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For all of AP’s tech coverage, visit: https://apnews.com/apf-technology

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US stocks rise after signing of ‘Phase 1’ trade deal

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Stocks are rising in afternoon trading Wednesday following the signing of a preliminary trade deal between the U.S. and China

By

ALEX VEIGA AP Business Writer

January 15, 2020, 6:31 PM

3 min read

NEW YORK —
Stocks rose in afternoon trading on Wall Street Wednesday after the signing of an initial trade deal between the U.S. and China.

President Donald Trump and China’s chief negotiator, Liu He, signed the “Phase 1″ deal before a group of corporate executives and press at the White House. The pact eases some sanctions on China. In return, Beijing has agreed to step up its purchases of U.S. farm products and other goods. The initial agreement is a key step toward de-escalating an 18-month long trade conflict between the world’s largest economies.

Both nations will have to deal with some of the more contentious trade issues as they move ahead with negotiations. Punitive tariffs will remain on Chinese goods as talks continue.

Health care stocks accounted for much of the market’s gains. Several health insurers rose as investors cheered a solid fourth-quarter earnings report from UnitedHealth Group.

Technology companies also climbed. The sector is reliant on China for sales and supply chains and benefits from better trade relations. Microsoft rose 0.8% and Advanced Micro Devices gained 0.9%.

Banks were broadly lower after Bank of America reported weaker profits. Energy stocks also fell along with the price of crude oil.

With the trade issue entering a new stage, Wall Street is focusing on the rollout of corporate earnings reports over the next few weeks.

KEEPING SCORE: The S&P 500 index was up 0.2% as of 1:11 p.m. Eastern time. The Dow Jones Industrial Average rose 92 points, or 0.3%, to 29,031. If the gains hold, the Dow would have its first close above 29,000 points. The Nasdaq rose 0.2%. The Russell 2000 index of smaller company stocks rose 0.4%.

Markets in Europe were mostly lower.

ANALYST’S TAKE: Trade fears have largely subsided and investors are focusing on corporate earnings, especially the picture executives provide for the rest of the year.

“If we hear a better tone this earnings season, more confidence in guidance, that could encourage investors,” said Jeffrey Kleintop, chief global investment strategist at the Schwab Center for Financial Research. “That might even outweigh what the trade deal actually looks like.”

OFF THE MARK: Target slumped 7.4% after a disappointing holiday shopping season prompted the retailer to cut its forecast for a key sales measure in the fourth quarter. The company said weak sales of electronics, toys and home goods crimped sales growth to just 1.4% in November and December.

WANING INTEREST: Bank of America fell 2.1% after reporting a drop in fourth-quarter profits because of the rapid decline of interest rates in late 2019. The bank is particularly impacted by movements in interest rates since it sells a range of consumer banking services, and its balance sheet is more aligned with short-term bonds and other securities.

HEALTHIER RESULTS: UnitedHealth Group rose 3.1% after the nation’s largest health insurer reported surprisingly good fourth-quarter profits. The company covers more than 49 million people and its revenue rose 4% on a mix of insurance premiums and growth from urgent care and surgery centers.

Other health insurers also moved higher. Anthem gained 2.1%, Cigna rose 1.8% and Humana climbed 2.6%.

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AP Business Writer Damian J. Troise contributed.

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Apple Heads for Its Greatest 12 months in a Decade. Possibly It’s Time for a Inventory Break up.

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Amazon’s revenue falls as quicker transport prices soar

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Amazon’s push for quicker supply is hurting its income.

The net retailer mentioned third-quarter revenue fell 26% from a 12 months in the past, lacking Wall Road expectations. Its inventory sunk 6.5% in after-hours buying and selling.

Amazon is shifting to chop its supply time in half, to in the future as a substitute of two, for Prime members who pay $119 a 12 months. The corporate mentioned that it is costing the corporate about $1.5 billion to make the change, almost double what it anticipated.

“It is a massive funding, and it is the fitting long-term resolution for patrons,” mentioned Amazon CEO Jeff Bezos, in a press release.

The Seattle-based firm reported internet earnings of $2.1 billion, or $4.23 per share, within the quarter ending Sept. 30. That is 36 cents beneath what analysts anticipated, based on FactSet.

Its income, nevertheless, beat expectations, rising 24% to $70 billion.

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Amazon’s revenue falls as sooner delivery prices soar

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Amazon’s push for sooner supply is hurting its income.

The net retailer mentioned third-quarter revenue fell 26% from a 12 months in the past, lacking Wall Road expectations. Its inventory sunk 6.5% in after-hours buying and selling.

Amazon is transferring to chop its supply time in half, to at some point as a substitute of two, for Prime members who pay $119 a 12 months. The corporate mentioned that it is costing the corporate about $1.5 billion to make the change, practically double what it anticipated.

“It is a massive funding, and it is the suitable long-term resolution for purchasers,” mentioned Amazon CEO Jeff Bezos, in an announcement.

The Seattle-based firm reported web revenue of $2.1 billion, or $4.23 per share, within the quarter ending Sept. 30. That is 36 cents under what analysts anticipated, in response to FactSet.

Its income, nonetheless, beat expectations, rising 24% to $70 billion.

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Apple iPhone 11 Preorders Are Disappointing, Analyst Says

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Lyft posts losses regardless of income development, improves outlook

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Lyft continued to bleed cash in its second quarter however says it expects to stem a few of these losses, elevating its outlook for 2019.

The ride-hailing firm on Wednesday posted income of $867.Three million, up 72% from the identical time final 12 months.

However the San Francisco-based firm misplaced $644.2 million within the quarter, which was worse than the $445 million loss that analysts polled by FactSet anticipated.

Greater than a 3rd of the loss, or $296.6 million, got here from stock-based compensation Lyft paid out after its preliminary public providing in March. The corporate additionally misplaced $141.1 million on account of altering necessities for liabilities for insurance coverage.

Even so, the corporate improved its outlook for 2019. Lyft now predicts it should lose between $850 million and $875 million after bills resembling curiosity, taxes, depreciation and amortization in 2019, an enchancment from the earlier predicted lack of $1.15 billion to $1.175 billion.

With the revised steerage, the corporate estimates that 2018 might have been the height loss 12 months, and expects to lose much less cash in 2020, mentioned Brian Roberts, chief monetary officer, in a convention name with buyers.

“On account of our sturdy high line development and an bettering market setting we generated important working leverage,” mentioned Logan Inexperienced, CEO, on the convention name. “This was a milestone quarter on our path to profitability.”

The rollout of Shared Saver, which gives riders a extra inexpensive experience in the event that they stroll a brief distance to the automobile, led to enhancements in system-wide effectivity and monetization, Inexperienced mentioned. The corporate additionally has been providing public transit info in its app in eight markets, which could be mixed with Lyft’s shared bikes or scooters, he added.

Lyft has been investing to develop its share of its extra worthwhile choices resembling premium, enterprise and airport rides, Roberts mentioned.

“We’re centered on driving worthwhile development, not development in any respect prices,” Roberts mentioned.

The corporate’s development in lively riders — and income per lively rider — was higher than anticipated, which drove its income development, Inexperienced mentioned. Lyft’s income per lively rider was $39.77, up 22% in comparison with the identical time final 12 months.

The quarter turned out “a lot better than feared,” mentioned Daniel Ives, managing director of fairness analysis at Wedbush Securities Inc. “The corporate is exhibiting the place they’re slicing bills relative to expectations, and that is necessary to placing them on the eventual path to profitability,” he mentioned.

Uber, which is Lyft’s fundamental and far bigger rival, is ready to report earnings Thursday.

Lyft’s inventory value has fallen sharply since its debut. Its shares rose 3% to about $63 in after-hours buying and selling Wednesday, which is down 13% from its IPO value of $72.

It was the primary of the most important ride-hailing firms to go public, beating Uber to its inventory market debut. Early enthusiasm amongst buyers shortly fizzled, together with the inventory value. The corporate has not turned a revenue or demonstrated a path to profitability. Nonetheless, its losses have been steeper final quarter, when the corporate was hit with extra bills from inventory compensation associated to its IPO.

Its adjusted web loss, after accounting for the inventory compensation, insurance coverage change and different bills, widened to $197.Three million, from the $176.5 million adjusted web loss it posted throughout the identical quarter final 12 months.

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Kraft Heinz takes one other $1 billion hit, shares plunge

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Kraft Heinz launched its second quarter earnings report delayed by accounting issues and revealed continued fall-out associated to these points on high of weak gross sales.

The corporate that makes Oscar Mayer scorching canine, Kool-Help, Heinz ketchup and Velveeta took prices in extra of $1 billion within the first half due partially to the “perceived threat” to the worth of the corporate throughout a really tough 12 months wherein its inventory has been lower in half.

Shares of The Kraft Heinz Co. tumbled one other 14% to an all-time low Thursday.

The corporate, created in a 2015 merger crafted by billionaire Warren Buffett and Brazilian personal fairness agency 3G Capital, had been making an attempt to regain its footing and comply with huge modifications in what individuals eat and the way they understand the corporate’s most iconic manufacturers.

Then, early this 12 months, Kraft Heinz disclosed an investigation into its accounting practices by federal regulators and stated it will slash the worth of its Oscar Mayer and Kraft manufacturers by greater than $15 billion.

Whereas firm executives had been cleared within the investigation which targeted on a comparatively small variety of individuals in its procurement operations, Kraft Heinz was pressured to regulate previous outcomes reported to the Securities and Alternate Fee. In Could, it restated its monetary outcomes for the years 2016, 2017, and for the primary 9 months of 2018.

That harm continued to play out within the quarterly outcomes launched Thursday.

Kraft recorded prices of $474 million within the quarter, “primarily pushed by the applying of a better low cost charge to replicate the markets’ perceived threat” to the corporate’s worth.

It took further prices of $744 million within the first half associated to its export and refrigerated companies, amongst others.

Revenue in the course of the first half of 2019 dropped virtually 55%.

“The extent of decline we skilled within the first half of this 12 months is nothing we must always discover acceptable shifting ahead,” stated CEO Miguel Patricio. “We have now vital work forward of us to set our strategic priorities and alter the trajectory of our enterprise.

Kraft earned $449 million, or 37 cents per share, for the three months ended June 29. A 12 months in the past it earned $754 million, or 62 cents per share.

Stripping out the $474 million impairment cost associated to writing down the worth of manufacturers together with Maxwell Home and Lunchables and different objects, earnings had been 78 cents per share, which was three cents higher than Wall Road had anticipated, based on a survey by Zacks Funding Analysis.

Income was $6.41 billion, down from $6.69 billion a 12 months earlier, as gross sales declined in all areas. That quantity fell in need of projections from business analysts.

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Components of this story had been generated by Automated Insights (http://automatedinsights.com/ap) utilizing information from Zacks Funding Analysis. Entry a Zacks inventory report on KHC at https://www.zacks.com/ap/KHC

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