Meta earnings beat, boosted by ad revenue rebound, cost cuts
10/26/2023 05:25Social media giant Meta Platforms (META) reported third quarter results that beat analyst estimates on both the top and bottom lines. Earnings of $4.39 per share handily beat Wall Street expectations of $3.70 and the $34.15 billion in revenue topped estimates of $33.51 billion. Meta benefited from stronger-than-expected ad revenue as well as the costs cuts stemming from CEO Mark Zuckerberg's "year of efficiency." Neuberger Berman Senior Research Analyst Dan Flax says that going forward "what will matter most is the revenue growth and their ability to demonstrate a growing relevancy with users and with advertisers, and longer term, we'll have to see how the Reality Labs investments pay off." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Barrons.com
IBM Earnings Edge Estimates. The AI Bet Is Starting to Pay Off, CEO Says.
IBM third-quarter earnings edged Wall Street estimates, and its CEO says the company’s push into artificial intelligence is starting to pay off. Results were marked by continued solid growth in software, moderating expansion of the consulting business, and better-than-expected performance by the IBM’s mainframe business. The company also confirmed its previous full-year guidance for revenue and cash flow growth.
Reuters
Facebook-parent Meta beats revenue estimates on digital ad strength
NEW YORK (Reuters) -Meta Platforms beat expectations for third-quarter profit and revenue on Wednesday, helped by an austerity drive and a recovery in digital advertising ahead of the holiday season. Shares of Meta, which have risen nearly 150% so far this year, gained 3% in after-hours trading. The Facebook and Instagram owner has been climbing back from a bruising 2022.
Bloomberg
Meet Trump Ally, New Conservative Speaker Mike Johnson
(Bloomberg Government) -- Rep. Mike Johnson is hardly a household name, even in Washington, D.C. But he’ll become more of one starting today.Most Read from BloombergControversial Chip in Huawei Phone Produced on ASML MachinePost-Earnings Meta Rally Fails to Prop Up QQQ: Markets WrapTrump Signals Support for Johnson’s Bid to Become House SpeakerTrump Ally Mike Johnson Elected House Speaker, Shifting GOP Further RightApple Plans AirPods Overhaul With New Low- and High-End Models, USB-C HeadphonesT
Barrons.com
Microsoft Stock Jumps After Earnings Beat. The Cloud Looks Strong.
Microsoft shares traded higher after the company posted better-than-expected financial results for its September quarter, aided by better performance than expected from the company’s cloud computing business. The software firm posted revenue of $56.5 billion, up 13% from a year ago, and $2 billion ahead of Wall Street estimates. Importantly, the company’s Azure cloud business grew 28% on a constant currency basis in the quarter, well above the company’s forecast for growth of 25% to 26%; on a GAAP basis Azure grew 29%.
Barrons.com
Alphabet Stock Drops 9.5% After Earnings Beat Expectations. Here’s Why.
Alphabet stock fell 9.5% Wednesday despite stronger-than-expected quarterly earnings from the Google parent. Earnings per share were $1.55, nine cents ahead of the consensus at $1.46 a share. Ad revenue was $59.6 billion, above the Wall Street consensus forecast of $59.6 billion.
Reuters
More alarm bells sound on slowing demand for electric vehicles
High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker. Electric vehicle sales are still growing strongly, but that demand is not keeping up with the expectations of carmakers and other companies that have invested billions of dollars in the EV space. Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily.
Benzinga
Bill Gates Has Already Lost Millions On His Bud Light Comeback Bet
Bill Gates, the seventh-richest person in the world according to the Forbes 2023 list, has been losing money on one of his latest investment bets. Gates, who amassed his wealth by cofounding and leading Microsoft Corp. for decades before retiring in 2008, has since focused on investing in private corporations and publicly traded companies. In the fiscal second quarter of 2023, Gates purchased over 1.7 million shares of Anheuser-Busch InBev (NYSE:BUD), maker of popular beer brands including Bud L
Benzinga
How To Collect $1,000 Per Month From Warren Buffett's Favorite Energy Stock
Legendary investor Warren Buffett has achieved astounding returns throughout his career. From 1964 to 2022, his company Berkshire Hathaway Inc. (NYSE:BRK) delivered an overall gain of 3,787,464%, dwarfing the S&P 500's 24,708% return during the same period. Other than picking stocks that skyrocketed in value, Buffett also collects dividends — a lot of dividends. Buffett famously said, "If you don't find a way to make money while you sleep, you will work until you die." Don't Miss: Elon Musk may
Associated Press Finance
Boeing loses $1.6 billion on fewer deliveries of airliners and higher costs for Air Force One
Boeing reported a $1.64 billion loss for the third quarter as it delivered fewer of its best-selling but problem-plagued 737 Max airliner and sunk more money into building two new Air Force One presidential jets. The aircraft maker on Wednesday lowered its forecast of 737 production to between 375 and 400 planes this year, down from a previous estimate of 400 to 450. Boeing has lost money every year since 2018 and has been profitable in only one of its last nine quarters as it struggles with problems in aircraft and defense programs.
Benzinga
Want To Invest In Penny Stocks? Here Are Three That Analysts Think Could Deliver Over 300% Returns
Penny stocks are risky but have the potential to triple initial investments. While risk-averse investors might associate penny stocks with gambling, conducting proper research and noting market sentiment regarding such low-value stocks can help traders identify strategic investment opportunities. But pump-and-dump schemes where market-makers artificially inflate the price of penny stocks through advertising are fairly common. While the promoters often end up cold calling clients or sending email