Mastercard (MA) reported Q1 adjusted earnings Wednesday of $3.31 per diluted share, up from $2.80 a year earlier. Analysts polled by Capital IQ expected $3.24. Net revenue for the quarter ended March 31 was $6.35 billion, up from $5.75 billion a year earlier. Analysts surveyed by Capital IQ expected $6.34 billion. Mastercard shares were down 4% in recent premarket activity.
Mastercard Q1 Adjusted Earnings, Net Revenue Rise Read Post »
By Claudia Assis CEO cites ‘disappointing’ performance as same-store sales slide worldwide Starbucks Corp. spooked investors late Tuesday, detailing how a trifecta of fewer people at its stores, cautious consumers and fiercer competition for a morning joe hit its quarterly revenue, and sank the stock more than 9% in the after-hours session. “Let me be clear from the beginning, our performance this quarter was disappointing and did not meet our expectations,” Chief Executive Laxman Narasimhan said on a call with analysts after the results were released. “A deteriorating economic outlook” in several markets has weighed on customer traffic and the impact is felt broadly across the industry, the CEO said. The company reported sliding comparable-store sales across the globe, only in part offset by higher tickets. In key markets, including the U.S., declining foot traffic is a problem, as consumers – particularly the occasional customer- continue to be “cautious,” Narasimhan
Starbucks’ Stock Sinks 9% as ‘Cautious’ Consumers, More Headwinds Hit Profit, Revenue Read Post »
Skyworks Solutions, a semiconductor maker, is seeing weaker-than-expected demand for tablets and phones. The company, which makes networking components with industrial, defense and mobile-device applications, says with 2Q results that end-market demand in mobile, which includes smartphones, tablets and smartwatches, was below normal seasonal trends. Skyworks expects another sequential drop in mobile as inventory clears. The commentary may be an early sign that a broader recovery in the smartphone market is stumbling. Shares fall 9.5% to $96.51 after-hours.
Skyworks Solutions Says Phone, Tablet Demand Was Light in 2Q Read Post »
The following is a summary of the Marathon Petroleum Corporation (MPC) Q1 2024 Earnings Call Transcript: Financial Performance: Marathon Petroleum Corporation reported Q1 earnings per share of $2.58 and generated $3.3 billion of adjusted EBITDA, notably despite having 4 of their largest refineries in turnaround. They invested over $1.3 billion in capital expenditures, investments, and acquisitions in the quarter. The company announced an additional $5 billion share repurchase authorization, bringing the total capital returned to shareholders to $35 billion since May 2021, thus reducing the MPC share count by nearly 50%. The company increased its cash holdings by about $2 billion in Q1, culminating in a total of roughly $7 billion. Business Progress: Two new independent directors joined the MPC board from March 1. The company has plans to meet rising global oil demand primarily driven by requirements for transportation fuels. Investments are being channeled predominantly into refining large competitively
Marathon Petroleum(MPC.US) Q1 2024 Earnings Conference Read Post »
Investors are wary of many headwinds facing Starbucks ahead of its earnings report on Tuesday. A potential new summer drink with fruit flavored pearls — similar to bubble tea — could bring some fresh momentum to the coffee chain. For Starbucks’ second fiscal quarter ended in March, analysts polled by FactSet expect the coffee chain to post 80 cents per-share earnings and $9.1 billion in sales, marking 8.1% and 4.6% growth, respectively, from the same quarter a year ago. The company missed first-quarter earnings expectations and lowered its revenue guidance for the rest of the fiscal year. Management expects sales to grow between 7% and 10% year-over-year in 2024, down from the previous forecast of 10% to 12%. Pressure from inflation will continue in 2024, especially as California boosted the minimum wage for fast-food workers from $16 to $20 per hour. According to data from Gordon Haskett, Starbucks raised prices
Apple (AAPL) has resumed talks with OpenAI to potentially incorporate the startup’s technology into upcoming iPhone features later this year, Bloomberg reported late Friday, citing people familiar with the matter. The two companies have started discussions regarding potential terms of an agreement and the integration of OpenAI features into the next iPhone operating system, iOS 18, the report said. Apple is also in talks with Alphabet’s (GOOG, GOOGL) Google about licensing its Gemini chatbots, according to the report. No final decision has been made, and there’s no assurance of a deal, Bloomberg reported. Apple may opt for agreements with both OpenAI and Google, or choose a different provider altogether, the report said.
Apple Resumes Talks With OpenAI for iPhone AI Features Read Post »
Franklin Resources, Inc. Announces Second Quarter Results SAN MATEO, Calif.–(BUSINESS WIRE)–April 29, 2024– Franklin Resources, Inc. (the “Company”) (NYSE: BEN) today announced net income(1) of $124.2 million or $0.23 per diluted share for the quarter ended March 31, 2024, as compared to $251.3 million or $0.50 per diluted share for the previous quarter, and $194.2 million or $0.38 per diluted share for the quarter ended March 31, 2023. Operating income was $129.3 million for the quarter ended March 31, 2024, as compared to $206.5 million for the previous quarter and $255.1 million for the prior year. As supplemental information, the Company is providing certain adjusted performance measures which are based on methodologies other than generally accepted accounting principles. Adjusted net income(2) was $306.6 million and adjusted diluted earnings per share(2) was $0.56 for the quarter ended March 31, 2024, as compared to $328.5 million and $0.65 for the previous quarter,
Franklin Resources, Inc. Announces Second Quarter Results Read Post »
European Commission reportedly plans to investigate Meta Platforms Inc’s (NASDAQ:META) Facebook and Instagram over concerns regarding Russia disinformation, with suspicions of inadequate moderation. Regulators are alarmed by Meta’s purportedly insufficient efforts to combat political advertising disinformation, risking electoral integrity, according to a report from Financial Times. Also See: How Apple’s Arch Rivals Meta And Google Are Revamping Their Plans To Take On The Might Of iPhone And Vision Pro EU officials express unease over Meta’s handling of Russian interference in upcoming European elections, underlining broader concerns about misinformation spread by foreign entities. Moreover, the accessibility of Meta’s content flagging system under the EU’s Digital Services Act raises apprehensions, with fears that it might not meet regulatory standards. The investigation, spurred by Meta’s report on disinformation handling and the EU’s assessment, will scrutinize whether Facebook and Instagram comply with the law in placing political content. The probe also delves into Meta’s discontinuation of
Meta Faces EU Probe For Suspected Failure To Combat Russian Disinformation Read Post »
Customers are hungry for value, Domino’s says on a 1Q earnings call, including on third-party apps that tend to attract higher-income customers. Consumers are looking for special deals more than everyday low prices, executives say. The pizza giant says it intends to run a steady stream of deals this year to keep customers coming to its stores. Domino’s is up 6% in premarket trading.
Restaurant Promotions Running Hot, Domino’s Notes Read Post »
Domino’s Pizza says its foreign business remains soft this year, with international same-store sales up 0.9% compared to last year. The Middle East and Europe continue to be challenged, Domino’s says. The chain says it continues to expect to achieve a 3% international same-store sales growth this year as other global markets deliver improving results.
Domino’s Notes Ongoing Challenges Abroad Read Post »
Domino’s just introduced a New York-style pizza with a thinner crust than its traditional dough, helping to draw in a new customer, CEO Russell Weiner says in an interview. Some customers who wanted a foldable pizza slice with a different ratio of ingredients to dough are now giving Domino’s another look, he says. U.S. same-store sales increased 5.6% in 1Q.
Domino’s New Pizza Plays With Different Customers Read Post »
Apple Inc. (NASDAQ:AAPL) recently released a list of its top suppliers for materials, manufacturing and assembly of its products which showed that China remains a key manufacturing base and India is ramping up production as well. Why It Matters: BofA Securities released a research note based on the list of Apple’s suppliers which named companies that could potentially benefit from an Apple product cycle. BofA named electronics manufacturers Jabil, Inc. (NYSE:JBL) and Flex, Ltd. (NASDAQ:FLEX) as potential beneficiaries and noted Apple accounted for 17% of Jabil’s revenue in 2023. Amphenol Corporation (NYSE:APH) provides connectors and antennas for the iPhone, and BofA estimates Apple accounts for single-digit revenue at Amphenol. BofA also noted glass maker Corning Incorporated (NYSE:GLW) remained on Apple’s 2023 supplier list. Related News: Apple And Tesla ‘Only Two Companies Able To Thread The Needle In Terms Of China-US’, Says Top Analyst After Tim Cook And Elon Musk’s Recent China Visits The firm maintained its Buy rating on
BofA Says These 4 Companies Could Benefit From The Next Apple Product Cycle Read Post »