The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.
]]>Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.
However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.
“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.
Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.
The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.
]]>The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.
]]>Data released by IDC, a market intelligence firm, show that Apple shipped 50.1 million iPhones in the first quarter of 2024 compared to 55.4 million units in the same period last year. Samsung also saw a decline in shipments but still managed to reach 60.1 million units.
“As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands,” said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers. “While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter.”
IDC expects that Apple and Samsung will continue to have supremacy in the smartphone market but note that brands like Huawei and Xiaomi will push them to get creative if they want to hold their positions.
Due to lower sales and challenges in certain markets like China, Apple stock has been all over the place since the start of 2024. The company’s shares opened at $175.43 per share on Monday before closing at $172.69. The stock dipped to $165.87 at one point in aftermarket trading before bouncing back up.
The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.
]]>The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.
]]>“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.
Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.
Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.
The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.
]]>The post Tesla to Increase Model Y Price in Europe appeared first on theprimarymarket.com.
]]>“This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” Tesla CEO Elon Musk explained. With the company being hurt by a vicious price war with rivals that began a year ago, the company warned that its sales may decline this year as it looks to focus on the development of its next-generation EV, named “Redwood”.
The decision to raise the price of the Model Y follows Tesla’s previous decision to increase the price of the Model Y rear-wheel drive and long-range vehicles by $1,000, to $$43,990 and $48,990 respectively.
The post Tesla to Increase Model Y Price in Europe appeared first on theprimarymarket.com.
]]>The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.
]]>Some of the filing’s underwriters also estimate that Reddit’s revenue will increase at a similar rate to the company’s own expectations. Should these projections prove true, it would mark a major turnaround for the company, While Reddit’s revenue grew at a similar pace last year, the company became profitable in the fourth quarter of 2024.
The IPO is expected to rake in an investment of $748 million for Reddit, the company claimed in its regulatory filing. 22 million shares will be up for sale, with the price per share ranging between $31 to $34. Reddit is also expecting a $66.4 million income in 2024 from licensing access to the company’s website data to third parties such as Google parent company Alphabet Inc.
The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.
]]>The post Snap Shares Plummet 33% Following Disappointing Earnings appeared first on theprimarymarket.com.
]]>While daily active users of 414 million for the quarter actually beat estimates of 411.6 million users, full-year revenue remained stagnant at $4.6 billion, the same as the previous year. With the company focused on securing its growth in the new year, Snap announced that it would be retrenching 10% of its workforce or 528 employees.
Looking forward, Snap has forecast a revenue ranging between $1.1 billion and $1.14 billion for the first quarter of 2024, with analysts expecting around $1.1 billion. The company expects its daily active users to grow to 420 million.
The post Snap Shares Plummet 33% Following Disappointing Earnings appeared first on theprimarymarket.com.
]]>The post Netflix Stock Surges Amid Subscriber Boom appeared first on theprimarymarket.com.
]]>Revenue for the final quarter of 2023 was reported at $8.83 billion, beating Wall Street estimates of $8.71 billion. This was largely spurred by price hikes along with initiatives such as ad-supported tiers and a crackdown on password sharing. The ad tier has surpassed 23 million active users, Netflix confirmed.
Earnings per share narrowly missed estimates, coming in at $2.11 compared to a predicted $2.20. This is still a significant rise from the $0.12 EPS recorded during the same quarter the previous year. Free cash flow for Q4 of 2023 was $1.58 billion, while full-year free cash flow was $6.9 billion.
The post Netflix Stock Surges Amid Subscriber Boom appeared first on theprimarymarket.com.
]]>The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.
]]>Operating income for the quarter was 2.8 trillion won ($2.1 billion)—24% short of estimates—while operating revenue fell to 67 trillion won. For the entirety of 2023, the company reported its slimmest operating profit over the past 15 years.
The tech giant’s declining profits come as the demand for smartphones and memory chips continues to remain sluggish, thereby dampening hopes of a market recovery for 2024. “This shows that the rebound is slower than we all thought,” Tom Kang, research director at Counterpoint Technology Market Research said of Samsung’s performance. “Prices are not rising that fast and the demand from certain sectors is not that strong.”
The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.
]]>The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.
]]>Falling 12.4%, Tencent stocks closed at HK$274; its lowest level since November 2022. The Hang Seng Index closed 1.7% lower this week following the major hit taken by gaming stocks. Brian Tycangco, an analyst at Stansberry Research, stated that the recent regulatory decision is highly threatening to Tencent and the industry at large.
“I’m confident we’ll get more clarity on these new rules in the coming days and weeks. But investors don’t want to wait around for the dust to settle. Better coordination between industry and regulators will benefit everyone in the future,” Tycangco observed.
The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.
]]>The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.
]]>To date, OpenAI has raised $13 billion from Microsoft Corp. The company is also set to secure a tender offer in early January that would enable employees to sell their shares in the company at a combined value of $86 billion in a process led by Thrive Capital. Open AI has also held discussions with Abu Dhabi-based G42 to establish a new chip venture “to deliver cutting-edge AI solutions to the UAE and regional markets,” as explained during the announcement of the venture in October.
OpenAI’s increasing fundraising and business transactions come amid an AI frenzy, with Amazon.com Inc. and Google parent company Alphabet Inc. both investing billions into OpenAI-rival Anthropic. Salesforce has also entered into the AI race, investing $4.5 billion in Hugging Face.
The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.
]]>The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.
]]>Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.
However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.
“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.
Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.
The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.
]]>The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.
]]>Data released by IDC, a market intelligence firm, show that Apple shipped 50.1 million iPhones in the first quarter of 2024 compared to 55.4 million units in the same period last year. Samsung also saw a decline in shipments but still managed to reach 60.1 million units.
“As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands,” said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers. “While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter.”
IDC expects that Apple and Samsung will continue to have supremacy in the smartphone market but note that brands like Huawei and Xiaomi will push them to get creative if they want to hold their positions.
Due to lower sales and challenges in certain markets like China, Apple stock has been all over the place since the start of 2024. The company’s shares opened at $175.43 per share on Monday before closing at $172.69. The stock dipped to $165.87 at one point in aftermarket trading before bouncing back up.
The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.
]]>The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.
]]>“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.
Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.
Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.
The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.
]]>The post Tesla to Increase Model Y Price in Europe appeared first on theprimarymarket.com.
]]>“This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” Tesla CEO Elon Musk explained. With the company being hurt by a vicious price war with rivals that began a year ago, the company warned that its sales may decline this year as it looks to focus on the development of its next-generation EV, named “Redwood”.
The decision to raise the price of the Model Y follows Tesla’s previous decision to increase the price of the Model Y rear-wheel drive and long-range vehicles by $1,000, to $$43,990 and $48,990 respectively.
The post Tesla to Increase Model Y Price in Europe appeared first on theprimarymarket.com.
]]>The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.
]]>Some of the filing’s underwriters also estimate that Reddit’s revenue will increase at a similar rate to the company’s own expectations. Should these projections prove true, it would mark a major turnaround for the company, While Reddit’s revenue grew at a similar pace last year, the company became profitable in the fourth quarter of 2024.
The IPO is expected to rake in an investment of $748 million for Reddit, the company claimed in its regulatory filing. 22 million shares will be up for sale, with the price per share ranging between $31 to $34. Reddit is also expecting a $66.4 million income in 2024 from licensing access to the company’s website data to third parties such as Google parent company Alphabet Inc.
The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.
]]>The post Snap Shares Plummet 33% Following Disappointing Earnings appeared first on theprimarymarket.com.
]]>While daily active users of 414 million for the quarter actually beat estimates of 411.6 million users, full-year revenue remained stagnant at $4.6 billion, the same as the previous year. With the company focused on securing its growth in the new year, Snap announced that it would be retrenching 10% of its workforce or 528 employees.
Looking forward, Snap has forecast a revenue ranging between $1.1 billion and $1.14 billion for the first quarter of 2024, with analysts expecting around $1.1 billion. The company expects its daily active users to grow to 420 million.
The post Snap Shares Plummet 33% Following Disappointing Earnings appeared first on theprimarymarket.com.
]]>The post Netflix Stock Surges Amid Subscriber Boom appeared first on theprimarymarket.com.
]]>Revenue for the final quarter of 2023 was reported at $8.83 billion, beating Wall Street estimates of $8.71 billion. This was largely spurred by price hikes along with initiatives such as ad-supported tiers and a crackdown on password sharing. The ad tier has surpassed 23 million active users, Netflix confirmed.
Earnings per share narrowly missed estimates, coming in at $2.11 compared to a predicted $2.20. This is still a significant rise from the $0.12 EPS recorded during the same quarter the previous year. Free cash flow for Q4 of 2023 was $1.58 billion, while full-year free cash flow was $6.9 billion.
The post Netflix Stock Surges Amid Subscriber Boom appeared first on theprimarymarket.com.
]]>The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.
]]>Operating income for the quarter was 2.8 trillion won ($2.1 billion)—24% short of estimates—while operating revenue fell to 67 trillion won. For the entirety of 2023, the company reported its slimmest operating profit over the past 15 years.
The tech giant’s declining profits come as the demand for smartphones and memory chips continues to remain sluggish, thereby dampening hopes of a market recovery for 2024. “This shows that the rebound is slower than we all thought,” Tom Kang, research director at Counterpoint Technology Market Research said of Samsung’s performance. “Prices are not rising that fast and the demand from certain sectors is not that strong.”
The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.
]]>The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.
]]>Falling 12.4%, Tencent stocks closed at HK$274; its lowest level since November 2022. The Hang Seng Index closed 1.7% lower this week following the major hit taken by gaming stocks. Brian Tycangco, an analyst at Stansberry Research, stated that the recent regulatory decision is highly threatening to Tencent and the industry at large.
“I’m confident we’ll get more clarity on these new rules in the coming days and weeks. But investors don’t want to wait around for the dust to settle. Better coordination between industry and regulators will benefit everyone in the future,” Tycangco observed.
The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.
]]>The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.
]]>To date, OpenAI has raised $13 billion from Microsoft Corp. The company is also set to secure a tender offer in early January that would enable employees to sell their shares in the company at a combined value of $86 billion in a process led by Thrive Capital. Open AI has also held discussions with Abu Dhabi-based G42 to establish a new chip venture “to deliver cutting-edge AI solutions to the UAE and regional markets,” as explained during the announcement of the venture in October.
OpenAI’s increasing fundraising and business transactions come amid an AI frenzy, with Amazon.com Inc. and Google parent company Alphabet Inc. both investing billions into OpenAI-rival Anthropic. Salesforce has also entered into the AI race, investing $4.5 billion in Hugging Face.
The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.
]]>