Having fluctuated between both sides of the flatline, Microsoft shares rose by 1% after the company’s second-quarter earnings beat expectations. Microsoft raked in earnings per share (EPS) of $2.93 on revenue of $62 billion, beating expectations of $2.78 EPS on revenue of $61.1 billion. The PC maker’s cloud business raked in $33.7 billion, beating Wall Street estimates of $33.2 billion in revenue.

Google’s parent company Alphabet slumped by 5% after the company reported fourth-quarter earnings that failed to meet expectations. While total revenue of $72 billion beat a projected $71 billion, investors appeared more focused on the company’s inability to meet ad revenue expectations of $65.8 billion, with Alphabet earning $65.5 billion. Chipmaker AMD was also down 2% after hours with its earnings falling largely in line with expectations. AMD reported revenue of approximately $5.4 billion.

The post Nasdaq Slips as Tech Earnings Roll In appeared first on theprimarymarket.com.

“I’ve learned a lot about how open source can give startup and growth companies a big advantage. I think it’s going to be a powerful business model in AI,” McBride stated. Dave Munichiello, general partner at GV, spoke about the company’s decision to invest in GitHub earlier this year, calling his firm “long-term investors” with the ability to invest in a company at any stage in its lifetime, specifically selecting the optimal time to invest.

Founded as Google Ventures, GV has $8 billion in assets under its sole limited partner Alphabet Inc. With the company split between investments in life science and digital firms, GV is active in North America and Europe.

The post Google Ventures Hires General Partner to Drive AI Startups appeared first on theprimarymarket.com.

Paul de La Baume, an investment advisor at BNP Paribas Suisse SA, commented that traders are “opting to sell first in fear that sentiment will get worse before it gets better.” A slew of disappointing corporate earnings has prompted investors to reevaluate their valuations which appear to be higher than they should be.

With Treasury yields on the rise and the dollar continuing to strengthen, observers now await US initial jobless claims and GDP numbers that are set to be released later in the day. These metrics are expected to provide a clearer picture of the current economic landscape.

The post Nasdaq Futures Plunge 1% Following Disappointing Earnings appeared first on theprimarymarket.com.

Alphabet shares declined by over 8% after it beat revenue and earnings targets yet fell short with its cloud business. Still, Alphabet CEO Sundar Pichai revealed that his company is seeing “a lot of interest in AI”, attempting to inject hope into what appeared to be a disappointing third quarter.

Microsoft stocks gained 4% after it was shown that its AI business was taking off, while its cloud business grew by 3%. “Some of the improvements, we’re making in Azure and even in Microsoft 365 gross margins, even in the core of the commercial cloud, it speaks to the pace at which we are delivering AI revenue with the increasing cost expense and capital investment ahead with the demand we see,” Microsoft CFO Amy Hood observed.

The post Stocks Dip Following Alphabet and Microsoft Earnings appeared first on theprimarymarket.com.

Alphabet initially invested in Robinhood during the trading platform’s startup days and held close to 4.9 million shares back in March. After ditching most of its holdings, the company’s stake in Robinhood is now down to 612,214 shares, which are worth around $7 million.

In a recent earnings release, Robinhood announced it had recorded its first profitable quarter since going public. However, the company is struggling to keep active users on its app, having 10.8 million monthly active users in Q2 compared to 11.8 million in Q1. The number is also significantly down from almost 14 million monthly active users in the same period last year.

Robinhood’s Chief Financial Officer Jason Warnick acknowledged weakening trading activity during an earnings call but said that the company is aiming to counter it by finding “new revenue streams.”

Robinhood’s shares dropped 2.25% on Friday, closing at $11.28. The company’s stock is still almost 40% up year to date.

The post Alphabet Sells Almost 90% of its Stake in Robinhood appeared first on theprimarymarket.com.

The tech-heavy Nasdaq Composite Index advanced by 0.6%, while the Dow Jones was up by 0.3% to mark its 12th consecutive day of gains. The S&P 500 index rose by 0.3%.

Earnings reports from Microsoft and Alphabet are due to be released after the market’s close on Tuesday. These results are widely expected to provide an outlook of what Big Tech earnings should look like going forward.

In addition to tech earnings, the Federal Reserve’s upcoming policy decision is also occupying a space in investors’ minds. The central bank’s two-day July meeting begins on Tuesday. Most analysts expect an interest rate hike to be implemented.

Going against the grain, General Motors stocks fell by 4% at midday despite the company’s strong second-quarter earnings results. Spotify shares plunged by 14% after the music streaming platform reported a wider-than-expected loss for the second quarter despite a large influx in subscribers.

The post Nasdaq Leads Stock Gains as Alphabet And Microsoft Earnings in Focus appeared first on theprimarymarket.com.

Alphabet’s revenue in Q1 came at $69.79 billion, a 3% increase from the year prior, compared to the $68.9 billion expected by analysts polled by Refinitiv. The reported $1.17 in earnings per share also exceeded the estimated mark of $1.07 per share.

The company also performed well in the digital advertising department despite the overall decline across the industry. Google Ad and YouTube Ad revenues came at $54.55 billion and $6.69 billion, respectively, versus expectations of $53.75 billion for Google and $6.64 billion for YouTube. Google Cloud revenue of $7.45 billion failed short of the $7.49 billion expected but turned a profit for the first time.

Alphabet’s earnings report also revealed that its board approved a $70 billion stock buyback and that the company had $2.6 billion in charges related to recent job cuts and office renovations.

“We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud,” Alphabet’s CEO Sundar Pichai said in a statement. 

Alphabet’s stock closed at $103.85 per share on Tuesday before seeing a short jump to $108.45 in after-hours trading. The company’s shares are 16.53% up year-to-date.

The post Alphabet Beats Revenue and Earnings Estimates in Q1 appeared first on theprimarymarket.com.

If Samsung does choose Bing over Google, this could lead to a loss of $3 billion in annual revenue for Alphabet. While Google has historically been the market leader in the search engine space, Bing has been threatening Google’s dominance following the addition of OpenAI’s ChatGPT to provide responses to users’ queries.

Google has been working on several projects in an effort to compete with Bing and OpenAI on the artificial intelligence front. This includes a new project called Magi, which involves the addition of AI capabilities to its existing features.

According to IDC data, Samsung shipped 261 million smartphones in 2022 running Google’s Android software. In addition to its contract with Samsung, Google also has an agreement in place, which the New York Times valued at $20 billion in annual revenue.

The post Google Stocks Slide Amid Report That Samsung May Opt for Bing appeared first on theprimarymarket.com.

“I am very fortunate to be offered to take down some equity, but it’s a $29 billion valuation with virtually no revenue… I’m looking at it,” O’Leary cautiously stated. While unsure of the company’s valuation, the Shark Tank cast member did reveal that he would look to purchase a 1% share in ChatGPT.

For O’Leary, there are two main justifications for taking a leap of faith in the revolutionary new software. Firstly, the platform’s rapid growth in new subscribers came to the seasoned investor’s attention, with the platform crossing the 100 million user mark in January. Secondly, O’Leary is attracted to the recurring revenue model adopted by ChatGPT, with some of his own employees subscribing to the $20 per month premium ChatGPT service.

The post “Shark Tank”‘s Kevin O’Leary Considers Investing In ChatGPT, Claims it is “Killing” Google appeared first on theprimarymarket.com.

Alphabet shares rose almost 4% in pre-market trading following the announcement. This is the latest in a slew of major tech company layoffs, including the likes of Microsoft Corp.

Microsoft announced its decision to cut 10,000 jobs as inflation concerns have convinced the company to cut costs. It too announced its decision to rely more on AI technology.

Alphabet’s CEO Sundar Pichai wrote in a staff memo that the company is now facing a different economic landscape from when it adopted its rapid hiring strategy two years ago—a decision that Pichai said he is taking responsibility for. He went on to say that Google is looking “to share some entirely new experiences for users, developers, and businesses” before emphasizing the opportunity that lies before the company in the AI sphere.

The company has reportedly already notified affected employees within the United States, preparing to provide them with severance and six months of healthcare as well as immigration support.

The post Google Parent Company to Lay Off 12,000 Workers appeared first on theprimarymarket.com.

Having fluctuated between both sides of the flatline, Microsoft shares rose by 1% after the company’s second-quarter earnings beat expectations. Microsoft raked in earnings per share (EPS) of $2.93 on revenue of $62 billion, beating expectations of $2.78 EPS on revenue of $61.1 billion. The PC maker’s cloud business raked in $33.7 billion, beating Wall Street estimates of $33.2 billion in revenue.

Google’s parent company Alphabet slumped by 5% after the company reported fourth-quarter earnings that failed to meet expectations. While total revenue of $72 billion beat a projected $71 billion, investors appeared more focused on the company’s inability to meet ad revenue expectations of $65.8 billion, with Alphabet earning $65.5 billion. Chipmaker AMD was also down 2% after hours with its earnings falling largely in line with expectations. AMD reported revenue of approximately $5.4 billion.

The post Nasdaq Slips as Tech Earnings Roll In appeared first on theprimarymarket.com.

“I’ve learned a lot about how open source can give startup and growth companies a big advantage. I think it’s going to be a powerful business model in AI,” McBride stated. Dave Munichiello, general partner at GV, spoke about the company’s decision to invest in GitHub earlier this year, calling his firm “long-term investors” with the ability to invest in a company at any stage in its lifetime, specifically selecting the optimal time to invest.

Founded as Google Ventures, GV has $8 billion in assets under its sole limited partner Alphabet Inc. With the company split between investments in life science and digital firms, GV is active in North America and Europe.

The post Google Ventures Hires General Partner to Drive AI Startups appeared first on theprimarymarket.com.

Paul de La Baume, an investment advisor at BNP Paribas Suisse SA, commented that traders are “opting to sell first in fear that sentiment will get worse before it gets better.” A slew of disappointing corporate earnings has prompted investors to reevaluate their valuations which appear to be higher than they should be.

With Treasury yields on the rise and the dollar continuing to strengthen, observers now await US initial jobless claims and GDP numbers that are set to be released later in the day. These metrics are expected to provide a clearer picture of the current economic landscape.

The post Nasdaq Futures Plunge 1% Following Disappointing Earnings appeared first on theprimarymarket.com.

Alphabet shares declined by over 8% after it beat revenue and earnings targets yet fell short with its cloud business. Still, Alphabet CEO Sundar Pichai revealed that his company is seeing “a lot of interest in AI”, attempting to inject hope into what appeared to be a disappointing third quarter.

Microsoft stocks gained 4% after it was shown that its AI business was taking off, while its cloud business grew by 3%. “Some of the improvements, we’re making in Azure and even in Microsoft 365 gross margins, even in the core of the commercial cloud, it speaks to the pace at which we are delivering AI revenue with the increasing cost expense and capital investment ahead with the demand we see,” Microsoft CFO Amy Hood observed.

The post Stocks Dip Following Alphabet and Microsoft Earnings appeared first on theprimarymarket.com.

Alphabet initially invested in Robinhood during the trading platform’s startup days and held close to 4.9 million shares back in March. After ditching most of its holdings, the company’s stake in Robinhood is now down to 612,214 shares, which are worth around $7 million.

In a recent earnings release, Robinhood announced it had recorded its first profitable quarter since going public. However, the company is struggling to keep active users on its app, having 10.8 million monthly active users in Q2 compared to 11.8 million in Q1. The number is also significantly down from almost 14 million monthly active users in the same period last year.

Robinhood’s Chief Financial Officer Jason Warnick acknowledged weakening trading activity during an earnings call but said that the company is aiming to counter it by finding “new revenue streams.”

Robinhood’s shares dropped 2.25% on Friday, closing at $11.28. The company’s stock is still almost 40% up year to date.

The post Alphabet Sells Almost 90% of its Stake in Robinhood appeared first on theprimarymarket.com.

The tech-heavy Nasdaq Composite Index advanced by 0.6%, while the Dow Jones was up by 0.3% to mark its 12th consecutive day of gains. The S&P 500 index rose by 0.3%.

Earnings reports from Microsoft and Alphabet are due to be released after the market’s close on Tuesday. These results are widely expected to provide an outlook of what Big Tech earnings should look like going forward.

In addition to tech earnings, the Federal Reserve’s upcoming policy decision is also occupying a space in investors’ minds. The central bank’s two-day July meeting begins on Tuesday. Most analysts expect an interest rate hike to be implemented.

Going against the grain, General Motors stocks fell by 4% at midday despite the company’s strong second-quarter earnings results. Spotify shares plunged by 14% after the music streaming platform reported a wider-than-expected loss for the second quarter despite a large influx in subscribers.

The post Nasdaq Leads Stock Gains as Alphabet And Microsoft Earnings in Focus appeared first on theprimarymarket.com.

Alphabet’s revenue in Q1 came at $69.79 billion, a 3% increase from the year prior, compared to the $68.9 billion expected by analysts polled by Refinitiv. The reported $1.17 in earnings per share also exceeded the estimated mark of $1.07 per share.

The company also performed well in the digital advertising department despite the overall decline across the industry. Google Ad and YouTube Ad revenues came at $54.55 billion and $6.69 billion, respectively, versus expectations of $53.75 billion for Google and $6.64 billion for YouTube. Google Cloud revenue of $7.45 billion failed short of the $7.49 billion expected but turned a profit for the first time.

Alphabet’s earnings report also revealed that its board approved a $70 billion stock buyback and that the company had $2.6 billion in charges related to recent job cuts and office renovations.

“We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud,” Alphabet’s CEO Sundar Pichai said in a statement. 

Alphabet’s stock closed at $103.85 per share on Tuesday before seeing a short jump to $108.45 in after-hours trading. The company’s shares are 16.53% up year-to-date.

The post Alphabet Beats Revenue and Earnings Estimates in Q1 appeared first on theprimarymarket.com.

If Samsung does choose Bing over Google, this could lead to a loss of $3 billion in annual revenue for Alphabet. While Google has historically been the market leader in the search engine space, Bing has been threatening Google’s dominance following the addition of OpenAI’s ChatGPT to provide responses to users’ queries.

Google has been working on several projects in an effort to compete with Bing and OpenAI on the artificial intelligence front. This includes a new project called Magi, which involves the addition of AI capabilities to its existing features.

According to IDC data, Samsung shipped 261 million smartphones in 2022 running Google’s Android software. In addition to its contract with Samsung, Google also has an agreement in place, which the New York Times valued at $20 billion in annual revenue.

The post Google Stocks Slide Amid Report That Samsung May Opt for Bing appeared first on theprimarymarket.com.

“I am very fortunate to be offered to take down some equity, but it’s a $29 billion valuation with virtually no revenue… I’m looking at it,” O’Leary cautiously stated. While unsure of the company’s valuation, the Shark Tank cast member did reveal that he would look to purchase a 1% share in ChatGPT.

For O’Leary, there are two main justifications for taking a leap of faith in the revolutionary new software. Firstly, the platform’s rapid growth in new subscribers came to the seasoned investor’s attention, with the platform crossing the 100 million user mark in January. Secondly, O’Leary is attracted to the recurring revenue model adopted by ChatGPT, with some of his own employees subscribing to the $20 per month premium ChatGPT service.

The post “Shark Tank”‘s Kevin O’Leary Considers Investing In ChatGPT, Claims it is “Killing” Google appeared first on theprimarymarket.com.

Alphabet shares rose almost 4% in pre-market trading following the announcement. This is the latest in a slew of major tech company layoffs, including the likes of Microsoft Corp.

Microsoft announced its decision to cut 10,000 jobs as inflation concerns have convinced the company to cut costs. It too announced its decision to rely more on AI technology.

Alphabet’s CEO Sundar Pichai wrote in a staff memo that the company is now facing a different economic landscape from when it adopted its rapid hiring strategy two years ago—a decision that Pichai said he is taking responsibility for. He went on to say that Google is looking “to share some entirely new experiences for users, developers, and businesses” before emphasizing the opportunity that lies before the company in the AI sphere.

The company has reportedly already notified affected employees within the United States, preparing to provide them with severance and six months of healthcare as well as immigration support.

The post Google Parent Company to Lay Off 12,000 Workers appeared first on theprimarymarket.com.