leon neal
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Meta soars 15% on beat and solid outlook. We will begin dividend payments and significant share buybacks. (00:25) Disney (DIS) is also joining the password enforcement trend. (01:31) Intel (INTC) has reportedly reported delays for his $20 billion chip facility in Ohio. (02:15)
This is a summary transcript of the podcast.
Meta Platforms (NASDAQ:META) fell 15% in the first hour of post-market trading on Thursday's big earnings after its fourth-quarter report beat revenue estimates by nearly $1 billion. % soared. The company also began paying its first-ever dividend along with a $50 billion increase in share buybacks.
The social media giant also posted gains in the first quarter.
Revenue increased 25% overall to a top $40.1 billion. Meanwhile, the street consensus was for him to earn $39.2 billion (reflecting growth of about 22%).
And while Reality Labs' operating loss only increased slightly, operating profit from its core “apps” (Facebook, Instagram, and WhatsApp) nearly doubled to just over $21 billion. .
Meanwhile, the company began paying a dividend of $0.50 per share on March 26th. “We will continue to pay cash dividends on a quarterly basis, subject to market conditions and board approval,” Mark Zuckerberg said.
For the current quarter, Meta (META) is projecting total revenue of $34.5 billion to $37.0 billion, well above the Street consensus of $33.87 billion.
Walt Disney (NYSE:DIS) is working with Netflix (NFLX) to crack down on password sharing.
If you use Hulu, Disney+, or ESPN+, you may have received an updated subscriber agreement via email.
Hulu will limit consumers to household sharing starting March 14 for existing subscribers. This also applied to new subscribers from January 25th.
Disney defines a “home” as “the collection of devices associated with and used by individuals residing in a principal personal residence.”
The move comes as Disney seeks to improve the profitability of its streaming business amid criticism from activist investor Trian Fund Management.
Intel (NASDAQ:INTC) is delaying the construction schedule for its $20 billion chip manufacturing facility in Ohio.
Intel (INTC) was scheduled to begin construction on its Ohio project next year.
The WSJ reported Thursday that the manufacturing plant is expected to be completed by the end of 2026, citing project officials.
“Managing large projects, especially in our industry, often requires adapting to changing timelines,” an Intel spokesperson told the Journal. “Our decisions are based on business conditions, market trends and being responsible stewards of capital.”
Intel (INTC) announced in January 2022 that it would invest $20 billion in a large new manufacturing facility near Columbus, Ohio.
And here's an update on Thursday's Earnings Watch. Clorox (NYSE: CLX) rose more than 7% in premarket after delivering strong quarterly sales and bottom line profits and updating guidance to reflect recovery from last August's cyber attack. I am.
Clorox (CLX) reported second-quarter 2024 adjusted earnings per share of $2.16, beating expectations by more than $1. Revenue increased 15.7% year over year to $1.99 billion, which also exceeded expectations by $190 million.
Turning to Clorox's (CLX) guidance, the company now expects fiscal 2024 net sales to be in the low single digits, compared to its previous forecast of mid-to-high single digits. . Meanwhile, adjusted earnings per share are now expected to be in the range of $5.30 to $5.50, compared to previous expectations of $4.30 to $4.80.
Consensus earnings estimates for fiscal year 2024 call for revenue to decline 8.4% year-over-year. The consensus estimate for earnings per share is $4.66.
Other notable articles on Seeking Alpha:
Apple declines as China concerns overshadow sales growth
Amazon gains after strong holiday quarter sales and soaring profits
BAE Systems acquires British technology company Malloy Aeronautics
U.S. stocks rebounded on Thursday.
Nasdaq (COMP.IND) rose 1.30%. The S&P 500 (SP500) rose 1.25%. The Dow Jones Industrial Average (DJI) rose 0.97%.
All 11 sectors of the S&P finished in the green except energy.
Now let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are in the green ahead of today's opening bell. The Dow was flat, the S&P 500 rose 0.6% and the Nasdaq rose 1%. Crude oil rose 0.6% to over $74 per barrel. Bitcoin rose 2.4% to over $43,000.
In global markets, the FTSE 100 rose 0.3% and the DAX rose 0.7%.
The biggest pre-market mover of the day was Skechers USA (NYSE:SKX), which fell 11% on mixed fourth-quarter results and a pessimistic outlook.
Today's economic calendar:
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8:30 Non-farm payrolls Economists expect employment to increase by 180,000 in the month, down from December's 210,000 increase. The unemployment rate is expected to rise to 3.8%. Average hourly wages are expected to increase by 4.1% year-on-year.
