Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth

Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands. Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans. Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks. Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda. It now expects


Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands.
Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans.
Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks.
Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda.
It now expects
Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, growth, revenue, coke, billion, drink, company, cents, share, strong, sugar, zero, sales, organic, cocacola, continue, drive


Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth

Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands.

Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans.

Shares of the company rose less than 1% in premarket trading.

“Our performance gives us confidence that our strategies are taking hold with our consumers, customers and system,” CEO James Quincey said in a statement.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: 56 cents, adjusted, vs. 56 cents expected

Revenue: $9.5 billion vs. $9.4 billion expected

Coke reported fiscal third-quarter net income of $2.6 billion, or 60 cents per share, up from $1.8 billion, or 44 cents per share, a year earlier.

Excluding impairment charges, gains from the sale of a New York building, and other items, the beverage giant earned 56 cents per share, in line with the 56 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 8% to $9.5 billion, topping expectations of $9.4 billion. Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks.

As soda consumption declines in the U.S., Coke has been driving sales by focusing on drinks with less sugar and smaller packaging. Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda. Minute Maid and juice brand Simply also saw strong performance in the company’s home market. North American organic revenue grew by 3% during the quarter.

Outside of the U.S., Coke has been leveraging recognition of its namesake brand to expand its drink portfolio. It has launched its Coca-Cola Plus Coffee drink in more than 20 markets. The company is also introducing its first energy drink under the Coca-Cola brand. Coke Energy is available in at least 25 countries and will be making its U.S. debut in January with additional zero calorie options.

Coke once again updated its 2019 outlook for organic revenue. It now expects at least 5% growth after telling investors last quarter to expect organic revenue growth of 5%.

The company also released a partial forecast for fiscal 2020. It is expecting a 1% to 2% currency headwind next year to impact its comparable revenue and a 2% to 3% currency headwind to hit its operating income.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, growth, revenue, coke, billion, drink, company, cents, share, strong, sugar, zero, sales, organic, cocacola, continue, drive


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AT&T, Elliott in talks after activist campaign launched: Sources

AT&T and Elliott Management are talking about issues the activist hedge fund raised last month when it pushed for change at the U.S. telecommunications and media conglomerate, two people familiar with the matter said on Thursday. Elliott is pressing the telecommunications giant to cut costs, make management changes and scale back expansion aspirations in one of its most ambitious investor campaigns to date. The meetings have taken place since shortly after Elliott, one of the world’s most powerf


AT&T and Elliott Management are talking about issues the activist hedge fund raised last month when it pushed for change at the U.S. telecommunications and media conglomerate, two people familiar with the matter said on Thursday.
Elliott is pressing the telecommunications giant to cut costs, make management changes and scale back expansion aspirations in one of its most ambitious investor campaigns to date.
The meetings have taken place since shortly after Elliott, one of the world’s most powerf
AT&T, Elliott in talks after activist campaign launched: Sources Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tyler clifford
Keywords: news, cnbc, companies, letter, launched, management, company, elliott, changes, activist, talks, sources, att, sides, issues, campaign, billion


AT&T, Elliott in talks after activist campaign launched: Sources

AT&T and Elliott Management are talking about issues the activist hedge fund raised last month when it pushed for change at the U.S. telecommunications and media conglomerate, two people familiar with the matter said on Thursday.

Elliott is pressing the telecommunications giant to cut costs, make management changes and scale back expansion aspirations in one of its most ambitious investor campaigns to date.

The two sides have held discussions and there is dialogue, one of the sources said. The meetings have taken place since shortly after Elliott, one of the world’s most powerful activist investors, six weeks ago sent a four-part proposal for changes to AT&T. The fund says the changes could lift the share price by at least 60% by the end of 2021.

Traditionally, activist investors and management and directors at their target companies arrange meetings after proposals are made to see where there may be common ground.

The Wall Street Journal reported on Thursday that the two sides could reach a settlement as soon as this month but cautioned that talks could fall apart.

Elliott’s plan ranges from divesting certain businesses, eliminating $5 billion in costs, reviewing how it allocates capital and urging CEO Randall Stephenson, who has led the company since the financial crisis, to stop making acquisitions.

Spokesmen for AT&T and for Elliott declined to comment.

Elliott’s $3.2 billion stake in AT&T has morphed into one of the industry’s most ambitious campaigns in years not only because of AT&T’s size — it has a market capitalization of $270 billion — but also for the range of issues that Elliott says should be addressed. For Elliott, which has $38 billion in assets under management, this marks one of its biggest corporate targets.

AT&T last week announced plans to delay its earnings release, a move that has sparked speculation that the two sides wanted more time for talks to progress.

Earnings are now scheduled to be released on Oct. 28, one day before it plans to unveil its HBO Max streaming service at an event in Burbank, Calif.

Elliott took aim at AT&T’s $85 billion acquisition of media company TimeWarner Inc last year and the $49 billion purchase of satellite television provider DirecTV in 2015 in its letter. It also said that the company’s board needs directors with domain expertise and operating skills and that it has “identified several leading candidates” to discuss with the board. It did not ask for a specific number of seats on the board.

The letter struck a conciliatory note and Jesse Cohn, Elliott’s portfolio manager called AT&T CEO Stephenson the night before the letter was publicized to alert the company, suggesting that talks would begin quickly.

AT&T has said that it was already exploring some of the issues Elliott has raised.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tyler clifford
Keywords: news, cnbc, companies, letter, launched, management, company, elliott, changes, activist, talks, sources, att, sides, issues, campaign, billion


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Troubles keep mounting for Fisher Investments as losses in pension assets hit $1.3 billion

Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010. The Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $386 million from the asset manager. The losses in pension assets for Fisher Investments is now about $1.3 billion. “Furthermore, the negative publicity will probably continue to be a major distraction to Fisher Investment personnel,”


Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.
The Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $386 million from the asset manager.
The losses in pension assets for Fisher Investments is now about $1.3 billion.
“Furthermore, the negative publicity will probably continue to be a major distraction to Fisher Investment personnel,”
Troubles keep mounting for Fisher Investments as losses in pension assets hit $1.3 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: darla mercado
Keywords: news, cnbc, companies, firm, pension, conference, investments, million, mounting, assets, troubles, investment, talent, plan, fisher, billion, hit, losses


Troubles keep mounting for Fisher Investments as losses in pension assets hit $1.3 billion

Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.

The Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $386 million from the asset manager.

The Iowa plan, which holds $34 billion in total assets, announced its move on Friday and attributed its decision to sexist comments Ken Fisher, the billionaire founder of the firm, made at an investment conference last week.

The losses in pension assets for Fisher Investments is now about $1.3 billion.

“IPERS staff has taken time to evaluate this situation, and it is our opinion that Mr. Fisher’s comments have damaged the credibility of the firm and its leadership,” said Shawna Lode, a spokeswoman for the plan in a statement.

“As a result, the risk to IPERS is that the firm could lose investment talent, and/or it may be unable to recruit high caliber talent in the future,” she said.

“Furthermore, the negative publicity will probably continue to be a major distraction to Fisher Investment personnel,” Lode said.

The plan is weighing its transition options.

Earlier this week, Boston announced it would pull $248 million in pension assets from Fisher.

Similarly, the state of Michigan said it would withdraw $600 million of its pension fund assets. Philadelphia’s board of pensions also yanked $54 million from Fisher.

Ken Fisher has since apologized for the comments.

“Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them,” he said in a statement. “I realize this kind of language has no place in our company or industry. I sincerely apologize.”


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: darla mercado
Keywords: news, cnbc, companies, firm, pension, conference, investments, million, mounting, assets, troubles, investment, talent, plan, fisher, billion, hit, losses


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Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010. Fisher Investments oversees $386 million of the IPERS $34 billion trust fund. The speed with which pensions moved assets from the money manager surprised even attorneys who specialize in retirement plans. Public retirement plans are subject to state law, and the boards that govern them are fiduciaries — even though the federal laws that apply


Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.
Fisher Investments oversees $386 million of the IPERS $34 billion trust fund.
The speed with which pensions moved assets from the money manager surprised even attorneys who specialize in retirement plans.
Public retirement plans are subject to state law, and the boards that govern them are fiduciaries — even though the federal laws that apply
Ken Fisher fallout: Which pension plans have pulled out and which have stayed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: darla mercado
Keywords: news, cnbc, companies, firm, pension, plans, investments, public, million, assets, billion, ken, fisher, pulled, fallout, stayed, retirement


Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010. Gillianne Tedder | Bloomberg | Getty Images

It remains to be seen how long other clients will stick with billionaire money manager Ken Fisher in the wake of off-color and sexist comments he recently made at an investing conference. The Iowa Public Employees Retirement System on Friday notified the firm it would end its contract. Fisher Investments oversees $386 million of the IPERS $34 billion trust fund. More than $1.2 billion public pension assets have left Camas, Washington-based Fisher Investments so far, including the Boston Retirement System with $248 million in assets and $600 million the State of Michigan says it’s withdrawing. Philadelphia’s board of pensions also said it would move the $54 million it has with Fisher.

While government-run pension funds make up a relatively small amount of the overall assets managed at Fisher Investments, $10.9 billion from 36 entities, according to the firm’s regulatory filing with the Securities and Exchange Commission, how they respond may be a bellwether for other clients of the firm, industry experts say. In all, Fisher had $94 billion in assets under management as of Dec. 31, 2018, according to their SEC filing. That figure reached $112 billion as of Sept. 30, 2019, according to the firm. The speed with which pensions moved assets from the money manager surprised even attorneys who specialize in retirement plans. That’s because these plans normally take two to three quarters to decide whether they want to change investment advisors, said George Michael Gerstein, an attorney at Stradley Ronon in Washington, D.C. “I typically caution plan fiduciaries against acting too hastily in deciding whether to fire or hire or offer a new investment option to participants,” he said.

Who remains

The spate of divestitures was spurred by sexist comments Fisher made at the Tiburon CEO Summit on Oct. 8 — which public officials also cited as a reason for firing his firm. Fisher has since apologized for his comments. “Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them,” he said in a prepared statement. “I realize this kind of language has no place in our company or industry. I sincerely apologize.” While individual investors can pick up their assets and go at any time, retirement plans tend to proceed deliberately, even if they’re investing their funds with an array of managers. This could be why other plans aren’t yet rushing for the exits at Fisher. Indeed, the State Board of Administration of Florida, which has a $175 million relationship with the firm, has been in contact with Fisher Investments and is performing its due diligence, said John Kuczwanski, a spokesman for the plan. Further, the Haverhill Massachusetts Retirement System, which has about $200 million in total assets, expects to address its next steps in an upcoming board meeting in November. “It’s up for discussion,” said administrator David Van Dam. The Haverhill pension plan has $13 million invested with Fisher. Public retirement plans are subject to state law, and the boards that govern them are fiduciaries — even though the federal laws that apply to corporate 401(k) plans don’t apply to them. This means the pension plans must act in the best interest of their beneficiaries and participants, and they must back their decisions with the appropriate due diligence. “There are a lot of quantitative and qualitative factors that are reviewed before deciding to remove someone,” said Marcia Wagner, founder of The Wagner Law Group in Boston. “It isn’t a snap decision.”

Prudent process

Hinterhaus Productions | The Image Bank | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: darla mercado
Keywords: news, cnbc, companies, firm, pension, plans, investments, public, million, assets, billion, ken, fisher, pulled, fallout, stayed, retirement


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WeWork could run out of cash by mid-November — here’s what would happen next

That means WeWork, which lost $900 million in the first six months of 2019, is poised to run out of money by mid-November, CNBC reported this week. In turn, the entire commercial real estate market could be upended. But unlike a retailer short on cash, which can simply halt payments for goods, a service company like WeWork can’t just stop paying leases. But that move would rattle multiple commercial real estate markets that WeWork now dominates. Many of WeWork’s landlords, which include TH Real


That means WeWork, which lost $900 million in the first six months of 2019, is poised to run out of money by mid-November, CNBC reported this week.
In turn, the entire commercial real estate market could be upended.
But unlike a retailer short on cash, which can simply halt payments for goods, a service company like WeWork can’t just stop paying leases.
But that move would rattle multiple commercial real estate markets that WeWork now dominates.
Many of WeWork’s landlords, which include TH Real
WeWork could run out of cash by mid-November — here’s what would happen next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: ari levy lauren hirsch, ari levy, lauren hirsch
Keywords: news, cnbc, companies, private, space, cash, run, heres, happen, midnovember, real, billion, wework, estate, leases, market, weworks, company


WeWork could run out of cash by mid-November — here's what would happen next

A woman enters the WeWork Cos. Iceberg co-working space in Tokyo, Japan. Keith Bedford | Bloomberg | Getty Images

Last year WeWork boasted of becoming the biggest private tenant in Manhattan, London and Washington, D.C. Those feats have now become an albatross, and WeWork’s biggest investor, SoftBank, is scrambling to keep the co-working space provider from spiraling into bankruptcy. Just nine months ago, WeWork was valued at $47 billion in a SoftBank-led financing round. Looking at an imminent IPO, the company also rebranded itself to the We Company, because “we are always growing and in a constant state of self-discovery, self-growth, and change,” according to a blog post at the time. CEO Adam Neumann is now gone, and the company has scrapped its IPO along with a $6 billion debt financing that was tied to the offering. That means WeWork, which lost $900 million in the first six months of 2019, is poised to run out of money by mid-November, CNBC reported this week. SoftBank, WeWork’s biggest outside shareholder, and J.P. Morgan Chase, its third-largest backer and primary lender, have every incentive to keep the company alive and are aggressively trying to pull together financing packages with the aid of outside investors and lenders. Without a lifeline in the billions of dollars, WeWork will face an ugly fate, with bankruptcy firmly on the table. In turn, the entire commercial real estate market could be upended. “It’s like you’re trying to sell a property and you’re talking about renovation and some cosmetic work and all of a sudden you have a fire,” said Jake Cantu, global co-leader of the technology, media and telecommunications practice at consulting firm AlixPartners in Chicago. “Then it’s really a completely changed scenario.”

Handcuffed by leases

WeWork is shuttering non-core businesses and divesting assets like Neumann’s private jet in an urgent effort to control costs. Last week, WeWork announced it would close its Manhattan private school, WeGrow, in 2020, and the Guardian reported on Tuesday that the company may lay off at least 2,000 of its 15,000 employees as soon as this week. But cuts alone aren’t enough. WeWork’s core concept as a business is to turn its massive leases into tech-friendly spaces for businesses of all sizes, including early-stage start-ups with uncertain prospects. WeWork calls tenants “members” and counted 527,000 of them across the globe at the end of June, up 97% from a year earlier. WeWork had $22 billion in long-term liabilities as of June 30, with $17.9 billion of that tied to long-term leases, according to its prospectus. The company warned that the length of the leases “extend for periods that significantly exceed the length of our membership agreements with our members, which may be terminated by our members upon as little notice as one calendar month.” Now, as one part of its liability management, the company is focusing on renegotiating or getting out of its most expensive leases and concentrating on its best properties, according to a person familiar with the matter who asked not to be named because the negotiations are private. But unlike a retailer short on cash, which can simply halt payments for goods, a service company like WeWork can’t just stop paying leases. Landlords who have WeWork as a major tenant may not want to see it go bankrupt, and therefore might give it a short term reprieve by renegotiating rent or other alternatives, say experts. The trouble is, figuring out which deals WeWork can renegotiate or exit will be complex. Doing so in a month would be a Herculean feat. “The IPO only filed in the middle of September, now it’s the middle of November that they may be out of cash,” said Stephen Selbst, the chair of the restructuring and bankruptcy group at New York law firm Herrick, Feinstein. “They don’t have the luxury of time to do an in-depth analysis.”

In bankruptcy, WeWork could more immediately break and renegotiate its leases. But that move would rattle multiple commercial real estate markets that WeWork now dominates. In May, real estate firm CBRE published a report on the flexible office market, showing that WeWork had added almost 11 million square feet to its portfolio since the second quarter of 2018. CBRE said WeWork now accounts for 33% of the entire flex space market, making it almost twice the size of closest rival Regus (IWG), a company founded 20 years earlier. In the past year, WeWork was responsible for the five largest flexible operator transactions in Manhattan, amounting to over 1 million square feet, bringing its market share of flexible working space there to 48%, according to CBRE. It also accounted for the five biggest flex-space deals in Los Angeles and Denver, and four of the top five in Washington, Boston, San Francisco, Seattle and Atlanta. Most vulnerable may be the commercial firms that have leased out entire buildings to the company, and would now have WeWork-branded buildings without a principal lessee and, in many cases, an unreliable tenant base. Many of WeWork’s landlords, which include TH Real Estate, have also subsidized WeWork’s growth by offering funds for renovation. “Market landlords will place flex operators under klieg lights with a level of skepticism approaching the Salem witch trials,” said Eric Schiffer, CEO of the Patriarch Organization, a technology and media private equity firm.

A complicated structure


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: ari levy lauren hirsch, ari levy, lauren hirsch
Keywords: news, cnbc, companies, private, space, cash, run, heres, happen, midnovember, real, billion, wework, estate, leases, market, weworks, company


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Morgan Stanley earnings Q3 2019

James Gorman, chief executive officer of Morgan Stanley, fixes his jacket during a Bloomberg Television interview on the sidelines of the Morgan Stanley China Summit in Beijing, China, on Thursday, June 1, 2017. Morgan Stanley posted third-quarter profit and revenue that exceeded analysts’ expectations on better-than-expected results in trading and advisory businesses. Chief Executive Officer James Gorman has helped to diversify Morgan Stanley away from trading and advisory businesses with his e


James Gorman, chief executive officer of Morgan Stanley, fixes his jacket during a Bloomberg Television interview on the sidelines of the Morgan Stanley China Summit in Beijing, China, on Thursday, June 1, 2017.
Morgan Stanley posted third-quarter profit and revenue that exceeded analysts’ expectations on better-than-expected results in trading and advisory businesses.
Chief Executive Officer James Gorman has helped to diversify Morgan Stanley away from trading and advisory businesses with his e
Morgan Stanley earnings Q3 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: hugh son
Keywords: news, cnbc, companies, trading, 111, street, 2019, stanley, earnings, profit, share, morgan, billion, wall, bank


Morgan Stanley earnings Q3 2019

James Gorman, chief executive officer of Morgan Stanley, fixes his jacket during a Bloomberg Television interview on the sidelines of the Morgan Stanley China Summit in Beijing, China, on Thursday, June 1, 2017.

Morgan Stanley posted third-quarter profit and revenue that exceeded analysts’ expectations on better-than-expected results in trading and advisory businesses.

The bank said Thursday that profit rose 2.3% to $2.17 billion in the quarter, or $1.17 per share, compared to the $1.11 estimate of analysts surveyed by Refinitiv.

Chief Executive Officer James Gorman has helped to diversify Morgan Stanley away from trading and advisory businesses with his emphasis on wealth management, but the bank still has sizable Wall Street operations.

Morgan Stanley shares have climbed 8.1% this year before Thursday, compared to the 17% gain of the KBW Bank Index.

Morgan Stanley is the last of the big six banks to report earnings. Lenders with large retail operations generally outperformed in the quarter, led by J.P. Morgan Chase and Bank of America. Goldman Sachs missed on profit as investment banking revenue fell, and the firm took writedowns on Uber and WeWork stakes.

Here’s what Wall Street expected:

Earnings: $1.11 a share, 5% lower than a year earlier, according to Refinitiv.

Revenue: $9.6 billion, 2.8% lower than a year earlier

Wealth management: $4.39 billion, according to FactSet

Trading: Equities $2.1 billion, Fixed Income $1.11 billion

This story is developing. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: hugh son
Keywords: news, cnbc, companies, trading, 111, street, 2019, stanley, earnings, profit, share, morgan, billion, wall, bank


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Airbnb’s quarterly loss reportedly doubled in Q1, a bad sign as investors grow wary of money-losers

Revenue reportedly grew 31% year over year to $839 million, while expenses climbed 47%. Airbnb’s losses doubled year over year in the first quarter to $306 million, as the vacation rental start-up ramps up marketing spend ahead of a possible IPO in 2020, according to a report in The Information . Last month, The Wall Street Journal reported Airbnb saw strong growth in total booking value during the first quarter, which could help it lure additional investors. Despite the massive losses, Airbnb h


Revenue reportedly grew 31% year over year to $839 million, while expenses climbed 47%.
Airbnb’s losses doubled year over year in the first quarter to $306 million, as the vacation rental start-up ramps up marketing spend ahead of a possible IPO in 2020, according to a report in The Information .
Last month, The Wall Street Journal reported Airbnb saw strong growth in total booking value during the first quarter, which could help it lure additional investors.
Despite the massive losses, Airbnb h
Airbnb’s quarterly loss reportedly doubled in Q1, a bad sign as investors grow wary of money-losers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: annie palmer deirdre bosa, annie palmer, deirdre bosa
Keywords: news, cnbc, companies, loss, airbnb, billion, wary, grow, source, investors, public, quarter, sign, moneylosers, doubled, million, saw, losses, spend, quarterly, reportedly, marketing


Airbnb's quarterly loss reportedly doubled in Q1, a bad sign as investors grow wary of money-losers

The company’s sales and marketing investments rose 58% year over year to $367 million in the first quarter and marketing spend is expected to come in above the $1.1 billion spent in 2018, The Information said, citing undisclosed financial data. Revenue reportedly grew 31% year over year to $839 million, while expenses climbed 47%.

Airbnb’s losses doubled year over year in the first quarter to $306 million, as the vacation rental start-up ramps up marketing spend ahead of a possible IPO in 2020, according to a report in The Information .

In a statement, Airbnb said, “We can’t comment on the figures, but 2019 is a big investment year in support of our hosts and guests.”

Last month, The Wall Street Journal reported Airbnb saw strong growth in total booking value during the first quarter, which could help it lure additional investors. Additionally, Airbnb said in January that it had reached its second straight year of profitability, based on an EBITDA basis, and saw a notable uptick in guest arrivals, which could point toward rapidly accelerating growth.

However, should Airbnb proceed with its plans to go public next year, it’ll likely face skepticism from investors who have grown wary of cash-burning companies like Lyft and Uber. The environment forced WeWork, which had seen its IPO valuation dwindle, to postpone its initial public offering and get its financials back on track.

Despite the massive losses, Airbnb has over $3 billion in cash on its balance sheet as of Thursday, according to a source familiar with the company’s finances. Airbnb also has a $1 billion line of credit that it hasn’t used, the source said.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: annie palmer deirdre bosa, annie palmer, deirdre bosa
Keywords: news, cnbc, companies, loss, airbnb, billion, wary, grow, source, investors, public, quarter, sign, moneylosers, doubled, million, saw, losses, spend, quarterly, reportedly, marketing


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Disney films accounted for nearly 40% of the US box office in the first nine months of 2019

Disney has been a box office behemoth for the last five years, setting and then smashing its own records in the film industry over and over again. While the film industry as a whole will struggle to reach last year’s $11.9 billion ticket sales record, Disney has already blasted past its best global sales mark and is inching closer to surpassing its domestic top. So far in 2019, Disney films have sold more than $8.1 billion in tickets, decimating its previous record of $7.6 billion globally. Dome


Disney has been a box office behemoth for the last five years, setting and then smashing its own records in the film industry over and over again.
While the film industry as a whole will struggle to reach last year’s $11.9 billion ticket sales record, Disney has already blasted past its best global sales mark and is inching closer to surpassing its domestic top.
So far in 2019, Disney films have sold more than $8.1 billion in tickets, decimating its previous record of $7.6 billion globally.
Dome
Disney films accounted for nearly 40% of the US box office in the first nine months of 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah whitten
Keywords: news, cnbc, companies, box, tickets, office, record, billion, industry, film, months, nearly, sales, sold, disney, accounted, 2019, films


Disney films accounted for nearly 40% of the US box office in the first nine months of 2019

An Avengers fan holds tickets at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019.

Disney has been a box office behemoth for the last five years, setting and then smashing its own records in the film industry over and over again. It stands to do that again this year.

While the film industry as a whole will struggle to reach last year’s $11.9 billion ticket sales record, Disney has already blasted past its best global sales mark and is inching closer to surpassing its domestic top.

So far in 2019, Disney films have sold more than $8.1 billion in tickets, decimating its previous record of $7.6 billion globally.

Domestically, Disney sold a record $3.09 billion worth of tickets in 2018. From January to September, the first three quarters of the year, the company tallied $2.7 billion in sales, and it has yet to release three titles: “Maleficent: Mistress of Evil,” “Frozen 2” and “Star Wars: The Rise of Skywalker.”

Disney’s 2019 haul accounted for 33.4% of the U.S. box office during that period, according to data from Comscore.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah whitten
Keywords: news, cnbc, companies, box, tickets, office, record, billion, industry, film, months, nearly, sales, sold, disney, accounted, 2019, films


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The 2019 box office has 12 weeks to make more than $3 billion if it wants to beat 2018’s record haul

Despite a slow start, the 2019 box office is showing signs of strength. Since the first quarter, the box office has been trailing behind last year’s number by a significant margin. Heading into October, the box office was more than 5% behind 2018 during the same nine-month period. In total, the box office needs to haul in more than $3.4 billion in sales over the next three months in order to surpass 2018’s full-year ticket sales. However, it should be noted that no fourth-quarter period in histo


Despite a slow start, the 2019 box office is showing signs of strength.
Since the first quarter, the box office has been trailing behind last year’s number by a significant margin.
Heading into October, the box office was more than 5% behind 2018 during the same nine-month period.
In total, the box office needs to haul in more than $3.4 billion in sales over the next three months in order to surpass 2018’s full-year ticket sales.
However, it should be noted that no fourth-quarter period in histo
The 2019 box office has 12 weeks to make more than $3 billion if it wants to beat 2018’s record haul Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah whitten
Keywords: news, cnbc, companies, box, 2018s, beat, office, billion, weeks, ticket, haul, frozen, sales, million, 2018, skywalker, record, wants, 2019


The 2019 box office has 12 weeks to make more than $3 billion if it wants to beat 2018's record haul

Despite a slow start, the 2019 box office is showing signs of strength. However, even with blockbuster gems like “Avengers: Endgame,” “The Lion King” and “Toy Story 4,” it could still struggle to top 2018′s ticket sale record by year-end.

A weak slate of movies in the beginning of the year put 2019 at a deficit. Since the first quarter, the box office has been trailing behind last year’s number by a significant margin. Heading into October, the box office was more than 5% behind 2018 during the same nine-month period.

In order to even come close to the $11.9 billion mark 2018 set, the 2019 box office will need upcoming features like “Frozen 2,” “Star Wars: The Rise of Skywalker” and “Jumanji: The Next Level,” to perform well with audiences.

In total, the box office needs to haul in more than $3.4 billion in sales over the next three months in order to surpass 2018’s full-year ticket sales. However, it should be noted that no fourth-quarter period in history has ever garnered more than $3 billion in ticket sales.

The highest gross for the fourth quarter came in 2018, when films like “The Grinch,” “Aquaman,” and “Ralph Breaks the Internet” helped the box office score just under $2.95 billion in ticket sales, according to data provided by Comscore.

“We are running out of runway,” Paul Dergarabedian, senior media analyst at Comscore, said. “We have 12 weekends.”

Still, 2019 does stand a chance of making up ground.

From Disney, “Maleficent: Mistress of Evil,” “Frozen 2″ and “Star Wars: Rise of Skywalker” are due out in October, November and December, respectively. While analysts foresee “Maleficent” drawing a decent crowd, it’s “Frozen 2” and “Rise of Skywalker” that are expected to bump up the box office receipts.

While “Frozen” made around $263 million between its November release in 2013 and the end of the year, it’s become one of the most popular properties for children and is likely to see a massive opening weekend over the Thanksgiving holiday and solid ticket sales through December.

Other hotly anticipated releases include: “Terminator: Dark Fate,” “Zombieland 2,” “Doctor Sleep,” “Jumanji: The Next Level” and “Little Women.”

Notably, “Jumanji: Welcome to the Jungle” hauled in $169 million between its Dec. 20 release and New Years in 2017, and went on to collect $404.5 million in the U.S. through its run. “The Next Level” arrives one week earlier in Dec. this year, giving it the opportunity to ring up more sales before the year ends.

Not to mention, 2018 had a very weak ending, with last December’s ticket sales slumping 20% from the year prior.

And it was the first December since 2015 that Disney didn’t have a “Star Wars” movie in theaters. Instead, Warner Bros. took that open tentpole slot and released “Aquaman.” The $199 million the aquatic hero collected during the month paled in comparison to what “Force Awakens,” “Rogue One” and “The Last Jedi” had made during their December runs.

“Rise of Skywalker,” the finale in the Skywalker Saga, is expected to bring in between $500 million and $600 million during its December run.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah whitten
Keywords: news, cnbc, companies, box, 2018s, beat, office, billion, weeks, ticket, haul, frozen, sales, million, 2018, skywalker, record, wants, 2019


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Goldman CEO on how he’s turning the Wall Street powerhouse into a giant digital bank for consumers

Goldman Sachs CEO David Solomon said Thursday that the company is just starting to build out its consumer-facing digital banking offerings. I feel good about the progress that we’re making,” the Goldman chief said in an interview with CNBC’s Wilfred Frost. “I think we’re in the early stages of building a digital platform for consumers that gives them more information, more tools are their disposal.” Goldman, one of the largest investment banks in the world, fell short of expectations earlier thi


Goldman Sachs CEO David Solomon said Thursday that the company is just starting to build out its consumer-facing digital banking offerings.
I feel good about the progress that we’re making,” the Goldman chief said in an interview with CNBC’s Wilfred Frost.
“I think we’re in the early stages of building a digital platform for consumers that gives them more information, more tools are their disposal.”
Goldman, one of the largest investment banks in the world, fell short of expectations earlier thi
Goldman CEO on how he’s turning the Wall Street powerhouse into a giant digital bank for consumers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: thomas franck
Keywords: news, cnbc, companies, powerhouse, turning, consumers, launch, wall, street, largest, platform, digital, hes, giant, card, goldman, billion, million, short, progress, solomon, ceo


Goldman CEO on how he's turning the Wall Street powerhouse into a giant digital bank for consumers

Goldman Sachs CEO David Solomon said Thursday that the company is just starting to build out its consumer-facing digital banking offerings.

“We’re building for the long term. I feel good about the progress that we’re making,” the Goldman chief said in an interview with CNBC’s Wilfred Frost. “I think we’re in the early stages of building a digital platform for consumers that gives them more information, more tools are their disposal.”

Solomon highlighted several of Goldman’s forays into the traditional consumer banking industry, including the launch of its Marcus unit and new credit card offering with Apple.

The firm has spent $450 million so far this year on efforts to lure in new customers, including its launch of the Apple Card, the most successful on record in terms of adoption figures, Solomon said.

“Over the last three years we’ve built a digital bank with $55 billion in digital deposits, with $5 billion of loans; 4 to 5 million customers; a brand-new credit card platform and have launched a card with Apple. I feel like that’s pretty good progress over a short period of time.”

Goldman, one of the largest investment banks in the world, fell short of expectations earlier this week when it reported earnings below what Wall Street analysts expected. The bank said profit slumped 26% to $1.88 billion as its investing and lending division missed by the largest degree.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: thomas franck
Keywords: news, cnbc, companies, powerhouse, turning, consumers, launch, wall, street, largest, platform, digital, hes, giant, card, goldman, billion, million, short, progress, solomon, ceo


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