US job openings decline for second straight month

Boeing plane deliveries down 72% in AugustBoeing Co handed over around a quarter as many planes in August as it did a year ago, pushing total deliveries so far this year down more than 40%, as the worldwide grounding…Airlinesread more


Boeing plane deliveries down 72% in AugustBoeing Co handed over around a quarter as many planes in August as it did a year ago, pushing total deliveries so far this year down more than 40%, as the worldwide grounding…Airlinesread more
US job openings decline for second straight month Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10
Keywords: news, cnbc, companies, handed, planes, worldwide, plane, openings, far, job, second, deliveries, pushing, total, straight, month, decline, groundingairlinesread, quarter


US job openings decline for second straight month

Boeing plane deliveries down 72% in August

Boeing Co handed over around a quarter as many planes in August as it did a year ago, pushing total deliveries so far this year down more than 40%, as the worldwide grounding…

Airlines

read more


Company: cnbc, Activity: cnbc, Date: 2019-09-10
Keywords: news, cnbc, companies, handed, planes, worldwide, plane, openings, far, job, second, deliveries, pushing, total, straight, month, decline, groundingairlinesread, quarter


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

CEO spending $100 million on digital ads says Twitter and Snap aren’t ‘monetizable’ yet

Half of the company’s investment in digital marketing goes to social media, which he said is overwhelmingly Facebook and Instagram. Today, social media has become really meaningful,” he said. Though Google and Facebook do dominate global digital ad dollars, second quarter earnings from some of the smaller players showed they’re gaining some traction. Snap reported revenue of $388 million for the second quarter, up 48% from a year prior. “Today for me, I really consumer all of my media and clips


Half of the company’s investment in digital marketing goes to social media, which he said is overwhelmingly Facebook and Instagram. Today, social media has become really meaningful,” he said. Though Google and Facebook do dominate global digital ad dollars, second quarter earnings from some of the smaller players showed they’re gaining some traction. Snap reported revenue of $388 million for the second quarter, up 48% from a year prior. “Today for me, I really consumer all of my media and clips
CEO spending $100 million on digital ads says Twitter and Snap aren’t ‘monetizable’ yet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: megan graham
Keywords: news, cnbc, companies, million, digital, spending, second, ads, snap, media, quarter, monetizable, instagram, spends, ceo, social, 100, really, arent, twitter


CEO spending $100 million on digital ads says Twitter and Snap aren't 'monetizable' yet

Sports apparel online retailer Fanatics spends big on digital marketing, but it isn’t quite seeing Snap and Twitter’s audiences translate to big sales yet, Executive Chairman Michael Rubin said Friday.

The company spends $100 million on digital marketing each year, on top of the hundreds of millions of dollars it spends with the sports leagues, Rubin said on CNBC’s “Squawk Box.”

Half of the company’s investment in digital marketing goes to social media, which he said is overwhelmingly Facebook and Instagram. The other half goes to Google, where he said the company has identified hundreds of keywords it uses to advertise against.

“It used to be … for us, the traffic came from the NFL and what came from Google. Today, social media has become really meaningful,” he said. “Instagram, Facebook, these channels are working really well for us. … I think sometimes you can find something like a Snap or a Twitter that have huge audiences, but they’re not really monetizable yet.”

Snap has been building features to allow users to directly buy products within its app. Instagram has similar features.

Though Google and Facebook do dominate global digital ad dollars, second quarter earnings from some of the smaller players showed they’re gaining some traction. Snap showed it was still losing a lot of money ($255 million in the second quarter), but advertisers are enthusiastic about its young devoted user base and are looking for ways to diversify their spending beyond the Facebook-Google duopoly. Snap reported revenue of $388 million for the second quarter, up 48% from a year prior.

Twitter advertising revenue jumped 21% in the second quarter from a year earlier to reach $727 million, thanks to 29% growth in the U.S.

Rubin added the company has seen recent growth. He said Fanatics had $250 million in revenue when he bought it back from eBay earlier this decade and will be over $3 billion next year. Rubin said the NFL is Fanatic’s biggest business. The first game of the NFL’s 100th season was Thursday night, with the Green Bay Packers defeating the Chicago Bears, 10-3. It was televised by NBC.

“We’re having a great year. During the game last night against last year’s game, we were up 30%, and those are big numbers,” he said. “Since August 1, we’ve been up 25%.”

“People always talk about media ratings, but you really consume media in so many different places,” he said. “Today for me, I really consumer all of my media and clips [on] social media. I’m getting it from Instagram, I’m getting it from Twitter.”


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: megan graham
Keywords: news, cnbc, companies, million, digital, spending, second, ads, snap, media, quarter, monetizable, instagram, spends, ceo, social, 100, really, arent, twitter


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Hurricane Dorian could cost insurers $25 billion, UBS says

Trump may be able to order US firms out of China but it will cost…U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a…China Economyread more


Trump may be able to order US firms out of China but it will cost…U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a…China Economyread more
Hurricane Dorian could cost insurers $25 billion, UBS says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, china, dorian, hurricane, largest, ubs, insurers, trump, worlds, order, president, power, politically, second, billion, cost, leave


Hurricane Dorian could cost insurers $25 billion, UBS says

Trump may be able to order US firms out of China but it will cost…

U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a…

China Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, china, dorian, hurricane, largest, ubs, insurers, trump, worlds, order, president, power, politically, second, billion, cost, leave


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves midday: Campbell Soup, MSG Networks, Ulta Beauty & more

Check out the companies making headlines midday Friday:Campbell Soup — Shares of Campbell Soup rose 3.9% on Friday after the food company reported higher than expected earnings. Ulta Beauty — Shares of the beauty company plummeted 30% after announcing its second quarter earnings. Ulta reported earnings per share of $2.76, which missed estimates by 4 cents. Dell Technologies — The technology company’s stock jumped 10.2% after announcing better-than-expected second quarter results. Workday beat Wa


Check out the companies making headlines midday Friday:Campbell Soup — Shares of Campbell Soup rose 3.9% on Friday after the food company reported higher than expected earnings. Ulta Beauty — Shares of the beauty company plummeted 30% after announcing its second quarter earnings. Ulta reported earnings per share of $2.76, which missed estimates by 4 cents. Dell Technologies — The technology company’s stock jumped 10.2% after announcing better-than-expected second quarter results. Workday beat Wa
Stocks making the biggest moves midday: Campbell Soup, MSG Networks, Ulta Beauty & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: fred imbert
Keywords: news, cnbc, companies, campbell, networks, share, billion, midday, company, reported, second, earnings, shares, quarter, moves, biggest, making, revenue, msg, cents, stocks, soup, ulta


Stocks making the biggest moves midday: Campbell Soup, MSG Networks, Ulta Beauty & more

Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017.

Check out the companies making headlines midday Friday:

Campbell Soup — Shares of Campbell Soup rose 3.9% on Friday after the food company reported higher than expected earnings. The company earned an adjusted 50 cents per share for its fiscal fourth quarter, topping Refinitiv analyst expectations of 41 cents. CEO Mark Clouse said the company is “overdelivering our cost savings programs.” Campbell also reported a revenue of $2.024 billion, which topped estimates.

Ulta Beauty — Shares of the beauty company plummeted 30% after announcing its second quarter earnings. Ulta reported earnings per share of $2.76, which missed estimates by 4 cents. The company lowered its profit forecast and comparable store sales rose less than expected.

Dell Technologies — The technology company’s stock jumped 10.2% after announcing better-than-expected second quarter results. Dell reported adjusted earnings per share of $2.15 on revenue of $23.45 billion. Analysts had expected earnings per share of $1.47 on revenue of $23.27 billion, according to Refinitiv. Dell said it has been able to weather tariffs from the U.S.-China trade war.

Big Lots — Shares rose more than 3% after the retailer posted quarterly numbers that topped analyst expectations. The company reported earnings per share of 53 cents on revenue of $1.252 billion. Analysts polled by Refinitiv expected a profit of 40 cents per share on revenue of $1.248 billion.

Mallinckrodt — Mallinckrodt plunged 15.9% as the company drew down a remaining $95 million in revolving credit “to address cash needs that may arise in the future.” Mallinckrodt has been under scrutiny for its role in the opioid crisis.

Tesla — Tesla climbed 1.8% after China announced that some of the automaker’s products will be exempted from upcoming tariffs on cars and autoparts imported from the U,S. Tesla’s Model 3, Model S and Model X will not face the new tariffs, which are slated to take effect on Dec. 15.

Ambarella — Shares of the semiconductor design company soared 18% after announcing better-than-expected second quarter results. Ambarella reported adjusted earnings per share of 21 cents on revenue of $56.4 million. Analysts had expected earnings per share of 2 cents on revenue of $52.0 million.

Workday — Shares of Workday tumbled 5.3% on Friday after raising revenue guidance in a manner that analysts at Wedbush described as “cautious.” The software company projected subscription revenue guidance for the full fiscal year to be between $3.06 and $3.07 billion, up from a range of $3.045 billion to $3.06 billion announced in May. Workday beat Wall Street expectations for revenue in its fiscal second quarter, with subscription revenue rising by 34%.

MSG Networks — MSG Networks jumped more than 14% after increasing its existing buyback program by $300 million and announced an auction tender offer to buy up to $250 million in stock. “We understand the media landscape is evolving, but remain confident in the long-term prospects for our business,” CEO Andrea Greenberg said.

— CNBC’s Elizabeth Myong and Jesse Pound contributed to this report.

Correction: This story has been updated to reflect Campbell’s correct earnings per share and quarterly revenue.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: fred imbert
Keywords: news, cnbc, companies, campbell, networks, share, billion, midday, company, reported, second, earnings, shares, quarter, moves, biggest, making, revenue, msg, cents, stocks, soup, ulta


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves after hours: Ulta, Ambarella and Dell

Check out the companies making headlines after the bell:Shares of Ulta nosedived 21% after the company lowered its guidance and missed earnings estimates. The company reported second quarter earnings per share of $2.76 on revenue of $1.67 billion. The information technology company reported second quarter adjusted earnings per share of $2.15 on revenue of $23.45 billion. Shares of Marvell Technology Group fell more than 5% after reporting weak second quarter earnings and revenue guidance. Ambare


Check out the companies making headlines after the bell:Shares of Ulta nosedived 21% after the company lowered its guidance and missed earnings estimates. The company reported second quarter earnings per share of $2.76 on revenue of $1.67 billion. The information technology company reported second quarter adjusted earnings per share of $2.15 on revenue of $23.45 billion. Shares of Marvell Technology Group fell more than 5% after reporting weak second quarter earnings and revenue guidance. Ambare
Stocks making the biggest moves after hours: Ulta, Ambarella and Dell Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: elizabeth myong
Keywords: news, cnbc, companies, revenue, estimates, stocks, hours, dell, second, earnings, share, quarter, moves, ulta, reported, company, biggest, making, ambarella, refinitiv, million


Stocks making the biggest moves after hours: Ulta, Ambarella and Dell

Pedestrians pass in front of an Ulta Beauty store in New York.

Check out the companies making headlines after the bell:

Shares of Ulta nosedived 21% after the company lowered its guidance and missed earnings estimates. The beauty company lowered its revenue growth guidance to 9%-12%, compared to the 12.3% Refinitiv estimate. It also lowered its fiscal year earnings guidance from $12.82-$13.03 to $11.86-$12.06. Refinitiv had estimated fiscal year EPS of $12.97.

The company reported second quarter earnings per share of $2.76 on revenue of $1.67 billion. Analysts had expected earnings per share of $2.80 on revenue of $1.68 billion, according to Refinitiv consensus estimates. Mary Dillon, Chief Executive Officer, said the company updated its outlook due to “headwinds” in the U.S. cosmetic market.

Dell jumped 9% after beating second-quarter revenue estimates. The information technology company reported second quarter adjusted earnings per share of $2.15 on revenue of $23.45 billion. Analysts had expected earnings per share of $1.47 on revenue of $23.27 billion, according to Refinitiv consensus estimates. Tom Sweet, chief financial officer of Dell, cited the company’s “diverse portfolio and consistent execution”.

Shares of Marvell Technology Group fell more than 5% after reporting weak second quarter earnings and revenue guidance. The semiconductor company reported second quarter adjusted earnings per share of 16 cents on revenue of $657 million. Analysts had expected earnings per share of 15 cents on revenue of $652 million. CEO Matt Murphy said the company faces “a worsening macroeconomic environment,” in addition to issues with Huawei.

Ambarella surged more than 18% after reporting better-than-expected second quarter earnings. The semiconductor design company reported adjusted earnings per share of 21 cents on revenue of $56.4 million. Analysts had expected earnings per share of 2 cents on revenue of $52.0 million, according to Refinitiv consensus estimates. Fermi Wang, Ambarella president and CEO, said the company’s outlook was strong.

“Our confidence in our fiscal year 2020 outlook has increased, despite the geopolitical uncertainty,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: elizabeth myong
Keywords: news, cnbc, companies, revenue, estimates, stocks, hours, dell, second, earnings, share, quarter, moves, ulta, reported, company, biggest, making, ambarella, refinitiv, million


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Mnuchin: If China agreed to a fair relationship, we’d sign that deal ‘in a second’

SAINT-JEAN-DE-LUZ, France — American Treasury Secretary Steven Mnuchin doubled down on the White House’s latest punch in the U.S.-China trade war by calling out Beijing for unfair trade practices. “We do not have free trade with them,” Mnuchin said Sunday on the sidelines of the G-7 meeting in France. If China would agree to a fair and balanced relationship, we would sign that deal in a second,” he added. At the G-7, Trump said Sunday he could declare the escalating U.S.-China trade war as a nat


SAINT-JEAN-DE-LUZ, France — American Treasury Secretary Steven Mnuchin doubled down on the White House’s latest punch in the U.S.-China trade war by calling out Beijing for unfair trade practices. “We do not have free trade with them,” Mnuchin said Sunday on the sidelines of the G-7 meeting in France. If China would agree to a fair and balanced relationship, we would sign that deal in a second,” he added. At the G-7, Trump said Sunday he could declare the escalating U.S.-China trade war as a nat
Mnuchin: If China agreed to a fair relationship, we’d sign that deal ‘in a second’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: amanda macias
Keywords: news, cnbc, companies, white, g7, sign, fair, weve, china, trade, trump, billion, relationship, mnuchin, emergency, agreed, deal, second, best, national


Mnuchin: If China agreed to a fair relationship, we'd sign that deal 'in a second'

SAINT-JEAN-DE-LUZ, France — American Treasury Secretary Steven Mnuchin doubled down on the White House’s latest punch in the U.S.-China trade war by calling out Beijing for unfair trade practices.

“We do not have free trade with them,” Mnuchin said Sunday on the sidelines of the G-7 meeting in France. “It’s a one way street: They have free entrance into our markets, our investments, our companies and we do not have the same thing there. That’s the only reason why we are in this situation with China. If China would agree to a fair and balanced relationship, we would sign that deal in a second,” he added.

“Sometimes you’ve got to take stern measures,” White House economic advisor Larry Kudlow said alongside Mnuchin, adding that American companies should heed the president’s call to leave China.

“Come home to America, we’ve got the best tax system, we’ve got the best regulatory system, it’s an easy place to make money, the best technology in the world. Come home. That’s what the president is saying,” Kudlow said.

Before leaving for the G-7, U.S. President Donald Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. Additionally, he said, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

At the G-7, Trump said Sunday he could declare the escalating U.S.-China trade war as a national emergency if he wanted to.

“In many ways this is an emergency,” Trump said of the ongoing trade battle. “I could declare a national emergency, I think when they steal and take out and intellectual property theft anywhere from $300 billion to $500 billion a year and when we have a total lost of almost a trillion dollars a year for many years,” Trump said, adding that he had no plan right now to call for a national emergency.


Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: amanda macias
Keywords: news, cnbc, companies, white, g7, sign, fair, weve, china, trade, trump, billion, relationship, mnuchin, emergency, agreed, deal, second, best, national


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

White House says Trump regrets not raising tariffs on China higher

President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France. SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.” President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a state


President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France. SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.” President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a state
White House says Trump regrets not raising tariffs on China higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
Keywords: news, cnbc, companies, war, higher, president, trump, raising, escalating, white, tariffs, regrets, house, thoughts, trade, china, second


White House says Trump regrets not raising tariffs on China higher

President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France.

SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.”

“This morning in the bilat with the U.K., the president was asked if he had ‘any second thought on escalating the trade war with China’. His answer has been greatly misinterpreted. President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a statement.

The statement came hours after Trump held a bilateral meeting with British Prime Minister Boris Johnson at the G-7 in Biarritz, France. During the meeting, Trump was asked if he had second thoughts about escalating the trade war with China. Trump said, “Yup.” The question was repeated and he added, “I have second thoughts about everything.”

Last week, Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. What’s more, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

The moves were the latest punches in a tit-for-tat trade war between the world’s two largest economies that has spooked investors and raised fears that the global economy will dip into a recession.

Trump downplayed those concerns saying “our country is doing really well, we had horrible trade deals and I’m straightening them out.”


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
Keywords: news, cnbc, companies, war, higher, president, trump, raising, escalating, white, tariffs, regrets, house, thoughts, trade, china, second


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Joe Biden holds his big lead, and Kamala Harris slides: Here are the latest 2020 Democratic primary polls

Candidates former Vice President Joe Biden and U.S. Senator Kamala Harris take the stage on the second night of the second 2020 Democratic U.S. presidential debate in Detroit, Michigan, July 31, 2019. Through all of the 2020 Democratic presidential primary’s early ups and downs, Joe Biden has consistently outpaced the field in polls. The former vice president has led nearly every survey at both the national and early nominating state level. His support dipped following the first Democratic debat


Candidates former Vice President Joe Biden and U.S. Senator Kamala Harris take the stage on the second night of the second 2020 Democratic U.S. presidential debate in Detroit, Michigan, July 31, 2019. Through all of the 2020 Democratic presidential primary’s early ups and downs, Joe Biden has consistently outpaced the field in polls. The former vice president has led nearly every survey at both the national and early nominating state level. His support dipped following the first Democratic debat
Joe Biden holds his big lead, and Kamala Harris slides: Here are the latest 2020 Democratic primary polls Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jacob pramuk
Keywords: news, cnbc, companies, democratic, vice, kamala, lead, harris, latest, joe, second, polling, polls, primary, holds, presidential, slides, debate, national, president


Joe Biden holds his big lead, and Kamala Harris slides: Here are the latest 2020 Democratic primary polls

Candidates former Vice President Joe Biden and U.S. Senator Kamala Harris take the stage on the second night of the second 2020 Democratic U.S. presidential debate in Detroit, Michigan, July 31, 2019.

Through all of the 2020 Democratic presidential primary’s early ups and downs, Joe Biden has consistently outpaced the field in polls.

The former vice president has led nearly every survey at both the national and early nominating state level. His support dipped following the first Democratic debate in late June, then stabilized in recent weeks.

Biden has so far shown staying power at the top of a jammed Democratic field even as his rivals’ polling numbers wax and wane. Sen. Kamala Harris, D-Calif., has seen her standing change most dramatically: she surged from fourth to second in the RealClearPolitics national polling average after a strong first debate showing, then dropped back to fourth.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jacob pramuk
Keywords: news, cnbc, companies, democratic, vice, kamala, lead, harris, latest, joe, second, polling, polls, primary, holds, presidential, slides, debate, national, president


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Shares of China’s Baidu pop over 8% after earnings beat as CEO says ‘temporary pain’ will pay off

Baidu shares surged over 8% in U.S. after-hours trade after it reported earnings for the second quarter that beat market expectations, as it managed to fend off newer rivals like TikTok parent ByteDance in the advertising space. Here are the results for the June quarter:Revenue of 26.3 billion yuan, or $3.83 billion, according to the exchange rate published in the company’s earnings release. Revenue beat market expectations of 25.76 billion yuan. After posting its first loss since 2005 in the fi


Baidu shares surged over 8% in U.S. after-hours trade after it reported earnings for the second quarter that beat market expectations, as it managed to fend off newer rivals like TikTok parent ByteDance in the advertising space. Here are the results for the June quarter:Revenue of 26.3 billion yuan, or $3.83 billion, according to the exchange rate published in the company’s earnings release. Revenue beat market expectations of 25.76 billion yuan. After posting its first loss since 2005 in the fi
Shares of China’s Baidu pop over 8% after earnings beat as CEO says ‘temporary pain’ will pay off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: arjun kharpal
Keywords: news, cnbc, companies, earnings, chinas, billion, shares, pop, search, beat, revenue, ceo, second, yuan, baidu, yearonyear, rising, pay, temporary, market, tiktok, pain, quarter


Shares of China's Baidu pop over 8% after earnings beat as CEO says 'temporary pain' will pay off

Baidu shares surged over 8% in U.S. after-hours trade after it reported earnings for the second quarter that beat market expectations, as it managed to fend off newer rivals like TikTok parent ByteDance in the advertising space.

Here are the results for the June quarter:

Revenue of 26.3 billion yuan, or $3.83 billion, according to the exchange rate published in the company’s earnings release. That represented a 1% year-on-year increase or 9% on the quarter. Revenue beat market expectations of 25.76 billion yuan.

Earnings per share of 10.11 yuan, beating estimates of 6.12 yuan. That was a 54% year-on-year decline but a more than 260% increase from the previous quarter.

Expectations were low. The stock had declined nearly 40% this year, and investors were concerned about the impact of rising competition and stricter censorship from the Chinese government on online videos which could hurt ad revenue.

But Baidu reported numbers that pleased the market. After posting its first loss since 2005 in the first quarter of the year, the Chinese internet giant returned to a net profit in the second quarter.

Its core advertising and marketing services business hit revenues of 19.5 billion yuan, decreasing 2% year-on-year but rising 12% on the quarter. Given that this makes up around three quarters of the company’s revenue, the signs of stabilization were welcomed.

The search giant has also been criticized for its slow shift to mobile as consumers spend an increasing amount of time on so-called “super apps.” These are products like Tencent’s WeChat or Ant Financial’s Alipay where a user can do a number of different things ranging from payments to ordering food — all within one app.

Baidu has also faced new competition from ByteDance, the owner of social media app TikTok, which recently launched a search product.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: arjun kharpal
Keywords: news, cnbc, companies, earnings, chinas, billion, shares, pop, search, beat, revenue, ceo, second, yuan, baidu, yearonyear, rising, pay, temporary, market, tiktok, pain, quarter


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

$12.4 billion wiped off Tencent’s market value as the Chinese giant strikes a cautious note

Tencent shares slumped as much as 3.88% on Thursday after the Chinese technology giant reported a mixed bag of second-quarter results. Revenue rose 21% year-on-year to 88.82 billion yuan ($12.92 billion, according to the exchange rate published in the earnings statement). However, profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan. The company’s gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year. Tha


Tencent shares slumped as much as 3.88% on Thursday after the Chinese technology giant reported a mixed bag of second-quarter results. Revenue rose 21% year-on-year to 88.82 billion yuan ($12.92 billion, according to the exchange rate published in the earnings statement). However, profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan. The company’s gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year. Tha
$12.4 billion wiped off Tencent’s market value as the Chinese giant strikes a cautious note Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: arjun kharpal
Keywords: news, cnbc, companies, tencents, market, strikes, business, giant, chinese, yuan, note, value, wiped, billion, technology, cautious, second, companys, division, yearonyear


$12.4 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note

Tencent shares slumped as much as 3.88% on Thursday after the Chinese technology giant reported a mixed bag of second-quarter results.

The stock later pared some losses and was down around 3% at 14:14 a.m. HK/SIN. That equated to around $12.4 billion of value being wiped out.

Revenue rose 21% year-on-year to 88.82 billion yuan ($12.92 billion, according to the exchange rate published in the earnings statement). That missed market estimates. However, profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan.

The company’s gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year. Mobile games in particular were up 26%.

That was welcomed given that the Chinese government froze video game approvals last year, hurting Tencent’s business badly and wiping billions off the company’s market capitalization. Games need to be approved by the Chinese regulators before they can be released and monetized.

Gaming is Tencent’s biggest division, accounting for around 30% of revenue in the second quarter.

Another bright spot was the company’s financial technology and business services division, which includes revenues from WeChat Pay, Tencent’s wealth management product and cloud computing. That business was up 37% year-on-year to 22.9 billion yuan.

But management struck a note of caution for a number of areas. One was the advertising business, which saw a slowdown. Headwinds in that area are likely to continue, according to James Mitchell, chief strategy officer at Tencent.

“Our assumption is that the macro environment will remain difficult for the rest of the year and that the situation of the heavy supply of advertising inventory will continue for the rest of the year and potentially into next year,” he said on the company’s earnings call on Wednesday.

Tencent also reined in spending in the second quarter. Capital expenditure was down 38% compared to the year-ago period. Cash flow used for investing also dropped sharply in the first half of the year compared with the same period in 2018.

Mitchell said that was because the first half of 2018 had an “unusually rapid pace” of investment, but he did say the company was being more “measured” in how it deploys capital.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: arjun kharpal
Keywords: news, cnbc, companies, tencents, market, strikes, business, giant, chinese, yuan, note, value, wiped, billion, technology, cautious, second, companys, division, yearonyear


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post