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Share to Twitter Share to Linkedin Topline Uber smashed expectations in its latest quarterly financials, with CEO Dara Khosrowshahi declaring it the ride-hailing company’s “strongest quarter ever,” as shares speed toward their highest price since last February. Key Facts Uber reported $8.61 billion in sales over the last three months of 2022, beating the analyst consensus of $8.51 billion according to Factset, and a net income of -$161 million in its core business, easily beating the consensus estimate of -$329 million. The company booked $4.2 billion in revenue from its core ride-hailing business, $2.9 billion from its Uber Eats and Postmates delivery services and $1.5 billion from its Uber Freight trucking segment. Perhaps most intriguing to investors was Uber’s vast improvement in a core profitability metric: The company reported $665 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) last … [Read more...] about Uber Tests 12-Month High After Reporting ‘Strongest Quarter Ever’

Share to Twitter Share to Linkedin Ford published a weaker set of Q4 FY’22 earnings due to supply chain-related headwinds and production issues that impacted the company’s cost base. Ford’s operating profits fell short of both the company’s guidance and Street estimates, coming in at $2.6 billion. For perspective, Ford had guided adjusted operating income for the full year 2022 of between $11.5 billion and $12.5 billion, versus a final reported number of just about $10.4 billion. That said Ford’s revenues came in ahead of estimates, with automotive sales rising 18.4% versus last year to $41.8 billion. Volumes grew by about 4% versus last year and pricing also remained strong. However, Ford’s overall market share fell by 40 basis points versus last year to 5%. Now, Ford’s recent execution has been weak, but we think that things will eventually look up. With inflation easing, the U.S. Federal Reserve has slowed down on the pace of its interest rate hikes (25 … [Read more...] about Ford’s Q4 Results Were Tough, But Things Could Get Better

KEY TAKEAWAYS The U.S. savings rate has plunged, and 401(k) accounts have declined as loans and hardship withdrawals exacerbate market losses. With interest rates rising, consumers appear less likely to borrow money in 2023. As a result, the recent decline in consumer spending may persist. Last year, the highest U.S. inflation in 40 years had an entirely unsurprising effect: shrinking the amount of cash in Americans' pockets—and portending challenges for consumer spending in 2023. From tapping their savings to dipping into their retirement accounts, Americans increasingly scrambled for money as the cost of living soared and the Federal Reserve's interest rate hikes, designed to lower inflation, raised borrowing costs. Nearly half of Americans said they have less savings than they did a year ago, according to a recent Quinnipiac University poll. As cash savings fell, so did retirement accounts: The number of 401(k) retirement participants taking out loans from their … [Read more...] about Cash-Strapped Americans Increasingly Tap Savings, Retirement Accounts

Share to Twitter Share to Linkedin The cannabis industry - both domestic and international in scope, and comprised of two substantial subsectors: marijuana and hemp - started last year off strong. Namely, with a splash of high-profile M&A activity in January and February. There was tremendous promise for growing the market. As we entered second quarter of 2022, the hope for a fruitful Q2 faded. By Q3, it was full-fledged retreat, with many of the industry investment conferences refusing to even consider seminar presentations or panels regarding workouts, receiverships or other proactive measures designed to protect or mitigate the poor economic conditions surrounding the industry and many of its operators. There was a concerted effort to “keep it positive” after the industry had been called “recession proof” and designated as an “essential business,” while enjoying record high sales numbers and revenues. Things were good — until reality set in. I … [Read more...] about 2022 Cannabis In Review And 2023 Opportunity Outlook

The central bank's commentary has a hawkish undertone and suggests that more interest rate hikes cannot be ruled out. Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. The RBI’s Monetary Policy Committee met market expectations by increasing the repo rate by 25 basis points, although it left some prayers unanswered. The fond hope was that the MPC would take its cue from global central banks and announce a pause on rate increases. The consolation is that two of the six MPC members didn’t want to raise rates. Nevertheless, the central bank's commentary has a hawkish undertone and suggests that more interest rate hikes cannot be ruled out. This is against what some global central banks have said. The Bank of Canada became the first central bank in a G10 … [Read more...] about Moneycontrol Pro Panorama | MPC plays it safe, more rate hikes coming?

A number of tax reliefs to the middle class during the Union Budget 2023 lifted the market higher on February 1 as it will leave people with more money in their hands thus boosting consumption. Nifty 50 rose 1.55 percent to 17,936.60 while BSE Sensex climbed 1.75 percent to 60,594.46. Among the biggest gainers were ICICI Bank, Tata Steel, L&T, HDFC, and JSW Steel. Adani Enterprises, HDFC Life Insurance, and SBI Life Insurance were the top losers. “Tax exemptions under the new tax regime will provide increased disposable income in the hands of salaried consumers which will help boost demand for small and large home appliances thus benefiting Havells, Bajaj Electricals, V-Guard, etc,” said analysts at ICICI Securities. BSE Consumer Durables zoomed 1.3 percent while BSE Capital Goods was up 2.21 percent. Barring indices dedicated to Power, Utilities, and Energy, all sectoral or thematic indices rose after the budget announcement. In the new tax regime, the government … [Read more...] about Budget 2023: Tax tweaks, record capex lift Sensex, Nifty higher

Oasis's CEO Ahn Jun-hyung speaks during a press conference to announce the company's plans for its listing at Yeouido, western Seoul, on Wednesday. [OASIS] Oasis, a Korean e-commerce company that's actually profitable, is set to list on Kosdaq on Feb. 23 in an offering that could raise as much as 206.8 million, with some of the proceeds going to the largest shareholder. If the initial public offering (IPO) goes as planned, Oasis will be the first domestic e-commerce operator to go public. Other e-commerce companies, such as Kurly and SSG.com, have either postponed or canceled. Coupang, another major e-commerce operator, listed on the New York Stock Exchange in 2021. Founded in 2011, Oasis started off by focusing on developing and selling organic goods through it physical stores. It expanded its business to dawn deliveries and online sales with Oasis Market in 2018. The company plans to issue 3.66 million new shares and 1.57 million old shares priced between 30,500 won to … [Read more...] about Oasis, a dawn-delivery success story, to list on Korea’s Kosdaq