Apple’s Record Revenue
Plus, Amazon’s quarterly loss.
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Apple’s Record Revenue
Shares of Apple (Nasdaq: AAPL) jumped 2.97% in after-hours trading on Thursday after the technology giant posted positive financial earnings.
Financials: Apple reported earnings of $1.20 per share and revenue of $83 billion; both were better than expected.
The Good: The company’s iPhone revenue totaled $40.67 billion, which was better than expected. Overall, the company posted a June quarter record revenue.
The Bad: Services revenue was $19.6 billion, which was below estimates. And revenue for Mac decreased by $1 billion year-over-year.
Let’s Cook: In an interview with The Wall Street Journal, Apple CEO Tim Cook said there were some challenges, including supply constraints and shutdowns in China, but Cook anticipates revenue accelerating and sees no “macroeconomic effect” on iPhone sales.
Final Thoughts: Apple is down 13% this year, which is better than most tech stocks. Despite problems, the company found a way to have a good quarter.
Notable Earnings Today: Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX), Colgate-Palmolive (NYSE: CL), Procter & Gamble (NYSE: PG), Abbvie (NYSE: ABBV), Phillips 66 (NYSE: PSX), AstraZeneca (Nasdaq: AZN), Imperial Oil Limited (NYSEAMERICAN: IMO), Weyerhaeuser (NYSE: WY), Arbor Realty Trust (NYSE: ABR), Aon (NYSE: AON), Barnes Group (NYSE: B), Bloomin' Brands (Nasdaq: BLMN), Booz Allen Hamilton Holding (NYSE: BAH), Cboe Global Markets (BATS: CBOE), Chart Industries (NYSE: GTLS), Charter Communications (Nasdaq: CHTR), Church & Dwight Co. (NYSE: CHD), ImmunoGen (Nasdaq: IMGN), Mettler-Toledo International (NYSE: MTD), Newell Brands (Nasdaq: NWL), W.W. Grainger (NYSE: GWW).
Notable IPOs Today: Mobile Global Esports, Inc. (Nasdaq: MGAM).
Notable Equity Crowdfunding Campaigns Ending Today: Karma Baker (StartEngine), Vahyn (StartEngine), SapientX (StartEngine), IZOLA (MainVest).
Notable Economic Events Today: Core PCE Price Index (8:30 a.m. ET), Personal Spending / Personal Income (8:30 a.m. ET), Employment Cost Index (8:30 a.m. ET), Chicago PMI (9:45 a.m. ET), Michigan Consumer Sentiment / Expectations (10:00 a.m. ET).
Amazon’s Quarterly Loss
Shares of Amazon (Nasdaq: AMZN) jumped 13.62% in after-hours trading on Thursday after the technology giant posted positive financial earnings.
Financials: Amazon had a loss of 20 cents per share, which was below estimates. But its revenue of $121.2 billion was better than expected.
Mixed Bag: The company posted a quarterly loss because its investment in Rivian Automotive (Nasdaq: RIVN) declined by $3.9 billion, but an operating income of $5.7 billion for AWS was really strong.
Final Thoughts: Amazon’s stock is down 28% this year, but it seems strong enough to survive the e-commerce slowdown.
Optimism Crypto Soars
A cryptocurrency called Optimism jumped over 50% on Thursday, with its price more than tripling in the past week.
Final Thoughts: A tweet this week from OP Labs, the group behind the digital currency, said that it developed an Ethereum-native conditional transaction system called Drippie. This is why the price is up.
Trends to Watch
I Never Kiss Intel: Intel CFO says we’re ‘on the bottom’ after company misses earnings and stock sinks (CNBC)
TV Killed the Roku Star: Roku Blames Q2 Earnings Miss On “Significant Slowdown In TV Advertising Spend” Due To The Broader Economy (Deadline)
The ‘R’ Word: What Is a ‘Recession?’ And Does Bitcoin Care? (CoinDesk)
Getting Started: StartEngine Tops $5 Million in Most Recent Reg A+ Offering (Crowdfund Insider)
Home is Where the Expensive Mortgage is: Mortgage Rates Fall to 5.3%, Continuing Volatile Stretch (The Wall Street Journal)
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