Apple Follows Big Tech's Lead

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Apple Follows Big Tech's Lead

Apple (Nasdaq: AAPL) has been praised as the last major technology giant that hasn’t conducted widespread layoffs lately, but that might change soon.

Details: According to a report from The New York Post on Thursday, Apple has quietly fired hundreds of contractors. Instead of waiting for the contracts for these workers to expire, Apple has reportedly been letting some go. Apple has not commented on the report.

Background: As other tech companies have been downsizing their teams in recent months, Apple has avoided those large-scale layoffs. Unlike those other companies, Apple didn’t aggressively hire during the past few years. And Apple CEO Tim Cook previously said that layoffs would be a “last resort.”

Stock Price: Shares of Apple dipped by 0.59% in after-hours trading on Thursday. The stock has started 2023 off strong with a 22% increase.

Final Thoughts: 2023 could be a big year for Apple as the tech giant hopes to release new gadgets, including a virtual reality headset and potentially some foldable products. We don’t know if the report on Thursday was true, but it does make sense that Apple would want to shore up its financials and spending before releasing any new products.


Notable Earnings Today: Deere (NYSE: DE), AutoNation (NYSE: AN), AMC Networks (Nasdaq: AMCX), Arbor Realty Trust (NYSE: ABR), American Axle & Manufacturing Holdings (NYSE: AXL), AdvanSix (NYSE: ASIX), Air Canada (OTCMKTS: ACDVF), CenterPoint Energy (NYSE: CNP), Barnes Group (NYSE: B), PPL (NYSE: PPL).

Notable IPOs Today: MANGOCEUTICALS, INC. (Nasdaq: MGRX).

Notable Equity Crowdfunding Campaigns Ending Today: Autocase (StartEngine).

Notable Economic Events Today: Import Price Index (8:30 a.m. ET), Export Price Index (8:30 a.m. ET).

DoorDash’s Gross Order Value

Photo by Marques Thomas / Unsplash

Despite releasing mixed financial results, shares of DoorDash (NYSE: DASH) jumped by 5.41% in after-hours trading on Thursday.

Financials: DoorDash reported a loss of $1.65 per share in the quarter, which was worse than expected. But revenue hit $1.82 billion, which was better than expected.

Details: The company’s marketplace GOV (gross order value) jumped 29% in the quarter.

Outlook: DoorDash predicts that its adjusted EBITDA in the current quarter will be in the range of $120 million to $170 million, which is good.

Stock Price: The stock is down 36% in the past 12 months, but is up 22% in the last 30 days.

Also: The company rolled out a stock buyback program of $750 million, which should help the stock price.

Final Thoughts: DoorDash had a strong quarter and it anticipates a good 2023. Can the company finally achieve profitability?

DraftKings Has Strong Customer Retention

Shares of DraftKings (Nasdaq: DKNG) jumped 5.17% in after-hours trading on Thursday after the sports betting company posted better-than-expected financial earnings.

Financials: DraftKings reported a loss of 53 cents per share in the quarter and revenue of $855 million; both were better than expected.

Details: The revenue surge was driven by what the company called “continued customer retention.”

Final Thoughts: DraftKings, up 61% in 2023, is trying to make a comeback.

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Trends to Watch

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