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    • Breaking News
    Aug 9, 2023
    • Bumble Inc decreased 1.8% to $17.67 after the online dating platform reported better-than-expected revenue and earnings in the second quarter. 

      Total revenue in the second quarter increased to $259.7 million from $219.2 million and net income swung to $6.7 million from a loss of $3.4 million and diluted earnings per share was 5 cents compared to (3 cents) a year ago.  

      However, the company's current quarter adjusted earnings outlook fell short of some investors. 

      Bumble forecasted third quarter revenue between $274 million and $280 million and adjusted operating earnings between $71 million and $73 million. 

      The company forecasted total 2023 revenue between $1.05 billion and $1.07 billion and adjusted operating earnings margin growth of at least 100 basis points. 
      • Marqeta Inc soared 15.9% to $5.75 after the payment processing company reported mixed quarterly results. 

        Total processing volume in the second quarter surged 33% to $53.6billion from $40.4 billion a year ago. 

        Revenue in the second quarter rose 24% to $231 million from $186.6 million and net loss expanded to $58.8 million from $44.4 million and net loss per share rose to 11 cents from 8 cents a year ago. 

        The payment platform extended its deal with Block's Cash App card payment processing services for four more years. 

        The company also struck a multi-faceted partnership deal with Brazil-based Fitbank to expand in the region and help other fintech companies to process payments. 
        • Akamai Technologies Inc soared 6.8% to $101.42 after the cyber security and internet infrastructure company reported better-than-expected second quarter earnings. 

          Second quarter revenue increased 4% to $936 million from $903 million and net income rose 7% to $129 million from $137.8 million and diluted earnings per share fell to 84 cents from 85 cents a year ago. 

          The company repurchased 1.6 million shares for an average price of $83.97 per share and a total of $137 million. 

          The company also revised higher its full-year 2023 estimates and guided its third quarter revenue between $937 million and $952 million and full-year revenue between $3.765 billion and $3.795 billion. 
          • Aug 8, 2023
          • International Flavors & Fragrances Inc plunged 19% to $65 after the company reported weaker-than-expected quarterly results. 

            Revenue in the second quarter declined 11% to $2.9 billion from $3.3 billion and net income plunged 75% to $27 million from $109 million and diluted earnings per share dropped to 11 cents from 43 cents a year ago. 

            The company revised lower its full-year revenue outlook to between $11.3 billion and $11.6 billion from the previous estimate of $12.3 billion. 

            the fragrance company also lowered its adjusted earnings outlook to between $1.85 billion and $2.0 billion from the previous estimate of $2.34 billion. 

            The company declared a regular dividend of 81 cents a share payable to shareholders on October 5 to shareholders on record September 22.  
            • Chegg Inc increased 6.3% to $10.66 after the online education and textbook provider reported  better-than-expected revenue in the second quarter. 

              Total revenue in the second quarter declined 6% to $182.8 million from $194.7 million and operating income swung to a loss of $18.7 million from $7.3 million but net income rose to $24.6 million from $7.4 million and diluted earnings per share fell to a loss of 11 cents from a profit of 6 cents a year ago. 

              Several items impacted GAAP net income in the quarter, including a gain of $53.8 million from the repurchase of some of outstanding convertible debt, which was partially offset by a restructuring charge of $5.7 million announced during the quarter, and a loss contingency of $7.0 million accrued related to a previous gain taken on an equity investment.

              Total subscribers declined 9% to 4.8 million and subscription services declined 5% to $165.9 million, or 91% of total net revenue compared to 90% a year ago. 

              The company forecasted third quarter revenue between $151 million and $153 million and gross margin between 68% and 69% and adjusted operating earnings between $34 million and $36 million. 
              • United Parcel Services, Inc declined 0.8% to $180.59 after the parcel delivery company reported weaker-than-expected revenue in the second quarter.

                Consolidated revenue in the second quarter declined 10.9% to $22.1 billion and net income dropped to $2.1 billion from $2.8 billion and diluted earnings per share fell to $2.42 from $3.25 a year ago. 

                U.S. domestic revenue declined 6.9% to $15.5 billion and international revenue fell 13% to $4.4 billion. Supply chain solutions revenue fell 23.4% to $324 million. 

                The company also lowered its full-year outlook citing macroeconomic headwinds. 

                For the full-year, the company estimated revenue of $93 billion and adjusted operating margin around 11.8%, dividend payout of $5.4 billion and $3 billion of stock repurchase. 
                • Aug 7, 2023
                • Tesla Inc declined 3.2% to $245.70 after the company announced the departure of Zachary Kirkhorn as chief financial officer after 13 years at the company and spending last four years and six months in the position. 

                  In the second quarter, Tesla announced earnings per share of 91 cents and better-than-expected operating margins despite company incentives that lowered net sale price of vehicles. 
                  • Sovos Brands Inc soared 25% to $22.52 after the pasta sauce maker agreed to be acquired by Campbell Soup for $2.33 billion or $23 a share. 

                    Including the debt, the purchase price is $2.7 billion and Campbell said it plans to finance part of the deal with the help of new debt.  

                    Separately, Sovos reported organic sales in its latest quarter jumped 16.3% from a year ago. 

                    Three months ago,  Campbell Soup agreed to sell Emerald Nuts for an undisclosed amount to Flagstone Foods. 
                    • Aug 6, 2023
                    • Berkshire Hathaway Inc Class A jumped 3% to a record high of $550,000 after the diversified conglomerate said its operating earnings jumped 6.6% to $10.04 billion or $6,928.40 per Class A share. 

                      Revenue in the second quarter jumped to $92.5 billion from $76.2 billion, largely driven by the recent acquisition of Pilot Travel Centers which generated $14.75 billion in revenue in the period. 

                      The company's cash hoard soared to $147.4 billion, from $130.6 billion in the first quarter and higher interest rates also helped the company to generate more cash. 

                      Berkshire repurchased $1.4 billion of its own stock, significantly lower than the $4.4 billion repurchase in the first quarter. 
                      • Aug 4, 2023
                      • Booking Holdings Inc rose 12.1% to $3,185.0 after the online travel booking company reported higher-than-expected second quarter revenue and earnings. 

                        Revenue rose 15% to $5.5 billion from $4.3 billion and net income soared to $1.3 billion from $0.9 billion and diluted earnings per share rose to $35.16 from $21.15 a year ago. 

                        Gross travel bookings net of cancellation rose 15% to $39.7 billion and room nights booked increased 9% to 268 million, rental car days jumped 24% to 20 million and airline tickets advanced 58% to 9 million.   

                        The company forecasted record summer travel season in the third quarter.