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    • Breaking News
    Nov 9, 2023
    • Disney jumped 4.3% to $88.12 after the theme park operator and media company reported better-than-expected quarterly results and added plans to expand its cost reduction plans to $7.5 billion from $5.5 billion.

      Revenue in the fiscal fourth quarter ending in September increased 5% to $21.2 billion from $20.2 billion, net income advanced to $694 million from $254 million, and diluted earnings per share rose to 14 cents from 9 cents a year ago.

      Revenue in the entertainment segment, which includes television and streaming businesses, increased 2% to $9.5 billion; in the experiences segment, which includes theme parks, vacation clubs, and cruises, it rose 13% to $8.2 billion; and in sports, it was flat at $3.9 billion.

      In the direct-to-consumer segment, which includes Disney+, Disney+ Hotstar, and Hulu, revenue increased 12% to $5.0 billion, and operating losses shrank to $420 million from $1.4 billion a year ago.
      • Nov 8, 2023
      • Robinhood Markets Inc. dropped 12.4% to $8.55 after the online trading platform reported weaker-than-expected sales of $467 million in the third quarter.

        Revenue in the third quarter increased by 29% to $467 million, driven by a 96% increase in net interest income to $251 million.

        Net loss in the quarter shrank to $85 million from $175 million, and diluted loss per share fell to 9 cents from 20 cents a year ago.

        Average revenue per user increased by 27% to $80, and monthly active users fell 16% to 10.3 million.

        Net deposit inflow in the quarter was $4 billion, and assets under custody surged 34% to $87 billion, reflecting higher equity valuations and a continued net inflow of assets.
        • eBay Inc. declined 5.8% to $38.45 after the online marketplace reported mixed quarterly results.

          Revenue in the third quarter increased 5% to $2.5 billion from $2.4 billion, the company swung to a net profit of $1.3 billion from a loss of $69 million, and diluted earnings per share increased to $2.47 from a loss of 13 cents a year ago.

          The company guided fourth-quarter revenue to fall between $2.47 and $2.5 billion and diluted earnings per share between 70 cents and 75 cents.

          eBay estimated full-year 2023 revenue to range between $10.02 billion and $10.08 billion and diluted earnings per share between $4.53 and $4.58.
          • Roblox Corp. jumped 15.2% to $40.44 after the company reported stronger-than-expected quarterly results.

            Revenue in the third quarter increased 38% to $713.2 million from $517.7 million, net loss declined to $277.8 million from $301.9 million, and diluted loss per share fell to 45 cents from 50 cents a year ago.

            Bookings on the platform jumped 20% to $839.5 million, and average daily active users soared 20% to 70 million.
            • Toast Inc. plunged 16.5% to $14.39 after the restaurant software developer swung to a quarterly loss.

              Revenue in the quarter rose 34% to $1.03 billion from $752 million, net loss shrank to $31 million from $98 million, and diluted loss per share declined to 9 cents from 19 cents a year ago.

              Gross payment volume soared 34% to $33.7 billion, and the average revenue run rate in the third quarter was up 40% to $1.218 billion.

              However, the stock fell on worries that the macroeconomic headwinds may continue to negatively impact same-store sales and slow gross volume through the platform.

              For the full year 2023, Toast expects revenue in the range of $3.83 billion to $3.86 billion, up from the previous range between $3.81 billion and $3.87 billion.
              • Rivian Automotive Inc. fell 4.5% to $16.63 after the company reported quarterly results and a weak production outlook.

                Revenue in the third quarter jumped to $1.1 billion from $536 million, net loss fell to $1.4 billion from $1.8 billion, and diluted loss per share decreased to $1.19 from $1.57 a year ago.

                During the quarter, vehicle deliveries jumped to 15,564 from 6,584 a year ago.

                The company increased 2023 production guidance by 2,000 to 54,000 vehicles.
                • Nov 7, 2023
                • WeWork Inc. closed at 84 cents in Monday's trading but dropped as low as 11 cents in Tuesday's pre-market trading after the company filed for Chapter 11 bankruptcy protection in New Jersey federal court.

                  The company said its liabilities are between $10 billion and $50 billion and said it has entered into agreements with most of its secured note holders.

                  WeWork was valued at $47 billion in 2019 fund raising led by SoftBank but was forced to accept a sharply lower valuation of about $8 billion when it agreed to go public through a special purpose acquisition company in 2021.
                  • WE
                  • Tripadvisor Inc. soared 10% to $17.76 after the online travel platform company reported better-than-expected quarterly results.

                    Revenue in the third quarter increased 16% to $533 million from $459 million, net income increased 8% to $27 million from $25 million, and diluted earnings per share rose to 19 cents from 17 cents a year ago.

                    On September 7, the company's board authorized a $250 million stock repurchase plan over the next two years.
                    • Uber Technologies Inc. increased 1.7% to $48.96 despite the double-digit ride hailing company's weaker-than-expected quarterly results.

                      Revenue in the third quarter increased 11% to $9.3 billion from $8.3 billion, but the company swung to a loss of $1.3 billion from a profit of $221 million, and diluted earnings per share were  ($0.61) compared to 10 cents a year ago.

                      Gross bookings in the quarter increased by 21% to $35.3 billion, driven by a 31% increase in mobility bookings to $17.9 billion and an 18% increase in delivery bookings to $16.1 billion.

                      Monthly active customers on the platform increased by 15% to 142 million from 124 million.

                      The company anticipates gross bookings in the fourth quarter in the range of $36.5 billion and $37.5 billion.
                      • Nov 6, 2023
                      • Dish Network Corp. dropped 20% to $4.39 after the communication company reported third-quarter financial results.

                        Revenue in the third quarter declined 9.5% to $3.7 billion from $4.1 billion, and the company swung to a net loss of $116.8 million from a profit of $429.6 million, and diluted earnings per share were a loss of 26 cents compared to 65 cents a year ago.

                        In the quarter, Pay TV subscribers fell by 64,000, and the loss of wireless subscribers accelerated, ending the quarter with 7.5 million retail wireless subscribers.

                        Retail wireless net subscribers decreased by approximately 225,000 in the third quarter, compared to a net increase of 1,000 in the year-ago quarter.

                        In addition, the company agreed to sell its wireless spectrum assets and about 120,000 wireless subscribers in the U.S. Virgin Islands and Puerto Rico to Liberty Latin America.

                        The sale of the assets and subscriber base was valued at $256 million, paid in cash and international roaming credits, and the transaction is expected to close in the first half of 2024.

                        The company announced the resignation of CEO Erik Carlson effective November 12, and Hamid Akhavan, the current CEO of EchoStar Corp., is expected to lead the company.