US Energy Department To Lend GM And LG $2.5 Billion For EV Battery Factories
The US Department of Energy on Monday announced that it will be lending US$2.5 billion to the joint venture of General Motors (NYSE: GM) and LG Energy Solution to build electric vehicle battery factories in the US. American carmaker GM partnered with Korean battery-maker LG Energy to form Ultium Cells LLC. The company, on the […]
Shopify CEO Tobi Lütke’s Expensive Tuition On Financial Analysts
Just months after questioning the role of financial analysts and asking them to be held accountable for their projections, Shopify Inc. (TSX: SHOP) CEO Tobi Lütke is now experiencing just how accurate those analysts may have been. The company’s founder and chief executive first challenged the financial analysts’ role in the industry after announcing the […]
Microsoft Missed Estimates In Fiscal Q4 2022, Records Lowest Revenue Growth In Two Years
Microsoft (Nasdaq: MSFT) reported on Tuesday its financial results for fiscal Q4 2022, highlighting a quarterly revenue of US$51.87 billion. The topline figure is both an increase from fiscal Q3 2022’s US$49.36 billion and fiscal Q4 2021’s US$46.15 billion. The quarterly revenue, however, fails to beat the consensus estimate of US$52.39 billion. But it falls above […]
Rogers Reports Strong Q2 2022 Earnings Following Outage, Delays Shaw Merger Deadline Anew
Rogers Communications (TSX: RCI.B) announced this morning its financial results for the second quarter 2022. The report is highlighted by a quarterly total revenue of $3.87 billion, up from Q2 2021’s $3.58 billion and beating the estimate by $80 million. Breaking down the topline revenue figure, wireless revenue contributed $2.21 billion, cable revenue contributed $1.04 billion, […]
New Home Sales on the Decline as Rising Mortgage Rates Bite
Purchases of new home sales continued to slide in June, as elevated prices and rising mortgage rates sent prospective buyers to the sidelines. Latest data from the Census Bureau showed that sales of new single-family homes fell 8.1% between May and June to an annual rate of 590,000 units, substantially less than the rate of […]
McDonald’s Beats Earnings Estimate… Or Did It?
While the company acknowledged a decline in revenue that made it miss revenue estimates, McDonald’s (NYSE: MCD) seemingly has the adjusted earnings per share estimate beat. The restaurant giant recorded US$5.72 billion in revenue for Q2 2022, down from Q2 2021’s US$5.89 billion and missing the consensus estimate of US$5.82 billion. The firm is attributing the decline […]
Rogers Expects Charges Of $150 Million From Outage Discounts
What’s the cost of an outage that brings a major portion of the economy to a grinding halt? If you’re Rogers Communications (TSX: RCI.B), it’s at least $150 million. At least, that’s what its expected to cost the company in the form of refunds following the outage that occurred on July 8 that impacted everything […]
Shopify Reports Q2 Loss Of $1.2 Billion, Expects Q3 To Be Even Worse
Shopify Inc (TSX: SHOP) this morning reported its second quarter financial results, posting major losses relative to the year ago period despite topline revenue growth. The results come just a day after the company revealed it would be laying off up to 10% of its workforce as a result of making the wrong bet on […]
Coinbase Vs. SEC: What IS A Crypto Security?
As if the current legal problem Coinbase Global (Nasdaq: COIN) has is not enough, the crypto exchange platform is facing another hurdle in the form of the Securities and Exchange Commission. The regulatory body is reportedly looking into the firm on whether the assets listed on its exchange are actually securities and therefore, should be under the […]
US Consumer Confidence Dips for Third Straight Month as Inflation Intensifies
Consumer sentiment is on a downward slide once again, as Americans’ views on the US economy turn bleak amid surging inflation and rising interest rates. The latest Consumer Confidence Index print from the Conference Board fell 2.7 points from a downwardly revised 98.4 in June to 95.7 in July. Last month’s reading was the lowest […]