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Good Morning!
Happy Friday! Have a great weekend:
👉 Apple’s stock climbs
👉 Paramount has multiple offers
👉Coinbase earnings are in
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APPLE: Stock Climbs
Apple's stock climbed after reporting better-than-expected quarterly earnings and revealing a record $110 billion stock buyback. However, overall revenue fell 4% and iPhone sales dropped 10% due to tough comparisons with last year.
Source: CNBC
CFO Luca Maestri predicts strong growth in iPad sales and continued success in the Services sector, which includes Apple's subscription services and other offerings. However, net income slightly decreased to $23.64 billion. CEO Tim Cook explained that sales were lower partly because last year had unusually high iPhone sales due to delayed releases. New products like upgraded Macs and the Vision Pro VR headset are expected to boost future sales. Despite some declines, particularly in China, Apple's Services sector grew by 14.2% to $23.9 billion.
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PARAMOUNT: Multiple Offers
Sony Pictures and Apollo Global Management have proposed buying Paramount Global for about $26 billion, challenging a similar bid from David Ellison’s Skydance Media. While Skydance waits for a decision from Paramount's special committee, there has been no response yet.
Source: Variety
If Skydance's deal doesn't go through, Shari Redstone, Paramount’s controlling shareholder, might consider the offer from Sony and Apollo, which promises a premium to all shareholders. This news boosted Paramount’s stock by over 12%.
COINBASE: Earnings Are In
Coinbase reported higher-than-expected revenue in its first-quarter earnings, reversing last year's loss with a net income of $1.18 billion. This included a significant gain from crypto assets due to new accounting standards. Transaction revenues soared, nearly tripling to $1.08 billion, with consumer transactions alone accounting for $935 million.
Source: Bloomberg
The sector has attracted more institutional investors with new U.S. bitcoin ETFs, many of which use Coinbase for custody, collectively bringing in over $50 billion. However, Coinbase faces challenges, including legal issues with the SEC and competition from different platforms. Additionally, insider sales reached a peak this quarter, with top executives selling $383 million worth of shares.
Chart of the Day
📊 Amazon Book Sales
Source: Statista
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Source: @wallstreetbets
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