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- BREAKING: GDP Numbers Are In
Good Morning!
Happy Thursday! One more day until Friday :
👉 Meta’s numbers are in
👉 Rubrik plans IPO
👉Red Lobster searches for buyer
BREAKING: GDP increased at a 1.6% rate in the first quarter, less than expected. Dow futures drop on the news (8:40 a.m.)
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META: EARNINGS ARE IN
Despite Meta reporting better-than-expected earnings with a 27% increase in revenue, its forecast for modest growth has worried investors. Meta predicts next quarter's revenue to be between $36.5 billion and $39 billion, which is lower than what analysts expected.
Source: Yahoo
After announcing significant investments in artificial intelligence, the company's stock dropped up to 15% before the market opened, potentially leading to its biggest one-day loss since October 2022. Meta has attributed some of its recent success in user growth and advertising to improvements in AI. The company now plans to spend between $35 billion and $40 billion this year on AI and other technologies, an increase from previous estimates.
🎯 GRIT TAKE: Tesla has faced multiple problems…upgrade to VIP now to read the full GRIT Take!
RUBRIK: Sets IPO
Rubrik, a data-management firm backed by Microsoft, set its IPO price at $32 per share, above the expected $28 to $31 range. The 10-year-old company sold 23.5 million shares, raising $752 million with a valuation of $5.6 billion as it debuted on the New York Stock Exchange under the ticker "RBRK."
Source; Greylock Partners
Rubrik has transitioned from selling hardware licenses to offering cloud-based cybersecurity software subscriptions, which now generate 91% of its revenue. Despite modest growth in total revenue, subscription revenue increased by 47% last year. The company has almost 100 customers each contributing over $1 million annually. However, Rubrik’s losses widened to $354 million last fiscal year.
RED LOBSTER: Searches For Buyer
Red Lobster is looking for a buyer to avoid bankruptcy due to its high debts and expensive leases. Although there has been some interest, no sale has occurred. The seafood chain might end up finding a buyer, filing for bankruptcy, or being taken over by its lenders.
Source: CNBC
The company, known for its seafood offerings, is facing tough times due to the casual dining industry being slow. After many changes in leadership, Jonathan Tibus has taken over as CEO to help stabilize the company. In 2016, Thai Union Group made a major investment in Red Lobster but recently announced plans to sell its stake as the restaurant continues to face financial challenges.
Headlines You Need To Know: 🎙
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