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Good Morning!
Happy Wednesday! Let’s have a great day:
👉Israel strikes in Iran
👉Microsoft earnings are in
👉Meta vs. Texas
ISRAEL: Strikes In Iran
U.S. crude oil futures surged over ~3% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran, heightening fears of a regional war in the Middle East.
Source: CNBC
Iran’s Revolutionary Guard blamed Israel for the assassination, with Iran's supreme leader Ayatollah Ali Khamenei vowing to punish Israel, as reported by the state-run Islamic Republic News Agency. Haniyeh’s death adds uncertainty to the potential Gaza cease-fire deal, as he was a key negotiator. The escalation in the oil-rich Middle East, with ongoing conflicts involving Israel and Iran-backed groups like Hamas, Hezbollah, and the Houthis, has kept oil markets volatile..
🎯GRIT TAKE: The assassination of Ismail Haniyeh… upgrade to VIP now to read the full GRIT Take!
EARNINGS: Microsoft
Microsoft reported better-than-expected earnings and revenue on Tuesday, but investors focused on disappointing cloud results. Executives predicted a cloud growth boost in early 2025. For the fiscal fourth quarter, ending June 30, Microsoft’s revenue rose 15% year-over-year, with net income at $22.04 billion.
Source: CNN
Looking ahead, Microsoft expects first-quarter revenue between $63.8 billion and $64.8 billion, implying 13.8% growth. Analysts had forecasted $65.24 billion. The company’s top segment, Intelligent Cloud, generated $28.52 billion, missing the $28.68 billion analyst consensus. Azure and other cloud services grew 29%, slightly below expectations. Microsoft’s cloud business is crucial as it competes with Amazon Web Services and Google for AI workloads. Notably, 8 percentage points of Azure’s growth came from AI services.
META: Settles Lawsuit
Meta has agreed to pay $1.4 billion to settle a lawsuit by Texas over Facebook’s unauthorized use of biometric data, Texas Attorney General Ken Paxton announced Tuesday.
Source: Fox
The lawsuit, filed in February 2022, accused Meta of using biometric data from millions of Texans' photos and videos without proper permissions. Meta introduced "Tag Suggestions" in 2011, which stored this data without consent, violating Texas law. Meta decided to shut down its Face Recognition system in late 2021 due to concerns over the technology. This settlement, the largest by a single state, will be paid out over five years. Texas also has an ongoing lawsuit against Google's parent company, Alphabet, for similar issues.
Chart of the Day
📊 Revenue Growth In 2024
Source: raisinginvestorIQ
GRIT Meme of the Day 😂
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Source: @wallstreetbets
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