Economy on 19.10.2023...
Market continues to tighten. Numbers from Netflix and Tesla ⤵️
The war in the Middle East continues to flow tension into the markets. Especially the Asian market suffers from it. But I don't want to go into it any further. The whole thing is bad enough and we can all only hope that it will end soon. The world in the last 3-4 years, has simply gone crazy.
Yesterday came after-hours also the numbers of Tesla and Netflix. One delivered and the other does not or gives good outlook for the future!
$TSLA
TESLA disappoints in sales and profits
The electric car manufacturer Tesla has earned less than expected in the third quarter. Price cuts continue to weigh on profitability. However, there is a ray of hope: Deliveries of the Cybertruck are scheduled to start in
November.
Revenue grew 9% to $23.35 billion in the third quarter, Tesla reported Wednesday evening. That was well short of analysts' expectations of an average of $24.1 billion. Automotive sales grew 5% to $19.63 billion. Operating profit slumped significantly by 52% to USD 1.76 billion. Operating margin deteriorated significantly from 17.2% to 7.6%.
Net income decreased 44% to $1.85 billion on a GAAP basis and 37% to $2.32 billion on a non-GAAP basis. Earnings per share decreased to $0.66 on a non-GAAP basis from $1.05, while analysts had expected $0.74. Free cash flow for the quarter was also well below expectations of $2.59 billion at $848 million.
$NFLX
NETFLIX pulverizes expectations
Streaming provider Netflix easily beat expectations in subscriber growth and earnings per share in the third quarter.
Third-quarter revenue rose 7.8% to $8.54 billion, hitting analysts' expectations dead on. Operating profit improved to $1.92 billion from $1.53 billion in the year-ago quarter. Net income increased to USD 1.68 billion from USD 1.40 billion. Diluted earnings per share rose to $3.73 from $3.10, while analysts had expected only $3.49. Free cash flow improved to $1.89 billion from $472 million, while $1.27 billion was expected.
For the full year, Netflix now projects free cash flow of $6.5 billion, up from $5 billion previously. The number of paying subscribers worldwide grew 10.8% to 247.15 million, compared with expectations of only 244.4 million.For the fourth quarter, Netflix is forecasting a 10.7% increase in revenue to $8.69 billion. Earnings per share are expected to rise $2.15 from $0.12 a year ago!
Economic data
08:00
- CH: Trade balance September
08:45
- FR: Business Climate Index October PROGNOSIS: 99 previously: 99
09:00
- DE: Chancellor Scholz, government statement in Bundestag on EU summit, Berlin
10:00
- EU: ECB, Current Account Eurozone August
14:30
- US: Initial jobless claims (week) PROGNOSIS: 210,000 Previous: 209,000
- US: Philadelphia Fed Index October PROGNOSIS: -6.8 previously: -13.5
16:00
- US: Index of Leading Indicators September PROGNOSIS: -0.4% yoy previous: -0.4% yoy
- US: Existing home sales September PROGNOSIS: -3.5% yoy previous: -0.7% yoy
18:00
- US: Fed Chairman Powell, at Economic Club of NY event
19:20
- US: Fed-Chicago President Goolsbee (2023 FOMC voting member), speaks at Wisconsin Mfg and Commerce event
22:00
- US: Fed-Atlanta President Bostic (2023 non-voting on FOMC), delivers annual Schwartz lecture
23:30
- US: US Fed-Philadelphia President Harker (2023 voting on FOMC), speaks at 80th anniversary of Chartered Financial Analyst Society, Philadelphia
ex-dividend of individual stocks
PROCTER & GAMBLE COMPANY 0.8927 EUR
WILLIAMS-SONOMA INC 0.8541 EUR
CRH PLC 0.2372 EUR
EAGLE BANCORP INC 0.427 EUR
ARROWMARK FINANCIAL CORP 0.3986 EUR
Quarterly figures / Company dates USA / Asia
07:30 Taiwan Semiconductor quarterly figures
12:30 AT&T quarterly figures
13:00 American Airlines | Philip Morris quarterly figures
No time stated: Blackstone | KeyCorp quarterly figures | Hewlett Packard Enterprise, Capital Markets Day
Quarterly figures / Company dates Europe
06:30 Nordea Bank quarterly figures
07:00 Roche | Nokia | Sartorius | Schindler quarterly figures | Docmorris Trading Update 3Q
07:00 Essilor-Luxottica | Renault Quarterly Sales
07:15 Nestle 9 months sales
08:00 Relx plc Trading Update 9 Months | London Stock Exchange | Deliveroo plc Sales 3Q
09:00 Pernod-Ricard Quarterly Results | Sartorius PK | DZ Bank ao AGM
09:30 Munich Re: Baden-Baden Reinsurance Meeting, 09.30 PK
10:00 Merck KGaA Capital Markets Day
14:00 Deutsche Börse Conference Call for analysts and investors on quarterly figures
18:00 Vivendi Quarterly Figures | L'Oreal Sales 3Q
18:30 Metro Trading Statement 4Q
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