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 (-1.96%)
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 (+0.38%)
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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