14.11.2024
Spotify share price records tumble thanks to customer popularity + SMA Solar cuts its annual targets again + ASML continues to focus on AI boom
The shares of Spotify $SPOT (+2%) shares soared to a record high on Wednesday following the music streaming provider's strong quarterly figures. At its peak, it rose by more than 10 percent to a good 462 US dollars. It was the fifth consecutive trading day with a record high for the shares. Since the beginning of the year, the shares have gained more than 140 percent. Since their record low in November 2022, the shares have increased almost sevenfold. Following this rally, the company's market capitalization amounts to more than 92 billion dollars. Spotify recorded 252 million paying subscribers in the third quarter, 12 percent more than a year earlier. The number of monthly active users, a key figure taken into account by advertisers, rose by eleven percent to 640 million. Both trends were stronger than experts had expected. Turnover climbed by almost a fifth to just under 4 billion US dollars.
The inverter manufacturer SMA Solar $S92 (+1.72%) has again lowered its expectations for the current year. The company announced late Wednesday evening that it now expects sales of 1.45 to 1.50 billion euros. The targets lowered in mid-June had been 1.55 to 1.70 billion euros. Experts had previously expected 1.54 billion euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) are now expected to be between minus 20 million euros and plus 20 million euros. Previously, the target had been 80 to 130 million euros. Analysts are actually expecting just under 95 million euros. The company referred to the ongoing market weakness in the Home Solutions and Commercial & Industrial Solutions segments. In addition, the restructuring and transformation program announced in September 2024 would have an impact. These one-off effects, such as write-downs on inventories and restructuring expenses, are expected to total between 100 and 140 million euros. In addition, balance sheet write-downs as part of the annual financial statements are expected to lead to a further reduction in earnings before interest and taxes (EBIT) of EUR 20 to 30 million. According to the press release, the amount of the provisions is still subject to further review. The company also expects to cut up to 1,100 full-time positions worldwide.
The chip industry supplier ASML $ASML (+0.6%) is sticking to its broad long-term targets despite the recent difficult business situation. The increasing importance of artificial intelligence is also expected to provide momentum. Sales are set to rise to between 44 and 60 billion euros by 2030, the Group announced at a capital market day on Thursday. By way of comparison, the Dutch company had only lowered its sales forecast for 2025 to between 30 and 35 billion euros in mid-October. A gross margin of 56 to 60 percent of turnover is expected in 2030. The specialist for so-called lithography systems for the production of state-of-the-art computer chips, which are also important for AI applications, has recently felt a certain reluctance to buy on the part of customers. Many chip manufacturers had partially curtailed their investment plans, partly due to the sluggish development of electromobility. Added to this is the technology dispute between China and the USA with the debate on export bans for state-of-the-art chip production systems to China. However, ASML CEO Christophe Fouquet remains confident. The long-term prospects for the semiconductor industry remain promising, as semiconductors play a decisive role in the implementation of numerous megatrends in society, he said on Thursday, according to a press release. In addition to the growth potential of several other important end markets, the AI trend offers a significant opportunity for the semiconductor industry.
Thursday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
Shell USD 0.34
Exxon Mobil USD 0.99
GSK 0.15 GBP
Quarterly figures / company dates USA / Asia
12:30 Walt Disney Quarterly figures
Quarterly figures / company dates Europe
07:00 Swiss Re | Bilfinger | Deutsche Telekom | Eon | K+S | Merck | Siemens | SMA Solar | Cewe Foundation | Grenke | Wacker Neuson | Grand City Properties Quarterly figures
07:30 Prosiebensat1 | Nagarro | Talanx | Adesso | Aumann | Dermapharm | GFT Technologies | Hamburger Hafen | Hapag-Lloyd | Mister Spex quarterly figures
07:35 MLP SE, 9 months results
07:45 Eckert & Ziegler quarterly figures
07:50 MBB | Energiekontor quarterly figures
08:00 Jost Werke | Burberry quarterly figures | Siemens | Talanx PK
08:30 Baywa | Foxconn quarterly figures | Baywa analyst conference
09:30 Merck PK
10:00 Deutsche Telekom PK | K+S Analyst Conference
10:30 Baywa PK
11:00 Borussia Dortmund quarterly figures | Eon analyst conference
11:30 Grenke PK
12:30 Walt Disney quarterly figures
13:00 Wacker Neuson Earnings Call | Nagarro Analyst Conference
13:30 SMA Solar Analyst Conference
14:00 Merck | Aumann | GFT Technologies Analyst Conference
14:30 Volvo AB Capital Markets Day
16:30 Biontech: 'Innovation Series Day' on research & development via webcast
18:00 Deutsche Euroshop 9 months results
18:10 Patrizia result 9 months
Without time information: Allgeier | Einhell quarterly figures
Economic data
11:00 EU: GDP (2nd release) 3Q Eurozone FORECAST: +0.4% yoy/+0.9% yoy 1st release: +0.4% yoy/+0.9% yoy 2nd quarter: +0.2% yoy/+0.6% yoy
11:00 EU: Industrial Production September Eurozone FORECAST: -1.2% yoy/-1.6% yoy previous: +1.8% yoy/+0.1% yoy
14:30 US: Initial jobless claims (week) FORECAST: 220,000 previous: 221,000
14:30 US: Producer prices October PROGNOSE: +0.2% yoy previous: 0.0% yoy Core rate (excluding food and energy) PROGNOSE: +0.3% yoy previous: +0.2% yoy
