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Apple Inc – Reported strong iPhone 13 and Mac sales but said COVID-19 supply constraints and chip shortages remain. Apple posted $50.6 billion in sales of iPhones in its latest quarter, up more than 5% from the year prior. Its Mac computers, wearables and accessories continued to sell strongly as well. But Apple warned that manufacturing and trade disruptions from COVID-19, combined with the ongoing silicon shortage, means things will likely get worse over the next few months. Revenue rose 8.6% to $97.28 billion from a year ago; analysts expected $93.89 billion. EPS for the quarter was $1.52, also topping estimates. The company reported quarterly net income of $25.01 billion.
Chinese Stocks – Higher as a group in early trading on news China’s top leaders will meet with tech executives early next month, a person with knowledge of the matter said on Friday, raising hopes that Beijing will ease off its sweeping regulatory clampdown on the once-freewheeling sector. Beijing is scheduled to hold a symposium with a number of internet companies, in particular those which have been battered by last year’s crackdown on the so-called “platform economy”, said the person. President Xi Jinping is expected to attend and chair the meeting. BABA, JD, DIDI, BIDU, NIO, BILI, PDD, TME, XPEV
Tesla Inc – Trading higher premarket after back-to-back sharp declines, in an SEC filing Chief Executive Officer Elon Musk reportedly sold $4 billion in TSLA shares, likely aimed at helping finance his planned purchase of Twitter Inc. Musk said in a tweet that there were “no further TSLA sales planned after today.” The company also announced a recall of 48000 Model 3 vehicles in the US because of a speed display issue.
Intel Corp – The company cut its forecast for second-quarter revenue and profit to below Wall Street expectations on Thursday on weak demand and supply-chain woes. Revenue at Intel’s Client Computing Group, which supplies PC makers and is the largest contributor to the company’s revenue, fell 13% to $9.3 billion in the first quarter. The company expects current-quarter adjusted profit of 70 cents per share on revenue of about $18 billion, below analysts’ average estimate of 83 cents per share on $18.38 billion. Adjusted revenue for the first quarter was $18.4 billion, compared with analysts’ average estimate of $18.31 billion. On an adjusted basis, Intel earned 87 cents per share, above expectations of 81 cents.
Roku Inc – Reported a quarterly adjusted loss of 19 cents per share for the quarter ended in March. The mean expectation of twenty four analysts for the quarter was for a loss of 18 cents per share. Revenue rose 27.8% to $733.70 million from a year ago; analysts expected $718.08 million. Roku Inc’s reported EPS for the quarter was a loss of 19 cents. The company reported a quarterly loss of $26.31 million. ROKU shares have fallen nearly 63% this year.
Robinhood Markets – Set to open at a fresh all time low after it posted a 43% fall in first-quarter revenue and a decline in monthly active users. High-growth technology stocks have come under pressure this year as the poor performance of shares and falling analyst confidence sours investor sentiment. The company reported a net loss of $392 million or $0.45 per share in the three months ended March. A year earlier, which was before its IPO, it company posted net loss of $1.4 billion or $6.26 per share. Analysts on average had expected a net loss of $0.36 per share. Total net revenues decreased to $299 million, compared with $522 million a year earlier. Robinhood’s monthly active users fell 10% to 15.9 million for March 2022, compared with 17.7 million for March 2021. The company attributed the decline to users with lower balances.
Digital World Acquisition Corp – Higher this morning extending gains from after hours after former US President Trump posts on Truth Social for the first time.
Finch Therapeutics Group – Shares of the micro cap biotech are higher after the FDA announced it would lift a clinical hold on its antibacterial drug.
Zymeworks Inc – Investment firm All Blue Capital approaches cancer drug developer with a $773 million acquisition offer, as per regulatory filing on late Thursday. All Blue makes non-binding offer for $10.50 per share in cash, a nearly 112% premium to Thursday’s closing price.