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Apple Inc – Reported lower than expected revenue in the fourth quarter of 2021. The company posted a quarterly revenue of $83.4bn, up 29% year over year but still short of analyst predictions of $84.85bn. CEO Tim Cook attributed those shortcomings to supply chain issues, citing industry-wide chip shortages and “Covid-related manufacturing disruptions in Southeast Asia”. There was a bright spot however in the report as AAPL posted a staggering 83% annual sales growth in China in its fiscal fourth quarter, remaining the phone of choice for big spenders in the world’s second-largest economy after Huawei’s HWT.UL troubles.
Facebook Inc – Shares of company are back on watch after its announcement late yesterday that will change its Corporate Structure to be named Meta going forward. Chief Executive Officer Mark Zuckerberg said the new name reflects the company’s work invested in the metaverse, rather than its namesake social media service, which will continue to be called Facebook. Shares of Meta Materials MMAT.O, an unrelated company, rose 4.6% to $4.77 in pre-market trading on Friday. The Canadian company is now worth about $1.33 billion, as of current share price.
Starbucks Corp – Forecast fiscal 2022 operating margin to be ~17%, below its long-term target, due to inflation and investments in cooking equipments, automation, new stores and worker wages. The coffee chain also committed to $20 billion of share repurchases and dividends over the next three years. Global comparable sales rose 17% in the quarter ended Oct. 3, compared with analysts’ average estimate of 18.5% growth. Starbucks earned $1 per share on an adjusted basis – narrowly beating estimates of 99 cents.
United States Steel Corp – Profits announced by the company in the third quarter were higher than estimates, X posted $5.36 per share EPS, $6.57 higher than the same quarter last year when the company reported EPS of $-1.21. Profits of $4.85 per share were anticipated by the eight analysts providing estimates for the quarter. Wall Street expected results to range from $3.76 to $5.71 per share, with a forecasted mean of $4.85 per share. The company reported revenue of $5.96 billion, which is higher than the estimated $5.79 billion.
Lucid Group Inc – Rose 31% to close at $35.48 on Thursday, their highest close since Feb. 22, when it closed at $57.37, and their largest one-day percentage increase since Feb. 16, when it rallied 32%. Lucid earlier this week announced that deliveries of its first “dream edition” Lucid Air electric luxury sedans will begin on Saturday. Lucid started production at its factory in Casa Grande, Ariz., last month. The electric sedans start at $77,400, but the top-of-the-line trim starts at about $170,000. Lucid shares have more than tripled this year, compared with gains of around 22%
Western Digital – Sharply lower premarket after the disk-drive and flash memory chip company reported disappointing profit guidance for its fiscal second-quarter ending in December. The company is one of many tech hardware providers struggling with supply-chain issues. Both Amazon.com and Apple posted disappointing results for the latest quarter, largely due to supply-chain woes, with parts shortages and high shipping costs taking a toll. Reported quarterly adjusted earnings of $2.49 per share for the quarter ended in September. The mean expectation of twenty six analysts for the quarter was for earnings of $2.45 per share. Revenue rose 28.8% to $5.05 billion from a year ago; analysts expected $5.05 billion. Western Digital Corp reported EPS for the quarter was $1.93.
Microvision Inc – After a late session rally yesterday following the FB, Meta announcement, reported a quarterly adjusted loss of 6 cents per share for the quarter ending in September. Revenue rose 12.4% to $718.00 thousand from a year ago; analysts expected $825.00 thousand. MicroVision Inc’s reported EPS for the quarter was a loss of 6 cents. The company reported a quarterly loss of $9.38 million.
GuardForce AI – Announced new strategic partnerships, the integrated security solutions provider in Asia, said it has engaged international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets. In addition to the engagement of MZ, the Company also announced the appointment of PKF Littlejohn LLP (“PKF”) as its new independent registered public accounting firm.
Best Inc – Alibaba-backed Best Inc said on Friday it would sell its express delivery business in China to J&T Express Co. Ltd. in a deal valued at about 6.8 billion yuan ($1.06 billion). “In light of the unexpected ongoing challenges from COVID-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions,” Best Chief Executive Johnny Chou said.
Marpai Inc – Shares of artificial intelligence (AI)-driven health tech co are trading higher a day after its Nasdaq debut. MRAI plans to use 50% of net offering proceeds to fund R&D, including not only hiring new AI scientists but also acquiring data from third parties, co said in its S1 filing, Co predicts near-term health challenges to prevent illnesses, guides members to providers; works with networks including Cigna CI.N, Aetna.