updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131In light of its stellar performance and the resilience displayed in the face of challenges, Philips looks to uphold its commitment to creating enduring value and delivering sustainable impact in the long term.
Philips, a prominent Dutch health technology company, has exceeded market expectations in its 2023 third-quarter performance, leading to an upward revision of its full-year outlook.
The company’s core profit more than doubled, reaching an impressive 457 million euros ($483.3 million), while its comparable sales observed a significant 11% surge, totaling 4.5 billion euros.
In an official press release on October 23, Philips attributed the solid performance to increased demand for medical scanners, patient monitoring equipment, and personal health services.
The company has adjusted its financial projections for the full year in response to its improved performance and solid order book despite acknowledging the uncertainties stemming from the volatile geopolitical environment.
“Based on Philips’ improved performance year-to-date, the strong order book, and the ongoing actions, the company is further raising its outlook for the full year 2023, although recognizing uncertainties remain in an increasingly volatile geopolitical environment,” it said.
Philips is now anticipating a growth of 6-7% in comparable sales and an adjusted EBITA profit margin of 10-11% for the year 2023. The Dutch technology company aims to achieve free cash flow at the upper end of the targeted range, between EUR 0.7-0.9 billion.
The revised FY guidance reflects an upward revision from its previous forecast of mid-single-digit sales growth and a high single-digit profit margin.
While the demand for its medical products fueled sales, new orders experienced a decline of 9% compared to the previous year, primarily due to subdued demand from China post the pre-pandemic surge, compounded by persistent supply chain challenges.
To counter these challenges, the company’s CEO Roy Jakobs revealed a strategic shift towards local production in China and the diversification of chip suppliers, aiming to mitigate the impact of escalating trade tensions.
The company’s robust third-quarter performance, which exceeded the forecasts of analysts polled by the company, has been instrumental in fortifying its position and instilling confidence in its ability to navigate the dynamic market landscape.
With a strengthened order book and a focused approach toward improving operational efficiency, the company remains poised for sustained growth despite persistent uncertainties in the global geopolitical arena.
“We have witnessed a remarkable improvement in our operational performance, driven by our unwavering commitment to enhancing patient safety, reinforcing the reliability of our supply chain, and establishing a streamlined operational model,” said Jakobs.
He further noted that the company’s sustained emphasis on innovations in predictive data analytics and artificial intelligence across its diverse portfolio has yielded a positive impact, fostering an environment conducive to enhancing the quality and efficiency of care delivery.
In light of its stellar performance and the resilience displayed in the face of challenges, Philips looks to uphold its commitment to creating enduring value and delivering sustainable impact in the long term.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
Phillips expressed concerns over the evolving relationships between major economic powers, such as the United States, China, and the European Union.
Amsterdam-based health technology company Koninklijke Philips NV (AMS: PHIA) commonly known as Philips has once again caught the market’s attention by announcing a significant increase in its full-year target.
Given the strong performance in the second quarter of 2023, Philips has raised its outlook for the full year 2023. The company now expects mid-single-digit comparable sales growth, indicating confidence in its ability to sustain momentum.
Additionally, the outlook for the Adjusted amortization (EBITA) margin has been revised to be at the upper end of the high-single-digit range, showcasing the company’s determination to maintain profitability.
In the April-June period, Philips reported adjusted earnings before interest, taxes, and EBITA of 453 million euros. This figure far exceeded the 394 million euros predicted in a company-compiled poll, showcasing the company’s ability to navigate the challenges posed by the ongoing global health crisis and economic uncertainties.
One of the key drivers behind Philips’ success lies in its relentless pursuit of sales growth. Philips reported extraordinary sales growth, with group sales reaching 4.5 billion Euros. This represents a significant 9% increase in comparable sales, demonstrating the company’s ability to capitalize on market opportunities and fulfill the shifting demands of the healthcare business.
Similarly, the company’s income from operations witnessed a substantial surge, amounting to 221 million euros in the second quarter. This notable increase is in stark contrast to the same period in 2022 when the income from operations was just 11 million euros, highlighting a significant year-on-year improvement.
Meanwhile, Philips’ order book grew year-on-year, demonstrating that its products and services are still in high demand. However, it’s worth noting that the comparable order intake declined, likely due to exceptionally high order intake in the second quarter of 2022.
Roy Jakobs, CEO of Royal Philips commented that Philips remains committed to its operational model simplification and restructuring plans.
“We are progressing to plan on our three priorities to enhance patient safety and quality, strengthen supply chain reliability, and simplify how we work, and I am pleased with our improved operational performance across all segments and geographies in the quarter,” he said in a statement.
Despite its optimistic outlook, Reuters reported that Philips has expressed apprehension over China’s recent efforts to become self-sufficient in health-related technologies with a direct impact on its target.
As the Chinese government prioritizes the development of homegrown technologies, there might be a surge in domestic companies vying for market share. This heightened competition could impact the growth prospects for international firms like Philips, necessitating strategic adjustments in the face of evolving market dynamics.
Additionally, Phillips expressed concerns over the evolving relationships between major economic powers, such as the United States, China, and the European Union.
Notably, Philips experienced a 5% decline in its shares during early trading. This drop came after the company issued its new guidance, which analysts at ING deemed not too challenging considering the strong first-half performance.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Macy’s noted that Nike will return to its stores, starting from October this year.
Macy’s Inc (NYSE: M), an American conglomerate holding company that engages in consumer goods, released its first-quarter earnings results on June 01. According to the announcement, Macy’s reported net sales of $4.98 billion during the first three months of the year (Q1 2023), which represented a decline of approximately 7 percent YoY basis. However, analysts surveyed by REFINITIV expected the company to report revenue of about $5.04 billion during the first quarter.
Notably, the company noted that the first quarter’s net income was $155 million, representing 56 cents per share, having dropped from $286 million or 98 cents per share a year ago. As a result, M shares continued with this year’s bearish outlook during Thursday’s pre-market to trade around $13.09, down approximately 4 percent.
According to the latest stock market data, M shares have dropped approximately 40 percent in the last three months, after registering a decline of 42 percent last year.
The $3.83 billion valued company declared its regular quarterly dividend of 16.54 cents per share on the common stock, which is payable on July 3, 2023, to shareholders snapshot taken on June 15, 2023. This is after reporting its merchandise inventories for the first quarter came in at $4.607 billion. However, the company noted that the remaining part of the year will be lower than expected.
“The company is taking a cautious approach to the remainder of the year and is reducing its annual 2023 sales and earnings guidance to reflect anticipated macroeconomic impacts to the consumer,” Macy’s noted.
Nevertheless, the company’s Chief Executive Officer Jeff Gennette noted that the first quarter beat the expectations in gross margin rate that came in at 40.0 percent, up from 39.6 percent in the first quarter of 2022.
As for the Bluemercury segment, Macy’s noted that comparable sales gained 4.3 percent on an owned basis. Whereby approximately 676,000 active customers shopped the Bluemercury brand, on a trailing twelve-month basis. The company noted that Bloomingdale’s brand reported 4.1 million active customers on a trailing twelve-month basis. Nonetheless, Bloomingdale’s comparable sales dropped approximately 3.9 percent on an owned basis.
“During the first quarter, we delivered a solid beat on our gross margin rate and bottom line expectations enabled by our disciplined teams, the strength of our inventory management, and operational efficiencies. We planned the year assuming that the economic health of the consumer would be challenged, but starting in late March, demand trends weakened further in our discretionary categories,” Gennette noted.
Forward, the company promised its customers that Nike is returning to its stores starting in October. As a result, Macy’s anticipates that sales will peak as the festive season kicks in in the second half of the year.
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Although Salesforce raised its earnings forecast for FY24, the revenue prediction remains intact.
Salesforce Inc (NYSE: CRM) surpassed analyst expectations in its fiscal Q1 2024 financial performance, with earnings coming in at $1.69 per share. As earnings were about $0.08 higher than estimates, the software company also reported better-than-expected revenue for the fiscal quarter. Salesforce said it has $8.25 billion in revenue for the fiscal Q1 2024, while analysts predicted $8.18 billion.
According to the quarterly report, the company’s revenue for the quarter grew 11% compared to the previous year. While subscription and support revenues for the quarter were up 11% YoY to $7.64 billion, professional services and other revenue gained 9% year-over-year to $0.61 billion. The President and Chief Financial Officer of Salesforce, Amy Weaver, said the Q1 2024 performance represents another step forward. She said the team worked hard to deliver “another double-digit growth” in the quarter, referring to the previous quarter’s strong results. The CFO commended the quarterly report, noting that the company is committed to increasing its customers’ productivity. Weaver also said the team would continually work towards driving efficiency and becoming AI-first companies.
In addition to the high revenue and earnings per share in fiscal Q1 2024, Salesforce also recorded smooth cash flow. The cash generated from operation during the three months was $4.49 billion. Notably, Salesforce recorded $243 million for capital expenditures in fiscal Q1 2024. This is a growth of about 36% and more than the $205 million analysts’ consensus.
Furthermore, Chair and CEO of Salesforce Marc Benioff noted that the company significantly exceeded its non-GAAP margin target for fiscal Q1 2024. Also, he announced the raising of full-year earnings guidance.
“We are raising our FY24 non-GAAP operating margin guidance to a 550 basis point increase year-over-year. At the same time, we are leading the next major revolution in CRM – infusing trusted, secure generative AI across our entire product portfolio. Salesforce’s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio. Our Salesforce GPT Trust Layer will shield customer data, enabling productive automation and intelligent enterprise enhancements securely.”
Although it raised its earnings forecast for FY24, the revenue prediction remains intact. Looking forward, Salesforce expects adjusted EPS for the fiscal year to be between $7.41 and $7.43 billion. Also, the revenue forecast for the same period is between $34.5 billion and $34.7 billion. The company had earlier projected $7.12 to $7.14 for adjusted earnings per share.
While on a conference call with analysts, COO Brian Millham mentioned the delta with closing deals. Hence, the company is working on an automated selling process on the low end of the market, making its sales personnel more productive.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
FedEx has hiked its 2023 earnings forecast as expenses have started reducing due to the cost-cutting initiative.
Transport company FedEx (NYSE: FDX) has increased its expectation for 2023 earnings following the benefits it recorded from its cost-cutting initiative. The company said the cost-cutting measure addressed the continued demand weakness across several units, including FedEx Express. The multinational transport company gained over 11% in extended trading after releasing impressive reports for its fiscal Q3 2023.
During the fiscal third quarter, revenue slightly missed the $22.74 billion expected at $22.17 billion. However, earnings surpassed analysts’ forecasts. Adjusted earnings per share were 3.41, $0.68 higher than expected at $22.74 billion. At the same time, the quarterly net income was $771 million, a drop from the $1.11 billion reported in the same period of the previous year. FedEx Corp. president and CEO Raj Subramaniam commented on the team for outstanding service delivery during peak times. He added that the employees also made significant improvements concerning the transformation initiatives. The CEO added, “we’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year.”
Announcing the Q3 2023 results, FedEx reiterated its expectations of cost reductions over the next couple of years. The company looks forward to realizing over $4 billion in cost reductions by the end of the fiscal year 2025. The boss noted:
“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year.”
Now, FedEx has hiked its 2023 earnings forecast as expenses have started reducing due to the cost-cutting initiative. For the fiscal year, it is looking forward to adjusted earnings per share to come in between $14.60 and $15.20. It formerly placed the full-year earnings per share between $13 and $14. On the other hand, Wall Street had expected $13.56 EPS.
The company announced a 10% layoff of workers last month as it embarks on a wide-sweeping plan to lower expenses amid weak demand. The CEO recently revealed that specific staffing-related costs had dropped by 8% YoY. During the earnings call, Subramanian said FedEx staff would expectedly drop about 25,000 YoY as 2023 earnings pop.
As part of its cost-cutting measures, the transport company plans on grounding planes, reducing flights, shutting down some office space, and making some adjustments to the Ground unit as per pick-up and delivery. On total enterprise cost, FedEx saved $1.2 billion year-over-year. In addition to lowering flight hours by 8%, it reduced expenses on salary and benefits by 4%. To achieve higher earnings in the full-year 2023, FedEx wants to ground more planes in Q4 and reduce flight hours. For the last quarter of the year, the company expects flight hours to go down by double digits.
FedEx is not only expecting remarkable earnings in 2023, the company also expects volume to increase in the current quarter. The company’ stock currently trades up 11.15% to $226.80 in premarket trading.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
German apparel giant Adidas suffered heavy losses for Q4 2022 and looks to rebuild its business model throughout 2023.
Adidas AG recently released its Q4 2022 financial report, which revealed heavy losses sustained on several tiers. For the fourth quarter of last year, the German apparel giant suffered an operating loss of 724 million euros. In addition, the Bavaria-based multinational corporation also sustained a 482-million-euro net loss from continuing operations.
Following the abysmal Q4 2022 performance, Adidas slashed its dividend and warned of its first annual loss in thirty-one years. During the last quarter, the apparel powerhouse terminated its extremely lucrative partnership with Ye, formerly Kanye West. Last October, the Adidas-Ye deal severance came after the controversial rap star and business mogul made several antisemitic comments.
Adidas currently projects a full-year operating loss of 700 million euros for 2023, including a 500 million euro potential Yeezy inventory write-off. Furthermore, the company’s full-year operating loss estimation also includes a substantial 200 million euros in “one-off costs.”
Adidas could recommend a dividend of 70 euro cents per share at its upcoming May general meeting. This development marks a sizable reduction from the 3.30 euros per share the shoes and clothing designer had in 2021.
For the fourth quarter of 2022, Adidas also saw its currency-neutral revenues decline by 1% following its termination of the Yeezy deal. According to the company, its currency-neutral revenue would reduce further at a high-single-digit rate throughout 2023.
New Adidas CEO Bjørn Gulden, who succeeded Kasper Rørsted at the beginning of the year, spoke on the disappointing figures. Describing 2023 as a “transition year,” Gulden explained that the company seeks to return to profitability next year. According to him, Adidas will try to reduce inventories, as well as discounts, in 2023 en route to re-establishing itself in 2024. As Gulden put it:
“Adidas has all the ingredients to be successful, but we need to put our focus back on our core: product, consumers, retail partners, and athletes.”
Gulden also identified concerted staff efforts as a vital catalyst for rebuilding Adidas’ business model. In the chief executive’s own words:
“Motivated people and a strong Adidas culture are the most important factors to build a unique Adidas business model again. A business model built to focus on serving our consumer through both wholesale and DTC, that balances global direction with local needs that is fast and agile, and of course, always invests in sports and culture to keep building credibility and brand heat.”
Adidas terminated its relationship with Ye’s Yeezy brand last October as a show of disapproval against racial abuse. At the time, the apparel giant said it did not “tolerate antisemitism and any other sort of hate speech.”
In November, Adidas launched an investigation into alleged sexual misconduct by Ye displayed toward staff. The investigation came on the heels of a Rolling Stone publication that claimed the controversial rapper used sexual antics on employees. These antics included lewd and inappropriate behavior and sexually charged foul language. In addition, allegations against Ye stated that he showed hardcore pornographic material to Adidas/Yeezy staff at meetings.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The Riot 2022 reports showed that the Bitcoin miner tripled its hashrate capacity to an all-time high of 9.7 EH/s.
Bitcoin (BTC) mining company Riot Platforms recently released a full-year 2022 report on its financial and operational performance. For the period ended December 2022, the company raked in revenue of $259.2 million while also tripling its hashrate capacity.
Riot explained that its full-year revenue haul resulted from increased BTC production. The company also said its end-of-year proceeds were due to an entire year of hosting and engineering revenues. Last year, Riot produced 5,554 Bitcoin, representing a 46% increase from 2021, and also recorded a record hashrate capacity of 9.7 EH/s.
Riot saw notable benefits from its unique power strategy last year, generating more than $27 million in power credits. The Bitcoin miner achieved this development via voluntary energy curtailment under low-cost, large-scale, and long-term fixed-rate power contracts. Riot explained the power credits enabled it to lower its 2022 production cost, on a non-GAAP basis, to industry-low levels.
Riot’s BTC mining revenue dipped in 2022 due to the declining value of the leading crypto. Bitcoin surged above $65K in November 2021 but declined past $20K at some point last year.
Despite challenging market conditions, especially in the second half of 2022, Riot maintained a strong financial position, ending the year with roughly $230 million in cash. In addition, Riot also finished 2022 with no long-term debt, and 6,974 BTC worth approximately $116 million. The stated crypto value was on a non-GAAP basis calculated using year-end Bitcoin prices.
Highlighting Riot’s successful expansion and strides in other ongoing capital projects at its Rockdale Facility in 2022, company CEO Jason Les noted:
“This was a remarkable year of growth for Riot, as we more than tripled our hash rate capacity, leading to numerous monthly production records, and finished the year at an all-time high of 9.7 EH/s in hash rate capacity.”
According to the CEO, Riot’s hashrate output reflected the hard work rendered by its best-in-class team throughout 2022. Furthermore, Les also touched on Riot’s ongoing capital initiatives, saying:
“Three new buildings at our Rockdale Facility were completed in 2022, and a fourth is nearing completion in Q1 2023, which, when completed, will finalize our Rockdale Facility expansion. Meanwhile, our additional growth plans continue to progress, with development at our Corsicana Facility, where we broke ground in mid-2022 and are on track for energization in the fourth quarter of 2023.”
Following the rousing Riot 2022 report, Les said the company remains in a strong position to execute aggressive growth plans. He said Riot could pick up in 2023 from where it left off last year and grow beyond this year.
In a separate filing with the Securities and Exchange Commission (SEC), Riot discounted previous financial statements for 2020 and 2021. The BTC mining platform recommended the disregard of those financial statements due to a Bitcoin-related accounting change.
Riot also revealed that it would disclose the amended impacted financials in a 2022 10-K filing.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Dell announced that Sweet would retire as the chief financial officer at the end of Q2 and be replaced by Yvonne McGill.
Dell Technologies Inc (NYSE: DELL) announced its Q4 and full-year fiscal 2023 financial results on March 2. According to the earnings announcement, the American multinational technology company reported a revenue of approximately $25 billion during the fourth quarter compared to Wall Street expectations of $23.51 billion. The company’s revenue for the fourth quarter declined approximately 11 percent from last year’s fourth quarter.
Despite posting better expected financial results, the company’s guidance fell short of Wall Street’s estimates. As a result, DELL shares dropped approximately 2.94 percent during the after-hours trading market to exchange around $38.99. According to market data provided by TradingView, DELL shares have declined approximately 1.78 percent YTD and 22 percent in the past year.
According to Chuck Whitten, co-chief operating officer at Dell Technologies, the company’s long-term prospects are bullish as more customers expect assistance in hybrid work multi-cloud environments.
“In FY23, we accelerated our innovation agenda, drove share gains and delivered strong profitability in a challenging environment – resulting in record revenue of $102.3 billion, record operating income and record ISG revenue of $38.4 billion,” Whitten noted.
Similarly, the company’s chief financial officer Tom Sweet reiterated that Dell met its capital return commitments through disciplined management of its business. Moreover, Dell investors will see an increased annual dividend in the current financial year.
“We returned approximately $3.8 billion of capital to our shareholders in FY23 and are increasing our annual dividend by 12% in FY24, reflecting our confidence in our long-term business model and ability to generate and grow our cash flow over time,” Sweet noted.
Notably, Dell announced that Sweet would retire as the chief financial officer at the end of Q2 and be replaced by Yvonne McGill. Both individuals have been with the tech company for over two decades.
During the fiscal year 2023, Dell’s Infrastructure Solutions Group delivered record revenue of $38.4 billion, up 12 percent YoY basis. The same segment reported a revenue of $9.9 billion during the fourth quarter, up 7 percent year-over-year.
The company’s servers and networking revenue for the fourth quarter came in at $4.9 billion, up 5 percent YoY. The storage segment reported a revenue of $5 billion, up 10 percent YoY.
The company’s Client Solutions Group delivered revenue of $58.2 billion for the full year, down 5 percent YoY.
During FY23, Dell announced the expansion of its leading server portfolio with new PowerEdge servers. The company also announced the expansion of its technology ecosystem and solutions, including Dell Telecom Infrastructure Blocks for Red Hat.
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According to Bumble CEO Whitney Wolfe Herd, the company’s Q4 and full-year 2022 performance strengthens confidence in “long-term opportunity.”
Bumble Inc (NASDAQ: BMBL) recently announced its Q4 and full-year 2022 results, which showed a 19% increase in annual revenue. The dating app facilitator hauled in $903.5 million for the whole year, while also recording a fourth-quarter 28% increase to $190.8 million. Furthermore, Bumble reported a 35% increase in paying users to 2.2 million in Q4. According to the company, its subscription base grew 130,000 quarter-over-quarter last year.
Bumble’s total revenue increased 16.7% to $241.6 million, compared to 2021’s haul of $207.0 million. This includes a $12.7 million year-over-year (YoY) loss caused by foreign currency movements. The app’s revenue haul of $190.8 million for the fourth quarter also compared favorably with Q4 2021’s haul of $149.4 million, which also includes a YoY foreign currency impact of $7.1 million for the period. Meanwhile, Badoo App and other revenue fell 11.9% YoY to $50.8 million, compared to the $57.6 million made in Q4 2021. Badoo’s foreign currency movement impact was $5.6 million YoY.
Total paying users grew 14.4% to 3.4 million in the fourth quarter of 2022 versus 3.0 million realized in Q4 2021. In addition, Bumble’s total average revenue per paying user also increased to $23.01 versus $22.69 from 2021’s fourth quarter. Meanwhile, the company’s Q4 2022 net loss came in at $159.2 million, or 65.9% of revenue. This figure far surpassed the net loss of $13.9 million, or 6.7% of revenue Bumble sustained in the year-ago period.
Finally, Q4 2022 adjusted EBITDA was $60.5 million, or 25.0% of revenue, versus $54.8 million, or 26.4% of revenue from Q4 2021.
Commenting on the 2022 Bumble Q4 and full-year earnings performance, Bumble’s chief executive officer and founder Whitney Wolfe Herd said:
“We achieved strong results in 2022 by advancing our powerful products, technology, and mission to create kind connections.”
In addition, Herd also ascribed Bumble’s performance to the quality of product experiences offered to customers last year. Projecting confidence in the dating platform’s long-term opportunities, she explained that “by delivering unique and engaging product experiences built upon a foundation of trust and safety, our team is realizing the tremendous potential of our brands. The momentum of our business continues to strengthen our confidence in our long-term opportunity.”
Also chipping in comments on Bumble’s latest earnings outing, the company’s chief financial officer Anu Subramanian said:
“The resilience of our business is underscored by Bumble App’s half a million paying user net additions and healthy 31% revenue increase for the full year.”
Subramanian added that Bumble is on course to expand its business and achieve profitability again in 2023. According to her, the company seeks to achieve these targets by “meaningfully expanding our offerings and extending our reach across the globe.”
Founded in 2014, Bumble Inc was one of the first dating apps led by women. The platform is the parent company of Bumble, Badoo, and Fruitz.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Automotive corporation Stellantis targets global BEV sales of 5 million by 2030 following its commendable full-year results.
Stellantis recently posted its full-year 2022 earnings results, which showed a 26% rise in net profit to a record 16.8 billion euros, or $17.9 billion. The multinational automotive manufacturing corporation also experienced a 41% annual jump in electric vehicles and global battery sales.
Following its commendable full-year outing, Stellantis announced a massive 4.2 billion euros ($4.47 billion) dividend payout to shareholders. This payout scheme is still subject to shareholder approval and represents 1.34 euros per share. Furthermore, the company’s board approved a share buyback of 1.5 billion euros, executable by the end of 2023.
Stellantis’ shares increased by 1.6% during the early trading session in Europe.
According to the company, net revenue surged 18% to 179.6 billion euros due to a combination of favorable parameters. These factors include a favorable vehicle mix, strong net pricing, and positive FX translation effects. Stellantis chief executive Carlos Tavares also explained that the results reflected the company’s Europe electrification strategy effectiveness. This strategy saw the sale of 288,000 battery and electric vehicles (BEV) in 2022. In addition, Stellantis currently has 23 BEVs up for sale, which is expected to double by the end of 2024. The Amsterdam-based automotive manufacturer is targeting global BEV sales of 5 million by 2030.
Commenting on Stellantis’ progress and 2030 renewable energy automotive agenda, Tavares explained:
“We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024. My deep appreciation to each and every employee and our partners for their contributions to a more sustainable future.”
Formed by a merger of Italian-American conglomerate Fiat Chrysler Automobiles (FCA) and the French PSA Group, Stellantis is a leading automobile manufacturer. Considered one of the largest carmakers in the world, the company is behind several popular individual auto brands. These brands include Peugeot, Jeep, Dodge, Fiat, Chrysler, and Alfa Romeo.
Stellantis full-year 2022 figures also underscores the company’s position as the world’s fifth-largest automaker in global vehicle sales last year. The company ranked behind Toyota, Volkswagen, Hyundai, and General Motors.
Last September, Stellantis announced a partnership with Uber (NYSE: UBER) to make a play for France’s electric vehicle market. At the time, the announcement revealed that car rental service provider Free2Move would also be part of that deal.
Under the partnership, Free2Move would facilitate Uber’s agenda to convert 50% of its French vehicle fleet to electric vehicles. Furthermore, Stellantis’ overlapping EV scope also stood to benefit from that development. The company, which sought to produce and sell more electric and hybrid cars, also aimed to keep its profit margins high. Commenting on Stellantis’ capacity to attain all sales targets at the time, Tavares said:
“We are proud to be a legacy automaker. Being a legacy automaker shows our ability to design and produce safe products at scale.”
Nonetheless, Stellantis still faces substantial challenges in transforming its traditional combustion engines to zero-emission.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.