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Meta, Exxon, Snap: Stocks that define the week

Meta . Platform Inc.

Facebook -0.28%

Shares of several major tech companies struggled on Thursday as doubts about the tech boom that have buoyed the US stock market during the pandemic and underpinned the economy. Facebook’s parent Meta Platform reported a Profits plummeted and said it lost about a million daily users globally. Its shares plummeted 26% on Thursday. But shares of Amazon.com Inc. rose sharply after Profits almost doubled during the holiday season.

Spotify Technology SA

PLACE 9.18%

The dynamics at Spotify are getting bigger and bigger. The music streaming giant on Wednesday said it already has users in recent quarters but declined to issue annual guidance, in the midst of controversies sparked by musician Neil Young pulling his music off the platform to protest what he says is vaccine misinformation spread by Joe Rogan. The podcaster has spoken out against vaccine regulations for indoor events and suggested that young, healthy people should not be vaccinated. CEO Daniel Ek said on Wednesday that it was too early to say whether the controversy would affect subscribers. Spotify shares fell 17% on Thursday.

Exxon Mobil Corp.

XOM 2.17%

High oil and gas prices spur recovery of

Exxon.

XOM 2.17%

The oil giant on Tuesday reported $23 billion in profits for 2021, its highest total since 2014, including $8.9 billion in fourth-quarter profits. Big Western energy companies are luring investors back as they predict the oil and gas industry will grow for years. Companies benefited from rapidly rising commodity prices as demand for some fuels surged to pre-pandemic levels. Many companies said they would continue to commit to adjusting to growth and returning more cash to shareholders.

Exxon

Shares rose 6.4% on Tuesday.

United Parcel Service Inc.

UPS ships fewer parcels, but delivers better results. Company on Tuesday increase its quarterly dividend up 49% due to strong growth in Q4 profit and revenue. Although UPS ships fewer packages on trucks and planes than it did a year earlier, the company is making more money per package. This reflects CEO Carol Tomé’s “better, not bigger” strategy, whereby UPS focuses on shipping more packages to more profitable customers, including smaller businesses and get rid of some of the shipping volume they don’t make a lot of money on. The planned payout per share of $1.52 reflects the company’s policy of returning half of its earnings to shareholders through dividends. UPS shares closed up 14% Tuesday.

AMC Entertainment Holdings Inc.

Spider-Man helped save time in AMC’s most recent quarter. Chain of cinemas Post preliminary results Tuesday showed better-than-expected revenue for the most recent period. While the Omicron variant is likely to keep some audiences at home, the period includes ongoing new releases like “Spider-Man: No Way Home,” which hit $1 billion worldwide. world at the box office in the two weeks following December . 17 release. CEO Adam Aron said the quarterly results would be the company’s best since before the Covid-19 pandemic gutted the movie theater industry nearly two years ago. Despite better-than-expected quarterly revenue, the company offered a weaker loss outlook. AMC shares rose 5% on Tuesday.

Starbucks Corp.

Holiday demand isn’t enough to boost Starbucks sales. The coffee chain on Tuesday said that although holiday sales helped boost its business in the most recent quarter, Weak sales during the latter part of the Omicron rise phase. Some locations have switched to takeout-only or shortened operating hours as this variation spreads. Starbucks also said rising costs of supplies and wages will continue to weigh on profits. The company spent more on Covid-19 paying workers and training when hiring more staff. Shares of Starbucks fell 1% on Wednesday.

Snap Inc.

Snap capture. Its shares fell on Thursday amid a broader pullback by social media companies but recovered after Snap posted its first quarter profit and 20% year-over-year increase in daily active users for the Snapchat app popular with teens and young adults. Snap also signaled that it is adjusting to changes in Apple’s privacy policy that have disrupted the digital advertising market. The iPhone maker’s software changes require apps to ask users if they want to be tracked. Many users opted out, making it more difficult for advertisers to target their ads to specific groups and get feedback on the performance of their targeted ads. Snap shares jumped 59% on Friday.

Write letter for Francesca Fontana at francesca.fontana@wsj.com

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https://www.wsj.com/articles/meta-exxon-snap-stocks-that-defined-the-week-11644016868?mod=rss_markets_main Meta, Exxon, Snap: Stocks that define the week

Ian Walker

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