Apple released its fiscal Q4 earnings on Thursday, beating analysts' expectations for revenue and profits. The iPhone maker reported $90.15B in revenue, up ~8% YoY. Net income came in at $20.7B, or $1.29 per share, up from $20.55B reported same period last year. CEO Tim Cook said supply issues didn't affect the company this quarter as in previous quarters. More: - iPhone revenue was $42.63B, up ~9.7% YoY; Mac revenue was $11.51B, up 25.4% YoY.
- Apple's Services brought in $19.19B, up nearly 5% YoY.
- The company did not provide guidance for its fiscal Q1 2023 ending in December, citing uncertainty.
- Apple hasn't provided guidance since 2020.
- Q1 is Apple's largest sales season, primarily due to the holiday shopping season.
- Apple shares rose ~1.5% in extended trading on Thursday; the company is down more than 20% YTD.
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Elon Musk shared a note via Twitter on Thursday to Twitter advertisers saying he would not allow the social media platform to “become a free-for-all hellscape.” Musk shared his reasons for buying the company and what he hopes the platform would become: a digital town square “where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.” More: - Musk visited Twitter’s San Francisco headquarters this week, meeting and engaging with Twitter employees.
- He was pictured carrying a sink and walking around the building.
- Musk also changed his Twitter bio to “Chief Twit.”
- Musk is set to address Twitter employees on Friday, which is also the deadline he was given to complete his acquisition of the company.
- According to the NYSE website, Twitter’s shares will be suspended from trading on Friday.
- Equity investors in the Twitter takeover deal include Sequoia Capital, Binance, and Qatar Investment Authority.
- Banks involved in the transaction include Morgan Stanley, Bank of America, Barclays, and MUFG.
- The banks are providing $13B of debt financing.
- Musk has committed $46.5B in equity and debt financing for the transaction.
- This amount includes $44B for the company and other closing costs.
- Twitter shares closed at $53.7 on Thursday, up ~0.7% for the day.
- The company is up nearly 26% YTD.
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Amazon shares plunged more than 19% in extended trading on Thursday after the e-commerce giant released its Q3 earnings. Amazon posted weaker-than-expected Q3 earnings and shared an underwhelming Q4 sales guidance. The company is down nearly 35% YTD. More: - Amazon earned $127.1B in revenue, up 15% YoY but slightly below analysts’ expectations.
- Net income fell to $2.9B, or 28 cents a share, down from $3.2B reported in the same period last year.
- AWS business generated $20.5B in revenue, up 27% YoY.
- The company’s growing ad business posted $9.55B in revenue, up 25% YoY.
- Amazon’s subscription services earned $8.9B, up 9% YoY.
- Amazon expects Q4 revenue between $140B and $148B, representing a 2% to 8% growth.
- Analysts were expecting $155.15B in revenue for Q4.
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Swiss bank Credit Suisse released its Q3 earnings on Thursday, reporting a net loss of over $4B. Shares of the bank fell more than 15% on Thursday following its huge earnings miss. The bank generated $3.84B in revenue, down ~30% YoY. More: - The bank reported a net loss of $4.07B, a significant loss compared to the net income of $438.2M reported for the same period last year.
- Credit Suisse said the loss includes a $3.69B impairment relating to the “reassessment of deferred tax assets as a result of the comprehensive strategic review.”
- The bank unveiled a major restructuring strategy for its businesses, including a planned ~$4B capital raise.
- CEO Ulrich Koerner said the move would transform the bank into a new Credit Suisse.
- Credit Suisse expects to incur restructuring charges of $2.93B by the end of 2024.
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Shell released its Q3 earnings on Thursday, reporting a profit of $9.45B, more than double the amount it reported during the same period last year. So far this year, the oil giant has generated a profit of $30.5B and is on track to surpass its record annual profit of $31B reported in 2008. Shell shares are up more than 40% so far this year. More: - Shell produced 7.2 million tons of liquefied natural gas (LNG) in the quarter, a 5% drop compared to Q3.
- Shell pointed to an ongoing strike at its Australian Prelude facility.
- Shell plans to increase its dividend by 15% in Q4, marking the fifth consecutive dividend increase since it cut the payout by 60% at the onset of the global pandemic.
- Shell also increased its share buyback program; it plans to buy back $4B worth of stock in Q4.
- Shell repurchased $6B worth of stock in Q2.
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McDonald's released its Q3 earnings on Thursday, beating analysts' expectations for revenue and profits. The fast-food giant reported $5.87B in revenue, down 5% YoY. Global comparable sales rose ~10% YoY, and U.S. comp sales rose 6.1% YoY. More: - Net income came in at $1.98B, or $2.68 a share, down 8% YoY.
- McDonald's said its U.S. menu prices were up about 10% compared to last year.
- McDonald's shares closed at $265.11 on Thursday, up ~3.3% for the day.
- The company is down ~1.3% YTD.
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- Shares of Meta Platforms closed below $100 at $97.94 on Thursday, dropping more than 24% for the day. The decline comes a day after the social media giant reported weaker-than-expected earnings. Morgan Stanley downgraded the stock on Thursday, citing higher spending.
- The Buffalo Bills NFL team released the first images of its new stadium, scheduled to be completed in 2026. The team is among the top contenders for the Super Bowl. The current facility, Highmark Stadium, opened in 1973 and is the third-oldest stadium in the NFL.
- Shopify shares jumped more than 17% on Thursday following its strong Q3 results. The company reported $1.37B in revenue and a loss of 2 cents per share, beating analysts’ expectations across the board.
- U.S. mortgage rates crossed 7% for the first time in 20 years. According to Freddie Mac, the rate for a 30-year fixed mortgage averaged 7.08% this week.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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