Alphabet shares fell nearing 7% in extended trading on Tuesday following its Q3 earnings announcement. Google’s parent reported $69.1B in revenue, up just 6% YoY, marking the tech giant’s slowest revenue growth since 2013. Net income came in at $13.9, or $1.06 a share, down more than 25% compared to last year. More: - Google Search generated $39.5B in revenue, and YouTube ads brought in $7B, down 2% YoY.
- Google Cloud earned $6.9B, up from ~$5B reported a year earlier.
- Total Traffic Acquisition Costs (TAC) were $11.8B.
- Alphabet missed analysts’ expectations across the board.
- Google announced a hiring freeze in the quarter as part of the company’s cost-cutting measures.
- The company also canceled the next generation of its Pixelbook laptop and cut funding to its Area 120 incubator.
- Last month Google shut down its digital gaming service, Stadia.
- Alphabet shares are down nearly 28% YTD.
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Microsoft shares fell over 6% in extended trading on Tuesday following its fiscal Q1 2023 earnings release. The company reported $50B in revenue, up 11% YoY. Net income was $17.6B, or $2.35 a share, up down 14% YoY. More: - Microsoft’s Productivity and Business Processes unit, which includes its Office products and LinkedIn, reported $16.5B in revenue, up 9% YoY.
- LinkedIn revenue rose 17%.
- The company’s Intelligent Cloud unit, which houses its Azure product and other cloud services, earned $20.3B in revenue, up 20% YoY.
- Personal Computing, which includes Xbox products and Windows, generated $13.3B.
- Microsoft shares closed at $250.66 on Tuesday; the company is down ~25% YTD.
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Adidas announced it cut ties with Kanye West following the rapper and designer’s recent behaviors. In a statement, the German sports company said West’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect, and fairness. More: - Adidas said it is terminating its partnership with West effective immediately and it would stop producing Yeezy branded products.
- The company also added it would stop all payments to West and West’s companies.
- According to analysts, Kanye West’s branded products, developed in partnership with Adidas, accounted for almost half of Adidas’ profits.
- Adidas is expected to take a €250M ($247M) hit from the end of the partnership.
- Other retailers and brands have also cut ties with West, including Gap and Balenciaga.
- Earlier Tuesday, Forbes reported that West is no longer a billionaire after Adidas cut ties with him.
- Without the Adidas deal, West’s net worth is around $400M.
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General Motors reported its Q3 earnings on Tuesday, beating analysts’ expectations for profits but missing slightly on revenue. The U.S. automaker generated $41.9B in revenue, up ~56% YoY. Net income came in at $3.3B, or $2.25 a share, up ~38% YoY. More: - CFO Paul Jacobson said GM had completed about 75% of the 95,000 vehicles in its inventory that were delayed due to missing parts.
- GM has been struggling with supply chain issues since the onset of the pandemic.
- Jacobson noted that GM expects to complete all the vehicles and sell them to dealers before the end of the year.
- GM reiterated its 2022 guidance, expecting full-year net income between $9.6B and $11.2B.
- Full-year diluted-adjusted EPS between $6.50 and $7.50.
- GM shares closed at $37.01, up ~3.6% for the day; YTD, GM is down ~40%.
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 A message from IMPACT How much do influencers charge per post? Influencer marketing costs In 2020, the global value of influencer marketing was estimated at a whopping $9.7 billion, according to Influencer Marketing Hub. In a 2019 survey by Mediakix, 48 percent of marketers found influencer marketing return on investment (ROI) better than other channels while another 41 percent said the ROI was comparable. In this blog, you'll learn: - Different pricing structures per influencer based on the type and social media channel.
- US and global pricing tiers.
- The ROI influencer marketing can drive your business.
- Identifying the right fit for your influencer campaigns.
Read the blog
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Coca-Cola released its Q3 earnings on Tuesday, beating analysts’ expectations. The food and beverage company earned $11.1B in net revenues, up 10% YoY. Organic revenues grew 16% YoY. Net income came in at $2.8B, or 65 cents a share, up from $2.5B reported same period last year. More: - CFO John Murphy said Coke’s product prices were, on average, 7% higher compared to the same period last year.
- Coke raised its full-year guidance, now expecting adjusted EPS growth of 6% to 7%, up from 5% to 6%.
- Coke expects organic revenue growth between 14% to 15%, up from 12% to 13%.
- Coke shares closed at $58.95 on Tuesday, up 2.4%; the company is down less than 1% YTD.
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GE reported its Q3 earnings on Tuesday, missing analysts’ expectations. The company generated $19.1B in total revenues, up 3% YoY, with orders totaling $20B. More: - GE Aerospace reported $6.7B in revenue, up 24% YoY; orders totaled $7.3B.
- GE Healthcare generated $4.6B in revenue, up 6% YoY; orders totaled ~$5B.
- GE Renewable Energy business brought in $3.6B in revenue, down 15% YoY; orders totaled $3.7B.
- GE Power earned $3.5B in revenue, down 12% YoY; orders totaled $4.2B.
- GE said it is still on track for its three-way split; the company’s Healthcare will be split off in January.
- GE shares closed at $73 on Tuesday, down less than 1% for the day.
- The company is down ~24% YTD.
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- Visa released its fiscal Q4 and full-year 2022 earnings on Tuesday, reporting a 19% increase in net revenues. The financial services firm earned $7.8B in its fiscal Q4 and $29.3B for the full year, a 22% increase YoY. Payments volume rose 10% for Q4 and 15% for the full year.
- Spotify’s total revenue rose 21% to €3B ($2.99B) in Q3 thanks to its premium music streaming service. Spotify reported a 20% growth in MAUs to 456 million, representing 23 million net additions in Q3, the company’s largest increase.
- Amazon is adding Venmo as a payment option for U.S. shoppers on its e-commerce site. Amazon said Venmo would be available for use by Black Friday.
- In a video call with bankers on Monday, Elon Musk committed to closing the Twitter takeover deal by Friday. Friday is also the deadline the Delaware Chancery Court had given the Tesla CEO to complete the transaction, or court proceedings will be resumed.
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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. | |
Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
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