Disney released its fiscal Q4 and full-year earnings on Tuesday, slightly missing analysts’ expectations for revenue and profits. The media and entertainment giant reported fiscal Q4 revenue of $20.15B and full-year revenue of $82.72B, up 9% and 23% YoY, respectively. More: - Fiscal Q4 net income from continuing operations was $162M, or 30 cents a share.
- Full-year net income from continuing operations was $3.19B, or $2.29 a share, up nearly 60% YoY.
- Disney added 12.1 million subscribers to its Disney+ streaming platform, bringing its subscriptions total for Q4 to 164.2 million.
- Disney’s parks, experiences, and products unit, which includes the company’s theme parks and cruise line, posted $7.4B in revenue, up 36% YoY.
- The company’s media and entertainment unit generated $12.7B in revenue, down 3% YoY.
- Disney shares fell more than 6% in extended trading on Tuesday.
- The company is down more than 36% YTD.
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Binance, the world’s largest crypto exchange, has reached an agreement with FTX to buy the crypto exchange’s non-U.S. operations for an undisclosed amount. Binance founder and CEO Changpeng Zhao tweeted on Tuesday morning that FTX is experiencing a significant liquidity crunch and has asked Binance for help. More: - FTX founder and CEO Sam Bankman-Fried confirmed via Twitter that the companies had signed a non-binding LOI on a strategic transaction.
- Bankman-Fried noted that FTX.us and Binance.us are still two different companies, and FTX.us is not involved or impacted by the agreement.
- FTX.us accounts for about 5% of FTX’s total revenue.
- Zhao added that Binance will conduct full due diligence in the coming days, and the company could pull out from the deal at any time.
- Earlier this year, FTX was valued at about $32B.
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 A message from SYNTHESIS AI Better Models Deployed Faster With Synthetic Data
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French automaker Renault SA plans to split into five units and spin off its electric vehicle unit. At an investor presentation on Tuesday, Renault outlined its business restructuring strategy. More: - Renault said it is forming a joint venture with Chinese automaker Geely focused on gas-powered engines and hybrid technology.
- Renault and Geely will each have a 50% stake in the new company, and the JV could welcome new shareholders.
- Renault said it is also in talks with longtime partner Nissan Motor about the Japanese company investing in its new EV and software business.
- The company is also creating divisions to house its Alpine sports brand, financial-services assets, and a new mobility and recycling business.
- Renault said the restructuring would help boost its financial performance, increasing its operating margins to 8% by 2025 and over 10% by 2030.
- The company currently has an operating margin of about 5%.
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Netflix is considering offering live sports on its streaming platform. According to sources, the company recently bid for the streaming rights for the ATP tennis tour for some European countries but eventually dropped out of the race. More: - Netflix also considered bidding for other events, including U.K. rights to the Women’s Tennis Association and cycling competitions.
- Netflix has also considered buying lower-profile leagues to avoid the high bidding costs for sports rights.
- Netflix reportedly attempted to buy the World Surf League last year, but talks fell apart after both sides could not agree on a price.
- Netflix hopes to turn lesser-known sports like surfing into big franchises and possibly create new sporting tournaments and events.
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Taiwanese contract manufacturer Foxconn is investing up to $170M in EV maker Lordstown Motors through its Foxconn Ventures unit. Foxconn will purchase 12.9 million shares on or after Nov. 22 and an additional 26 million shares, becoming Lordstown's largest shareholder. More: - The deal gives Foxconn a 19.3% stake in Lordstown, surpassing Lordstown founder Stephen Burn's 17.2% stake.
- Lordstown said it would use the proceeds from the sale to fund development and design activities for a new EV program in collaboration with Foxconn.
- Lordstown released its Q3 earnings on Tuesday and reported a net loss of $154.4M, a wider loss than the net loss of $95.8M reported over the same period last year.
- On Monday, Lordstown shares jumped 7% in extended trading on the news of its deal with Foxconn.
- The company shares closed at $1.75 on Tuesday, down more than 5% for the day.
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Lyft released its Q3 earnings on Monday, reporting weaker-than-expected results. The ride-hailing company posted $1.05B in revenue, a 22% increase YoY but the slowest growth for Lyft in more than a year. Revenue per rider was $51.88, up ~14% YoY. More: - Lyft posted a net loss of $422.2M, a much wider loss compared to the net loss of ~$100M reported during the same period last year.
- Lyft ended the quarter with 20.31 million riders, less than analysts’ expectations of 21.3 million.
- Lyft said it expects Q4 revenue between $1.15B and $1.17B.
- Last week the company laid off about 13% of its workforce or nearly 700 jobs.
- Lyft shares fell more than 10% in extended trading on Monday.
- It closed at $10.90 on Tuesday, down nearly 23% for the day.
- Lyft shares are down more than 75% YTD.
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- Kohl’s CEO Michelle Gass is stepping down in December and taking on the president role at Levi Strauss. Gass is expected to become CEO at Levi Strauss within the next 18 months, succeeding Chip Bergh.
- Salesforce laid off hundreds of workers on Monday, indicating less demand for its products in some countries and industries.
- Tesla recalled about 40,000 of its 2017 to 2021 Model S and Model X vehicles that may experience a loss of power steering assist when driving on rough roads or after hitting a pothole. The EV maker said that as of Nov. 1, more than 97% of the recalled vehicles have installed an update that has already addressed the recall issue.
- A single ticket in California won the Powerball $2.04B jackpot. Due to a security issue, Powerball drew the winning numbers on Tuesday morning, about 10 hours later than scheduled.
- Nvidia Corp is offering a new advanced chip called the A800 for the Chinese market that meets new U.S. export controls. The company has said the export restrictions could cost it hundreds of millions of dollars in revenue.
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Upcoming Events - November 09 - Synthetic data for more efficient, robust and ethical model development - Live AMA with Yashar Behzadi (CEO and Founder of Synthesis AI)* (Register Here)
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- January 31 - Growth Summit'23 (Register Here)
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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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Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
