Walmart released its Q4 FY2023 earnings on Tuesday, topping expectations, but shared a weaker-than-expected outlook for Q1 FY2024. The big box retailer generated $164B in revenue, up 7.3% YoY. Operating income was $5.56B, down 5.5% YoY. Net income was $6.28B, or $2.32 a share, up ~76% YoY. More: - Walmart U.S. same-store sales rose 8.3% YoY, and eCommerce sales rose 17%.
- Sam’s Club same-store sales rose 12.2% YoY, and Membership income rose 7.1% YoY, with its member count reaching its highest level.
- Walmart International net sales were $27.6B, up 2.1% YoY.
- The retail giant reported $611.3B in revenue for the entire year, up 6.7% YoY.
- Walmart returned $16B to shareholders in FY2023 through dividend payouts and share buybacks.
- The company expects Q1 FY2024 U.S. same-store sales to increase by 2.0% to 2.5%; analysts were expecting 3% growth.
| |
Microsoft and NVIDIA have signed a 10-year agreement to bring Xbox PC games to the NVIDIA GeForce Now cloud gaming service. The deal would allow gamers to stream Xbox PC titles from GeForce NOW to PCs, macOS, Chromebooks, smartphones, and other devices. The partnership comes as Microsoft has been struggling to get its $70B Activision Blizzard acquisition approved by regulators. More: - The agreement would also enable Activision Blizzard PC titles, such as Call of Duty, to be streamed on NVIDIA GeForce NOW if Microsoft's acquisition of Activision closes.
- In the statement announcing the partnership, Microsoft Gaming CEO Phil Spencer said the company remains committed to giving people more choices and finding ways to expand how people play.
- NVIDIA had previously been against Microsoft's Activision Blizzard acquisition and had complained about the deal to the U.S. FTC.
- NVIDIA now says it supports the acquisition.
- NVIDIA's GeForce Now has over 25 million members, while Microsoft's cloud gaming equivalent Game Pass has 25 million subscribers.
| |
 A message from VANTA Compliance doesn’t have to be complicated. In fact, with Vanta, it can be super simple. Trusted by thousands of SaaS companies, Vanta automates the pricey, time-consuming process of prepping for SOC 2, ISO 27001, HIPAA, and more. With Vanta, you can save up to 400 hours of work and 85% of costs. Win more deals and enable growth quickly, easily, and without breaking the bank. Check out their on-demand demo to learn why 4,000+ fast-growing companies chose Vanta as their trusted partner. Watch Now
| |
Vanguard CEO Tim Buckley defended the firm’s decision to pull out of the Net Zero Asset Managers (NZAM) initiative last year. NZAM was founded in December 2020 and has over 300 members managing $66T in assets. The group is committed to reducing greenhouse gas emissions. More: - While discussing Vanguard’s decision to pull out of the alliance, Buckley said the firm’s voice was being drowned out.
- Buckley noted he does not believe Vanguard should dictate a company’s strategy around reducing their greenhouse emissions.
- Buckley added it would be hubris to presume that Vanguard knows the right strategy for the thousands of companies it invests in.
- Buckley said Vanguard’s approach to managing climate change risks by focusing on a company’s disclosure standard has not changed.
- Vanguard is the world’s second-largest asset manager with $7.2T AUM.
| |
Elon Musk’s lawyer Alex Spiro has asked an appeals court to dismiss the Tesla CEO’s 2018 agreement with the SEC over his Tesla-related tweets. Musk had agreed to have a Tesla legal and regulatory compliance person review and pre-approve any of his tweets containing any information about Tesla that could affect the company’s stock price. More: - In Spiro’s letter, he claims the SEC lacks support for their agreement considering a jury’s recent findings.
- Earlier this month, a jury in San Francisco federal court found Musk and Tesla not liable in a class-action securities fraud case related to Musk’s 2018 “take Tesla private” tweets.
- Some Tesla shareholders sued Musk over his August 2018 tweets where he claimed he had secured funding to take Tesla private at $420 a share.
- The deal never materialized.
- Trading in Tesla shares was halted following Musk’s tweets, and the stock experienced a lot of volatility weeks after the tweets.
- Last year, a judge in Manhattan federal court declined to end Musk’s tweet pre-approval agreement with the SEC.
| |
 A message from ARRIVED Unbelievable: a must-see real estate investing hack. We know real estate has outperformed the S&P500 over the past 20 years as an asset class. Plus, it's tangible. But most don’t do it. You need massive upfront capital, it takes a ton of setup & expertise, and then you have to manage it. Exhausting. Here's that secret hack: Arrived. Arrived is an easy-to-use real estate investment platform offering SEC-qualified investments, and it’s backed by world-class investors like Jeff Bezos and Marc Benioff. In a few clicks, you can: - Browse properties (<1% make it through vetting): AirBnBs, long-term rentals, and more coming soon.
- Pick your favorites: invest anywhere between $100 to $50K per property.
- Boom: you're officially earning income and appreciation while Arrived manages your properties.
Both first-time investors and long-time real estate millionaires are flocking to Arrived, funding over 200 properties and $75M of property value since last year. Demand is high. What’s holding you back? Browse Properties
| |
United Airlines is partnering with Air Canada, Boeing, GE Aerospace, Honeywell, and JPMorgan Chase to launch a $100M venture capital fund that backs startups and technology developing sustainable aviation fuel (SAF). The move comes as the aviation industry has been pushing to cut its greenhouse gas emissions to meet increasingly strict pollution standards. More: - The fund is called the United Airlines Ventures Sustainable Flight Fund.
- The airline is also offering some of its customers 500 United MileagePlus frequent flyer miles for donating $1, $3.50, or $7 to the fund.
- The offer is available to the first 10,000 customers who donate.
- Currently, the supply of SAFs is limited and costs about two to four times the price of jet fuel.
- United CEO Scott Kirby said the fund is unique and aims to create a system that drives investment to build a new industry around SAFs.
- Kirby added that the path to lower emissions in the aviation industry requires the development of new ideas and technology.
| |
Home Depot released its Q4 and full-year 2022 earnings, posting weaker-than-expected results. The company generated $35.83B in revenue, up 0.3% YoY but below the $35.97B Wall Street was expecting. This is the first time Home Depot has missed revenue expectations since November 2019. More: - The company reported a net income of $3.36B, or $3.30 a share, up 0.3% YoY.
- Full-year sales were $157.4B, up 4.1% YoY, and same-store sales rose 3.1%.
- Home Depot expects same-store sales to remain flat for the new fiscal year.
- The company announced a 10% increase in its quarterly dividend to $2.09 a share.
- The home improvement retailer plans to spend an additional $1B to increase the pay of its hourly employees.
- The company said its starting wage is at least $15 per hour.
- Home Depot shares were down more than 6% during afternoon trading on Tuesday.
| |
Quick Hits - These tech-backed dress socks are for all walks of life. Whether you WFH or are in the office, Bombas can help. Use code INSIDE for 20% off.*
- President Vladimir Putin on Tuesday announced that Russia is suspending its participation in the New START treaty signed in 2010 by former President Barack Obama and his Russian counterpart Dmitry Medvedev. The treaty caps the number of strategic nuclear warheads the countries can deploy.
- U.S. existing home sales fell to their lowest level in more than 12 years in January, marking a 12th consecutive monthly decline. Existing home sales fell 0.7% to a seasonally adjusted annual rate of 4 million units in January.
- Most of the U.K. companies participating in the test of a four-day workweek said they would continue with the schedule after seeing a drop in worker turnover and absenteeism.
- The Church of Jesus Christ of Latter-day Saints and a related nonprofit have agreed to pay $5M to settle SEC charges that the church failed to disclose its relationship to 13 LLC shell companies and for misstating information in filings.
- You could be starting therapy with an accredited professional in just 48 hours. Join today and take 25% off your first month.*
*This is a sponsored post.
| |
| |
 |  | Vanessa Omeokachie 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. | |
Compliance doesn’t have to be complicated. With Vanta, you can save up to 400 hours and 85% of costs. | |
| |
