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| Here's your daily business briefing. - 🚗 Toyota boosts outlook on hybrid demand
- 🛒 Deep Dive: Canadians blame stores for rising food prices
- 🌮 Taco Bell gains as people look to save money
Make sure to continue reading the Quarterly Earnings Report and the Quick Hits. Thank you!! Shriram
p/Shriram | |
| 1 | | Strong worldwide demand for hybrid vehicles and advantageous exchange rates enabled Toyota to triple its quarterly profit YoY. For the third quarter, operating profit climbed by almost 155% to $9.5B, while revenue increased by 24% YoY to $75.7B due to higher car sales in all areas. More: - Toyota's conventional hybrid sales increased 41% over the prior year to about 888,000 units.
- Plug-in hybrid sales increased sharply, almost 90% annually, to approximately 39,000 vehicles.
- In the quarter, "Electrified vehicles," which include different hybrid models, battery-electric vehicles, and fuel cell-powered vehicles, made up 36.4% of Toyota's total global sales, up from 27.3% the previous year.
- Toyota revised its profit projection for the fiscal year that ends on March 31 to $29.8B, with a significant amount attributable to the impact of the weaker yen.
- In addition, the business declared that it would buy back $662M worth of shares and raise the dividend per share by 5 yen to 30 yen ($0.20).
Zoom Out: - On Oct. 31, Toyota announced an $8B investment and the creation of about 3,000 jobs at its North Carolina electric-vehicle battery plant as part of its accelerated electrification efforts.
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| 2 | | 
What the numbers say: According to Nanos research, 28% of Canadians believe grocery store profiteering is the main reason for growing food prices. Other vital causes included increased fuel expenses (18%) and food manufacturers' profiteering (15%), according to the respondents. The supply chain issues brought on by the conflict in Ukraine were cited by 7% of respondents as the reason for the high cost of food. Relevance: The survey findings highlight the political relevance of Justin Trudeau's calls for price stability from grocery shops. The Trudeau administration has told top grocery retailers to develop strategies to stabilize prices or risk potential tax measures. More data: Grocery inflation remained higher than the overall consumer price increase, dropping to 5.8% in September from August's 6.9%. Grocers are calling for greater scrutiny of the entire supply chain's contribution to food pricing, as emphasized by Michelle Wasylyshen of the Retail Council of Canada. | | | |
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| 3 | | Taco Bell is enjoying increased orders across various income brackets in the U.S., with a 2%-3% rise in order volume. The company's emphasis on value deals, including $5 combo meals and $1 food options, contributed to an impressive 8% year-over-year growth in same-store sales during the third quarter. More: - The chain's emphasis on value, use of reasonably priced ingredients, and modest serving sizes contribute to its continued profitability.
- With profit margins of 24%, Taco Bell is considered "industry-leading."
- The parent company of Taco Bell, Yum Brands, announced a 6% gain in same-restaurant sales globally for the quarter.
- Customers are also switching to less expensive food options, according to other fast food restaurants like McDonald's and Wingstop.
- According to McDonald's, the industry is witnessing pressure from price pressures on lower-income people.
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| 4 | | Samsung Electronics reported a third-quarter net profit of $4.34B, beating consensus, marking a 38% decline YoY but a significant increase from the previous quarter (more than tripled). The company's third-quarter revenue reached $50.56B, with the memory chip segment showing improvement, narrowing losses, and strong results in smartphone and display-panel businesses offsetting semiconductor segment losses. More: - Samsung expects the demand for memory chips to continue improving in the upcoming year and fourth quarter due to new product introductions and the surge in artificial intelligence.
- Additionally, the firm anticipates that demand for strong computational chips for generative AI applications will continue to be strong in the upcoming quarters.
- The corporation increased production capacity for AI chips and high-end goods while reducing semiconductor output to manage inventory and support memory chip prices.
- With $8.55B already invested in the third quarter, Samsung intends to invest a substantial $40.28B in facilities in 2023.
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| 6 | | In 2024, immersive technology firm Cosm is set to launch two venues in Los Angeles and Dallas, enabling around 800 sports enthusiasts to watch live games on 8K screens in domes. These venues aim to deliver an immersive experience, featuring 360-degree 8K LED screens for select live sports broadcasts like NBA and NHL games aired on TNT, all without the need for headsets or glasses. More: - Cosm's stadiums have 360-degree, 87-foot-diameter 8K LED screens designed to create an in-arena experience without needing 3D glasses or headsets.
- With 2,000 seats each, the Los Angeles facility will debut in the spring of 2024 and the Dallas venue later that same year.
- Cosm and Warner Bros. Discovery have partnered to enable the use of a limited selection of TNT Sports broadcasts in the venues, with plans to expand into narrative and nonscripted entertainment material.
- The CEO of Cosm, Jeb Terry, wants to construct more domes in American cities and will utilize the TNT Sports agreement as a template to get more live sports rights for the venues.
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| 7 | | Quick Hits: - Discounts offered by each of the big three cloud providers are complex, detailed, and full of fine print. Learn how to make the most of AWS, Google Cloud, and Azure discounts in this guide from DoiT.*
- The Pentagon's Space Development Agency awarded $1.3B in contracts to York Space and Northrop Grumman for 100 communication satellites in the Proliferated Warfighter Space Architecture network.
- WeWork plans to file Chapter 11 bankruptcy paperwork in New Jersey next week as discussions among backers continue regarding the firm's restructuring.
- Bob Goldberg, the CEO of the National Association of Realtors, is resigning following a federal jury's verdict that NAR and two brokerages conspired to maintain high real estate agent commissions, resulting in $1.8B in damages.
- e.l.f. Beauty is expanding into new markets in the upcoming quarter, excluding China, where the cosmetics company withdrew its online business due to high costs.
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| Upcoming Events | | NOV
8 | | Compete Week - Competitive Intelligence Summit is back: Join top GTM leaders from Salesforce, Hubspot, Apollo and more!* | | | | | | | NOV
25 | | AI in Financial Services with Saroop Bharwani | | | | | | | NOV
25 | | The Future of Fractional Work with David Berkowitz | | | | | | * This is a sponsored event | | | |
Term of the Day Advisory board: An advisory board is a group of external individuals with expertise who provide guidance, advice, and assist with growth strategies for a company. Question of the Week What's one tool or app that has significantly made your life easier at work? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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