Example Finance Newsletter
Microsoft profit pops 27% as Azure growth accelerates 💼 & Alphabet's Q3 2023 Earnings: Revenue Grows, Cloud Misses Expectations 📈
Microsoft profit pops 27% as Azure growth accelerates
Microsoft reported better-than-expected earnings for Q1 2024, with a 27% increase in net income. The company's Azure cloud revenue growth accelerated after two years of deceleration. Azure revenue jumped 29% during the quarter, faster than analysts' expectations. Microsoft's Intelligent Cloud segment and Productivity and Business Processes unit also performed well, contributing to the strong financial results.
Russia hikes interest rates to 15% as inflation soars
Russia's central bank has raised its key interest rate to 15% in an effort to curb inflation and strengthen the weak rouble. This is the fourth consecutive rate hike, with borrowing costs now raised by 7.5 percentage points since July. The higher rate is a response to increased inflationary pressures and high lending growth. Inflation in Russia reached 6% in September, partly due to the country's invasion of Ukraine and increased government spending on the war. The Russian economy has also been impacted by Western sanctions and disruptions to global food supplies and energy costs. However, analysts believe that rate hikes may not be enough to stabilize the economy, as Russia could struggle to attract investment due to the sanctions.
FTX: 'Crypto King' tells judge he acted on legal advice
Former crypto boss Sam Bankman-Fried has testified to a judge at his trial after the jury was sent home. He is accused of lying to investors and lenders and stealing money from customers of his now-bankrupt cryptocurrency exchange, FTX. Bankman-Fried defended his actions by claiming he acted on legal advice in good faith. The judge will decide which portions of his testimony can be presented to the jury. Bankman-Fried's expected court appearance has drawn a lot of public attention. If found guilty, he could face a life sentence in prison.
Alphabet's Q3 2023 Earnings: Revenue Grows, Cloud Misses Expectations
Alphabet reported 11% revenue growth in Q3 2023, returning to double digits for the first time in over a year. Sales and profit exceeded analysts' estimates. However, the stock dropped as the cloud business missed expectations. Advertising revenue increased due to a rebound in ad spending, while YouTube advertising revenue beat expectations. Google Cloud revenue fell short of estimates. Despite the disappointment, the cloud unit still grew 22% from the previous year and turned a profit. Investors are hoping for increased profitability in the cloud business.
The 'No. 1 question' Ark Invest's Cathie Wood gets on her website
Ark Invest's Cathie Wood reveals that the most popular question on their website is why their strategies cannot be bought in Europe. Wood's firm recently expanded its exposure to Europe by acquiring the Rize ETF Limited. She praises the quality of their research and due diligence and speculates that 25% of total demand for Ark's strategies comes from Europe. Wood's firm has around $25 billion in assets under management.
