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Nvidia Poised for Record Sales as AI Demand Kicks In

Chip giant Nvidia is starting to capitalize on the craze for language-generating artificial intelligence, projecting a more than 64% jump in sales as the company rushes to get more processors in customer hands to satisfy booming interest in the technology. The company forecast a record $11 billion in sales for the current quarter, far above the $7.2 billion Wall Street was expecting and what would be the highest quarterly total ever for the company. Demand for computing power that drives language-generating tools such as OpenAI's ChatGPT is opening a huge new revenue opportunity for the company and others.

25.05.2023

Julius Bär Reveals 4-Month Asset Under Management Rises

Julius Bär reported an increase in Assets Under Management, or AUM, for the first four-month period of 2023. At the end of April, AUM amounted to CHF 429 billion, a year-to-date rise of 1 percent, driven by positive market performance and net new money inflows. However, a negative currency impact, mainly from the strengthening of the CHF against the USD has limited a further improvement in AUM. Net new money went off to a slow start at the beginning of 2023 and continued to be impacted by client deleveraging, albeit to a lower extent than at the start of 2022.

24.05.2023

Zoom stock ticks higher as earnings and forecast top expectations

Zoom Video Communications Inc.’s stock rose in extended trading Monday, after the videoconferencing company beat expectations across the board with its financial results and forecasts. Zoom reported fiscal first-quarter net income of $15.4 million, or 5 cents a share, on revenue of $1.11 billion, up from $1.07 billion a year ago. After adjusting for stock compensation and other effects, Zoom reported earnings of $1.16 a share, up from $1.03 a share last year and topping analysts’ expectations. Analysts surveyed by FactSet had on average expected adjusted net income of 99 cents a share on revenue of $1.08 billion.

23.05.2023

Fed Official Is Open to Foregoing June Rate Hike

Federal Reserve Chair Jerome Powell suggested he was open to holding interest rates steady at the central bank’s meeting next month, saying that the current banking stress could mean rates may not need to rise as high as otherwise to slow the economy. Minneapolis Fed President Neel Kashkari said he could support holding interest rates steady at the central bank's next meeting to give officials more time to assess the effects of past rate increases and the inflation outlook. The Fed has raised its benchmark federal-funds rate rapidly over the past year to fight inflation, most recently this month to a range between 5% and 5.25%, a 16-year high.

22.05.2023

Walmart Lifts Full-Year Outlook as Quarterly Sales Rise

Walmart's sales rose in the most recent quarter, the company said Thursday, a sign that the nation's largest retailer by revenue is hoovering up customers looking for lower prices that have curtailed spending elsewhere. The Bentonville, Ark., retail chain also lifted its outlook on sales and profits for the full year, helped by its stronger-than-expected first-quarter results. At Walmart, U.S. comparable sales, those from stores and digital channels operating for at least 12 months, grew 7.4% in the quarter ended April 28 compared with the same period last year. That was a slightly lower pace of growth compared with the previous quarter.

19.05.2023

Zurich Insurance reports growth in the first quarter

The Zurich Insurance Group achieved growth in the first quarter of 2023. The Group grew both in the larger property and casualty (P&C) insurance business as well as in new life insurance business. At the same time, Zurich presented the key figures on volume development in a new accounting set-up.

17.05.2023

Goldman Sachs Europe Fined $7.2M for Risk Calculation Errors

The European Central Bank on Monday fined the European unit of Goldman Sachs 6.6 million euros, or around $7.2 million, for credit-risk reporting errors. The bank under-reported the credit risk associated with its risk-weighted assets for eight straight quarters between 2019 and 2021, the ECB said. The error was the result of Goldman Sachs Europe misclassifying corporate exposures and applying a lower risk weight. The bank didn't detect the mistake in a timely manner because of deficiencies in its internal controls, the ECB added.

16.05.2023

Elon Musk Names Linda Yaccarino New Twitter CEO

Elon Musk has hired NBC Executive Linda Yaccarino as the new CEO of Twitter. Musk confirmed the news through a tweet: 'I am excited to welcome Linda Yaccarino as the new CEO of Twitter! @LindaYacc will focus primarily on business operations, while I focus on product design & new technology.' 'Looking forward to working with Linda to transform this platform into X, the everything app,' he added. The announcement comes a day after Musk said via Twitter that he would step down from the role and that there would be a new CEO of the social media website.

15.05.2023

Pirelli Backs Guidance After 1Q Revenue Tops Views

Pirelli confirmed its targets for the year after posting revenue ahead of analysts' expectations for the first quarter. The Italian tire maker on Thursday reported 1.70 billion euros ($1.87 billion) in revenue for the three months to the end of March, up 11.7% on the year. Net profit climbed to EUR111.6 million from EUR107.5 million in last year's first quarter. Adjusted earnings before interest and taxes--a measure of profitability that is closely watched by analysts and investors--grew to EUR248.1 million from EUR228.5 million, generating an adjusted margin of 14.6%.

12.05.2023