Google smashes prediction and jumps more than 7% in
after-hours trading
Google’s parent company Alphabet reported
earnings yesterday and beat all expectations by posting
revenue of $22.45 billion, $400 million over predictions.
The tech giant’s cash flow increase was fueled by its
search engine and its video streaming service YouTube. The
report caused the company’s stock to skyrocket, going up
more than 7% in after-hours trading. Following the
impressive results, the company has announced a buyback of
roughly $7 billion in shares. This report has given
Google a leg-up in its continuing battle
against fellow tech giant Apple, which
failed to shake off its recent losses, despite launching
three new MacBook computers yesterday.
U.S. market geared for GDP, more earnings
With the presidential elections less than two weeks away,
and continuing talks of a possible rate hike by the Fed in
December, investors on Wall Street will be eyeing
Q3 GDP numbers to be released today at 12:30
, which could have an effect on the
USD and other currencies. As the week’s
last trading day begins in the U.S. the market is expected
to react to the GDP data, alongside more earnings reports.
Amazon, which released its report after
hours yesterday, has suffered losses of 6% in after-hours
trading, after it said that operating income for Q4 may
come in at zero.
Twitter to kill Vine and cut 9% of
Social network Twitter is shifting its
focus from user acquisition to increasing profits. As part
of the move, the social media giant will trim its workforce
by 9% and completely let go of its popular video platform
Vine. Despite its recent earnings report beating
predictions, Twitter’s revenue grew just 8.2%, as opposed
to more than 50% in Q3 of last year. After major companies,
such as Salesforce and
Microsoft withdrew their acquisition bids,
the company said that it is now taking steps to drive
profitability in 2017.
Europe opens lower; Qualcomm makes big move in
As the week’s last trading day opens in Europe, key indices
opened on a low note. London’s FTSE was
down 11 points, the German DAX was down 8
points and the French CAC down 99 points.
Investors in Europe might still have a reason for optimism,
as recent reports out of Belgium suggest that the CETA
deadlock has been resolved and a free-trade agreement
between the EU and Canada could move forward soon. At the
same time, semiconductor powerhouse
Qualcomm is reportedly buying out
Dutch company NXP for a whopping $47 billion, with the aim
of expanding into the automotive chip market.