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☆ Uber reported its first quarterly profit ever this week. Here's a look at how it got there.
▼ + stars: | 2023-08-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Uber reported its first quarterly operating profit ever this week. Here's a chart showing the ride-hailing giant's path to profitability. Uber has grown its quarterly revenues from under $3 billion in 2018 to over $9 billion last quarter. Its quarterly operating losses peaked at $5.5 billion in the second quarter of 2019, but haven't exceeded $1 billion in the last eight quarters. Indeed, its quarterly revenue has ballooned from under $3 billion throughout 2018, to north of $9 billion last quarter.

Persons: Uber, Here's, Dara Khosrowshahi Organizations: Service, Uber, SEC, Securities and Exchange, Tech, Federal Reserve Locations: Wall, Silicon

☆ Wall Street misses the big picture on Apple by focusing on softer iPhone sales
▼ + stars: | 2023-08-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Ahead of Club name Apple 's (AAPL) second-quarter results Thursday, some on Wall Street have warned the company could be weighed down by weakening iPhone sales. Analysts on Wall Street estimate $81.7 billion in sales, which would constitute a roughly 2.3% annual decline, according to FactSet. The country has become one of the top-five iPhone markets over the past quarter for Apple, according to Counterpoint Research. In a note to clients last week, Morgan Stanley forecasted that India could comprise 15% of Apple’s revenue growth over the next five years. Still, Wall Street is torn over iPhones sales and whether they will come in softer on Thursday.

Persons: Steve Cook, Cook, Morgan Stanley, Wells, we’re, we're, We're, hasn't, Jim Cramer's, Jim Cramer, Jim, Jakub Porzycki Organizations: Apple, Big Tech, JPMorgan, Tech, Research, CNBC, UBS, Bloomberg, U.S, Major League Soccer, Nurphoto, Getty Locations: India, China, Hong Kong, Taiwan, Americas, Europe

☆ Jim Cramer praises Starbucks for an ‘exceptional quarter’ — here are the reasons
▼ + stars: | 2023-08-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Equities tumble on Fitch downgrade Starbucks has 'exceptional quarter' Investors cheer Pioneer earnings 1. Starbucks has 'exceptional quarter' Starbucks (SBUX) was up 3% on Wednesday, one day after releasing fiscal third-quarter results after the bell. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Fitch, Jim, Jim Cramer's Organizations: CNBC, Fitch, Starbucks, AAA, Nasdaq, Palo Alto Networks, Tech Locations: China, U.S

☆ Stocks making the biggest moves midday: SolarEdge Technologies, Humana, Starbucks, Robinhood and more
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

SolarEdge Technologies — The solar stock tumbled about 19% after the company reported $991 million in revenue, missing analysts' estimates of $992 million, according to Refinitiv. CVS Health — The retail pharmacy stock gained 4% during midday trading Wednesday after the company posted strong earnings and revenue for the second quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Starbucks' adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors.

Persons: SolarEdge, Norwegian's, Emerson Electric's, Pinterest, Generac, Freshworks, Genuity, Robinhood, CNBC's Hakyung Kim, Pia Singh, Alex Harring Organizations: SolarEdge Technologies, CVS Health, CVS, Wall Street, Cruise, Susquehanna, Emerson, StreetAccount, Revenue, Wall, FactSet's, Starbucks, Bank of America, JPMorgan, Scotts Miracle, Gro, Scotts, JD.com, Baidu, Tencent Locations: Refinitiv, China

☆ Amazon opens Fresh grocery delivery to people without Prime
▼ + stars: | 2023-08-02 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon is opening up its Fresh grocery delivery service to people without Prime in select U.S. cities. Last week, Amazon cut some jobs at Fresh grocery stores. And earlier this year, amid mounting costs, Amazon said it would start charging delivery fees on Fresh grocery orders under $150, removing an earlier perk that guaranteed Prime members free delivery on orders over $35. It hopes to roll out Fresh delivery for non-Prime members nationwide, and include products from Whole Foods and other grocers, Amazon executives told Bloomberg. Correction: The revamped format for Amazon's Fresh stores is rolling out at a location in Oak Lawn, Illinois.

Persons: Andy Jassy Organizations: Foods, Fresh, Amazon, Bloomberg Locations: San Francisco, Boston, Nashville , Tennessee, Austin , Texas, Oak Lawn , Illinois

☆ Here are Wednesday's biggest analyst calls: Apple, Coinbase, Meta, Advanced Micro Devices, SoFi & more
▼ + stars: | 2023-08-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Wednesday's biggest calls on Wall Street: Citi upgrades Advanced Micro Devices to buy from neutral Citi upgraded the chipmaker after its better than expected earnings report. Citi reiterates Home Depot as buy Citi said it's standing by its buy rating on the stock heading into earnings later this month. " Goldman Sachs reiterates SolarEdge as buy Goldman said it's standing by its buy rating on SolarEdge after its earnings report on Wednesday. "We maintain our Underperform rating as we remain concerned regarding the long-term prospects of the space tourism market. Needham reiterates Meta as underperform Needham said it's standing by its underperform rating on the stock.

Persons: Canaccord, Baird, Harry Sommer, BTIG, Wolfe, William Blair downgrades Bloomin, William Blair, Goldman Sachs, SolarEdge, Goldman, Bernstein, Uber, DJ Khaled, Mizuho, SoFi, SOFI, Rosenblatt, it's, Pinterest, Needham, underperform Needham Organizations: Citi, Devices, AMD, JPMorgan, Apple, Services, Oshkosh, Susquehanna, Mizuho, Bank of America, Virgin Galactic, underperform Bank of America, Meta Locations: 3Q23, Oshkosh, Norwegian

☆ Toyota nearly doubles Q1 profit, China remains challenging
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

The world's top-selling automaker said operating profit for the three months through June totalled 1.12 trillion yen ($7.85 billion), an increase of 94% from a year earlier, beating the average 945.22 billion yen profit estimate in a poll of 10 analysts by Refinitiv. Last year's operating profit was 578.66 billion yen in the first quarter. Toyota maintained its forecast for a 3.0 trillion yen profit for the current year, as the conditions it faced had not changed greatly from three months earlier. That forecast compared to a 3.6 trillion yen average forecast from 23 analysts. In North America, another key market, Toyota said it had benefited from pent-up demand among consumers as the impact of a post-pandemic chip shortage wanes.

Persons: Daniel Leussink, David Dolan, Miral Organizations: Toyota, Refinitiv, Lexus, Thomson Locations: TOKYO, China, North America, Japan

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Starbucks beats earnings estimates, but sales disappoint despite China boom
▼ + stars: | 2023-08-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Starbucks on Tuesday reported quarterly earnings that beat analysts' expectations, but its same-store sales missed Wall Street's estimates. The company's same-store sales grew 10%, falling short of StreetAccount estimates of 11%. Same-store sales growth in both North America and its international markets was softer than expected. The coffee giant's North American same-store sales grew 7%, missing estimates of 8.4%. Outside North America, Starbucks' same-store sales increased 24%, falling short of estimates of 24.2%.

Organizations: Starbucks, Refinitiv Locations: Charleroi, Belgium, North America, China

☆ Pinterest expenses skyrocket during the second quarter
▼ + stars: | 2023-08-01 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Pinterest shares sank about 4% after the company's second-quarter earnings report revealed expenses grew faster than revenue. Revenue : $708 million vs. $696 million expected, according to Refinitiv. : $708 million vs. $696 million expected, according to Refinitiv. Sales in the company's second quarter jumped 6% year over year, while net losses narrowed by 19% to $35 million, or 5 cents per share, from $43.1 million, or 7 cents per share, a year earlier. Pinterest said its total costs and expenses were $781 million during the second quarter, an 11% increase from the $700 million it recorded the previous year during the same period.

Persons: Pinterest, Bill Ready, we've, Meta Organizations: New York Stock Exchange, Facebook, Meta

☆ Italy's antitrust accepts Google's proposals to end data portability case
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: 1 min

MILAN, July 31 (Reuters) - Italy's competition watchdog said on Monday it had accepted measures proposed by Google (GOOGL.O) to end a probe over the tech giant's alleged abuse of its dominance position in the data portability market. The Italian watchdog had opened the investigation last year following a complaint of an Italian start-up company. Reporting by Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Elvira Pollina, Federico Maccioni Organizations: MILAN, Google, Thomson Locations: Italian

Amazon previously said it is seeing a decrease in growth in AWS as business clients reallocated their spending to reduce costs. Investors are also looking to see how Amazon's advertising business intersects with more language models and generative AI. The company's advertising business was seeing "robust growth" due to its machine learning investment, Chief Executive Andy Jassy said in the first-quarter earnings call. Net sales of Amazon's advertising business in the first quarter were $9.51 billion. Amazon's first-quarter operating income was $4.77 billion a 74.4%% increase from $2.74 billion in the fourth-quarter and a 30.1% increase from last year.

Persons: Tom Forte, Forte, Brian Olsavsky, Andy Jassy, Arun Sundaram, China's Temu, Sundaram, Amazon's, Arriana McLymore, Aurora Ellis Organizations: Investors, Web Services, Microsoft, Amazon, Google, Davidson Companies, YouTube, Thomson Locations: NY, Refinitiv, Singapore, United States, New York City

☆ Exxon looks to EV boom as oil giant is in talks to supply lithium to Tesla and other automakers, report says
▼ + stars: | 2023-07-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Exxon Mobil is in talks with car manufacturers to become a lithium supplier, sources told Bloomberg. That includes Tesla, Volkswagen, and Ford. The oil giant is putting effort into joining the EV race, already drilling for lithium in Arkansas. Lithium is a key component in EV batteries, and Albemarle is among the lithium producers that Exxon is also talking to, the report added. The chemical company told Bloomberg in a statement that, "given Albemarle's leadership role in the market, people routinely want to speak with us — especially when looking at potential resources."

Organizations: Exxon Mobil, Bloomberg, Tesla, Volkswagen, Ford, Battery, Samsung, EV, Service, Privacy, Exxon, SK, International Energy Agency, Tetra Technologies Locations: Arkansas, Wall, Silicon, Albemarle

☆ CEO of eBay lays out his master plan to fend off new rivals like TikTok and Shein with AI and live-shopping features
▼ + stars: | 2023-07-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Jamie Iannone, eBay's CEO, spoke with Insider about the next phase in the e-commerce giant's evolution. Iannone said eBay's size would empower it against emerging competitors such as TikTok and Shein. But the number of new eBay buyers grew for the second straight quarter, Iannone said. The next version of that product is set to use image recognition, allowing eBay's sellers to create a product listing based on a photo. When asked about new competitors such as TikTok, Shein, and Temu, Iannone said eBay was "focused on our strategy and how we win."

Persons: Jamie Iannone, Iannone, what's, we've Organizations: eBay, Walmart, Reuters, Brand Locations: China

☆ Stocks making the biggest moves midday: Intel, Roku, Sweetgreen, Ford and more
▼ + stars: | 2023-07-28 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Intel — The chip stock jumped more than 6% after the company posted better-than-expected second-quarter earnings results. Roku — Shares popped more than 25% after the company reported a smaller-than-expected loss for the recent quarter. The streaming stock posted a loss of 76 cents a share, ahead of the $1.26 loss per share expected by analysts, according to Refinitiv. The company reported earnings of $1.94 a share, excluding items, lower than the $2.01 estimate by analysts, per Refinitiv. Boston Beer posted earnings of $4.72 per share, well above an estimate of $3.38 per share from FactSet.

Persons: Roku, Gamble, Enphase, Wells Fargo, Roth MKM, Boston Beer, Sweetgreen, Ford, Rowe Price, Refinitiv, Rob Sharps, —, Jesse Pound, Tanaya Macheel, Samantha Subin Organizations: Intel, Revenue, New York Community Bancorp, JPMorgan, Reata Pharmaceuticals, Procter, Dow, Exxon Mobil, Enphase Energy, Deutsche Bank, Boston Beer, Boston, Ford Locations: Refinitiv, Wells

The U.S. tech giant has racked up 2.2 billion euros ($2.5 billion) in EU antitrust fines in the previous decade for practices in breach of EU competition rules, including tying or bundling two or more products together. Teams, which Microsoft added to Office 365 in 2017 for free to eventually replace Skype for Business, soared in popularity during the pandemic especially after it offered video conferencing. Reuters reported earlier this month that the EU antitrust watchdog was set to open a probe after Microsoft declined to offer bigger price cuts on its Office without Teams. German rival alfaview, which last week filed a complaint similar to Slack's with the EU executive, welcomed the EU investigation. EU fines for antitrust violations can go as high as 10% of a company's global turnover.

Persons: Margrethe Vestager, Niko Fostiropoulos, Foo Yun Chee, Sudip Kar, Gupta, David Evans, Jane Merriman Organizations: Microsoft, European Union, European Commission, Salesforce, Skype, Business, Reuters, EU, Commission, Thomson Locations: BRUSSELS, U.S, Europe

☆ Meta's Llama 2 AI model is about to get a whole lot of use from Chinese companies, thanks to Alibaba
▼ + stars: | 2023-07-26 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Chinese businesses are about to get their hands on Meta's Llama 2 AI model. The free AI model will enter China at a time when US-China tensions over AI are rising. Meta's Llama 2 has a major new backer that is about to make its new and improved AI model available to a whole lot of Chinese companies: Alibaba. It's a move that is set to give Chinese businesses first-hand access to Meta's free AI model, Reuters reported. "Today, Alibaba Cloud has launched the first training and deployment solution for the entire Llama 2 series in China, welcoming all developers to create customized large models on Alibaba Cloud," Alibaba Cloud said in a statement on super app WeChat.

Persons: Meta, Marc Andreessen, Alibaba Organizations: Meta's, Reuters, China, Morning, Meta, Microsoft, Web Services, Silicon Locations: China, Silicon Valley, Washington, Beijing

☆ Amazon offers concessions to UK antitrust watchdog as part of probe into its marketplace practices
▼ + stars: | 2023-07-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Amazon on Wednesday offered commitments to the U.K. Competition and Markets Authority after Britain's competition watchdog raised concerns about the U.S. e-commerce giant's treatment of third-party sellers. One of those commitments proposes to ensure Amazon does not use rival sellers' marketplace data to gain an unfair advantage over other sellers. Amazon's commitments also proposed to guarantee all product offers are treated equally when the company decides which ones will be featured in the "Buy Box." Amazon's marketplace practices were also concerning to European Union regulators that were probing similar issues to the U.K. since 2019. In December, Amazon offered similar commitments to the European Commission, the EU's executive arm, to address its concerns.

Persons: Porte, Amazon, Ann Pope Organizations: Porte de, Amazon, U.K, Competition, Markets, CMA, Union, European Commission, Politico, Federal Trade Commission Locations: Paris, U.S

☆ Here are Wednesday's biggest analyst calls: Microsoft, Amazon, Apple, Netflix, Spotify, Meta & more
▼ + stars: | 2023-07-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on the e-commerce giant's earnings next week. Morgan Stanley downgrades RTX to equal weight from overweight Morgan Stanley said in its downgrade of the stock that risk/reward seems "balanced" right now. Morgan Stanley upgrades WW International to overweight from equal weight Morgan Stanley said shares of the company formerly known as Weight Watchers are underappreciated. Citi reiterates Meta as a top pick Citi said Meta is a top pick heading into earnings on Wednesday afternoon. Morgan Stanley reiterates General Motors as overweight Morgan Stanley said the stock's weak reaction to Tuesday's GM earnings report is a "headscratcher."

Persons: Morgan Stanley, it's bullish, it's, Raymond James downgrades, Raymond James, Morgan Stanley downgrades RTX, Needham, NFLX, Citi, Eli Lilly, Elliot, Burger, Disney, TD Cowen, bitcoin, GOOGL Organizations: Deutsche Bank, Spotify, Deutsche, Barclays, Apple, Target, Bank of America, NXP Semiconductors, International, Netflix, Citi, Goodyear Tire Deutsche, Elliot Management, Goodyear, Elliott Management, Operational, Restaurant Brands Citi, Microsoft, Hollywood, Meta, JPMorgan, United Airline, AFL, DAL, Motors, UAW Locations: 1Q23

☆ Buy Spotify shares after the music streaming giant's post-earnings drop, Deutsche Bank says
▼ + stars: | 2023-07-26 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Spotify's post-earnings selloff created a buying opportunity for investors, according to Deutsche Bank. The bank upgraded the music streaming service to buy from hold Wednesday. But analyst Benjamin Black said that Spotify's results are a function of currency fluctuations as opposed to a fundamental company issue, adding the selloff is overdone. SPOT YTD mountain Spotify stock slumped more than 14% after reporting quarterly results on Tuesday. Despite Tuesday's steep decline, Spotify shares are up more than 77% year to date.

Persons: selloff, It's, Benjamin Black, Black, — CNBC's Michael Bloom Organizations: Deutsche Bank, Spotify Locations: Tuesday's

☆ This top Procter & Gamble exec is showing Hollywood how brands can make prestige films and be 'power-up' partners for studios and streamers
▼ + stars: | 2023-07-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

P&G Studios head Kimberly Doebereiner argues that great entertainment can come from brands. Procter & Gamble is at the forefront of the growing brand film space — with its own in-house shingle, P&G Studios, actively pursuing entertainment projects that look nothing like ads. "The first thing I'd love is for the distributors to see that great content can come from anybody, and even if it's from a brand, that doesn't mean it's brand content," she told Insider in an interview. "We have great marketing, we have great brands, we can help bring in viewers, right? "We'd love to have our content be able to show up in the retailer with our brands and create better awareness for that content," Doebereiner said.

Persons: Kimberly Doebereiner, Doebereiner, Gamble, Ron Howard, Brian Grazer's, Michael Sugar's Sugar23, Reese Witherspoon's, Barbie, we've, Brand, Queen Latifah Organizations: G Studios, Procter, Gamble, HBO, Hulu, Brands, Hollywood, Advertising, Tide, Gillette, Tribeca Studios, Walmart, Blue Fox Entertainment Locations: Hollywood

☆ Amazon's Whole Foods to triple shelf space for vertical farmer Bowery
▼ + stars: | 2023-07-25 | by ( Ophelia Anwah | ) www.cnbc.com time to read: +3 min

Bowery, a vertical farming company that grows crops indoors, is getting more shelf space at Amazon 's Whole Foods, with a deal to triple the stores stocking its salad kits. Currently, Bowery's salad kits and a selection of greens are carried at 50 Whole Foods Market stores in the Northeast. The deal comes amid challenges for both vertical farming and Amazon's efforts to expand its grocery footprint. The vertical farming industry, meanwhile, has been under pressure, like many formerly high-flying, heavily VC-funded startup niches. According to PitchBook, through the first quarter of 2023, vertical farming deals declined by 91% year-over-year.

Persons: Matt Williams, Zesty Caesar, Balsamic Vinaigrette, romaine, Andy Jassy, Jassy Organizations: Foods, Bowery, CNBC, Walmart, Albertsons, Westside, FreshDirect, Amazon Locations: Northeast, Westside Market, Brooklyn, East Coast, Florida, Virginia, Tennessee , North Carolina, Charlotte, Atlanta, Jacksonville, Miami

☆ Analysts are getting even more bullish on Apple into its earnings report
▼ + stars: | 2023-07-24 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Two analysts raised their expectations for Apple shares, a week ahead of the technology giant's next earnings report. Deutsche Bank analyst Sidney Ho reiterated his buy rating on the Big Tech stock while raising his price target by $30 to $210. Wells Fargo analyst Aaron Rakers also upped his price target on Sunday, bringing his expected price per share to $225 from $210. The new price target from Rakers, who has an overweight rating on the stock, shows that he thinks shares could jump 17.2% over the next year. He said to expect an in-line revenue report and slight beat to expectations for earnings per share.

Persons: Sidney Ho, AAPL, Ho, Apple, Wall, Wells, Aaron Rakers, Rakers, Michael Bloom Organizations: Apple, Deutsche Bank, Big Tech

☆ Adidas sees smaller 2023 loss thanks to Yeezy sales
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

The German company had previously forecast a full-year operating loss of 700 million euros. Operating profit for the second quarter was 176 million euros, down from 392 million a year earlier. Adidas said the potential impact of a Yeezy stock write-off was now 400 million euros, down from 500 million euros expected previously. The shoes' popularity has endured despite Ye's public pronouncements, with Yeezy shoes selling at high premiums on resale sites. Adidas said the rest of its business also did "slightly better than expected" in the second quarter.

Persons: Ye, Bjorn Gulden, Helen Reid, Thomas Escritt, Jan Harvey, Susan Fenton Organizations: Adidas, Kanye, Defamation League, Thomson Locations: BERLIN

☆ Earnings playbook: Alphabet and General Motors lead off a busy week of reports
▼ + stars: | 2023-07-23 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. What history shows: GM earnings beat earnings expectations 86% of the time, according to Bespoke. Alphabet is set to report earnings after the bell, with management slated to hold a call at 5 p.m. This quarter: Earnings for the tech giant are expected to have grown by 10% from the year-earlier period, per Refinitiv. What history shows: Bespoke data shows Alphabet earnings beat expectations 68% of the time, and the stock rises more than 1% on earnings day.

Persons: Michael Wayland, GM's EVs, GOOGL, Jennifer Elias, Goldman Sachs, Kash Rangan, Rangan, Peter Grom, Leslie Josephs, Max, Wells, Zachary Fadem, Jonathan Vanian, Meta, Refinitiv, Jefferies, Andy Barish, LUV, — CNBC's Michael Bloom Organizations: General Motors, Microsoft, Refinitiv, CNBC, company's, Silverado, United Auto Workers union, Investors, Management, PepsiCo, UBS, Boeing, Corporate, Twitter, Meta, Southwest Airlines, U.S, Southwest Locations: U.S, FactSet

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