by The New York Stock Exchange welcomes Reddit, Inc. (NYSE: RDDT) to celebrate its IPO. To honor the occasion, Snoo rings the Opening Bell®.
New York Stock Exchange
This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open informs investors about everything they need to know, wherever they are. Do you like what you see? You can subscribe here.
What you need to know today
Alphabet and Reddit exceed expectations
Parent Google The alphabet Third-quarter earnings beat expectations. The company’s top line was boosted by a 35% increase in revenue from its cloud division compared to last year. In the meantime, Reddit became profitable in the third quarter with a net profit of $29.9 million, compared to a net loss of $7.4 million in the same quarter last year. Shares of Reddit jumped nearly 25% in extended trading Tuesday.
European banks enjoy their profits
UBS beat expectations for the third quarter, generating net income attributable to shareholders of $1.43 billion, compared to a forecast of $667.5 million in an LSEG survey. Furthermore, a British bank Chartered standard beat expectations for its third-quarter net interest income and pretax profit, which jumped 37% from a year ago.
Restless markets
Tuesday, the Nasdaq Composite rose 0.78% to close at a new high and the S&P500 added 0.16%, but the Dow Jones Industrial Average lost 0.36%. Asia-Pacific markets mostly traded lower on Wednesday. that of Hong Kong Hang Seng Index fell about 1.4% and China’s CSI fell about 1.2%. Indexes were weighed down by Chinese electric vehicle stocks, which fell following news that the European Union raised tariffs on Chinese electric vehicles.
Xiaomi’s electric vehicles at cruising speed
Xiaomithe Chinese smartphone and electrical appliance giant, delivered more than 20,000 SU7 electric vehicles in October, the company announced on Tuesday. The SU7 costs about $4,000 less than Tesla’s Model 3. Xiaomi’s manufacturing and delivery speed is remarkable – Xpeng And Nio It took about six years to produce 100,000 electric vehicles, while Tesla took 12 years.
[PRO] The effects of the British budget on the markets
UK Finance Minister Rachel Reeves will announce the country’s national budget later today. Analysts expect changes to the tax regime and government borrowing – and highlight stocks and bonds that could be affected by these developments.
The essentials
A day in the life of an average office worker:
- Getting to work. Send a snapshot of the crowded train to a friend
- Browse Reddit. Laugh at cats in r/pics
- Google information on why orange cats are so bad
- Watch a YouTube video compilation of cats knocking over vases
- Arrive at work. Secretly Continue Browsing Social Media
These behaviors are so ingrained in most of us that they are almost automatic and essential.
It is therefore not surprising that the companies behind these services – Instant, Reddit And Alphabet – reported third-quarter results that beat Wall Street expectations.
Their income, in particular, is a positive point. For its third quarter, Alphabet’s advertising revenue increased 10.4% year-over-year. Although Snap and Reddit haven’t released a specific report on their advertising revenue, it appears that both companies are doing equally well in this area.
Snap’s total number of active advertisers more than doubled from last year’s quarter, according to CEO Evan Spiegel. Added to this are two million more daily active users than expected worldwide. More advertisers and more eyeballs mean more revenue per ad.
Meanwhile, Reddit has gone from a loss a year ago to a profit. This remarkable transformation was driven in part by a 47% year-over-year increase in daily active users and better-than-expected average revenue per user.
All companies released their results after the bell. In extended trading, Reddit shares rose nearly 25%, Snap shares rose about 10.6% and Alphabet shares rose 5.8%.
It is The meta And from Microsoft in turn to declare the results later in the day. Microsoft is not really involved in the advertising market as it focuses more on enterprise products. But investors will be watching to see if Meta follows the positive trend so far.
Judging by the amount of time I spend on Meta-owned Instagram and the ads that seem to know exactly what I want, the company’s ad revenue will likely see healthy growth as well.
—Julia Boorstin, Jonathan Vanian and Jennifer Elias of CNBC contributed to this report.
Note: CNBC Daily Open will be on hiatus on Thursday, October 31 for the Singapore public holiday. Regular programming will resume Friday.
