This archive report was first published on 25 July 2021.
US Stock Market Hits Record High Amid Earnings Release ¶
The US stock market closed the week at a record high, driven by impressive earnings releases from major companies, including Twitter, Snap, and Intel. The Dow Jones, S&P 500, and Nasdaq 100 hit all-time high benchmarks intraday, with investors focused on technology stocks.
On the downside, investors remain concerned about the Delta variant of the COVID-19 virus, which has led to a rise in cases across the world.
Twitter Q2 Earnings ¶
Twitter reported a 74% yearly revenue increase to $1.19 billion in its second-quarter earnings results, with an income of $65.65 million. CEO Jack Dorsey noted, "As we enter the second half of 2021, we are shipping more, learning faster, and hiring remarkable talent. For example, our increased shipping cadence contributed to reaching 206 million average monetizable DAU (mDAU) in Q2, up 11% year over year and 3% quarter over quarter."
Snap Q2 Earnings ¶
Snap, Inc. reported a 116% increase in revenue to $982.1 million in its second-quarter earnings results, with a net loss of $151.7 million. CEO Evan Spiegel said, "Our second-quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years."
Intel Q2 Earnings ¶
Intel reported flat revenue of $19.6 billion in its second-quarter earnings results, with a net income of $5.06 billion. CEO Pat Gelsinger commented, "Our second-quarter results show that our momentum is building, our execution is improving, and customers continue to choose us for leadership products."
Blackstone Q2 Earnings ¶
The Blackstone Group Inc. reported a 21% increase in total assets under management to a record $684 billion in its second-quarter earnings results. CEO Stephen A. Schwarzman commented, "Strong investment performance and our culture of innovation have allowed us to meaningfully broaden the clients we serve, including individual investors and insurance companies, and the types of investments we can make."
Uber Acquires Transplace ¶
Uber Freight agreed to buy transportation logistics company Transplace from TPG Capital for a total of $2.25 billion. The purchase will be realized in the form of up to $750 million in common Uber stocks and the rest of the money in cash.
Visa Acquires Currencycloud ¶
Visa Inc. announced the acquisition of cross-border payment platform Currencycloud in a contract valued at $961 million. The acquisition will "strengthen Visa's existing foreign exchange capabilities" due to Currencycloud's operations in "over 180 countries."
Rivian Closes $2.5B Funding Round ¶
Electric truck startup Rivian raised $2.5 billion in a private funding round led by Ford Motor Co., Amazon.com Inc., D1 Capital Partners, and T. Rowe Price Associates Inc. The latest funding brings the total amount that the California-based company received to $10.5 billion.
Didi Continues to Drop ¶
Shares of Didi Chuxing Technology fell by more than 18% on Friday, continuing the recent slump prompted by a report that Beijing is planning a list of measures against the Chinese ride-hailing company.
