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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

Air conditioning and <keyword id="17833175" type="General" weightage="20" keywordseo="engineering-services" botkeyword="" source="Denny">engineering services</keyword> provider <keyword id="21567326" type="General" weightage="20" keywordseo="Voltas-Ltd" botkeyword="" source="Denny" meta.keywordsubtype="org" meta.entityname="Voltas Ltd" meta.hostid="153" meta.entityid="Voltas Ltd">Voltas Ltd</keyword> on Tuesday reported a 22.75 per cent decline in <keyword id="20203162" type="General" weightage="20" keywordseo="consolidated" botkeyword="" source="Denny">consolidated</keyword> <keyword id="17985868" type="General" weightage="20" keywordseo="net-profit" botkeyword="" source="Denny">net profit</keyword> to Rs 110.64 crore in the fourth quarter ended March 31, 2024, impacted by higher <keyword id="18067946" type="General" weightage="20" keywordseo="expenses" botkeyword="" source="Denny">expenses</keyword>. The company had posted a consolidated net profit of Rs 143.23 crore in the same period previous fiscal, <keyword id="6354999" type="DOMAIN" weightage="20" keywordseo="voltas" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="voltas" meta.entityname="Voltas Ltd." meta.entityid="12815" meta.seoname="voltas-ltd">Voltas</keyword> said in a regulatory filing. Consolidated <keyword id="17915033" type="General" weightage="20" keywordseo="revenue" botkeyword="" source="Denny">revenue</keyword> from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 4,044.90 crore compared to Rs 2,761.45 crore in the corresponding period a year ago. In the fourth quarter the unitary cooling products business segment revenue grew by 44 per cent to Rs 2,955 crore as compared to Rs 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said. The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period, it added. Similarly, electro-mechanical <keyword id="18084086" type="General" weightage="20" keywordseo="projects" botkeyword="" source="Denny">projects</keyword> and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position, it added. <keyword id="21544478" type="General" weightage="20" keywordseo="Voltas" botkeyword="" source="Denny">Voltas</keyword> said for the fiscal ended March 31, 2024, consolidated net profit was higher at Rs 248.11 crore as compared to Rs 136.22 crore in the previous year. Consolidated revenue from operations in FY24 was at Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh <keyword id="21211630" type="General" weightage="20" keywordseo="AC-sales" botkeyword="" source="Denny">AC sales</keyword> in 2023-24. Voltas said its board of directors has recommended a <keyword id="18713200" type="General" weightage="20" keywordseo="dividend" botkeyword="" source="Denny">dividend</keyword> of Rs 5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

Voltas net profit declines 22% YoY to ₹110.64 crore in Q4 FY24

<ul class="summary-list"><li><a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock has surged since the company reported earnings on Wednesday.</li><li>Wall Street analysts broke down the factors they believe are fueling the rally.</li></ul>Tesla's stock price has been on a tear in the two days since the carmaker reported quarterly earnings that exceeded expectations.The stock regained the ground it lost following Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">"We, Robot"</a> event on October 10, during which Elon Musk showed off the Cybercab. He was lighter on launch specifics than some on Wall Street wanted, and the stock fell 9% the following day.Two weeks later, Tesla closed the week with a share price of $269.19 on Friday — its highest since September 2023. The stock is now up 8.33% since the start of the year.AvaTrade's chief market analyst, Kate Leaman, told BI that Tesla's earnings were a "surprise beat, which always gives the stock a push."Tesla announced better-than-expected profit and gross margin, a closely watched number. It also announced the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">Cybertruck hit profitability</a> and said it was on track to start production for more affordable EVs in the first half of 2025.Jacob Bourne, an analyst at Emarketer, a sister company to Business Insider, said Tesla's strong results were not expected and "the biggest factor" behind the stock surge is "the surprise element." Ahead of the earnings report, analysts had concerns about waning EV demand and the impact of Tesla's price cuts on its profitability.RBC Capital Markets analyst Tom Narayan said: "Low and behold this company is able to still be profitable even with price cutting."Dan Ives, a Tesla bull and an analyst at Wedbush Securities, called Tesla's earnings figures a "Goldilocks quarter."Emarketer's Bourne said questions about Tesla's Cybercab robotaxi were a factor that contributed to uncertainty ahead of its earnings report. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-america-super-pac-trump-turn-out-voters-2024-10">Musk's political activism was another,</a> Bourne said.Global Equities analyst Trip Chowdhry told BI that there had been questions about whether some people would stop buying Teslas because of Musk's support for former President Donald Trump."The negative narrative was proven to be 100% wrong," Chowdhry said.Narayan said while Tesla didn't unveil a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-halts-gigacasting-blow-to-cheaper-evs-report-2024-5">lower-price vehicle</a> in the earnings report or announce regulatory approval for fully autonomous rides, the company did provide some concrete answers to lingering questions from the Cybercab event.Musk said he expected the company's robotaxi service would gain regulatory approval in Texas and California next year and that Tesla employees in the Bay Area already were testing the ride-hailing service with the development app.For Musk, the stock rally boosted his net worth to over a quarter trillion dollars.The Tesla CEO's net worth was $277 billion at market close on Friday, <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">according</a> to Bloomberg's Billionaires Index.

Tesla ends the week on a high fueled by earnings 'surprise'

<ul class="summary-list"><li>Microsoft's Q1 profits beat analysts' estimates as cloud computing continued to grow.</li><li>Q1 capital spending reached $20 billion, up from $19 billion in Q4.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/microsoft">Microsoft</a> reported better-than-expected first-quarter results after the closing bell on Wednesday, and continued to ramp up its capital spending as it invests in AI capabilities.Capex totaled $20 billion, compared with $19 billion in its fiscal fourth quarter and $14 billion in the quarter before that.Much of the company's spending has been going toward data centers, graphics processing units, and other AI projects. By year end, Microsoft intends to <a target="_blank" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">amass 1.8 million GPUs</a>. By July 2025, the Redmond, Washington, company plans to <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">triple its data-center capacity</a>. The company is trying to figure out how it will recoup this massive investment.Also in the first quarter, Microsoft Cloud revenue rose 22% from a year earlier to $38.9 billion. Analysts, on average, had expected revenue for the business would total $38.11 billion, per Bloomberg.Shares rose more than 1% in late trading.Some analysts have been critical of the company's <a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">spending on artificial intelligence</a>, as Business Insider previously reported."We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," the company's chairman and CEO, Satya Nadella, said in the earnings announcement.The report follows Microsoft's <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312524204403/d846847d8k.htm">August announcement</a> that it would reconfigure how it reported results from its business units. The Productivity and Business Processes segment includes results from Microsoft 365 Commercial products and cloud services.Here are several key metrics for the quarter that ended September 30 and how they compared with analysts' consensus expectations as reported by Bloomberg.<ul><li>Earnings per share: $3.30 vs. $3.11 expected</li><li>Revenue: $65.59 billion vs. $64.51 billion expected</li><li>Operating income: $30.6 billion vs. the $29.21 billion expected</li><li>Microsoft Cloud revenue: $38.9 billion vs. the $38.11 billion expected</li></ul>Investors have been tracking spending on AI at many of the so-called Magnificant 7 stocks, of which Microsoft is one — along with fellow tech giants including Apple, Amazon, Google parent Alphabet, and Nvidia. One concern is that returns on <a target="_blank" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">companies' AI investments</a> could fall short of expectations. That's a worry at Microsoft partly because feedback on the company's<a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10"> Copilot AI</a> has been mixed.

Microsoft reports stronger-than-expected earnings as it ramps up capital spending

When Google was about five years old, the world saw its finances for the first time when it filed for an IPO. The company was wildly profitable, making over <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/ds1.htm#toc16167_11">$100 million in net income</a> in 2003. It <a target="_blank" class="" href="https://www.businessinsider.com/google-cfo-analysts-ai-subscription-growth-2024-9">never looked back.</a>When Facebook was roughly seven years old, it shared financial data with prospective investors. I got a look at the document when I was a reporter at MarketWatch. It indicated that the company had already become <a target="_blank" class="" href="https://www.marketwatch.com/story/facebooks-profitability-tops-youthful-googles-2011-01-20">remarkably profitable</a>, too.Now, we've gotten the first peak at <a target="_blank" class="" href="https://www.businessinsider.com/meet-the-power-players-at-openai-2024-9">OpenAI</a>'s financials. It's almost 10 years old, and it's nothing like Google and Facebook.The Information obtained OpenAI financial documents and published an <a target="_blank" class="" href="https://affiliate.insider.com?h=b8aa910fbf90d78a19072ee9b80d2be0b7a88ac390afbb61f1c57e93f216e1d8&amp;postID=67080597434c477c2328b872&amp;postSlug=openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fopenai-projections-imply-losses-tripling-to-14-billion-in-2026%3Futm_campaign%3DRTSU%253A%2BOpenAI%2Bloss%2Bpr%26utm_content%3D5506%26utm_medium%3Demail%26utm_source%3Dcio%26utm_term%3D3755%26rc%3Dnytiul">analysis</a> this week. Revenue is growing fast and could hit $100 billion in 2029. But the company projects total losses from 2023 to 2028 to be $44 billion. <h2 id="477718b4-1323-4436-8186-463b575dd022">Excluding AI model training costs</h2>The most concerning part: OpenAI is asking investors to exclude the billions of dollars it spends on training AI models, according to the documents analyzed by The Information.<a target="_blank" class="" href="https://www.businessinsider.com/ai-synthetic-data-industry-debate-over-fake-2024-8">AI model training</a> is one of the main things that OpenAI does. It's what everyone thinks of when the startup is mentioned. It <a target="_blank" class="" href="https://www.businessinsider.com/openai-gpt4-ai-model-got-lazier-dumber-chatgpt-2023-7">launched GPT-4</a> in early 2023 and <a target="_blank" class="" href="https://openai.com/index/introducing-openai-o1-preview/">rolled out a new o1 model</a> in September, for instance.Is it OK for an AI company to exclude the cost of training its AI models when it reports earnings? I checked this with a veteran venture capitalist who was a top executive at a Big Tech company for years. The person said clearly no. These costs are real and it's a sign of hubris that OpenAI is asking investors to ignore what is a fundamental business expense, the person explained. They asked not to be identified discussing sensitive matters. <h2 id="a435e15d-2020-4026-a431-a693ab699a68">'Not kosher'</h2>I also asked an accounting expert to go on the record about this. I chatted with Francine McKenna, who writes <a target="_blank" class="" href="https://thedig.substack.com/?utm_source=substack&amp;utm_medium=web&amp;utm_campaign=substack_profile">The Dig</a>, a blog focusing on accounting, audit, and corporate-governance issues at public and pre-IPO companies. She used to work at KPMG Consulting and PwC, and implemented accounting and financial systems, including SAP and Oracle ERP software, for big companies.She knows accounting and technology well. She read The Information story closely on Thursday and had this to say about OpenAI's efforts to get investors to ignore the cost of training its AI models. "That is a bridge too far," McKenna told me. "It's not kosher."For an AI company like OpenAI, training models will be an ongoing process. The world is constantly evolving, and new data is being generated, which will have to be incorporated into AI models' understanding."They are going to have to constantly train their AI models on new information," McKenna said. "They will never be done. I think it's a sleight of hand to try to exclude these costs."<h2 id="513a11d1-a62c-4c41-81f5-e1d2caf2c90b">IPO rules</h2>This will become especially important if OpenAI tries an IPO, which some investors <a target="_blank" class="" href="https://www.axios.com/2024/10/03/openai-funding-ipo-public-future">expect the startup to do</a> in the coming years.The Securities and Exchange Commission focuses heavily on alternative measures of profitability and does not allow companies to exclude many of the ongoing costs of doing business."If they put that in an IPO prospectus and the SEC looked at it, the SEC would probably say you can't use these as an adjustment to income," McKenna said. "To me, that's more akin to ongoing product maintenance and development."I asked OpenAI about the concerns of McKenna and the VC partner on Thursday morning and at the end of that day. The company didn't respond to my detailed questions. The VC partner noted that other OpenAI costs could decline in coming years, citing inference as an example. Inference is the stage after training that allows AI models to respond to new information. It's basically how the models are run.Those post-training costs could decline dramatically in coming years, which could help OpenAI reduce its losses, the VC partner explained.However, the VC said you still can't exclude AI model training, which will be a large and ongoing fundamental cost of providing OpenAI's services.<h2 id="3d270677-596d-4309-b18c-5389c355b984">Groupon and WeWork</h2>Excluding the cost of the core thing you do has echoes of other high-flying tech startups from a few years ago. McKenna drew comparisons to Groupon, and discussed WeWork, too. Before Groupon went public in 2011, it suggested that investors look at "adjusted consolidated segment operating income," or <a target="_blank" class="" href="https://www.businessinsider.com/sec-investigating-groupon-accounting-2011-7">adjusted CSOI</a>, which excluded several marketing-related expenses. The SEC objected, and Groupon had to change its accounting.Last year, Groupon issued a "going concern" warning, raising doubts about its ability to stay in business. (Its performance has improved a bit this year).In 2019, WeWork told investors to focus on "<a target="_blank" class="" href="https://www.businessinsider.com/wework-financials-community-adjusted-ebitda-reminds-experts-of-tech-bubble-2019-5">community-adjusted EBITDA</a>." Essentially, the company was asking investors to ignore the cost of doing many of the things that it needed to do to run its business.OpenAI is doing a similar thing now, according to McKenna and the VC partner. Let's call it "AI adjusted earnings" for an AI company."OpenAI can do whatever it wants and try to spin any story they want with investors. They are a private company," McKenna said. "Are they producing audited financial statements and giving them to investors? That's unclear. Right now, they don't have to. But that will stop at a certain point if they eventually prepare a prospectus for an IPO."WeWork went <a target="_blank" class="" href="https://www.businessinsider.com/wework-files-for-bankruptcy-chapter-11-commercial-real-estate-reckoning-2023-11">bankrupt</a> in November 2023.

OpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWork

<ul class="summary-list"><li>Amazon rose as much as 7.6% on Friday, its biggest intraday gain since early February.</li><li>The stock surge was driven by better-than-expected third-quarter earnings, as well as a strong outlook.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> stock saw its best day in nine months on Friday.It climbed as much as 7.6% to $200.50, its steepest intraday gain since Feb. 2, after a strong third-quarter earnings report. Shares traded around $199 as of 12:30 p.m. in New York, less than 1% from all-time closing highs set in July.The tech titan <a target="_blank" href="https://www.businessinsider.com/amazon-stock-earnings-report-call-live-updates-2024-10">beat estimates</a> for both revenue and earnings-per-share, led by strength in cloud computing and cost-efficiency efforts. It also forecasted fourth-quarters sales in line with Wall Street expectations.In a turnaround from last year's record low sales growth, Amazon Web Services — the firm's AI-driven cloud platform — maintained stable momentum. Cloud revenues rose 19%, and CEO Andy Jassy indicated that Amazon's blowout $75 billion investment for 2025 will largely benefit AWS.During the firm's earnings call, Jassy explained that AI was driving the investment boost.He expressed that the technology is "a really unusually large, maybe once-in-a-lifetime type of opportunity. And I think our customers, the business, and our shareholders will feel good about this long term; that we're aggressively pursuing it."The company's cost cutting efforts have allowed the firm to pursue larger investments in these areas. With more efficiencies suggested ahead, Bank of America expects continued margin expansion through 2025.Amazon also delivered a retail beat, despite low expectations. Although Wall Street was concerned that headwinds would weaken the firm's consumer base, its online store grew 7% year-over-year, outpacing consensus estimates of 4%.According to the bank, efficiencies in the cost of servicing customers and ad growth helped drive the estimate-beat.

Amazon stock jumps most in 9 months as cost cuts, cloud spark earnings beat

<ul class="summary-list"><li>Tech giants Meta, Alphabet, Amazon, and Apple all reported earnings this week.</li><li>Companies beat expectations, with some boosted by large cloud growth.</li></ul>Tech giants Meta, Alphabet, Amazon, Apple, and Microsoft all reported earnings this week, with investors laser-focused on the results of AI investments.Kate Leaman, chief market analyst at AvaTrade, told Business Insider that while the tech giants "all delivered solid growth, what really stands out is the clear investment in AI and how it's setting the stage for their future strategies."Here are some of the biggest themes that emerged during earnings week.<h2 id="fdf15bd0-2f86-4c0b-8dc7-43d1890a1cd7">Cloud is king</h2>Microsoft, Alphabet, and Amazon all saw significant growth in their cloud businesses, fueled by increased demand.Revenue from <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-beats-estimates-ramps-up-capex-on-ai-2024-10">Microsoft's Intelligent Cloud segment</a>, including its customer-facing platform Azure, jumped 20% year over year to $24.1 billion. Revenue from Azure itself was up 34% year over year, and the company said that 12 percentage points of that growth stemmed from high demand for AI services.Jeremy Goldman, EMARKETER's senior director of briefings, told BI that Microsoft's cloud business had decelerated from the "breakneck pace" of previous quarters."Demand continues to be higher than our available capacity," Microsoft CFO Amy Hood said in Wednesday's earnings call. She added that the company expects its cloud sector to grow at a slightly slower rate, between 18% and 20%, in the second quarter of next year.Dan Romanoff, senior equity analyst at Morningstar, told BI that capacity limits are raising questions about how much Microsoft, Google, and Amazon are investing in their public cloud offerings."As big as Azure is, they are operating at capacity, so clearly there is a need for more data centers," he said.Google Cloud's revenue was smaller — $11.4 billion — but <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">grew at a rate of 35% year over</a><a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10"> year</a>, which Alphabet said was fueled by "accelerated growth" in its AI segment.While Google reported stronger cloud growth, Microsoft still leads it in cloud market share, with both behind Amazon Web Services.On Thursday's earnings call, Amazon CEO Andy Jassy <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ceo-andy-jassy-even-more-bullish-ai-cloud-opportunity-2024-10">painted a particularly bullish outlook</a> for AI in Amazon Web Services, whose revenue grew 19% year over year to $27.5 billion.Tracy Woo, principal analyst at Forrester, told BI that the increase in cloud revenue speaks to "AWS's continued market dominance.""The company's mainstay offerings in ad revenue and online retail have bolstered and shielded the same fearful perception of over-investment in AI AWS as compared to its closest competitor in Microsoft Azure," she said.<h2 id="dce60525-8311-4452-953f-c97c13833af6">Investment into generative AI is starting to pay off</h2>Big Tech has been pouring billions into generative AI — and it's starting to pay off.Jassy said the company's AI sector, which includes the development tool <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ai-models-bedrock-service-success-2024-9">Bedrock</a> and its shopping assistant <a target="_blank" class="" href="https://www.businessinsider.com/what-amazon-ai-shopping-assistant-rufus-is-like-2024-7">Rufus</a>, is "growing more than three times faster" than AWS when the latter was at a similar stage of its business evolution."We've proven over time that we can drive enough operating income and free cash flow to make this a very successful return on invested capital business," Jassy said on Amazon's earnings call. "And we expect the same thing will happen here with generative AI. It is a really unusually large, maybe once-in-a-lifetime type of opportunity."Google CEO <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/sundar-pichai-google-alphabet-ceo-career-life">Sundar Pichai also</a> said the company's AI investments were already "paying off," crediting AI as a key driver in Google's quarterly growth. In a note, BofA Securities called Google's Cloud growth, which grew at <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">a rate of 35% year over year</a>, a "positive surprise" that suggested the "AI growth cycle has arrived."Pichai also said the company's AI Overviews are "performing well" and now reach over 1 billion users on a monthly basis. The company said it plans to extend the AI-search feature to over 100 countries.The company has also been leveraging AI to boost its internal efficiency. Pichai said that more than a quarter of new code at Google is <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/google-earnings-q3-2024-new-code-created-by-ai-2024-10">made by AI</a> and then checked by employees.On Meta's earnings call, CEO Mark Zuckerberg said more than one million advertisers had used the company's generative AI tools to create more than 15 million ads in the last month. He said the company estimated that businesses using Meta's image generation were seeing a 7% increase in conversions.The need for more data centers and other AI infrastructure is pushing up <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-google-cloud-ai-earnings-2024-10">capital expenditures</a> across the industry.Microsoft's capital expansion totaled $20 billion in the quarter ending September 30, up from $19 billion in the previous quarter and nearly double the $11.2 billion it spent in the same quarter last year.Hood said the company expects this to "increase on a sequential basis" but is monitoring demand.Jassy, on the other hand, said Amazon expects its capital expenditure to hit $75 billion this year and plans to spend even more in 2025, mostly for its AWS cloud unit.Michael Field, equity strategist at Morningstar, told BI that AI's potential excited investors but they were "less excited about how much money the Big Tech names are dropping on developing AI.""With Microsoft and Meta, their results were solid, but it was these concerns that drove share prices lower. Expect this theme to continue in the coming quarters," he added.<h2 id="f207b36e-1e26-4661-891f-5cd5263f289b">AI chips are hot — but not all chipmakers are riding the wave</h2><a target="_blank" class="" href="https://www.businessinsider.com/samsung-executives-six-day-work-week-report-2024-4">Samsung's</a> chip business has not been able to ride the AI wave as well as other companies like <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-chips-huawei-export-controls-supply-chain-2024-10">TSMC</a>. The South Korean conglomerate has struggled to get its chips certified by Nvidia, causing it to cede ground to its local rival, SK Hynix.Jaejune Kim, the executive vice president of Samsung's memory business, said in an earnings call Thursday that the company has made "meaningful" progress in Nvidia certification and expected higher sales in the fourth quarter. Samsung's shares are down 28% year to date.But Samsung isn't alone in having trouble with chips.On Wednesday, AMD's stock price dipped by as much as 10% even though the company's CEO, Lisa Su, said AMD had "<a target="_blank" href="https://www.businessinsider.com/amd-earnings-q3-2024-ceo-lisa-su-nvidia-ai-chips-2024-10">closed a good part of</a>" its gap with Nvidia, which controls 80% of the market for GPUs, or graphic process units, which can process large datasets required for training AI models. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/amazon-ceo-andy-jassy-secret-weapon-ai-aws-2024-10">Jassy</a> said Thursday that Amazon Web Services is investing in its own <a target="_blank" href="https://www.businessinsider.com/amazon-nvidia-aws-ai-chip-dominance-gpu-trainium-inferentia-2024-5">Trainium and Inferentia</a> AI chips."While we have a deep partnership with Nvidia, we've also heard from customers that they want better price performance on their AI workloads," Jassy told analysts."We're seeing significant interest in these chips, and we've gone back to our manufacturing partners multiple times to produce much more than we'd originally planned," he added.

The cloud rises and AI pays off — 3 takeaways from tech's big earnings week

<ul class="summary-list"><li>Warner Bros. Discovery says it will beef up ads on its Max streaming service.</li><li>Max serves fewer ads per hour compared to other streaming platforms.</li></ul>You could soon see more ads on <a target="_blank" class="" href="https://www.businessinsider.com/warner-bros-discovery-merger-compete-netflix-disney-streaming-david-zaslav">Warner Bros. Discovery</a>'s Max streaming service.WBD said Thursday it would step up ads in <a target="_blank" class="" href="https://www.businessinsider.com/warner-bros-discovery-announces-details-of-new-streamer-max-2023-4">Max</a> as it — along with other media players — looks to improve the profitability of its <a target="_blank" class="" href="https://www.businessinsider.com/streaming-strategy-spend-billions-wrong-netflix-disney-paramount-warner-bros-2023-2">streaming business</a>.In response to a question about the future of its streaming ads business, streaming chief JB Perrette said it was the "very early innings of what we call ad scale.""On the ad load side, we are light," Perrette said during the company's third-quarter earnings call. "We have a very light ad load compared to everyone else in the market, so there's room to grow on the capacity side."Max had 3.4 minutes of ads per hour as of the fourth quarter of 2023, which was <a target="_blank" class="" href="https://www.businessinsider.com/warner-bros-discovery-announces-details-of-new-streamer-max-2023-4">lower than most of the other streamers</a>.Perrette said Max would continue to take a lighter touch when it comes to its prestigious HBO content, however. Last year, it <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-planning-streaming-ads-on-hbo-originals-2022-12">introduced pre-roll and sponsorship ads</a> to HBO shows but refrained from inserting ads in the middle of shows.Perrette also said Max is still in the early stages of selling its ad-supported tier and introducing new ad formats."On the pricing and ad capacity side, we're very early in terms of ad format innovation to drive more creative formats for partners and marketers to work with us," he said. "So those three levers are going to provide a great amount of scale, so I think we're in early innings in the advertising revenue growth stream."One of the big appeals of streaming initially was that it offered ad-free viewing. All the major streamers now have ad tiers, and while they started with a low number of ads per hour, ad loads are expected to creep up over time to make the numbers work. The newest player in streaming ads, <a target="_blank" href="https://www.businessinsider.com/amazon">Amazon,</a> recently said it would increase its ad load in Prime Video after <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">rolling out ads to the service in January.</a>Media players are still cognizant of not going back to the days of cable, though, where the ad loads can be twice that of streaming — or more."As others add a lot of inventory, we really like the idea that we're not doing that. You're not going to be interrupted watching 'House of the Dragon' or 'White Lotus,' at least for the foreseeable future," WBD president and CEO David Zaslav said on Thursday's earnings call. "We think part of the quality is the quality of the experience."Execs didn't give a timeframe for the changes. It's possible it'll wait until it names a new ad sales chief. The role is currently held by Jon Steinlauf, <a target="_blank" class="" href="https://www.businessinsider.com/jon-steinlauf-wbd-top-ad-salesman-to-leave-internal-memo-2024-10">who's set to leave the company by year's end</a>.WBD <a target="_blank" class="" href="https://www.businessinsider.com/warner-bros-discovery-announces-details-of-new-streamer-max-2023-4">rolled out Max</a> in 2023 with ad-supported and ad-free tiers, combining HBO's premium content and originals like "Succession" with Discovery+'s reality programming like "90-Day Fiancé" and Warner Bros. films and the DC Universe.For the third quarter, WBD reported Max had its strongest quarterly gain in subscriptions since launching, adding 7.2 million subscribers for a total of 110.5 million. It also reported streaming profits of $289 million, up from $111 million in the year-ago quarter.Still, Max is a minor player in streaming, capturing just 1.2% of monthly streaming TV time in September, tied with Paramount+ and ahead only of Pluto TV, according to <a target="_blank" href="https://www.nielsen.com/data-center/the-gauge/">Nielsen</a>. Rival Netflix, by comparison, added 5.1 million subscriptions in its most recent quarter and now has 282.7 million subscribers in total.

Warner Bros. Discovery says it will beef up ads on its Max streaming service

<ul class="summary-list"><li>PepsiCo and major banks like JPMorgan and Wells Fargo will kick off earnings season next week.</li><li>Investors expect S&amp;P 500 earnings growth of 4.6% as the stock market trades near record highs.</li></ul>Earnings season is fast approaching, and investors have a lot to be on the lookout for as companies report third-quarter results. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/pep-stock">PepsiCo</a> will kick off the flurry of reports this Tuesday, followed by earnings from major banks <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> on Friday.With the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gaining 5% in the third quarter and trading near record highs, companies have a lot to prove."Given the growth expectations already baked into the market of course we aren't going to want to see any weakness there," Horizon Investments head of research Michael Dickson told Business Insider."We'll need to see EPS expectations exceeded by high single digits in the aggregate to keep the strong year going in my view," he added. According to data from FactSet, Wall Street analysts expect the S&amp;P 500 to see year-over-year earnings growth of 4.6%, which would mark the fifth consecutive quarter of growth.The bottoms-up earnings per share estimate for all companies within the S&amp;P 500 is $60.82 in the third quarter, according to FactSet.Tom Hainlin, an investment strategist at US Bank Wealth Management, told Business Insider that third-quarter earnings results will need to show signs of "waning inflation, moderating interest rates, and stable 2025 earnings projections" to support higher stock prices into year-end.In addition to the actual earnings figures, investors will be monitoring key themes as company executives offer guidance during earnings calls.Here are the big things Wall Street will be watching for. <h2 id="6ea1435c-35de-4b91-a190-e931a5d9858d">AI adoption</h2>There is growing concern that the massive investments being made in AI infrastructure <a target="_blank" class="" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">won't actually pay off in the form of higher revenues and profits.</a>"There's almost like a prisoner's dilemma in the market right now, and companies are feeling like they're being forced to invest hand over fist in AI technology, despite lack of revenues being generated," Gabelli Funds managing director John Belton told Business Insider.If tech companies signal that they're cutting spending on AI investments, it could lead to a major unwinding of the current tech boom, so investors will be looking for clues as to how companies are progressing in monetizing their AI investments.There's also the question of sectors other than tech where AI may be having an impact. "A big driver of future growth is going to hinge on how the applications of AI will be broadening out into other sectors such as Healthcare, Industrials, and Aerospace and Defense. These are sectors that are most likely to be phase two beneficiaries of this crucial technology beyond chip makers and data centers," Horizon Investments' Dickson said.<h2 id="ac3f2d29-9ffa-4a02-8886-d18e86e36f86">Consumer health</h2>After <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ally-financial-stock-price-plunges-cfo-says-consumer-pressures-intensifying-2024-9">a worrying update from lending giant</a> Ally Financial in September and fears of a spending slowdown as pandemic savings dry up, investors will be keenly focused on the strength of the consumer."It will be important to keep a close eye on what the banks say about credit delinquencies and loan quality, along with the retail-focused firms and what they see in consumer spending behavior. GDP-related data shows strong trends here but more timely and granular views will be in focus," Dickson said.Hainlin said he is encouraged by continued growth in consumer spending as credit card defaults "are within normal levels" and the holiday shopping season is right around the corner.But there are some warning signs."While travel remains strong, overall experiences spending appears to have plateaued with consumers redirecting or broadening spending in other sectors. Additionally, lower-income groups are exhibiting signs of financial stress and slowing overall spending," Hainlin said.Earnings guidance from banks, retailers, and consumer discretionary companies should offer the granular views that will help investors assess what to expect from the consumer heading into year-end and in 2025. <h2 id="14095169-d8ee-47c5-81bf-dd9fe87396b8">The impact of lower interest rates</h2>With the Federal Reserve delivering <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">its first interest rate cut of the cycle at the end of last quarter,</a> investors will want to see if lower capital costs have trickled down into company results and/or their guidance.The spotlight will be on rate-sensitive sectors, like banks and utilities, as well as smaller-sized companies which tend to carry more debt, according to Dickson."It will be key to see how mid and small-cap companies respond to falling rates that we've seen over the third quarter. These firms were hurt a lot on a relative basis so if they discuss a meaningful reduction in debt service pressures that would be bullish for a broadening out in those smaller cap names," Dickson said.Lower interest rates also have <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/average-mortgage-interest-rate">an outsized impact on the housing market,</a> and homebuilders can offer solid guidance on what they're seeing in that market."Lower mortgage rates are breathing some life back into the housing market, evidenced by a ramp up in weekly mortgage applications by almost 50% since the end of July, to the highest point since mid-2022," Hainlin said.He added: "Lower mortgage rates should push up housing demand, bring some additional inventory online, and provide a modest boost to home sales and housing-related consumer spending."

The 3 biggest themes investors are watching for as earnings season kicks off

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

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