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<ul class="summary-list"><li>Earnings likely grew for the fifth consecutive quarter in Q3.</li><li>Top strategists are eyeing 2025 results ahead of what's likely a mid-single-digit advance.</li></ul>Corporate earnings are on pace for their best non-pandemic year since 2018, and market strategists expect the party to continue in the upcoming earnings season and into 2025.Interest rates and inflation have been investors' primary concerns this year, and <a target="_blank" href="https://www.businessinsider.com/labor-market-indicators-recession-warning-signs-bca-research-berezin-2024-9">worries about the labor market</a>, <a target="_blank" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">growth</a>, and <a target="_blank" href="https://www.businessinsider.com/rates-pandemic-lows-inflation-supply-chain-geopolitical-bofa-mensah-2024-10">rising geopolitical tensions</a> have also sucked up plenty of oxygen — even though economists generally agree that a recession isn't imminent.Through all that noise, S&amp;P 500 profits have steadily risen and are set to end the year up 9.5%, <a target="_blank" class="" href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_092724.pdf">according to Factset</a>. That's the biggest jump for earnings in six years, other than 2021's robust recovery. Analysts believe 2025 will be even better, with growth of nearly 15% in the cards.<div type="image" title="2024 earnings as of Q2" height="822" width="1424" msid="113984264" hostid="261" sizebytes="55446"></div>Business Insider spoke with six investment chiefs, strategists, and money managers about the earnings and economic trends to watch in the Q3 earnings season and 2025 — plus how investors can position their portfolios for success.<h2 id="cb45912e-0004-415b-94ba-d8fc7736b77e">Q3 earnings will give clues about consumers</h2>Barring a major surprise, investors will learn starting in mid-October that earnings rose for the fifth straight quarter. Profits grew 4.6% in Q3, <a target="_blank" class="" href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_092724.pdf">according to Factset's latest projections</a>, though that would be down substantially from the 7.8% mark that analysts called for at the end of June.However, analysts have a <a target="_blank" href="https://www.chicagobooth.edu/review/why-do-analysts-low-ball-earnings-forecasts">habit of underselling earnings</a>. Nearly 79% of S&amp;P 500 firms beat Q2 estimates — partially due to a low bar, though results were quite strong at 11.2% growth.<div type="image" title="Factset beat rate Q2 2024" height="822" width="1424" msid="113984261" hostid="261" sizebytes="37156"></div>"What we've seen over the past few quarters, I really wouldn't describe as 'blowout growth' that sets up for disappointment going forward," said Mike Reynolds, Glenmede's vice president of investment strategy. Mid-single-digit to low-double-digit growth is "pretty sustainable," he added.<div type="image" title="Factset Q2 2024" height="822" width="1424" msid="113984259" hostid="261" sizebytes="29018"></div>Profit margins will be in the crosshairs since <a target="_blank" href="https://www.businessinsider.com/inflation-august-consumer-price-index-federal-reserve-rate-cuts-2024-9">inflation is slowing</a>, said Anthony Saglimbene, the chief market strategist at Ameriprise Financial. He's also keeping a close eye on signs about the strength of consumer spending, or lack thereof, <a target="_blank" href="https://www.businessinsider.com/inflation-wage-growth-investing-strategy-stocks-to-buy-goldman-sachs-2024-9">as wage growth dissipates</a>."There's been a lot of pricing power — not only in technology, but across a lot of the services and goods sides of the equation," Saglimbene said. "Can you hold profit margins in an environment where maybe your costs are becoming more stable, but demand is starting to slow?"Demand is either softening or steadfast, depending on your perspective. Joe Quinlan — who's head of markets strategy at Merrill and Private Bank, Bank of America — recently remarked that there's a strikingly wide gap between high-income households and those who aren't well off.The strategy chief recently wrote that a mere 4.4% of US households make up 15% of personal consumption, which is the <a target="_blank" href="https://fred.stlouisfed.org/series/DPCERE1Q156NBEA">backbone of GDP</a>. The rich are disproportionately driving economic growth because of the wealth effect, which means they're confident since stocks are rising. Meanwhile, Quinlan noted that <a target="_blank" href="https://news.gallup.com/poll/266807/percentage-americans-owns-stock.aspx">roughly 40% of US households don't own stocks</a>."They're the ones — the lower-income households — definitely feeling the squeeze of higher prices. I know inflation has come down when we look at the metrics, but prices for food, rent, insurance — they're still elevated," Quinlan said, adding that this is limiting disposable income.Although weakness among lower-income households is troubling, strategists don't think it will show up in corporate earnings since consumers broadly are holding up."The consumer is pretty healthy," Reynolds said. "There's maybe some warning signs on the margin on credit-card balances and delinquencies, but it's really not enough to break the camel's back on earnings."<h2 id="e9ed5200-3a27-426c-b63a-a65a628a84e6">Why earnings will thrive in 2025</h2>Although investors have only seen about half of 2024 earnings, which are on track to rise 10%, it's already time to look to 2025."As the year continues, I do think it's not about earnings for this year — it's the trajectory of earnings for next year," said Andrew Slimmon, a lead portfolio manager at Morgan Stanley Investment Management.<div type="image" title="Factset 2024 earnings" height="822" width="1424" msid="113984262" hostid="261" sizebytes="29164"></div>Corporate profits should stay strong and can potentially improve, strategists say, provided that the US economy doesn't slow too much."If the macroeconomic picture holds together, there's an expectation that we should see a bit of a re-acceleration in earnings growth," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.Quinlan agrees and predicted that "earnings will reflect the dynamic and resiliency of the US economy that we just closed the quarter on."Michael Smith, the head of the growth equity team at Allspring Global Investments, said his research also indicates that companies are healthy, at least compared to a few years ago."We talk to our companies quite frequently and do our own work talking to their customers and suppliers, and we really feel like there are still some pockets of strong demand through our economy," Smith said.And even if economic growth comes in light, corporate earnings won't necessarily suffer."There's not always a one-for-one relationship between economic growth and earnings growth," Reynolds said. "You can still see earnings growth at a pretty robust level, even if economic growth moderates to some extent. So again, there's correlation there, but definitely not direct causation."Bears have <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-bubble-sp500-outlook-valuations-1929-2000-hussman-2024-9">long warned that this market is overvalued</a>, but unless earnings suddenly plummet, Slimmon suggested that those fears are overstated."As long as Q3 of this year is OK, I think that's where we're going to start next year with close to $280 earnings estimates for the S&amp;P," Slimmon said. "And that is supportive of a stock market that trades kind of closer to 6,000."Analysts' estimates may be ambitious, Saglimbene said. He suspects that Q4 expectations will recede alongside projections for Q1 and Q2 of 2025, though that often happens before quarters."That could be a little bit of a headwind for the market," Saglimbene said. "But again, if we're growing and profits are growing year-over-year, I think the market will look past some of that."Saglimbene later added: "We might not grow by 15% next year in an environment where the economy's growing 2%, but we might grow 7% or 8%. That's a normal earnings growth kind of environment, and I think that's enough to continue to push the market higher."<h2 id="06369d93-53a3-422f-8a02-436b2da92292">3 top places to invest heading into Q3 earnings</h2>When asked which parts of the market look most attractive, strategists consistently identified three sectors: communication services, healthcare, and technology.Large-cap growth stocks have carried the market higher for years thanks to their supercharged earnings. But that has changed in recent months, Saglimbene noted.The strategy chief expects to see broader profit growth, especially in economically sensitive sectors like consumer discretionary, financials, industrials, materials, and real estate. They may also have more upside since they're cheaper."The areas that have not seen the best profit growth, like cyclicals outside of technology, their profit growth trends could actually improve more than expected because the economy is not headed for recession, because growth is remaining positive, because consumers are still spending," Saglimbene said.Smith agrees that industrials and consumer-focused sectors are worth a look, as are tech and healthcare companies. His investing strategy is centered around finding growth stocks on the so-called "right side of change" that also happen to be discounted. He said he's found more opportunities in small- and <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-2025-mid-caps-investing-outlook-goldman-sachs-2024-9">mid-sized stocks</a> lately."Money has to find a home somewhere, and it tends to flow to where it gets treated the best," Smith said. "Right now, the relative opportunity is down-cap."

Here's how to invest in the Q3 earnings season as profits re-accelerate despite misplaced recession myths

<ul><li>Facebook witnessed its first quarterly decline in daily active users.</li><li>The social media platform’s daily active users dropped from 1.93 billion to 1.929 billion.</li><li>It also did not reach the estimated target of 1.95 billion.</li></ul>Facebook’s parent company Meta reported its earnings reports for the fourth quarter ending December 2021. Zuckerberg said the company had a “solid quarter” but in terms of the user base, Facebook witnessed a big drop globally and for the first time ever. Facebook’s daily active users dropped from 1.93 billion to 1.929 billion. According to<a href="https://www.theverge.com/2022/2/2/22914970/facebook-app-loses-daily-users-first-time-earnings"> The Verge</a>, Facebook lost 1 million daily active users in North America which is also where it earns the most through advertising. Across other Meta apps too like Instagram, and WhatsApp user growth was “essentially flat”, the report added. The difference in the daily user base may not seem big but it’s the first quarterly drop Facebook, CNBC <a href="https://www.cnbc.com/2022/02/02/facebook-parent-meta-fb-q4-2021-earnings.html">confirmed</a>. It also did not reach the target of 1.95 billion predicted by analysts, the report added. This is the first time Facebook is losing users globally ever since it launched back in 2004 and has remained one of the most popular and widely used social media platforms. Facebook also lost the top spot to Instagram which surpassed it for the first time since 2014. Instagram topped Google Play downloads worldwide in 2021 beating Facebook, according to data from SensorTower. Reels was also one of the growth areas as Zuckerberg mentioned in the earnings report along with “commerce and virtuality.” These are also areas where the company would be investing in as it continues to build towards the metaverse. The reason behind users leaving Facebook could be due to the platform’s several issues with misinformation, hate speech, targeted content and so on. Meta is also struggling to keep <a href="https://www.bloomberg.com/news/articles/2021-10-25/facebook-files-show-growth-struggles-as-young-users-in-u-s-decline">young users on Facebook</a> as other apps like TikTok and Snapchat grab the attention of this crowd. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/instagram-may-soon-add-an-option-to-make-90-second-long-reels/articleshow/89295415.cms" data-type="tilCustomLink">Instagram may soon add an option to make 90-second long Reels</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-india-banned-over-2-million-accounts-in-december-2021/articleshow/89290341.cms" data-type="tilCustomLink">WhatsApp India banned over 2 million accounts in December 2021</a>

History made after name change as Facebook reports fall in daily active users for the first time in 18 years

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul><li>Earnings of Indian telecom companies are headed for a moderation in Q4 amidst a lack of significant tariff hikes. </li><li>Analysts expect a rise in data usage and users upgrading to 4G/5G to lift the average revenue per user (ARPU) as well as margins. </li><li><keyword id="2003276" type="General" weightage="80" keywordseo="jio" source="Orion">Jio</keyword> and <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword>’s focus on aggressive expansion of 5G coverage across the country is also expected to keep their capital expenditure elevated.</li></ul>Indian telecom companies are likely to report a moderation in Q4 earnings amidst a lack of significant tariff hikes. An expected slowdown in market share gains of leading telcos Reliance Jio and Bharti Airtel at the expense of <keyword id="1553175" type="General" weightage="80" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> is also expected to weigh on the quarterly results. Analysts, however, expect an increase in data usage and users upgrading to 4G/5G to boost the average revenue per user (ARPU) as well as margins. According to a report by Motilal Oswal, Jio and Airtel are expected to report a 4-5% sequential growth in data usage in Q4, while Vodafone Idea is expected to see a 1% increase. “The industry continues to see outsized churn in the lower ARPU segments given the sharp hike in entry-level prepaid tariff in the last 18-24 months. Hence, subscriber (subs) addition is likely to remain muted,” said a report by JM Financial referring to the increase in base tariffs, like Airtel’s ₹99 plan that was increased to ₹155. Analysts expect Jio to lead in terms of revenue growth at 13.6% year-on-year, followed closely by Airtel at 12.9%. Vodafone Idea is expected to come in third at 2.6%. Overall, though, analysts at JM Financial have Airtel as their top pick. “Bharti is the biggest beneficiary of higher tariffs given the sticky and premium quality of its subs, ensuring that tariff hikes flow through to ARPU.” <cmsannotation type="cmsannotation" annotationid="Airtel to extend its lead over rivals in ARPU" comment="subhead" text="Airtel to extend its lead over rivals in ARPU">Airtel to extend its lead over rivals in ARPU</cmsannotation> While Jio has kept its tariffs unchanged, Airtel has hiked the price of its base plan of ₹99 to ₹155 in all the 22 circles, after testing the waters in Q3. This will help the telco increase its ARPU a tad higher than its peers – analysts at Motilal Oswal expect Airtel’s ARPU to increase to ₹197 from ₹193. Jio and Vodafone Idea are expected to report a ₹2 increase in their ARPUs to ₹179 and ₹137, respectively. In addition to this, the brokerage also expects SIM consolidation – wherein subscribers dump extra SIM cards and retain their primary one – to aid ARPU growth. Once again, Airtel and Jio could emerge as the top gainers with a 2-3% sequential growth while it is expected to be flat for Vodafone Idea. <cmsannotation type="cmsannotation" annotationid="Jio and Airtel’s unlimited 5G plans to aid market share gains" comment="subhead" text="Jio and Airtel’s unlimited 5G plans to aid market share gains">Jio and Airtel’s unlimited 5G plans to aid market share gains</cmsannotation> Adding to the woes of Vodafone Idea, Jio and Airtel’s unlimited 5G plans, starting at ₹239 per month, are expected to help the latter two gain market share at the expense of the former. The analyst consensus is that Jio and Airtel could gain between 1-2% subscribers during the quarter, while Vodafone Idea is expected to lose 1% of its subscribers. That said, the subscriber loss for Vodafone Idea could be lower in Q4 on a sequential basis, at 3 million versus 5-6 million in the previous two quarters. <cmsannotation type="cmsannotation" annotationid="Capital expenditure to remain elevated due to 5G rollout" comment="subhead" text="Capital expenditure to remain elevated due to 5G rollout">Capital expenditure to remain elevated due to 5G rollout</cmsannotation> Jio and Airtel’s focus on aggressive expansion of 5G coverage across the country will result in high capital expenditure outlays, according to brokerages. While <keyword id="6668253" type="General" weightage="20" keywordseo="jio-5g" source="Orion">Jio 5G</keyword> is currently available in over 400 cities across India, Airtel has taken a lead and expanded to over 500 cities. For context, Airtel and Jio had 5G coverage in 66 and 70 cities respectively in December 2022. “We expect their capex to remain elevated in 4QFY23 and may increase further from previous quarters,” Motilal Oswal said. While Jio targets pan-India 5G coverage by December 2023, Airtel is aiming to cover all major cities by the end of March 2023. All in all, Jio’s capex outlay for 5G rollout, including spectrum costs, is ₹2 lakh crore. Airtel, on the other hand, has an outlay of ₹75,000 crore. With the pace of rollout expected to increase from here on, the capex is expected to increase at the same pace. Vodafone Idea’s 5G rollout will depend on its fundraising, the details of which are unclear at the moment. Analysts at ICICI Securities expect Airtel to call for the second tranche of payment for its ₹21,000 crore rights issue to fund its 5G capex – the telco had announced it back in October 2021. Overall, the gap between the leaders – Jio and Airtel, and the laggard – Vodafone Idea, is<a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms"> expected to continue to widen in Q4</a> in all critical aspects like revenue, profit, ARPU and subscribers. The lack of a fundraise too has delayed Vodafone Idea’s 5G rollout, which is only making matters worse for the telco. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms">Increased competition, delayed tariff hikes could effectively lead to a Jio-Airtel duopoly</a> <a href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices</a> <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">RBI’s Monetary Policy Committee keeps repo rate unchanged at 6.5%, for now</a>

Telecom companies’ Q4 revenue likely to moderate due to lack of significant tariff hikes

New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

Govt may infuse capital in PSU general insurers in Q4 based on performance

<ul><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> posted a consolidated net profit of ₹5,408 crore in Q4, beating analyst expectations. </li><li>This quarter’s profits were driven by growth in domestic sales and improved performance of <keyword id="42034" type="General" weightage="20" keywordseo="Jaguar" source="Orion">Jaguar</keyword> <keyword id="44719" type="General" weightage="20" keywordseo="Land-Rover" source="Orion">Land Rover</keyword>. </li><li>Total revenue from operations stood at ₹1.06 lakh crore in the fourth quarter as against ₹78,439 crore in the year-ago period. </li></ul>Tata Motors on Friday reported a consolidated net profit of ₹5,408 crore in Q4, beating<a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-motors-q4-preview-auto-major-expected-to-put-up-a-strong-show-driven-by-india-and-jlr-business/articleshow/100162964.cms"> analyst expectations</a>. In the same quarter last year, it posted a consolidated net loss of ₹1,033 crore. This is Tata Motors’ second consecutive profitable quarter, after it posted losses for seven consecutive quarters since Q4 FY21. The profit this quarter is driven by growth in domestic sales and improved performance at its British subsidiary Jaguar Land Rover. Total revenue from operations grew 35% YoY to ₹1.06 lakh crore in the fourth quarter as against ₹78,439 crore in the year-ago period, it added. On a standalone basis, the automaker reported a net profit of ₹2,696 crore for the period under review as against ₹413 crore in the fourth quarter of 2022-22. For the year ended March 31, 2023, the auto major reported a consolidated net profit of ₹2,414 crore as compared with a net loss of ₹11,441 crore in FY22. Total consolidated revenue stood at ₹3.46 lakh crore in the period under review as against ₹2.78 lakh crore in 2021-22 fiscal. “The year ended on a strong note with all automotive verticals delivering robust performances leading to multiple all-time high achievements. The distinct strategy employed by each business is delivering, in unison, leading to a sharp improvement in overall results. We remain confident on growth with cash flow generation, to achieve our stated goals,” said PB Balaji, Group Chief Financial Officer, Tata Motors. Tata Motors’ Q4 and FY23 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,42,875 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,75,523 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,05,932 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹78,439 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,414 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹11,441 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,408 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹1,033 crore </td></tr></tbody></table> Source: Company reports "In this context, we aim to further improve and deliver a strong performance in FY24. The momentum is expected to build through the year factoring in seasonality, stabilization of <keyword id="45218" type="General" weightage="20" keywordseo="JLR" source="Orion">JLR</keyword> supply chain and post RDE impact in India," the company said in an exchange filing. Shares of the company ended 0.78% down at ₹515.65 apiece ahead of the earnings report, on the BSE. (With inputs from PTI) SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a> <a href="https://www.businessinsider.in/business/telecom/news/vis-loss-is-jio-and-airtels-gain-jio-and-airtel-add-nearly-1-million-subscribers-each-in-feb/articleshow/100182782.cms">Vi's loss is Jio and Airtel's gain: Jio and Airtel add nearly 1 million subscribers each in Feb</a> <a href="https://www.businessinsider.in/stock-market/news/adani-transmission-adani-total-gas-dropped-by-msci-stocks-fall/articleshow/100177534.cms">Adani Transmission, Adani Total Gas dropped by MSCI, stocks tumble 5%</a>

Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates

New Delhi, State-owned <keyword id="159757" type="General" weightage="20" keywordseo="NBCC" source="Orion">NBCC</keyword> (India) Ltd has reported a 16 per cent decline in its consolidated net profit to Rs 81.90 crore for the second quarter of this fiscal due to provisioning for expected loss in a Gurugram housing project. Its net profit stood at Rs 97.72 crore in the year-ago period. The total income, however, rose to Rs 2,129.09 crore during the July-September period of 2023-24 from Rs 2073.89 crore in the corresponding period of the previous year, a regulatory filing said on Thursday. The company's consolidated net profit increased to Rs 159.31 crore in the September 2023 quarter against Rs 92.87 crore in the year-ago period. Its total income rose to Rs 4,094.90 crore in the first six months of this fiscal from Rs 3,927.13 crore in the corresponding period of the previous year. A preferred partner of the government for infrastructure projects, NBCC's 93.22 per cent of business revenue comes from the PMC (project management consultancy) segment and redevelopment works on a consolidated basis. The company is also into real estate development. NBCC's profit declined during the September quarter despite a rise in the total income due to an exception item of provisioning of losses of Rs 65.39 crore. In notes of account, NBCC said that "the group has made an additional provision for expected loss of Rs 6,539.19 lakh against sale of flats/units/interest/cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of group at the quarter and six months ended on September 30, 2023". The matter is related to its residential real estate project 'NBCC Green View', Sector - 37 D, Gurugram. NBCC had sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received a total amount of Rs 210.12 crore, out of which Rs 159.57 crore was recognised as revenue in the previous year and Rs 40.48 crore were booked as advance from allottees till March 31, 2022. "Subsequently, the buildings in the project exhibited structural cracks. The group received many complaints and representation from some of the homebuyers. Group appointed IIT Delhi to look into the matters," the filing said. IIT Delhi, in its report dated October 6, 2021, advised that the buildings must be vacated within two months in view of the safety of the occupants and further advised to get the feasibility of repairs re-examined. Thereafter, a committee of experts from IIT Roorkee and CBRI Roorkee (Central Buildings Research Institute) was constituted for structural assessment of this project in furtherance to the report of IIT Delhi. "This expert committee opined that no repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure," NBCC said. Further, a review panel of two retired SDGs of CPWD was constituted, which also concurred with the recommendation given by the expert committee. "In view of the advice from the experts and considering the safety of the residents, the buildings were evacuated completely with the help of the District Administration under Disaster Management Act," NBCC said. The company, in its board meeting held on June 21, 2022, accorded the approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the allottees against the sale of flats/units amounting to Rs 210.12 crore and the cost of stamp duty and registration charges paid by them amounting to Rs 9.73 crore. Accordingly, the offer letter for the buyback of their flats/EWS units/shops was communicated to all homebuyers/allottees through posts and mails. "In view of the uninspiring response from the buyers against the first and second buyback offer of the group, the Board in its 529th meeting held on August 18, 2023, decided to reconsider the same in order to arrive at an amicable settlement," NBCC said. Accordingly, the Board of Directors has accorded in-principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against the sale of flats/units amounting to Rs 195.39 crore and the cost of stamp duty &amp; registration charges paid by them amounting to Rs 9.11 crore and simple interest of 6 per cent per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from the date of receipt of each payment made till the approval date, August 18, 2023. In addition, Rs 12.24 crore (approximately) is estimated to be incurred towards the cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of the group. "Accordingly, the group, in its submission to the National Consumer Disputes Redressal Commission (NCRDC) on October 6, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest at 6 per cent per annum from the date of respective deposits," NBCC said.

NBCC Q2 2023-24 net profit falls 16% to Rs 82 cr on provisioning for loss in Gurugram housing project

<ul class="summary-list"><li>Four <keyword id="20093987" type="General" weightage="20" keywordseo="Republicans" source="keywords">Republicans</keyword> on a <keyword id="19970903" type="General" weightage="20" keywordseo="task-force" source="keywords">task force</keyword> looking into the <keyword id="22404719" type="General" weightage="100" keywordseo="Trump-assassination-attempt" source="keywords">Trump assassination attempt</keyword> skipped a <keyword id="23011852" type="General" weightage="20" keywordseo="site-visit" source="keywords">site visit</keyword>.</li><li>The bipartisan group was formed to investigate potential failings on the day.</li></ul>Four Republicans on the task force investigating the attempted assassination of former President Donald Trump were no-shows for a site visit on Monday, <a target="_blank" class="" href="https://www.washingtonpost.com/nation/2024/08/26/trump-assassination-house-task-force-butler/">according to The Washington Post</a>. The bipartisan task force was set up by a unanimous <keyword id="19910021" type="General" weightage="20" keywordseo="House" source="keywords">House</keyword> vote in late July, two weeks after <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-butler-pennsylvania-rally-secret-service-2024-7">a would-be assassin fired at Trump</a> during an outdoor rally, grazing his ear. <a target="_blank" href="https://taskforce.house.gov/">The 12-strong task force</a> consists of seven Republicans and five Democrats and has full House investigatory powers, including subpoena powers. But just three GOP representatives were in Butler, Pennsylvania, on Monday for the group's first visit to the site of the shooting, the Post reported. Aside from Rep. Mike Kelly, the task force's chairman, the only other Republicans present were David Joyce (Ohio) and Laurel Lee (Fla). Reps. Mark Green (Tenn), Michael Waltz (Fla), Clay Higgins (La), and Pat Fallon (Tex) were absent from the group of lawmakers visiting the site, according to the Post. The reason for their absence was not explained at the press conference, the newspaper added. Kelly said there was no substitute for being there. "It's the difference between day and night," he said, <a target="_blank" class="" href="https://www.nytimes.com/2024/08/26/us/politics/trump-assassination-task-force-visits-site.html">according to The New York Times</a>. "When you're actually here on this surface, when you're actually walking these grounds, when you're actually going to the building, when you're actually up on the roof." The attempt on Trump's life led to a major public outcry and <a target="_blank" href="https://www.businessinsider.com/secret-service-trump-assassination-attempt-scrutiny-security-detail-2024-7">intense scrutiny of the Secret Service</a> and its potential failings in allowing the shooter to get so close. It was the closest assassination attempt of a US president or presidential candidate since President Ronald Reagan was shot in 1981. The motives of the shooter, Thomas Matthew Crooks, who was shot dead by a <keyword id="20346186" type="General" weightage="20" keywordseo="Secret-Service" source="keywords">Secret Service</keyword> sniper, remain unknown. A video <a target="_blank" class="" href="https://www.facebook.com/watch/?v=1652600631949081">on Waltz's Facebook page</a> suggested that, instead of attending the site visit, the congressman joined Trump at Arlington National Cemetery to commemorate the deaths of 13 servicemembers killed during the US withdrawal from Afghanistan in 2021. A spokesperson for Waltz told Business Insider that the Congressman had "already committed" to the ceremony, which "meant a great deal" to him, ahead of the site visit. "He hopes to receive all relevant briefings soon," the spokesperson added. Waltz has previously expressed frustration at the pace of the task force's progress, <a target="_blank" class="" href="https://nypost.com/2024/08/22/us-news/rep-mike-waltz-questions-whether-trump-shooter-thomas-crooks-acted-alone/">telling the New York Post</a> just last week that he is "frustrated at how slow and how little we've learned." He has also questioned, without providing evidence, whether the shooter acted alone, the NY Post reported. From their social media posts, it's unclear how Green, Higgins, and Fallon spent Monday. The lawmakers did not respond to Business Insider's request for comment. Higgins already visited Butler on August 8 in an effort to devise <a target="_blank" class="" href="https://clayhiggins.house.gov/wp-content/uploads/2024/08/Preliminary-Investigative-Report-8.12.24.pdf">a detailed "preliminary investigative report,"</a> which he presented to Kelly on August 12. He is among 16 Republican figures who have been <a target="_blank" class="" href="https://www.citizensforethics.org/reports-investigations/crew-investigations/sixteen-members-of-congress-have-spread-fedsurrection-conspiracy-theory/">criticized for amplifying conspiracy theories</a> allegingthe FBI's involvement in the January 6 insurrection. Alongside the bipartisan effort, MAGA-leaning GOP lawmakers have <a target="_blank" class="" href="https://www.c-span.org/video/?537968-1/house-republican-forum-attempted-assassination-president-trump&amp;live=&amp;vod=">held their own hearing</a> about the attempted assassination, inviting figures including Dan Bongino, a former Secret Servicemember, and Erik Prince, a businessman and former SEAL, to weigh in on the Secret Service's performance. Speaking to the War Room podcast last week, Rep. Eli Crane, who is not on the task force, said that the bipartisan committee couldn't be trusted not to be "political" with its inquiry. "We don't trust the federal government to actually do the job necessary," he added, according to the Times. Correction: August 29, 2024 — An earlier version of this story misidentified one of the Republicans who attended the site visit on Monday. His name is Mike Kelly, not Mark Kelly, and he's the task force's chairman, not its ranking member.

4 Republicans tasked with investigating the Trump assassination attempt didn't show up for a site visit

<ul class="summary-list"><li><keyword id="12019330" type="UNKNOWN" weightage="60" keywordseo="snap" source="Orion">Snap</keyword>, <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword>, and <keyword id="12003362" type="UNKNOWN" weightage="60" keywordseo="pinterest" source="Orion">Pinterest</keyword> fell Thursday after <keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword> parent <keyword id="12416504" type="UNKNOWN" weightage="60" keywordseo="meta" source="Orion">Meta</keyword>'s earnings miss rattled social media <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>.</li><li>Snapchat's owner tumbled as much as 19%, while Twitter and Pinterest lost more than 7%.</li></ul><a href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a>, <a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a>, and <a href="https://markets.businessinsider.com/stocks/pins-stock">Pinterest</a> dropped sharply in regular trading Thursday after Facebook parent <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-meta-q4-earnings-mark-zuckerberg-tiktok-revenue-2022-2">Meta's fourth-quarter earnings</a> failed to meet Wall Street analysts' expectations.Social-media heavyweight Meta's stock was last down 23.5% at $246.95 a share, after reporting its user numbers fell for the first time ever.Facebook's daily active users dropped to 1.93 billion, lower than the average of 1.95 billion that analysts had been expecting. Metaverse-related <a href="https://www.businessinsider.com/facebooks-metaverse-business-completely-misses-wall-street-expectations-reality-labs-2022-2">losses came in at $10 billion</a>, and Meta forecast lower-than-expected revenue for the first quarter.Thursday's decline <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-meta-q4-earnings-mark-zuckerberg-tiktok-revenue-2022-2">wiped out $230 billion</a> from Facebook's market value, in its worst one-day loss since its stock market debut in May 2012. Meta's earnings shock triggered a slide in social media stocks, with Snap tumbling as much as 19%. Twitter and Pinterest each fell 6% at the market open.Social media wasn't the only sector that got hurt. <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> lost 6% ahead of its own results on Thursday. Google parent <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> recovered after initially dropping in the premarket session.The size and reach of Meta, a major bellwether for tech players, likely points to a future recovery for the stock, analysts said. But investors who don't trade on long-term outlook are likely to lose enthusiasm for it.Short interest in Meta as of Thursday stood at $9.2 billion, equal to about 1.2% of the company's float, according to data from S3 Partners. Market participants had hoped techs' recent poor form would prove to be a temporary upset, said Susannah Streeter, senior investment and <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> analyst at Hargreaves Lansdown."But now, investors are bracing for another round of pummelling as fears rise again about the prospects of tech stocks which have been the darlings of Wall Street," she added.Futures on the Nasdaq dropped 2.3% on Thursday, reflecting the weight of Meta on the tech-heavy index."From time-to-time Meta messes up its shareholder communications in a big way, and its fourth-quarter earnings yesterday was one of those times," Martin Garner, CCS Insight analyst, said.Garner said Meta is wrestling five big issues: <a href="https://www.businessinsider.com/facebook-results-show-apple-privacy-changes-damaging-snap-twitter-pinterest-2022-2?cx_testId=5&amp;cx_testVariant=cx_1&amp;cx_artPos=5&amp;post-bottom-piano-recommendations#cxrecs_s">Apple's privacy changes</a> in 2021 are hurting its ad sales, user growth has slowed sharply, and users shifting their content posting to short-form video."Meta is a long way behind TikTok on short-form video; and — at the same time — Meta is investing billions of dollars in the metaverse," he added.Garner said CEO <keyword id="11896062" type="UNKNOWN" weightage="60" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> tried to reassure shareholders that Facebook always comes out stronger. But TikTok's strength and speed of growth as a competitor ushers a new dynamic for the company: that of "real competition in a core product area."Read More: <a href="https://www.businessinsider.com/fine-wine-investing-how-to-get-started-and-beat-equities-vinovest-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">A 27-year old entrepreneur who's been backed by Mark Cuban and Peter Thiel set up an AI-powered platform for fine wine investing. He explains how anyone can get started in this asset class that has crushed the stock market — as well as the 5 hottest types of wine right now</a>

Snap, Twitter, and Pinterest sink as Facebook parent Meta's Q4 earnings shock hits social media stocks

<ul class="summary-list"><li>Tech leaders are increasingly using the vague term "<keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>" in earnings calls with investors. </li><li>Many are following the lead of Meta, who announced it would be focusing on building the metaverse.</li></ul>The "metaverse" has become a hot topic for executives, analysts, and investors alike, being mentioned in the earnings calls of more than 15 companies in the past few months alone. As the tech world grapples with what the metaverse will actually look like, several executives have started weaving mentions of it into discussion with investors. However, their remarks indicate they are still fairly unsure of what specifically the metaverse is and how it functions. While <keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword>'s recent rebranding to Meta helped increase awareness of the metaverse and propelled it to a topic of global conversation, even CEO Mark Zuckerberg only has a vague notion of the definition of the metaverse. "The best way to understand the metaverse is to experience it yourself, but it's a little tough because it doesn't fully exist yet," Zuckerberg said at a conference last month. Some companies are divided on whether it represents a real virtual space or if it's just a concept, while others are unsure if a metaverse will ever actually exist and are weary of the nebulous technology. <a href="https://www.businessinsider.com/morgan-stanley-is-worried-about-facebook-pivot-to-the-metaverse-2021-11">Analysts at Morgan Stanley</a> said the metaverse could represent an $8 trillion opportunity, but it would be a challenge to get people interested in using it. Augmented reality and artificial intelligence experts also told Insider that a metaverse could <a href="https://www.businessinsider.com/facebook-meta-metaverse-splinter-reality-more-2021-11">drastically amplify society's political polarization</a>.Still, companies are willing to make large investments in the metaverse, even if they don't fully understand it yet. The space is expected to be worth $82 billion by 2025, <a href="https://www.theinformation.com/articles/what-will-metaverse-be-worth-in-2025-our-guess-is-82-billion#:~:text=Our%20conclusion%20is%20that%20by,and%20Roblox%2C%20which%20already%20offer">according to The Information</a>, and companies plan to expand their goods and services into the experimental virtual space.Here's what some company executives are saying about the metaverse, and what they intend to do with it.<h3>Agora Inc.</h3>The real-time video platform just announced a network product that would "accelerate any kind of data, not just video or audio, and for any application, whether it's gaming, e-commerce, collaboration, or metaverse," according to CEO Tony Zhao."Recently, we have seen an accelerating trend of real-time engagement in extended reality environment, creating the infrastructure of metaverse," Zhao said in a November call with investors. "Our plan is to further enhance our capabilities in these areas and become an instrumental infrastructure provider for metaverse."<h3>Bilibili</h3>"Metaverse is a concept, it's not a product," Bilibili CEO Rui Chen said in a call with investors on Wednesday, suggesting elements of the metaverse have existed for a long time, but companies are only now jumping onboard."I think that if someone hears the concept of metaverse and decided to get into this business, probably would be a little bit too late," Chen said. "When we talk about metaverse, we think this is not something that can be done by a singular company. You need to have massive content production capability to produce another world."<div type="image" title="Whitney Wolfe Herd wears a brown and white dress while sitting on stage." height="1969" width="2625" msid="87837506" hostid="261"></div><h3>Bumble</h3>Bumble plans to build new engagement and community relationships for users "through the communities they build, the virtual goods and experiences they acquire or through new ways of owning their identity as they navigate the metaverse," CEO Whitney Wolfe Herd said in an <keyword id="12307792" type="UNKNOWN" weightage="60" keywordseo="earnings-call" source="Orion">earnings call</keyword> in November."Built on <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> technology, we believe [Bumble BFF] will enable a level of participation and empowerment that will make our mission come to life," Herd said. "In the near term, this means new engagement, participation and creator models."<div type="image" title="Coinbase Co-founder and CEO Brian Armstrong speaks on stage in front of a green background" height="1740" width="2321" msid="87837507" hostid="261"></div><h3>Coinbase</h3>Coinbase COO Emilie Choi said in a November earnings call that the company had been spending "a lot of time" developing the metaverse alongside blockchain technology, cryptocurrency, and NFTs, which are being used by "tens of millions of Americans.""We think there's just an abundance of <keyword id="11893018" type="UNKNOWN" weightage="60" keywordseo="innovation" source="Orion">innovation</keyword> in this space, and we want to keep doubling down on those opportunities," Choi said in the call. <h3>Dolby Laboratories </h3>Dolby laboratories said it sees potential of the metaverse to integrate with its technology, particularly when it comes to auditory features. "I think the metaverse can take many forms, but ultimately, it is an audiovisual experience," CEO Kevin Yeman said in an earnings call on Tuesday, noting he hopes to integrate it with their Dolby.io technology. "I think some of our developers, they even define themselves as virtual environments and maybe, by extension, the metaverse."<h3><div type="image" title="Mark Zuckerberg Facebook Connect 2021" height="990" width="1320" msid="87837508" hostid="261"></div></h3><h3>Facebook</h3><a href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Facebook's Mark Zuckerberg announced the company was changing its name to Meta</a> in a push to focus its attention on the metaverse. Zuckerberg previously said <a href="https://www.businessinsider.com/what-is-metaverse-facebook-mark-zuckerberg-roblox-animal-crossing-2021-8">Meta's first venture into the metaverse</a> would be focused on building a virtual reality workspace, where employees could interact in virtual meetings. "You can think about the metaverse as an embodied internet, where instead of just viewing content — you are in it," Zuckerberg <a href="https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview">told The Verge.</a><h3>Match Group</h3>Match Group CEO Sharmistha Dubey said in an earnings call in November she imagines using metaverse features for the company's dating apps, like "a piano bar where people's digital selves are gathering around, but they're actually playing their pianos at home and jamming with others.""It is metaverse experiences coming to life in a way that is transformative to how people meet and get to know each other on a dating or social discovery platform and is much more akin to how people interact in the real world," Dubey said. <h3><div type="image" title="Microsoft CEO Satya Nadella, seated with open hands." height="3892" width="5190" msid="87837509" hostid="261"></div></h3><h3>Microsoft</h3>Microsoft CEO Satya Nadella touted the company's new Azure service in its earnings call in July to help decentralize computing, with companies like Campbell Soup, L'Oréal, and SAP migrating to its service."As the digital and physical worlds converge, we are leading in a new layer of the infrastructure stack, the 'enterprise metaverse," Nadella said.<h3>NetEase</h3>The Chinese tech entertainment company said the company is "technologically ready" for a move into the metaverse space."The metaverse is indeed the new buzzword everywhere today. But then, on the other hand, I think nobody has actually had firsthand experience in what it is," Margaret Shi, NetEase head of investor relations, said on a November earnings call.<h3><div type="image" title="Roblox CEO David Baszucki" height="1185" width="1580" msid="87837510" hostid="261"></div></h3><h3>Roblox</h3>Roblox has been frequently cited as an example of a potential metaverse model. Roblox CEO David Baszucki said in an earnings call in June that the company is driven to "really participating in inventing and shepherding in the metaverse in an innovative way.""When we think about the metaverse and what Roblox is, we do think of it as a utility," Baszucki said.The company aims to connect more than 1 billion people in the metaverse, according to Chief Product Officer Manuel Bronstein. The metaverse will also house experiences from ad agencies, according to Chief Business Officer Craig Donato.<h3>Unity Software</h3>The video game software company recently acquired Weta Digital, which it said will help with entry into the metaverse space, especially with a creator-focused approach. In an effort to populate the metaverse, the company has started building thousands of digital assets, such as virtual collectibles."That's going to really help us extract and help build the metaverse around the notion the world's a better place with more creators in it," CEO John Riccitiello said on an earnings call in November. "This really puts under our platform something that is, at least from an artist perspective, truly magic and they're the largest tappable audience we have in our universe."<h3>Vonage Holdings</h3>The cloud communications provider said it's focusing on cloud-based technology to increase user engagement in preparation for something bigger, hinting at use in a metaverse context. Vonage Holdings CEO Rory Read said on an earnings call in November that the company expects to see a more fleshed out version of the metaverse in the next five to ten years."We believe this is only going to accelerate as this 360-degree kind of engagement in the metaverse expands and explodes," Read said.<h3><div type="image" title="Bob Chapek" height="2348" width="3130" msid="87837511" hostid="261"></div></h3><h3>The Walt Disney Company</h3>CEO Bob Chapek said he is confident in Disney's ability to capitalize on the metaverse with its broad properties, citing the company's history with adopting technologies, like synchronized audio and computer animation."Suffice it to say, our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse," Chapek said in a November call, suggesting the company creates its own metaverse.<h3>Warner Music Group</h3>Warner Music Group discussed the potential for content creation and distribution for their music on large-scale metaverse platforms, like Roblox and Fortnite, in its earnings call in November."When you begin to look at the global reach, the number of people that spend meaningful amounts of time in these new worlds, I think it provides a universe of opportunity," CEO Stephen Cooper said.

Here's what 14 top executives are saying about the 'metaverse'

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, May 24 (PTI) Shares of <keyword id="6358361" type="General" weightage="100" keywordseo="biocon" source="Orion">Biocon</keyword> climbed nearly 8 per cent on Wednesday after the biotechnology major's consolidated net <keyword id="6362247" type="General" weightage="20" keywordseo="profit" source="Orion">profit</keyword> increased 31 per cent for the March quarter. The stock gained 7.12 per cent to Rs 259.50 on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. At the NSE, it rallied 7.61 per cent to Rs 260.60. Biocon on Tuesday said its consolidated net profit increased 31 per cent to Rs 313 crore for the March quarter on the back of robust sales. The company had reported a net profit of Rs 239 crore in January-March 2021-22. Total revenue increased to Rs 3,929 crore in the fourth quarter as against Rs 2,476 crore in the year-ago period, Biocon said in a statement. For the year ended March 31, 2023, the company reported a consolidated net profit of Rs 463 crore as against Rs 648 crore in 2021-22. Total revenue, however, increased to Rs 11,550 crore as compared with Rs 8,397 crore in FY22. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

Biocon shares rally nearly 8 pc after Q4 earnings

<ul class="summary-list"><li><keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> on Wednesday reported $28.1 billion in Q4 revenue, beating expectations of $26.4 billion.</li><li>Facebook said monthly users grew to 2.8 billion, versus 2.76 billion expected by analysts.</li><li>Facebook reported GAAP EPS of $3.88, beating analyst expectations of $3.23.</li></ul>Facebook on Wednesday reported record numbers for its fourth-quarter <keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">earnings</keyword> and revenue, beating Wall Street's expectations.The company generated $28.1 billion in revenue in Q4 2020, up 33% year-on-year.Facebook CFO Dave Wehner said in a press release that the company has benefited from the surge in ecommerce during the pandemic as well as consumers shifting "towards products and away from services."Wehner also cautioned, however, that Facebook's growth rates this year should be considered in the context of how the pandemic impacted its ad business last year.Facebook expects growth rates to be "stable or modestly accelerate" during the first half of 2021 due to the pandemic putting a damper on ad revenue during the first half of 2020, Wehner said. But its subsequent recovery during the second half of last year could cause year-over-year growth rates to drop again in the second half of 2021.The company also warned again that it will face "significant ad targeting headwinds" in 2021 due to privacy changes <a href="https://www.businessinsider.com/facebook-apple-ios-14-damage-audience-network-ad-business-2020-?r=ts-sub">Apple plans implement in iOS 14</a> as well as an "evolving regulatory landscape." Facebook said it expects the iOS changes to begin impacting its business in the later part of Q1 2021.Here are the key numbers, as well as what Wall Street was expecting. Estimates are based on Bloomberg consensus data. <ul><li>Revenue: $28.1 billion, up 33% year-on-year ($26.4 billion billion expected)</li><li>Ad revenue: $27.2 billion, up 31% year-on-year ($26 billion billion expected)</li><li>Daily Active Users: 1.84 billion, up 11% year-on-year (1.83 billion expected)</li><li>Monthly Active Users: 2.8 billion, up 12% year-on-year (2.76 billion expected)</li><li>Earnings Per Share (EPS) GAAP: $3.88 ($3.23 expected)</li></ul>Facebook had seen a <a href="https://www.businessinsider.com/facebook-decline-2-million-daily-users-us-canada-q3-earnings-2020-10">rare decrease in its number of daily- and monthly- active users</a> in the US and Canada between Q2 and Q3. The company said at the time the slight decrease was a result of "elevated" user numbers in Q2 due to the pandemic, and that it expected to see a similar trend for Q4.While Facebook's US daily active users dropped to 195 million in Q4 from 196 million in Q3, its monthly active users climbed from 255 million to 258 million. The company is also making significantly more money off each of those users, with average revenue per user climbing 35% to $53.56.Facebook is also facing a pair of <a href="https://www.businessinsider.com/facebook-antitrust-suit-instagram-whatsapp-deal-ftc-states-2020-12?r=ts-sub">landmark antitrust investigations</a>, one from the Federal Trade Commission and another from a group of 48 state attorneys general. While experts have predicted that the lawsuits likely won't force the company to spin off past acquisitions like Instagram or WhatsApp, they still signal <a href="https://www.businessinsider.com/what-ftc-facebook-antitrust-lawsuit-is-important-2020-12?r=ts-sub">stronger regulatory headwinds</a> for the company.Facebook remains the subject of intense scrutiny over how it responded to misinformation surrounding the US presidential election results as well as the violent attacks on the US Capitol earlier this month, which was coordinated in large part on social media sites, <a href="https://www.businessinsider.com/capitol-siege-far-right-rioters-used-facebook-to-hunt-lawmakers-fbi-2021-1?r=ts-sub">including Facebook</a>.Facebook faced a <a href="https://www.businessinsider.com/companies-no-longer-advertising-on-facebook-after-poor-speech-moderation-2020-6?r=ts-sub">mass advertiser boycott</a> over its policies during Q2 and Q3, but it's unclear whether the movement had a significant <a href="https://www.businessinsider.com/facebook-advertising-boycott-has-little-effect-on-company-financials-earnings-2020-7?r=ts-sub">detrimental impact</a> on the company's revenue into Q4.In after-hours trading, the company's shares were essentially flat at $274 a share.

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