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<ul class="summary-list"><li>Amazon's customers are buying cheap products, the retailer's top execs said in its Thursday earnings call.</li><li>Those products are being purchased frequently and in larger amounts, the execs added.</li></ul>Amazon's customers are buying its cheaper products, but at a higher volume, the company said, announcing a positive slate of third-quarter earnings."At a time when consumers are being careful about how much they spend, we're continuing to lower prices and ship even more quickly, and we can see this resonating with customers as our unit growth continues to be strong and outpace even our revenue growth," Andy Jassy, Amazon's CEO, said in an <a target="_blank" class="" href="https://www.businessinsider.com/amazon-stock-earnings-report-call-live-updates-2024-10">earnings call</a> on Thursday.And customers are increasingly using the platform to buy cheaper everyday household items, like "health, beauty, and personal care as well as nonperishable grocery," Brian Olsavsky, Amazon's finance chief, said in the call.While these items "often have a lower average selling price," Olsavsky said that these buying patterns are still a net positive for Amazon."We see that when customers purchase these types of items from us, they build bigger baskets, shop more frequently and spend more on Amazon," Olsavsky said.Amazon's also dealing with a customer base that's "looking for deals" and "price conscious," Jassy said. He said that this consumer behavior "matches up well" with <a target="_blank" class="" href="https://www.businessinsider.com/guides/deals/amazon-prime-day">Amazon's Prime membership and sales events</a>. Paid Prime memberships have gone up this quarter, Jassy added, which has been "hugely impactful" for Amazon.<h2 id="7c171d02-c13e-4629-9b96-4874853c1aaf">Amazon's cost-conscious customer base</h2>Amid the high cost of <a target="_blank" rel="" href="https://www.businessinsider.com/why-its-expensive-to-own-a-home-mortgage-insurance-interest2024-4">homeownership</a>, <a target="_blank" rel="" href="https://www.businessinsider.com/high-childcare-costs-in-us-women-workforce-cheapest-countries-kids-2024-2">childcare</a>, and <a target="_blank" rel="" href="https://www.businessinsider.com/retirement-millennials-falling-behind-savings-americans-renters-homebuying-loans-finance-2024-05">retirement,</a> US consumers have been <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-are-saving-money-less-travel-diy-projects-clothes-2024-9">saving more</a> and <a target="_blank" class="" href="https://www.businessinsider.com/shoppers-spending-less-retailers-brands-cutting-prices-economy-explained-why-2024-7">cutting back</a> on everything from food and travel to <a target="_blank" rel="" class="" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">home improvement</a>.Wells Fargo carried out a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://newsroom.wf.com/English/news-releases/news-release-details/2024/Two-thirds-of-Americans-have-decreased-spending-due-to-economy-Wells-Fargo-Money-Study-finds/default.aspx">survey</a> from September 5 to October 3, 2023, of more than 3,500 US adults and teenagers. Around 67% of respondents said they had slashed their spending due to the economy. And 62% of the survey's respondents said they had little left for "extras" after paying their monthly bills.Representatives for Amazon did not respond to a request for comment from Business Insider, sent outside business hours.Amazon reported <a target="_blank" class="" href="https://www.businessinsider.com/amazon-stock-earnings-report-call-live-updates-2024-10">strong third-quarter earnings</a> on Thursday. Its net sales for the quarter hit $158.9 billion, outperforming the consensus analyst estimate of $157.3 billion.Its sales in North America increased 9% year over year to $95.5 billion, while its sales internationally increased 12% year over year to $35.9 billion.Its net income increased to $15.3 billion — or $1.43 per diluted share — in Q3, compared with $9.9 billion, or $0.94 per diluted share, in the same period last year.Shortly after the results, <a target="_blank" rel="noopener" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">the company's stock</a> climbed more than 6% in volatile after-hours trading. Despite a 3.3% drop during regular trading on Thursday, the stock is still up about 23% so far in 2024.

Amazon said its shoppers keep choosing cheap items – and that's good for business

<ul><li><keyword id="64373" type="General" weightage="20" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword> reported a consolidated revenue of ₹972 crore for the December quarter.</li><li>The Indian department store chain noted that their return to “profitability” comes with zero net debt.</li><li>Shoppers Stop’s sales have also grown by 34% in the festive season of October to December.</li></ul>Shoppers Stop’s stock went up 15% on Friday morning after the company reported a profit for the first time in 10 months. The company’s shares were trading at ₹417 at 9:49 a.m., on January 21. The Indian department store chain — which sells everything from apparel to cosmetics — reported a consolidated revenue of ₹972 crore for the December quarter (Q3 of fiscal year 2022). Its profit also went up to ₹77 crore from ₹25 crore loss in the same quarter a year ago. The company noted that their return to “profitability” comes with zero net debt. <div type="image" title="Shoppers Stop shares jump 15% after company reports its first profit in more than two years" msid="89033276" hostid="261"></div> "We are witnessing positive signs from a strategy that we initiated in the last 2 years. As the fashion and beauty retail is seeing encouraging early trends from the Wardrobe Reboot, we are rightly poised to capture the pent-up demand," Venu Nair, the managing director and chief executive (CEO) of Shoppers Stop, said. He also mentioned that the customer sentiment is positive due to the double vaccinations, fewer COVID-19 related restrictions and an overall improvement in safety protocols. Shoppers Stop’s sales have also grown by 34%, compared to last year, in the festive season of October to December. The average transaction value (ATV) — average amount that a consumer spends in a single transaction — increased by over ₹500 in the last one year. Meanwhile, the company’s average selling price (ASP) increased to nearly ₹1,500. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metric </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct-December 2020 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct-December 2021 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Selling Price </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,224 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,479 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Transaction Value </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,815 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,345 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Shoppers Stop earnings SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-earnings-today-hul-icici-bank-and-vodafone-idea-also-in-focus-on-january-21/slidelist/89029988.cms">Reliance Industries earnings today; HUL, ICICI Bank and Vodafone Idea also in focus on January 21</a> <a href="https://www.businessinsider.in/india/news/india-reports-more-than-3-lakh-covid-19-cases-for-the-second-consecutive-day-703-deaths-in-last-24-hours/articleshow/89031198.cms">India reports more than 3 lakh COVID-19 cases for the second consecutive day, 703 deaths in last 24 hours</a> <a href="https://www.businessinsider.in/stock-market/news/last-day-to-subscribe-to-ags-transact-ipo-gmp-drops-to-10/articleshow/89026193.cms">Last day to subscribe to AGS Transact IPO, GMP drops to ₹10</a>

Shoppers Stop shares jump 15% after company reports its first profit in more than two years

<ul class="summary-list"><li>Research shows that ordering food for delivery has gotten expensive, yet demand remains high.</li><li>Pandemic habits and time-saving needs drive consumers to prioritize convenience.</li></ul>Convenience comes up with a pretty hefty cost these days.There's now a <a target="_blank" class="" href="https://www.businessinsider.com/ordering-food-through-uber-eats-doordash-gotten-wildly-expensive-2024-9">considerable difference in spending</a> between eating out and getting your meal delivered. But demand for food delivery has remained high — as has its price.The personal finance site FinanceBuzz did <a target="_blank" class="" href="https://financebuzz.com/compare-costs-food-delivery-apps">an experiment</a> in September and found that based on the cost to deliver an entrée, a side, and a drink from 10 popular chains on the same day within 3 miles — organizing dinner with an app such as DoorDash, Grubhub, UberEats or Postmates can cost almost double what it would to collect it yourself. This is when factoring in charges for food, fees, taxes, and suggested tips. Business Insider contacted these delivery companies for comment. Both Uber — which owns UberEats and Postmates — and Grubhub pointed out that restaurants also often set the menu prices for delivery, and these may sometimes be higher than when purchasing in-store. Still, diners aren't necessarily being deterred by the much higher prices.Last week, food delivery company DoorDash, reported an 18% rise in orders year over year in its third quarter of 2024. Revenue grew 25% to $2.7 billion in the same period.While Uber doesn't split out the results of its individual delivery companies, it saw gross bookings for its delivery segment grow by 16% year on year in Q3.So, why has delivery gotten this expensive?<h2 id="ef2204e7-2a73-4ce1-b97e-9e59db13fb63">Consumer competition</h2>"As app delivery has become more popular, apps have to pay more to <a target="_blank" class="" href="https://www.businessinsider.com/drive-for-uber-eats-after-layoff-would-not-recommend-2024-7">drivers</a> to convince them to make deliveries for their team — with many drivers juggling multiple apps throughout their shifts," Anthony Miyazaki, a professor of marketing at Florida International University, told Business Insider."At the same time, demand for delivery pushed consumers to unknowingly compete against each other, with <a target="_blank" class="" href="https://www.businessinsider.com/how-much-to-tip-food-delivery-driver-doordash-ubereats-2023-7">a willingness to pay more for delivery and more for tips</a> to get their food delivered on time," he said. A food delivery driver <a target="_blank" class="" href="https://www.businessinsider.com/how-delivery-driver-gets-big-tips-declines-orders-wealthy-areas-2023-4">previously told BI</a> that he decides to accept or pass on a variety of deliveries often based on the highest upfront tips.<div type="image" title="food on a table from doordash delivery service" height="528" width="772" msid="114979379" hostid="261" sizebytes="27174"></div>This led delivery app companies to take a higher cut from restaurants and raise fees for customers, while at the same time, drivers are looking for higher tips, Miyazaki explained, which all results in a much pricier food order.Matched with inflation resulting in the soaring prices of labor and commodities, many chains — including Starbucks, McDonald's, KFC, In-N-Out, and Olive Garden — <a target="_blank" href="https://www.businessinsider.com/fast-food-price-rises-tipping-point-value-deals-combos-mcdonalds-2024-8">have increased the cost of menu items</a>.There are a couple of reasons that, despite the hikes, Americans are still choosing the ease of using an app to get dinner.<h2 id="5a6cf862-4bfe-4ddc-b330-71cd4f343f80">Creatures of habit</h2><a target="_blank" href="https://www.businessinsider.com/changes-restaurants-pandemic-qr-codes-self-service-kiosks-2024-10">The way we dined changed</a> following the COVID-19 pandemic.But despite lockdowns coming to an end and the country gradually opening back up, people grew accustomed to the trend of ordering food."The pandemic has shifted dining habits, leading more consumers to seek out restaurant-quality meals at home," Alon Chen, CEO of Tastewise, a consumer data platform for food and beverage brands, said."Consumers now consider ordering takeout as a time-saving experience akin to dining out but in the coziness of one's living room," he said.For Miyazaki, because of the rise of streaming, more are comfortable with 'entertaining in' rather than going out for a meal."Also, with more people working from home, they're likely further from lunchtime restaurants and <a target="_blank" class="" href="https://www.businessinsider.com/work-from-home-lunch-experts-broken-not-take-breaks-2024-9">don't feel the need to get away from the office anymore for their lunch break</a>," he said.<h2 id="ad899ce2-c371-4933-b511-e71d9133d92b">Time is money</h2>Oliver Wright, a senior managing director and the global lead for consumer goods and services at Accenture, explained that consumers feel "time-poor."This means that although <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/cutting-out-cost-of-convenience-for-a-month-2021-11">more money is spent on ordering food</a> than cooking or eating in a restaurant, the customer is saving time, he told BI.The degree to which <a target="_blank" class="" href="https://www.businessinsider.com/why-doordash-instacart-still-delivering-lots-as-consumers-pull-back-2024-8">convenience and ease are playing on consumers' minds</a> to alleviate time pressure has become especially relevant in recent years, Wright said, to the extent that people are willing to spend more if time is saved."Feeling 'time-poor' is a really dominant attribute," he said."The value of time might be very high," Chris Olivola, an associate professor of marketing at Tepper School of Business, told BI.He said that for the rational consumer, whether because of the amount of money earned per hour, how much importance is given to an activity, or the contribution being made to a company, these food delivery apps are popular because of how they assess their time.It's also about expertise, he said."You might be a good cook, but if you want Thai food and you don't know how to cook Thai, you have to teach yourself, Olivola said, "and that takes time."

Food deliveries keep getting more expensive — but we can't stop ordering       

<ul><li>The great Indian festival season is expected to bring in muted sales for apparel makers who saw spectacular sales last year.</li><li>Hit by inflation and other economic factors, Indians are likely to buy children apparel the most this festival.</li><li>Discounting is becoming a key driver for sales report retailers who have lost many full-price sales days in Q2 due to the delayed festival season. </li></ul>Last year, the Dusshera-Diwali festive season was the first after two years of lockdown. As expected, people spent with vigour on clothes, shoes and more. This year, not only has that fervour gone down, but inflation and other worries have cropped up. Little apparel is moving from the stores without discounting, say retailers. A survey conducted by Clothing Manufacturing Association of India (CMAI) indicated widespread pessimism amongst merchants. As many as 78% of those surveyed expect the sales this festive season to dip up to 25% as compared to last year. Half of the survey respondents feel that kid’s wear will lead the way in sales, followed by 36% citing women’s wear. Only 12% bet that men’s wear will perform better. “This aligns with the broader slowdown experienced in the domestic garment sector during the last 4-5 months. Nevertheless, we anticipate a market upswing after Diwali, considering the extended wedding season that lies ahead,” said Rahul Mehta, chief mentor of CMAI. The festive season sales are likely to see same store de-growth, it predicts. Gone with the pandemic Pepe Jeans India too believes that the pandemic-era growth has tapered. The UK-based brand saw its India sales rise by 55% in 2022 — which is 40% higher than the pre-pandemic sales. This year, it expects to grow at 18% but believes it will finish the year with 12-18%. “Last year was phenomenal. But the truth is that we are growing on a high base. The festive season has also been subdued. While Pujo and Onam sales were good, we will wait for the impact of the Diwali sales season which are yet to pick up. So, growth is there but its muted,” Manish Kapoor, MD &amp; CEO, Pepe Jeans India told Business Insider. Discounts the key driver for sales? Indians have turned wary of discretionary purchases with lower-than-expected salary increments and rise in inflation — softening the sentiment. And, the only thing that’s re-energizing this market is the discounting. Let’s take India’s top apparel company Arvind Fashions which saw a good 9% like-to-like sales growth, but most of it was driven by discount season. Its retail discounting went up 3% in the second quarter. “This quarter can be divided into two parts. We had delayed the End Of Season in July due to good sell-throughs. And we saw good double digit like-to-like retail growth in August and July, but it was slightly negative in September due to less number of full-price days as festive season season dates shifted to October,” said Shailesh Chaturvedi, MD &amp; CEO of Arvind Fashions in an earnings concall. The shift in wedding and festival season has also affected <keyword id="64373" type="General" weightage="80" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword>. “The demand environment remains weak. Across cities, towns and categories, unlike last quarter, or earlier quarters, where it was more driven by rural or non-metro weakening of demand,” said Kavindra Mishra, CEO of Shoppers Stop in its Q2 earnings concall. It too had to resort to discounting that has affected its margins too. “Our performance on private brands last year was based on the pent-up demand immediately post-Covid. Given the slowness in the market, we liquidated part of our merchandise at a higher discount,” Mishra said. (This article is a part of Business Insider India’s ‘Boom to Bust’ series which will discuss post-pandemic demand trends) SEE ALSO <a href="https://www.businessinsider.in/business/news/how-pizza-hut-kfc-dominos-lose-their-post-pandemic-boom-effect/articleshow/103438807.cms">The Quick and the Dead: How fast food players lost their pandemic boom effect</a> <a href="https://www.businessinsider.in/business/news/diamond-demand-heads-for-a-hard-landing-with-temporary-disruption-at-play/articleshow/103599134.cms">Diamond demand heads for a hard landing with ‘temporary disruption’ at play</a>

Bitten by inflation, Indians buying fewer clothes this season

<ul class="summary-list"><li>Walmart's US e-commerce sales grew 27% year-over-year in the first quarter of 2023.</li><li>It's the biggest increase the retail giant has seen since the first quarter of 2021.</li></ul>Walmart appears to be recapturing some of the online sales magic that sent its e-commerce revenues soaring at the height of the pandemic. The retail giant reported Thursday that US <a href="https://corporate.walmart.com/media-library/document/q1-fy24-earnings-release/_proxyDocument?id=00000188-2c80-dc3a-af89-bfecf9740000" target="_blank" rel="noopener">e-commerce sales rose </a>27% year-over-year in the first quarter — its highest pace of growth since the first quarter of 2021, when they surged 37%. Walmart has been heavily pushing its e-commerce business recently, from <a href="https://www.businessinsider.com/walmart-mimics-amazon-website-redesign-aims-for-e-commerce-boost-2023-4">redesigning its app and website</a> to trying to <a href="https://www.businessinsider.com/walmart-lays-off-1500-georgia-workers-as-retailer-focuses-on-marketplace-2022-10">grow its number of third-party marketplace sellers</a> to <a href="https://www.businessinsider.com/walmart-pushes-employees-to-enroll-in-its-amazon-prime-rival-2022-8">pushing membership program Walmart+</a>, the company's response to rival Amazon Prime.Throughout 2020, Walmart US e-commerce sales soared, as customers hunkered down at home and bought more groceries and general merchandise on walmart.com and through the Walmart app. For the second quarter of 2020, Walmart <a href="https://www.businessinsider.com/walmart-ecommerce-sales-reach-sky-high-growth-in-recent-quarter-2020-8"> reported 97% year-over-year e-commerce growth</a>.The following years, Walmart e-commerce growth naturally dropped as more shoppers returned to stores. But Walmart has continued to push its e-commerce offerings, and company leaders said on an earnings call Thursday that the strong online sales numbers were led by popularity of pickup and delivery."We have an advantage here as we leverage the proximity of our stores to fulfill and deliver digital orders to customers," Walmart Chief Financial Officer John David Rainey <a href="https://www.youtube.com/watch?v=5qcKW7Kcv0M">said during an earnings call with analysts</a>. As Walmart loves to tout, due to its presence of 4,600 stores across the United States, 90% of Americans live within 10 miles of a Walmart store.Here's a breakdown of Walmart's year-over-year US e-commerce sales growth for the last nine quarters:<ul><li>Q1 2021: 37%</li><li>Q2 2021: 6%</li><li>Q3 2021: 8%</li><li>Q4 2021: 1%</li><li>Q1 2022: 1%</li><li>Q2 2022: 12%</li><li>Q3 2022: 16%</li><li>Q4 2022: 17%</li><li>Q1 2023: 27%</li></ul>Walmart's e-commerce growth contributed to a strong quarter for the company overall, which saw revenue grow by 7.6% compared to the year prior.What do you think of Walmart's e-commerce operations? Contact reporter Ben Tobin on email at btobin@insider.com.

Walmart is winning back online shoppers with 3 key strategies

<ul><li>Netflix stock plunged as much as 9% after reporting its first-quarter earnings results.</li><li>While the streaming giant crushed Wall Street estimates, it made the decision to stop sharing subscriber growth data.</li><li>The decision "invites worry about the outlook for subscriber growth in '25 and beyond," Pivotal Research said.</li></ul><a href="https://markets.businessinsider.com/stocks/nflx-stock?miRedirects=1">Netflix</a> crushed Wall Street estimates on Thursday <a href="https://www.businessinsider.com/netflix-beats-new-subscriber-estimates-earnings-2024-4">when it reported its first-quarter earnings results,</a> but investors remained unconvinced.Shares fell as much as 9% on Friday as investors focused not on the positives from the quarter, but instead on the announcement that Netflix would <a href="https://www.businessinsider.com/netflix-will-stop-sharing-subscriber-numbers-why-explained-streaming-stock-2024-4" target="_blank" rel="noopener">stop sharing subscriber growth data</a> beginning in 2025. The decision is worrying some who are interpreting the decision as a signal the company is bracing for limited growth in future subscriber additions."We view the lack of visibility into these key KPIs as a contributor to the negative after-market stock reaction," Bank of America said. "While still early, the potential concern is subscriber growth had significantly decelerated in 2022 (prior to the implementation of paid sharing), and this could be a harbinger of decelerating subscriber growth in the future."Here are the key results:<ul><li>Revenue: $9.37 billion, versus analyst estimates of $9.28 billion</li><li>Earnings per share: $5.28, versus analyst estimates of $4.52</li><li>Subscriber adds: 9.3 million, versus analyst estimates of 5 million</li></ul>Netflix also increased its second-quarter revenue and profit guidance. A continued <a href="https://www.businessinsider.com/netflix-benefitting-from-password-crackdown-good-for-disney-2024-4#:~:text=Boosting%20its%20performance%20was%20the,household%20(%247.99%20per%20month).">crackdown on password sharing</a> and Netflix's growing advertising business drove the positive results.The decision to stop sharing subscription numbers "invites worry about the outlook for subscriber growth in '25 and beyond," Pivotal Research analyst Jeffrey Wlodarczak said in a note on Thursday.But he's not worried at all, and is instead enthusiastic about the results and likened Netflix's subscriber data decision to Apple's decision in 2018 to stop reporting iPhone unit growth."We remind investors that AAPL stop disclosing iPhone unit growth in 4Q 2018 and after a short period of stock consolidation the stock materially outperformed the market and we believe while '25+ subscriber growth will slow we still see a long runway for subscriber/ARPU growth going forward," Wlodarczak said.Wlodarczak raised his Netflix price target to $800, representing potential upside of 41% from current level. That's also the highest price target on Wall Street for Netflix."Our view remains unchanged that Netflix has clearly won the streaming wars as evidenced by yet another strong across the board beat and raised guidance, especially relative to its streaming peers, and this is what, in our view, winning looks like," Wlodarczak said.The key for Netflix going forward is to use its scale to "keep the flywheel going," Wlodarczak said, that way the company can get more leverage over its competitors and content creators, as well as improve its product for consumers.Netflix stock slightly pared some of its losses on Friday, falling 8.3% as of 11:53 a.m. in New York.

Why Wall Street is balking at Netflix's decision to stop sharing subscriber data

<ul class="summary-list"><li>Satya Nadella transformed Microsoft by focusing on cloud computing and open-source software.</li><li>Nadella also envisioned shifting Microsoft's culture from "know-it-alls" to "learn-it-alls."</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-life-career-microsoft-ceo-computer-science-2024-1">Satya Nadella</a> took over as CEO of Microsoft in 2014, he was on a mission to transform the company's culture.A few months into the role as its CEO, the former engineer laid out his vision in a <a target="_blank" href="https://www.vox.com/2014/7/10/11628722/microsoft-ceo-nadella-on-what-needs-to-stay-and-change-at-microsoft">memo</a> to staff.He said, "We must each have the courage to transform as individuals…With the courage to transform individually, we will collectively transform this company and seize the great opportunity ahead."A decade later, it's clear that Nadella followed his own counsel as he seeks to establish Microsoft as a dominant force in AI.When Nadella first took over, one of his first acts was to make it clear that he wanted Microsoft to <a target="_blank" class="" href="https://www.businessinsider.com/nadella-just-rejected-ballmers-vision-2014-7">stop being a "devices and services" company</a> and to pivot to cloud computing and open-source software, despite the fact that its acquisition of Nokia was only finalized that same year.But Nadella's predecessor, Steve Ballmer, orchestrated the deal. It was a move he tried to dissuade Ballmer from following, Nadella said in his 2017 book "Hit Refresh." So, by 2016, Microsoft ditched its mobile business and sold the Nokia phone line to follow Nadella's new vision for the company.Nadella's approach to transformation was not only about strategy but also about mindset. As he expressed in his book, Nadella thinks, "Every person, organization, and even society reaches a point at which they owe it to themselves to hit refresh — to reenergize, renew, reframe, and rethink their purpose."Over the next two years, Microsoft pushed down on building up its market share in cloud computing and became one of the leading players, second only to Amazon. Then came the <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-buys-github-for-2018-6">$7.5 billion acquisition of GitHub</a>, a platform where developers create and share code. This cemented Nadella's vision to build up its open-source software offering, solidifying Nadella's vision to boost Microsoft's open-source software offerings.By 2019, <a target="_blank" href="https://www.businessinsider.com/satya-nadella-bill-gates-microsoft-concern-google-rivals-ai-emails-2024-5">Microsoft had become "very, very worried" about Google's progress</a> in artificial intelligence. So much so that CTO Kevin Scott emailed Nadella and <a target="_blank" href="https://www.businessinsider.com/bill-gates-still-pulling-strings-microsoft-ai-copilot-chatgpt-2024-4">Bill Gates</a> telling them that Google's AI-powered "auto-complete in Gmail" was "getting scarily good."The emails, with the subject line "Thoughts on OpenAI," might have motivated Microsoft to seek partnerships to bolster its own AI efforts. That same year, Microsoft made an initial $1 billion investment in OpenAI. Its reported total investment into the ChatGPT maker has now hit $13 billion.Microsoft also <a target="_blank" href="https://www.businessinsider.com/microsoft-openai-antitrust-watchdog-partnership-merger-probe-2023-12">partnered with OpenAI</a> to infuse its technology into its own products, including its search engine Bing and GitHub Copilot.Nadella isn't afraid to embrace change, so he pulls the trigger if the business requires outside expertise. In March, <a target="_blank" href="https://www.businessinsider.com/microsoft-hired-inflection-team-amid-board-concerns-about-openai-2024-3">Microsoft announced that it tapped DeepMind and Inflection AI cofounder Mustafa Suleyman</a> to lead its new AI organization. As part of the "acqui-hire" deal, most of Inflection's workforce also joined Microsoft, which paid the company $650 million to license its tech.Suleyman is overseeing the building of an <a target="_blank" href="https://www.businessinsider.com/microsoft-training-ai-model-rivals-openais-gpt-4-2024-5">in-house AI model called MAI-1</a> from a dataset that includes text from ChatGPT and outside sources like public information on the internet.Nadella's transformation of Microsoft involved changing its culture from "know-it-alls to learn-it-alls." Speaking at a session as part of the 2022 Wharton Future of Work Conference, Nadella said this learning culture is about a "continuous process of renewal," and he credits psychologist Carol Dweck's growth mindset theory with inspiring him to create cultural change.He said, "You have two students — one of them has more innate capability, and the other has less. The person who has less but is a learn-it-all will ultimately [become] better. That applies to CEOs, and that applies to companies. I think it has been a helpful cultural metaphor for us to say that you can't act like a know-it-all; you have to be a learn-it-all."Although Microsoft reported $64.7 billion in revenue in its Q4 earnings, marking 15% year-over-year growth, its<a target="_blank" class="" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7"> AI spending is making investors nervous,</a> and shares slumped more than 6% in after-hours trading. CFO Amy Hood said on Tuesday that Microsoft's AI bets will be monetized "over 15 years and beyond." Still, the tech giant has continued to pour billions into its AI ambitions. Its capital spending rose 77.6% to $19 billion in Q4, with AI and cloud-related spending accounting for most of the expenditures.Azure cloud unit's revenue grew by 29% in the fourth quarter, and 8 percentage points came from AI services. Nadella's revisions to Microsoft's strategy have helped raise Microsoft's worth to about $3.2 trillion, making it the second-ever company to reach a $3 trillion market value after Apple. But investors will have to be patient to see if he can deliver on his AI promises in the long run.

How Satya Nadella created a 'learn-it-all' culture at Microsoft to help it become a $3 trillion powerhouse

New Delhi, Jan 31 () Retail chain Shoppers Stop Ltd on Friday reported a consolidated net loss of Rs 6.51 crore in the third quarter ended on December 31, 2019.
 The company had posted a net profit of Rs 41.66 crore in the October-December quarter a year ago, Shoppers Stop said in a BSE filing.
 Total income in the December quarter was marginally down at Rs 1,025.53 crore as against Rs 1,027.57 crore in the year-ago period.
 "Against a strong base of Q3 FY19 and a subdued retail landscape with a dampened festive season, the revenue growth was muted. Nonetheless, the company pro-actively increased its productivity and efficiencies by keeping the costs in control," the company said.
 "In a challenging economic environment we found opportunities to seed future growth for the company by aggressive expansion through internal accruals," Shoppers Stop MD and CEO Rajiv Suri said.
 Total expenses in the said quarter were at Rs 963.90 crore, compared with Rs 961.02 crore in the third quarter of 2018-19.
 Commenting on the outlook Suri said "during the year we opened 28 stores (8 department and 20 beauty) and plan to open 23 stores (4 department, 11 deauty and 8 airport stores) in Q4. This expansion will add circa Rs 500 crore top-line on an annualized basis, more importantly these stores have been EBITDA (earnings before interest, tax, depreciation and amortization) accretive within the first quarter of operation".
 Share of Shoppers Stop Ltd on Friday settled at Rs 414.00 on the BSE, down 1.35 per cent over previous close. KRH RUJ

Shoppers Stop posts Q3 net loss at Rs 6.5 cr

<ul class="summary-list"><li><keyword id="12216037" type="UNKNOWN" weightage="60" keywordseo="bed-bath-beyond" source="Orion">Bed Bath &amp; Beyond</keyword> stock tanked nearly 30% Thursday after the retailer's second quarter financial results. </li><li>The housewares seller's quarterly sales of $1.99 billion missed expectations of $2.06 billion. </li><li>It cut its yearly sales outlook as COVID-19 concerns stoked lower foot traffic in big states such as Texas. </li></ul><a href="https://markets.businessinsider.com/stocks/bbby-stock">Bed Bath &amp; Beyond</a> shares erased their gains for the year Thursday after the housewares retailer cut its yearly sales forecast, with second-quarter revenue hurt by the ongoing COVID-19 pandemic. The stock ended with a 22% loss and fell as much as 29% to $15.70, the lowest price in exactly one year. The plunge left the meme stock down by nearly 3% on a year-to-date basis. Investors drove down shares after the company said it now expects net sales of $8.1 billion to $8.3 billion for the fiscal full-year 2021. The guidance compared with its previous call for sales of as much as $8.4 billion. The revision followed a 26% drop in second-quarter sales to $1.99 billion that missed the $2.06 billion consensus estimate from FactSet. Sales took a hit particularly in August as foot traffic at stores "slowed significantly," the company said, adding that August is the largest month in its second quarter. "As COVID-19 fears re-emerged amid the on-going Delta variant, we experienced a challenging environment," with slower sales showing up in large states such as Florida, Texas and California. It also flagged unprecedented supply chain issues and rising costs as factors that led to lower-than-anticipated results. Same-store sales during the quarter fell 1%. Adjusted earnings of $0.04 a share came in far below an estimated $0.52 a share. Bed Bath &amp; Beyond forecast same-store sales to be flat to up slightly through the fourth quarter of fiscal 2021.The company said it has made progress in its ongoing three-year turnaround program. "Our buybuy BABY banner continued to build on its positive momentum from the past several quarters, growing double digits due to strength in apparel and travel gear and increasing market share for the period," it said.

Bed Bath & Beyond shares plunge 22% on lowered sales outlook as COVID-19 cuts into shopper traffic

<ul><li>Shares of the entire IT pack companies have been beaten down significantly in 2023 due to macro headwinds.</li><li>The March quarter results of TCS, Infosys and HCL Technologies so far have also underlined the ongoing slowdown.</li><li>The IT companies in India faced the heat after the banking crisis in the US and Europe erupted.</li><li> Considering the macro economic challenges like high inflation, interest rates and banking crisis in regions, analysts expect the <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> to remain watchful for at least the next few quarters.</li></ul>India’s information technology services companies have been struggling amid heightened fears of recession across developed markets and the repercussions of a banking crisis in the US and Europe. And the situation is unlikely to improve until the end of the year, analysts say. Amid the ongoing weakness in the sector, foreign portfolio investors (FPIs) have also sold their stakes in IT companies. FPIs turned bearish on the IT and oil and gas sector in March – between these two sectors, they <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">sold equities worth ₹13,734 crore. </a> Analysts expect pain to continue till end of 2023 Considering the macro economic challenges like high inflation, interest rates and banking crisis in the US and European regions, analysts expect it will be a watchful few quarters for the IT sector. "The biggest issue in the IT sector is growth slowdown and possibility of recession. So, as long as the slowdown persists and global growth remains uncertain, the market will expect lesser order flow, slower execution and pricing challenges. All these three factors will lead to IT companies suffering and valuations may also not expand. Investors will have to remain watchful for one to two quarters till there is some clarity on the global growth scenario," Deepak Jasani, head of retail research at HDFC Securities told Business Insider India. The IT majors’ recently-posted fourth-quarter results and FY24 growth predictions tell their own story about the sector’s ongoing struggles. For FY23, IT major Infosys reported a growth of 15.4% in constant currency terms, lower than the guidance of 16-16.5% that it had given <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">at the end of Q3</a>. Besides, it guided for a 4-7% revenue growth in FY24. This is the first time since FY16 that Infosys has guided for single-digit revenue growth in constant currency terms. Bigger rival Tata Consultancy Services (TCS) reported a 11-quarter low constant currency revenue growth at $7.2 billion in Q4. TCS’ outgoing chief executive officer Rajesh Gopinathan said in a post-earnings conference that the company is seeing stress in one of its largest markets, North America. The recovery that the company had expected had not yet materialised. According to Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India, the macro uncertainty faced by the sector is unlikely to get better before 2-3 quarters. “(For) the entire calendar year, things look dicey and the industry may witness some kind of stability by the fag end of this year. US, North America, which are among the biggest markets for the sector, are not expected to improve in the near term." Banking crisis could impact June-quarter earnings The global growth slowdown has worked its way into the stock market performance of these companies with shares of the entire IT pack being beaten down significantly in 2023. The Nifty IT index is down 30% so far this year compared to a 3% fall in the broader Nifty50 index. The IT companies in India faced the heat after the banking crisis in the US and Europe erupted in March, triggered by the collapse of Silicon Valley Bank and Signature Bank in the US and the turmoil at Swiss lender Credit Suisse. IT majors like TCS, Infosys and Wipro have also neared their 52-week low since March considering IT companies’ exposure to US banks amid the banking sector crisis. BFSI clients are among the Indian IT companies’ largest clients. "Most of the price damage in the IT stocks has already been done. However, outperformance of the sector from the current level seems restricted till global macro headwinds stabilises. The sector valuation multiple is driven by earnings growth and if growth tapers off, there are little chances of the (IT) stocks outperforming the broader market indices,” added Hota. He, however, recommends staggered buying in TCS among the large caps and Persistent Systems from the mid-cap stocks, for long-term investors. The lower-than-expected growth in March quarter for sector leaders Tata Consultancy Services (TCS), Infosys and HCL Technologies have underlined the ongoing slowdown. And analysts see this spilling over to the next quarter as well. “The banking crisis in US regional banks and European banks in March 2023 has induced greater caution and could impact the June 2023 quarter. We would not be surprised by a weak US performance across companies that are likely to report in the coming days,” said a report by Kotak Institutional Equities. Analysts at JP Morgan have also highlighted the weakness in banking, financial services and insurance (BFSI) and telecom verticals, which would impact Tech Mahindra and Mphasis as they have high exposure to these verticals. Stock movement of IT companies in 2023 so far <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock performance in 2023 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19.55% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.99% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.05% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.61% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.57% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.50% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.56% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.92% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87% </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.32% </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/insider-reviews/first-day-first-show-business-insider-sent-its-mystery-shopper-to-apples-flagship-store-in-mumbai-and-was-surprised/articleshow/99682868.cms">First day, first show: Business Insider sent its mystery shopper to Apple’s flagship store in Mumbai and was surprised</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-net-profit-grows-1-7-sequentially-at-4716-crore-in-q4-fy23/articleshow/99674353.cms">Reliance Jio Q4 net profit grows 1.7% sequentially to ₹4,716 crore; ARPU up marginally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a>

India’s IT sector likely to face macro headwinds until end 2023, say analysts

<ul class="summary-list"><li>Beyond Meat's sales tanked by nearly a third in Q2, which the company attributed to weak demand.</li><li>Consumers are financially squeezed and they're skeptical of the health benefits of plant-based meat, execs said.</li></ul>Beyond Meat's sales are plummeting as <a href="https://www.businessinsider.com/beyond-meat-healthy-taste-price-impossible-layoffs-2023-2">consumers pull back on plant-based meat</a>.Inflation and higher interest rates have been squeezing customers' spending power, execs said at Beyond Meat's second-quarter earnings call on Monday. Overall, consumers have been trading down to cheaper proteins and also buying less protein in general, CEO Ethan Brown said."But then you get to our category where we are high priced, and so not going to do particularly well in that environment," he said.Brown said that the "number one issue" with the plant-based meat category was that it ultimately wasn't bringing in enough new consumers.The company, which has been <a href="https://www.businessinsider.com/beyond-meat-vegan-plant-based-fake-meat-inflation-prices-restaurants-2023-2">struggling for months</a>, sold 22.9 million pounds of products in the three-month period, a decrease of nearly a quarter year-over-year. CFO Lubi Kutua said that there had been a "relative underperformance" of its core products – burgers, ground beef, and dinner sausage.The company <a href="https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-second-quarter-2023-financial-results">posted</a> net revenues of $102.1 million in the quarter to July 1, a decrease of 30.5% year-over-year. Beyond Meat said that this was driven by a 23.9% decrease in the volume of products sold, especially in the US, as the company cycled over a strong second quarter in 2022, and an 8.6% decrease in net revenue per pound caused by changes in its product-sales mix and increased trade discounts which didn't attract as many new customers as expected."On the surface, Q2 was a disappointing quarter for us as net revenues and gross profit fell short of our expectations," Kutua said, though he noted that some factors showed the company had improved its operating performance, "giving us reason to be optimistic for the long term." US retail revenues fell by 38.5% year-over-year. US food-service revenues fell even more drastically, by 45.4%.International markets saw a much smaller drop in revenues year-over-year. Retail revenues were down 15.6%, while food-service revenues were down by just 0.9%, with an increase in sales volumes "primarily reflecting strong sales to large QSR customers in the EU." McDonald's has rolled out a McPlant burger with a Beyond Meat patty in various European countries, though <a href="https://www.businessinsider.com/plant-based-meat-didnt-match-the-hype-at-mcdonalds-taco-bell-kfc-2022-11">its US trial failed</a>.The US made up just under 60% of Beyond Meat's total revenues in the quarter. In 2022, it accounted for <a href="https://www.businessinsider.com/beyond-meat-vegan-plant-based-fake-meat-inflation-prices-restaurants-2023-2">72.5% of Beyond's total annual sales</a>.Food-service sales accounted for more than half of Beyond Meat's total revenues in the quarter in international markets, compared to just a fifth in the US.As well as economic concerns, "ambiguity and confusion" around the health benefits of plant-based meats have been stunting the category's growth, Brown told investors, and interest groups had "succeeded in seeding doubt and fear around the ingredients and process used to create our and other plant-based meats." While environmental concerns are a major motivator for people buying plant-based meat in Europe, "here in the US, it's more driven by health," Brown said. He said the company was going to be <a href="https://www.businessinsider.com/beyond-meat-ad-counters-meat-industry-attacks-plant-based-food-2023-8">"much more aggressive" in showcasing these benefits in its marketing</a>.Brown said that the company was also going to focus on <a href="https://www.businessinsider.com/shoppers-cant-find-impossible-beyond-burgers-supermarkets-2023-1">making its products easier to find in retailers' fridges</a>.Beyond Meet posted a gross profit of $2.3 million, up from a $6.2 million gross loss in the same period a year ago, and a net loss of $53.5 million, compared to a net loss of $97.1 million in second quarter of 2022. It attributed the improvements rise to lower materials and freights costs, decreased production trial expenses, and <a href="https://www.businessinsider.com/beyond-meat-cuts-jobs-coo-stock-drops-2022-10">salary savings from its layoffs in October</a>.Brown said that the climate crisis also meant that transition to a more plant-based food system "is not only inevitable, but gaining urgency."

Beyond Meat, the poster child of plant-based meat, saw sales tank as cash-strapped shoppers turn away from expensive alternative proteins

<ul><li><keyword id="1553175" type="General" weightage="20" keywordseo="Vodafone-Idea" source="Orion">Vodafone Idea</keyword> reported a net loss of ₹7,596 crore in Q2, from ₹7,132 crore a year ago. </li><li>The telco also lost six million subscribers during the quarter, but its average revenue per user (ARPU) improved to ₹131 from ₹128 in the previous quarter. </li><li>Vi’s CEO Akshaya Moondra said the company is engaging with lenders and investors to raise funds for network expansion and 5G rollout. </li></ul>Vodafone Idea (Vi), India’s third largest telecom company, today reported a net loss of ₹7,596 crore in Q2, from ₹7,132 crore a year ago. The telco’s revenues during the quarter increased 12.9% year-on-year to ₹10,611 crore. However, Vi is now earning more from its customers. Its average revenue per user (ARPU) has increased both sequentially and on-year basis. At the same time, it has not been able to stem subscriber loss. In the September quarter, the telco lost 6 million subscribers, and its subscriber base stood at 234.4 million as at September 30, 2022. Vi’s ARPU edged up to ₹131 during Q2, from ₹128 in the previous quarter, and ₹109 in the same period last year. On a positive note, the telco reported a growth in the 4G subscriber base during Q2, with total 4G subscribers at 120.6 million at the end of the quarter, up from 119 million in the previous quarter. For comparison, in the same period previous year, Vi’s 4G subscriber base stood at 116.2 million. However, the telco’s pace of 4G subscriber addition has slowed down in Q2 this year – Vi added 1.5 million 4G subscribers this quarter, as against 3.3 million in the same period last year. Its net worth stood at a negative ₹76,417 crore, worsening from negative ₹69,261 crore in the previous quarter and negative ₹52,686 crore a year ago. Here’s Vodafone Idea’s Q2 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;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 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,611 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,407 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,402 crore </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹7,596 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹7,297 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹7,132 crore </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ARPU </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹131 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹128 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹109 </td></tr></tbody></table> Source: Company reports <cmsannotation type="cmsannotation" annotationid="Engaging with lenders and investors for 5G rollout, says Vodafone Idea" comment="subhead" text="Engaging with lenders and investors for 5G rollout, says Vodafone Idea">Engaging with lenders and investors for 5G rollout, says Vodafone Idea</cmsannotation> While its rivals <keyword id="6354504" type="General" weightage="80" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> and Bharti Airtel have started rolling out 5G services in select parts of the country, Vi says it is in talks with stakeholders to get its 5G rollout going. “We continue to remain engaged with our lenders and investors for further fund raising to make required investments for network expansion and 5G rollout,” said Akshaya Moondra, CEO, Vi. Vi acquired 5G spectrum worth ₹18,799 crore, payable in 20 annual installments. Its rivals Airtel and Reliance Jio<a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-which-one-will-offer-faster-and-more-reliable-5g-services/articleshow/93516727.cms"> acquired</a> spectrum worth ₹43,084 crore and ₹88,078 crore, respectively. <cmsannotation type="cmsannotation" annotationid="Subscriber churn worsens, but engagement sees an uptick" comment="subhead" text="Subscriber churn worsens, but engagement sees an uptick">Subscriber churn worsens, but engagement sees an uptick</cmsannotation> Subscriber churn, which refers to the number of subscribers which have stopped paying for services, worsened during the quarter to 4.3%. For context, it stood at 2.9% in the same period last year, and 3.5% in the previous quarter. On the other hand, customer engagement edged up during the September quarter. Data usage stood at 15GB per month (per user) in Q2, up from 14.5GB a year ago. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/september-earnings-on-track-but-its-time-to-tone-down-optimism-says-kotak-institutional-equities/articleshow/95272073.cms">September earnings on track, but it’s time to tone down optimism says Kotak Institutional Equities</a> <a href="https://www.businessinsider.in/business/corporates/news/hdfc-reports-18-year-on-year-rise-in-q2-net-profit-to-4454-crore/articleshow/95279744.cms">HDFC reports 18% year-on-year rise in Q2 net profit to ₹4,454 crore</a> <a href="https://www.businessinsider.in/finance/news/interest-rates-on-deposits-need-to-go-up-say-experts-as-share-of-fds-in-household-financial-assets-drops/articleshow/95275488.cms">Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops</a>

Vodafone Idea’s Q2 loss widens to ₹7,596 crore

Hello, welcome back to <keyword id="11596326" type="UNKNOWN" weightage="60" keywordseo="insider-advertising">Insider Advertising</keyword>, your weekly look at the biggest stories and trends affecting Madison Avenue and beyond. I'm Lara O'Reilly, Insider's media and <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> editor. <a href="http://newsletter.businessinsider.com/join/4np/insider-advertising">If this was forwarded to you, sign up here.</a>As always, my inbox is open for your thoughts, tips, and perfectly shot pet portraits (more on those later). You can find me at <a href="mailto:loreilly@insider.com">loreilly@insider.com</a>.Let's take you straight to the news:<ul><li><a href="https://www.businessinsider.com/google-alphabet-earnings-q2-2021-revenue-eps-profit-analysis-2021-7">Google and Facebook went from strength to strength in Q2</a> ...</li><li>... <a href="https://www.businessinsider.com/facebook-earnings-q2-2021-eps-profit-revenue-growth-warning-stock-2021-7">but get ready to see the impact of Apple's tracking changes next quarter</a></li><li><a href="https://variety.com/2021/tv/news/nbcuniversal-tokyo-olympics-make-goods-advertising-1235028563/">Advertisers enter 'make goods' negotiations with the Olympic broadcaster NBCU</a></li></ul><h3>Ain't no stopping us now</h3>We're deep into earnings season, and it was a solid second quarter for the digital advertising giants.A year after reporting its first-ever revenue decline, <a href="https://www.businessinsider.com/google-alphabet-earnings-q2-2021-revenue-eps-profit-analysis-2021-7">Google's parent, Alphabet, rebounded with its best-ever quarter</a>. Ad revenue grew 69% year-over-year to $50.4 billion, driven largely by Google search ads and retail advertisers.<a href="https://www.businessinsider.com/youtube-revenue-google-earnings-technology-2021-7">YouTube's ad business jumped 84% to $7 billion</a>. And it looks as if next quarter will be strong for the video property, too. Ad-industry sources told Insider that YouTube's sales representatives had a barnstorming US upfront this year. (The NewFronts presentations ran in May.) Of course, it's a fairly easy narrative to sell: Traditional TV viewership continues to fall, while YouTube use continues to climb.Still, some of the volume commitments that YouTube secured were fairly eye-popping. Sources said in some of the sales talks, particularly for tentpole sports, YouTube was pushing for - and in some cases able to secure - 30% price hikes. When contacted for comment, a Google representative didn't respond specifically to the company's NewFronts performance but pointed toward company <a href="https://blog.google/products/ads-commerce/youtube-streaming-trends-2021/">blog</a> <a href="https://blog.youtube/news-and-events/youtube-main-stream-highlights-10th-annual-brandcast-delivered/">posts</a> from earlier in the year highlighting how many people watched YouTube on their main TV screens.Google's duopoly buddy, <a href="https://www.businessinsider.com/facebook-earnings-q2-2021-eps-profit-revenue-growth-warning-stock-2021-7">Facebook, also had a strong quarter</a>, reporting $29.1 billion in revenue versus the $27.9 billion analysts had expected. Facebook's chief operating officer, Sheryl Sandberg, said on the earnings call that its strongest verticals were those that performed well during the coronavirus pandemic: e-commerce, retail, and CPG.Elsewhere: <a href="https://www.cnbc.com/2021/07/22/twitter-twtr-earnings-q2-2021.html">Twitter</a> and <a href="https://variety.com/2021/digital/news/snap-q2-2021-earnings-1235025874/">Snap</a> also reported earnings beats in Q2. And, for all you "triopoly" fans: Amazon is due to report earnings after today's market close.<h3>Track to the Future: Part II</h3><div type="image" title="A chart showing App Tracking Transparency opt-in rates by country." height="953" width="1667" msid="84854730" hostid="261"></div>Hold on a minute, wasn't the sky meant to be falling for digital ads hawkers this quarter after Apple rolled out its App Tracking Transparency privacy update in April?The simple, boring, and noncommittal answer is that it's too early to tell how it'll shake out. Yes, the ATT change immediately <a href="https://www.businessinsider.com/apple-ios-145-privacy-changes-spark-low-opt-in-rates-and-falling-ad-prices-2021-5">made it more tricky for many advertisers</a> to precision-target and measure the effectiveness of their mobile ads. And there's some data showing that some advertisers have even <a href="https://digiday.com/marketing/as-att-hits-critical-mass-media-spending-see-saw-from-ios-to-android-continues/">upped their spend on Android</a>, which hasn't yet rolled out a similar anti-tracking measure for apps.But in spite of all of this, the big trends favoring digital ad platforms - the rise in digital content consumption and spending on e-commerce - were so buoyant that they cushioned any early underlying turbulence."While some were expecting major fireworks when App Tracking Transparency went into effect, ATT was never going to dramatically hurt the walled gardens in the short term," said Alex Bauer, the head of product marketing at the mobile measurement platform Branch."Longer term, the full impact is still to be seen: Walled gardens have a huge trove of incredibly valuable first-party data, but ATT means Apple is planning to enforce an equal playing field for everyone," he added.So, there may be trouble ahead. Facebook's CFO, Dave Wehner, warned investors of a significant slowdown in growth and said the company expected "increasing ad-targeting headwinds in 2021" from regulatory and platform changes, which it expects to have "a more significant impact in the third quarter." Alphabet, too, faces several antitrust investigations, both in Europe and stateside, and it <a href="https://www.forbes.com/sites/johnkoetsier/2021/01/22/apple-privacy-change-may-cost-facebook-google-25-billion-over-next-12-months/?sh=5074e1505695">isn't immune to Apple's tracking changes</a>, either. Plus, Alphabet in particular will have <a href="https://www.businessinsider.com/google-alphabet-earnings-q3-2020-advertising-cloud-youtube-other-bets-2020-10">tougher comparable year-ago quarter</a>.<h3>There's light at the end of the funnel</h3><div type="image" title="Simone Biles" height="1667" width="2500" msid="84854733" hostid="261"></div>Ad agencies are already having the awkward "make goods" talk with the Olympic broadcaster NBCUniversal, <a href="https://variety.com/2021/tv/news/nbcuniversal-tokyo-olympics-make-goods-advertising-1235028563/">Variety's Brian Steinberg reports</a>. The negotiations come amid shaky ratings and advertiser anxiety following the decision of <a href="https://www.businessinsider.com/why-simone-biles-getting-the-twisties-was-so-terrifying-and-what-recovery-could-look-like-2021-7">the star US gymnast Simone Biles to pull out of her first two events at the games</a>. Elsewhere, the <a href="https://www.insider.com/naomi-osaka-olympics-loss-sucks-more-representing-host-nation-japan-2021-7">tennis champ Naomi Osaka</a> also exited early."Don't worry, it's all under control," is essentially the narrative coming out of NBCU, where execs are trying to convince impatient ad buyers that events like the Olympics often deliver results over a longer period of time.Ultimately the real test for NBCU won't be its ability to peddle multi-mix modeling reports and charts demonstrating "top of the funnel" awareness but its ability to spin up compelling storylines for viewers - against the odds.There's precedent for it. As told by Disney's executive chairman, Bob Iger, in his book, "The Ride of a Lifetime," the 1988 Winter Olympics in Calgary, Alberta, were a mess on the face of it too. High winds, fog, and warm weather meant many of the alpine events had to be called off.ABC, the broadcaster for those games, pivoted to human-interest stories: the Jamaican bobsled team and the unlikely British ski-jump hopeful, Eddie "The Eagle" Edwards."Somehow it all worked," wrote Iger, who was ABC's senior vice president of programming at the time. "The ratings were historically high."<h3>Recommended reading</h3>WPP's GroupM pulled out of Facebook's media agency review. People familiar with the matter pointed toward Facebook's request for strict contractual terms as one of the reasons - <a href="https://www.wsj.com/articles/wpp-pulls-out-of-facebooks-media-agency-review-11626986747">WSJ</a>The TV seller Vizio is cutting off some adtech companies from ad targeting data as it tries to build a TV ad business to compete with the likes of Roku and Samsung - <a href="https://www.businessinsider.com/vizio-stops-renewing-adtech-contracts-to-compete-with-roku-2021-7">Insider</a>Brands including Nike, AB InBev, and Red Bull have set up or are building in-house teams for esports and gaming - <a href="https://digiday.com/marketing/no-ones-going-in-blind-brands-are-bringing-gaming-and-esports-in-house/">Digiday</a>Kuaishou, a Tencent-backed Chinese TikTok competitor, is on a US hiring spree as it prepares a big marketing push to launch "a new global brand" - <a href="https://www.businessinsider.com/kuaishou-grows-us-marketing-team-prepares-global-brand-launch-2021-7">Insider</a>The basketball star Kyrie Irving alleged on social media that Nike was set to release a "trash" sneaker collaboration carrying his name without his permission. Nike hasn't responded - <a href="https://www.bloomberg.com/news/articles/2021-07-28/kyrie-irving-blasts-his-own-nike-shoe-says-these-are-trash">Bloomberg</a>Weddings are back! But this time it's different. Brands like Zola and David's Bridal are trying to cash in with new ad campaigns, digital services, and perks - <a href="https://www.businessinsider.com/wedding-advertising-is-coming-back-davids-zola-tiffany-2021-7">Insider</a>And finally: Apple's long-running "Shot on iPhone" ad series is back, and this time it's teaching us how to take the sorts of portraits of our pets that Annie Leibovitz would be proud of. It is your duty as Insider Advertising subscribers to send me your results: <a href="mailto:loreilly@insider.com">loreilly@insider.com</a> - <a href="https://www.adweek.com/creativity/apples-new-shot-on-iphone-ads-want-you-to-take-pet-portraits-like-a-pro/">Adweek</a>That's all for this week. See you next Thursday. - Lara

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