Elon Musk Reclaims the Crown
Money Africa
We are a personal finance & investment literacy edtech platform.We look at the money angle & how it affects your pockets
Good morning and welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two:?
Green White Green Last Week?
FBN Holdings released its audited FY 2022 numbers and Q1 2023 numbers.
In FY 2022, gross earnings increased by 6.3% and went from N757.3 billion in 2021 to N805.1 billion.?
Profit after tax declined by 9.86% and went from N151.079 billion recorded in 2021 to N136.173 billion. The decline in profit was as a result of a 27.9% increase in tax expense from N15.5 billion in 2021 to N21.5 billion, and the major driver for this was a 27.9% increase in corporate tax from N11.1 billion in 2021 to N15.4 billion.
Net interest income went from N228.2 billion recorded in 2021 to N363.2 billion; that's a 37.1% increase. A? dividend of 50 kobo per share (N17.9 billion in total) was proposed.?
The payout ratio is 35.7%. The payout ratio is the proportion of dividends that a company pays to investors in relation to its reported net income. The dividend yield is 3.5%. The dividend yield is the amount of money a company pays shareholders for owning a share of its stock divided by its current stock price.
In Q1 2023, gross earnings went from N36.5 billion reported in Q1 2022 to N56.1 billion, indicating a growth of 53.64%.?
Profit after tax went from N32.4 billion recorded in Q1 2022 to N50.05 billion, showing a 54.48% growth.?
Net interest income went from N72.7 billion recorded in 2022 to N111.8 billion, showing a 34.9% increase.
DAAR Comms chairman, Raymond Dokpesi, dies at 71
Founder of DAAR Communications, Chief Raymond Dokpesi, died on Monday, May 29, 2023, in Abuja. DAAR is the parent company of AIT television and Raypower FM.?
Wema appoints new chairman
Dr. (Mrs.) Oluwayemisi Olorunshola has been appointed Chair of Wema Bank’s Board of Directors. This decision follows the retirement of the current chairman, Mr. Babatunde Kasali, who has reached the retirement age stated in the bank's Articles of Association.
Nigerian Breweries to possibly acquire Distell Wines & Spirits
Nigerian Breweries Plc has received an offer from Heineken Beverages (Holdings) Limited of South Africa regarding the acquisition of Heineken Beverages' majority interests in Distell Wines & Spirits Nigeria Limited. The board of directors has decided to carefully assess the offer with the assistance of external legal and financial advisors and will make a decision in the coming weeks. Further updates will be provided in due course.
Distell Wines & Spirits Nigeria Limited’s brand portfolio include Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters and Savanna.
Green White Green This Week?
FBN Holdings will host an analyst call following the release of its FY 22 and Q1 earnings on Monday, June 5, 2023 at 3:00pm UK / 3:00pm Lagos time.?
Glaxosmithkline Consumer Nigeria Plc and AIICO Insurance Plc will be holding their Annual General Meetings (AGMs).?
If you held your shares within the qualification period, expect your dividends after the AGMs.?
Star-Spangled Banner Last Week
Apple and Meta’s VR clash
Zuckerberg revealed the Meta Quest 3 VR headset just days before Apple's own announcement. The Quest 3, teased by Meta CEO Mark Zuckerberg, will have a starting price of $499. Meanwhile, Apple is set to showcase its own VR headset at their upcoming event, expected to be part of the June WWDC event.?
WWDC stands for Worldwide Developers Conference. It is an annual event organised by Apple where the company announces new software updates, technologies, and developer tools for its various platforms, including iOS, macOS, watchOS, and tvOS.
Apple's? headset could integrate augmented reality features, and it will work with numerous iPad apps, and come with a price tag of at least $3,000.?
In Meta's first quarter, their Reality Labs division, responsible for VR and AR technologies, reported an operating loss of $3.99 billion but managed to generate $339 million in revenue.
Elon Musk reclaims the crown
Elon Musk, the Tesla CEO and visionary entrepreneur, has reclaimed his title as the world's richest person, as reported by the Bloomberg Billionaires Index. With his wealth surging by 40.3% this year to a staggering $192 billion, largely driven by the impressive performance of Tesla's shares, Musk's financial standing has regained its peak.?
Holding approximately 13% of Tesla, Musk's fortunes are tightly linked to the success of the electric car company. In addition to Tesla, Musk serves as the CEO of SpaceX, a prominent rocket manufacturer, and is also the owner of the social media platform Twitter.
Amazon's $30 million FTC settlement
Amazon has agreed to pay over $30 million to the Federal Trade Commission (FTC) in a settlement regarding privacy breaches within its Alexa and Ring divisions.
The Federal Trade Commission (FTC) is an independent agency of the United States government responsible for protecting consumer rights and promoting fair competition in the marketplace. The FTC works to prevent deceptive and unfair business practices, enforce antitrust laws, and safeguard consumer privacy and data security.?
The FTC filed a lawsuit against Amazon's Ring doorbell unit, accusing it of violating the FTC Act's provisions against unfair or deceptive practices. Amazon settled the case by agreeing to pay $5.8 million. As part of the settlement, Ring is obligated to delete any customer videos and "face embeddings" obtained before 2018, as well as derived work products.?
Additionally, Amazon settled a separate lawsuit alleging violations of the FTC Act and Children's Online Privacy Protection Act by retaining children's information through Alexa profiles, for which Amazon paid $25 million.
领英推荐
Nvidia soars to $1 trillion market cap.
Nvidia reached a significant milestone on Tuesday, May 30, 2023, as its market cap briefly reached $1 trillion during trading. However, by the end of the day, it slipped to $990 billion. The stock held a fresh 52-week high but couldn't sustain the $1 trillion market cap closing just below it. Nvidia's shares had to hold above $404.86 to maintain that distinction throughout the day.?
Nvidia's stock has experienced a notable surge driven by the enthusiasm surrounding artificial intelligence technologies and the increasing demand for Nvidia's GPUs specifically designed for AI applications.?
A GPU, or Graphics Processing Unit, is an electronic circuit specifically designed to handle and accelerate the processing of graphics and images. It is commonly used in gaming, visual applications, and scientific simulations to deliver high-performance graphics and computational power.
HP Inc. hits rock bottom?
HP released its 2023 second quarter report and these were the results:
Revenue: $13.05b expected vs. 12.91Bb reported?
Net income: $1.07b
Earnings per share: $0.77 expected vs. $0.80 reported?
HP Inc. reported its lowest quarterly revenue since the beginning of the pandemic, indicating a persistent decline in the personal computer market. However, the company remains optimistic about market conditions improving in the latter half of the year. HP envisions a future where it plays a pivotal role in the emerging artificial intelligence sector.?
According to CEO Enrique Lores, HP is developing AI-enabled PCs that can efficiently create spreadsheets and analyze data. Despite the surge in PC demand during the pandemic, it has now regressed to pre-pandemic levels. Lores anticipates global PC demand for the entire year to range from 250 million to 260 million units, similar to levels seen before the pandemic. Previously, PC demand was approximately 100 million units higher due to the closure of offices and schools during the pandemic.
Dell's Q1 triumph?
Dell released its 2024 first quarter report and these were the results:
Revenue: $20.27b expected vs. $20.92b reported?
Net income: $578m
Earnings per share: $0.85 expected vs. $1.31 reported.?
Dell's impressive performance in the first quarter was driven by better-than-expected commercial PC sales and improved profit margins. Despite the challenging economic environment, Dell's co-chief operating officer, Chuck Whitten, highlighted their successful execution, emphasising their commitment to pricing discipline, reduction of operating expenses, and the strong performance of their supply chain compared to competitors. ? ? ? ? ? ?????????
Star-Spangled Banner This Week?
Apple is set to hold its worldwide developer conference today, Monday, June 5, 2023.?
Earnings reports are expected from various companies including Campbell's, Nio, Joann, Inc, Ferguson, The J.M. Smucker Company, GameStop, Brown Forman Corporation, DocuSign, and Seneca Foods Corporation this week.?
Also, on Tuesday, June 6, 2023, we can anticipate updates on the US trade deficit for April and consumer borrowing activity in April, courtesy of the Federal Reserve's data.
A trade deficit occurs when a country imports more than it exports, reflecting a negative balance of trade. It matters because it can indicate economic competitiveness, affect currency and capital flows, lead to international borrowing, and impact economic relationships. The significance of a trade deficit is subject to debate, as it can also be influenced by various factors and may not necessarily indicate economic weakness.
https://www.cnbc.com/2023/05/30/hp-inc-ceo-ai-will-enable-a-new-kind-of-pc-could-launch-in-2024.html