?? Weekly Market Roundup: Nokia's Profit Dip, Microsoft's Australian Investment, Alphabet's Q3 Earnings, Boeing's Trimmed Forecast, and more.

Hello, dear readers! ??We hope you had a great week.? Here's your weekly update on the latest news from finance and markets.

Nokia's recent quarterly profits saw a significant 69% decline, reaching 133 million euros, primarily due to a challenging economic environment and elevated interest rates that affected customer subscriptions, particularly in North America. In contrast, Microsoft announced a substantial investment of $3.2 billion in Australian AI and cloud computing services and a pledge to train 300,000 Australians, aiming to strengthen its computing capabilities. Alphabet reported impressive Q3 earnings with a net income of $19.7 billion, driven by higher ad revenue. Meanwhile, Boeing trimmed its 737 Max delivery forecast for 2023 and encountered a larger-than-expected Q3 loss, partly due to fuselage issues at supplier Spirit AeroSystems. Mastercard defied economic headwinds, posting a 28% surge in Q3 profits to $3.2 billion, driven by increased consumer spending, particularly in travel and entertainment.

Stay tuned for more updates in the dynamic world of finance and markets! ??

Nokia experiences 69% dip in quarterly profits amid economic strains and rising interest rates

Nokia (NOK) reported a substantial profit decline of nearly 70% in the recent quarter, with net earnings standing at 133 million euros ($140.86 million), a 69% reduction from the previous year's same quarter, mainly due to fewer customer subscriptions amid a tough economic scenario and elevated interest rates. This financial downturn was significantly impacted by a 24% decrease in sales within the Mobile Networks segment, particularly from North American customers who curbed spending due to the higher interest rates. Despite the economic headwinds, Nokia aims to recover through stringent cost-control measures and potentially through the ongoing global 5G rollout, notably in India where net sales have more than doubled from a year ago.

Microsoft pours $3.2 billion into Australian AI and cloud services, plans to train 300,000 locals

In its most significant move in Australia in 40 years, Microsoft is investing 5 billion Australian dollars ($3.2 billion) to amplify its AI and cloud computing services, aiming for a 250% boost in computing capabilities. The tech giant's plan also encompasses a major educational component, pledging to train 300,000 Australians for the digital economy, as shares climb 0.8%.

Alphabet Q3 earnings soar with $19.7 billion net income, facing challenges in cloud and antitrust scrutiny

Alphabet Inc. triumphed in its third quarter, achieving a staggering 46% increase in net income at $19.7 billion, primarily driven by a 9% hike in ad revenue from platforms like Google Search and YouTube. Despite these gains and an almost one-third rise in share value over the past year, the company confronts headwinds with Google Cloud revenue falling short of predictions and an ongoing, high-profile antitrust lawsuit challenging its business practices. Amidst the competition intensified by Microsoft's AI integration, Alphabet continues to innovate, leveraging AI with new initiatives like Google Bard to solidify its market presence.

Boeing trims 737 Max delivery forecast, Shares dip more than 2%

Boeing (BA) has revised down its delivery estimate for the sought-after 737 Max jets to 375 to 400 from an initial 400 to 450 for 2023, following fuselage issues identified at supplier Spirit AeroSystems (SPR). This, coupled with an "unfavorable performance" in its Defense, Space and Security segment, contributed to a larger than expected Q3 2023 loss of $3.26 per share, although a 13% revenue uptick to $18.1 billion was noted. Despite the setback, CEO Dave Calhoun expressed an ongoing recovery momentum, emphasizing efforts to stabilize the supply chain and enhance operational efficiency to meet the post-pandemic aviation demand.

Mastercard's Q3 profits surge 28% to $3.2 billion amid robust consumer spending

Defying economic headwinds, Mastercard Inc. recorded a 28% year-over-year profit increase in the third quarter, reaching $3.2 billion, with revenues climbing 14% to $6.5 billion. The company benefited significantly from a resurgence in travel and entertainment spending, driving a 12% rise in transactions using Mastercard-branded cards. Despite immediate market reactions that saw over a 5% drop in shares, the financial giant's stock remains 15% stronger year-over-year, even as it braces for potential challenges due to economic uncertainties.

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