The New York Stock Exchange welcomes Reddit, Inc. (NYSE: RDDT) to celebrate its initial public offering. To celebrate this occasion, Snow rings the opening bell®.
New York Stock Exchange
This report is from today’s CNBC Daily Open, the international markets newsletter. CNBC Daily Open keeps investors informed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Alphabet and Reddit exceeded expectations
Google Parents alphabet Third quarter profits exceeded expectations. The company’s top line was boosted by a 35% jump in cloud division revenue from a year ago. Meanwhile, Reddit It achieved profits in the third quarter with a net income of $29.9 million, compared to a net loss of $7.4 million during the same quarter last year. Shares of Reddit rose nearly 25% in extended trading Tuesday.
European banks are enjoying profits
UPS The company beat expectations for the third quarter, posting net profits of $1.43 billion attributable to shareholders, compared to expectations of $667.5 million in an LSEG survey. Separately, the British Bank Standard Chartered It beat expectations for net interest income and pre-tax earnings in the third quarter, which jumped 37% from a year ago.
Volatile markets
Tuesday, Nasdaq Composite It rose 0.78% to close at a new high Standard & Poor’s 500 He added 0.16% Dow Jones Industrial Average Lost 0.36% Most Asia-Pacific markets traded lower on Wednesday. Hong Kong Hang Seng Index It fell about 1.4% and China’s CSI fell about 1.2%. The indices were affected by a decline in Chinese electric vehicle stocks, which fell due to news of the European Union raising customs tariffs on Chinese electric vehicles.
Xiaomi electric cars are going very fast
XiaomiThe Chinese smartphone and electrical appliance giant said on Tuesday that it had delivered more than 20,000 SU7 EV vehicles in October. The SU7 costs about $4,000 less than the Tesla Model 3. Xiaomi’s manufacturing and delivery speed is impressive – Exping and New It took about six years to produce 100,000 electric cars, while Tesla took 12 years.
[PRO] UK Budget Impacts on Markets
British Finance Minister Rachel Reeves will announce the country’s national budget later today. Analysts expect changes to the tax system and government borrowing – and highlight stocks and bonds that could be affected by these developments.
Bottom line
A day in the life of an average office worker:
- Go to work. Send a picture of the crowded train to your friend
- Browse Reddit. Lmao at the cats in r/pics
- Search Google for information on why orange cats are so outrageous
- Watch a collection of YouTube videos of cats knocking over vases
- Getting to work. Keep scrolling social media secretly
These behaviors are so ingrained in most of us that they are almost automatic and necessary.
It is no surprise then that the companies behind these services – pop, Reddit and alphabet – Announced third-quarter results that exceeded Wall Street expectations.
Its revenues, in particular, are bright spots. In the third quarter, Alphabet’s ad revenue rose 10.4% year over year. Although Snap and Reddit haven’t specifically announced their top ad results, there are indications that the two companies are also doing well in this area.
Snap’s total active advertisers have doubled compared to the same quarter last year, according to CEO Evan Spiegel. This is coupled with two million more daily active users globally than expected. More advertisers and more eyeballs means more revenue per ad.
Meanwhile, Reddit went from losing ground a year ago to turning a profit. This remarkable turnaround was contributed in part by a 47% year-over-year jump in daily active users and better-than-expected average revenue per user.
All companies announced their earnings after the bell. In extended trading, Reddit shares rose about 25%, Snap shares rose about 10.6%, and Alphabet shares rose 5.8%.
that it dead and Microsoft Turning to the earnings report later today. Microsoft isn’t really involved in the advertising market because it’s more focused on enterprise products. But investors will be watching to see if Meta keeps up with the positive trend so far.
Judging by the amount of time I spend on Meta-owned Instagram and see ads that seem to know exactly what I want, the company’s ad revenue is likely to see healthy growth as well.
— CNBC’s Julia Boorstin, Jonathan Vanian and Jennifer Elias contributed to this report.
Note: CNBC Daily Open will be on break on Thursday, October 31, a public holiday in Singapore. Regular programming will resume on Friday.
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