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Last Week’s Highlights
Elon Musk has a new CEO for Twitter
Elon Musk announced that he has found a new CEO for Twitter. Musk has been active on the social networking platform and has expressed his concern about moderation issues and online abuse, in addition to his constant interest in improving the platform. That is why, after a long search process, the billionaire stated that he finally selected a candidate, although he did not reveal the person’s identity right away. Besides of pushing Tesla shares by 2% before the end of the day, experts expect this choice to have a significant impact on Twitter’s future, since the new CEO could signal a change of direction in the platform and move away from the disruptive and controversial approach for which Elon Musk was known.
News Corp beats estimates
News Corp, the US media and entertainment company, announced that it had revenues for the third quarter above estimates. Total revenues reached $2.69 billion, driven primarily by its advertising segment, which experienced a 36% increase. This growth was attributed to strong demand for ads on its digital platforms and a recovery in ad spending. Although revenue from its news and entertainment businesses declined compared to the same period last year, the books and education segment showed positive growth of 23%. News Corp has expanded its presence in education and acquired several educational technology companies. Despite the encouraging results, the company also pointed to ongoing challenges in the media industry due to digital competition and changes in user consumption habits.
Coming Up This Week
Disney falls on analyst downgrade
Disney’s stock suffered a drop after an analyst downgraded its rating due to problems in its streaming service. Peter Supino, an analyst at Wolfe Research, expressed concern about the slower growth of Disney+ compared to other competitors in the same market; he also noted that the recent increase in subscription prices and lack of compelling content could hinder the platform’s future growth. Although Disney has achieved considerable success in this area, fierce competition in the market and challenges in subscriber retention led Supino to be more cautious in his assessment of the company’s near-term prospects. As a result, Disney’s stock fell, highlighting the importance of addressing streaming-related issues to remain competitive in the market.
Petrobras announces a big dividend payout
Petrobras, the Brazilian oil and gas company, reported a dividend payment of around $5 billion. This announcement follows a strong financial performance in the first quarter of 2023, driven by high oil prices and increased production. The company has managed to reduce its debt and improve its financial position, so it can distribute a significant portion of its earnings to shareholders. In addition, Petrobras also declared its intention to maintain a competitive dividend policy in the future, reinforcing its commitment to generate value for investors. This announcement has been well received by investors and could help strengthen confidence in the company, especially after the challenges it faced in previous years due to corruption and inefficient management.
