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Lyft aims at a billionaire profit

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Last Week’s Highlights

Lyft reports record earnings

Lyft, the ride-hailing company, posted record earnings in the second half of the year. This company focuses on matching passengers and drivers to complete rides and introducing new programs for users with different pricing. Lyft’s results for the second half of 2022 show that the ridesharing market appears to be slowly gaining momentum as the world overcomes the obstacles imposed by the pandemic. Lyft’s earnings beat Wall Street estimates and the company’s stock rose more than 8% in extended trading. Lyft sees room available for growth in their business, so they forecast operating profit of $1 billion by 2024.

Adidas shares take a jump

Despite setbacks such as rising supply chain costs, store closures in China by Covid-19, and the suspension of business activities in Russia, Adidas reported strong results for the second quarter of the year. The company had significant growth in Western markets, which was one of the most important factors for the positive results, according to Adidas CEO, Kasper Rorsted. “Our Western markets continued to show strong momentum in the second quarter amid increased macroeconomic uncertainty. With Asia-Pacific returning to growth, the combined markets that account for more than 85% of our business grew at a double-digit pace,” he stated. Adidas’ earnings were €1.88 per share, and its revenues rose 10.2% to €5.6 billion.

Coming Up This Week

Tesla’s stock split

Tesla set August 25 as the day when the three-for-one stock split will be traded. On Thursday, the company’s annual meeting was held where shareholders voted in favor of the re-election of directors and the stock split. This means that each Tesla shareholder of record on August 17 will get a dividend of two additional shares for each share held. This change could come in handy for the electric vehicle maker because share prices could become more affordable and there will likely be a larger number of shareholders. 

Yelp’s website traffic predict good times

Yelp reported very strong results for the second quarter of 2022 and its shares rose 14.5%. Since Q4 2021, traffic within Yelp’s website has increased globally across all available devices. In this year’s second quarter, the site reached 350.6 million visits, 15% higher than the figures achieved during the previous six-month period. On the other hand, Yelp’s revenues exceeded estimates and reached an all-time high of 298.9 million dollars. Likewise, earnings per share were at $0.11, beating expectations by $0.12. “We are particularly pleased with advertiser demand in our services categories, which once again drove record advertising revenues. With revenue from our self-service and multi-location channels now accounting for 49% of total advertising revenue, it is clear that our strategy is working,” said the company’s chief financial officer, David Schwarzbach.

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Market News

The S&P 500 index declined on Friday on the back of losses in Tesla and other tech-related stocks. These negative numbers come in the wake of the jobs report that increased optimism that the Federal Reserve may abandon its anti-inflation campaign.

The S&P 500 declined 0.16% and ended the session at 4,145.19 points. Meanwhile, the Nasdaq fell 0.50% to 12,657.56 points, and the Dow Jones rose 0.23% to 32,803.47 points. Over the week, the S&P 500 and Nasdaq indexes rose 0.4% and 2.2%, respectively, while the Dow Jones declined 0.1%.

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