New York Stock Exchange Reddit, Inc. (NYSE: RDDT) is pleased to celebrate its initial public offering. In honor of the occasion, Snoo is ringing the Opening Bell®.
NYSE
This report is from today’s CNBC Daily Open, our international market newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. As you see? You can subscribe Here.
Here’s what you need to know today
Alphabet and Reddit beat expectations
Google-Parents letters Third-quarter earnings beat expectations. The company’s top line was boosted by a 35% jump in revenue from its cloud division from a year ago. Meanwhile, Reddit It turned profitable in the third quarter with net income of $29.9 million, compared to a net loss of $7.4 million in the same quarter a year ago. Shares of Reddit rose nearly 25% in extended trading on Tuesday.
European banks are swimming in profits
UPS LSEG generated a net profit of $1.43 billion for shareholders, compared with the $667.5 million forecast in the poll. Separately, British Bank Standard Chartered It beat expectations on its third-quarter net interest income and pre-tax profit, which rose 37% from a year ago.
Turbulent markets
On Tuesday, the Nasdaq Composite It rose 0.78% to close at a fresh high S&P 500 Added 0.16%, but Dow Jones Industrial Average 0.36% lost. Asia-Pacific markets traded mostly lower on Wednesday. of Hong Kong Hang Seng Index fell about 1.4% and China’s CSI fell 1.2%. Indexes were dragged down by Chinese EV stocks, which fell on news that the European Union had raised tariffs on Chinese EVs.
Xiaomi’s EVs are on pace
XiaomiThe Chinese smartphone and electric appliance company delivered more than 20,000 SU7 EVs in October, the company said on Tuesday. The SU7 costs about $4,000 less than Tesla’s Model 3. Xiaomi’s speed of production and deliveries is remarkable – Expeng And Neo It took about six years to produce 100,000 EVs, while Tesla took 12 years.
[PRO] Effects of UK budget on markets
British Chancellor of the Exchequer Rachel Reeves will announce the country’s national budget later today. Analysts look for changes in taxation and government borrowing — and highlight stocks and bonds that could be affected by those developments.
Bottom line
A day in the life of an average office worker:
- Travel to work. Send a photo of a packed train to a friend
- Browse Reddit. Laugh at cats on r/images
- Search Google for information on why orange cats are so mean
- Watch a video collection of cats knocking over mugs on YouTube
- Come to work. Browse social media secretly
Those behaviors are so ingrained in most of us that they are almost automatic and necessary.
Not surprisingly, then, the companies behind those services. Snap, Reddit And letters – Third-quarter results beat Wall Street’s expectations.
Their earnings, in particular, are bright spots. In its third quarter, Alphabet’s ad revenue grew 10.4% year over year. While Snap and Reddit don’t specifically report their ads, there are signs that both companies are doing well in that area.
According to CEO Evan Spiegel, Snap’s total active advertisers more than doubled from the prior-year quarter. It also has more than expected two million global daily active users. More advertisers and more eyeballs mean more revenue per ad.
Meanwhile, Reddit turned a profit from a loss a year ago. That significant shift was helped in part by a 47% year-over-year improvement in daily active users and expected average revenue per user.
All companies posted earnings after Bell. In extended trading, shares of Reddit rose nearly 25%, Snap added about 10.6% and Alphabet added 5.8%.
It is of Meta And Microsoft Report earnings later today. Microsoft isn’t really into the ad market because it’s more focused on enterprise products. But investors will be watching to see if Meta will continue the positive trend so far.
The company’s ad revenue is likely to see healthy growth if I see ads that know how much time I spend on Instagram and what I want.
— CNBC’s Julia Boorstin, Jonathan Vanion and Jennifer Elias contributed to this report.
Note: The CNBC Daily Open is on Thursday, October 31, a public holiday in Singapore. Regular programming will resume on Friday.
