Here are the top 10 stock market moving headlines of the past week.
10. Alphabet Earnings And Stock Split:Technology giant Alphabet Inc(NASDAQ:GOOG)(NASDAQ:GOOGL) reported fourth quarter revenue of $75.3 billion, up 32% year-over-year. The company reported fourth quarter earnings per share of $30.69. Both totals came in ahead of street consensus estimates. Along with the earnings, the company announced a 20-for-1 stock split for all classes of shares that will happen in July 2022.
9. AMD Earnings: Advanced Micro Devices Inc(NASDAQ:AMD) reported fourth quarter revenue of $4.8 billion Tuesday. The total came in ahead of the company’s guidance and the street estimate. The company’s computing and graphics segment saw revenue hit $2.6 billion, up 32% year-over-year. AMD expects fiscal 2022 revenue to hit $21.5 billion.
8. Facebook Earnings:Now known as Meta Platforms Inc, the Facebook parent company saw its stock fall after reporting fourth quarter financial results Wednesday. The company reported fourth quarter revenue of $33.67 billion, which beat a street estimate of $33.38 billion. Meta reported 2.91 billion monthly active users for Facebook and daily active users of 1.93 billion. While daily active users rose 5% on a year-over-year basis, they came in lower than the previous quarter. A drop in DAU along with the company expecting a continued negative impact from iOS app changes by Apple Inc spooked investors.
7. Amazon Earnings:Ecommerce giant Amazon.com Inc reported fourth quarter revenue of $137.4 billion on Thursday. The total was up 9% year-over-year and came in just shy of a street consensus estimate of $137.6 billion. The company’s Amazon Web Services segment had growth of 40% in the fourth quarter and is now recognized as a $71 billion segment based on an annual run rate. Amazon announced Thursday that it would raise the cost of its Amazon Prime membership, with costs going from $12.99 to $14.99 a month for monthly subscribers and going from $119 to $139 for annual subscribers. The updated prices will go into effect on Feb 18, 2022 for new members and beginning on Mar 25, 2022 for existing customers at the time of their next renewal.
6. Spotify Earnings:Streaming platform Spotify Technology reported fourth quarter revenue of $2.69 billion Wednesday, a total that was up 24% year-over-year. The company saw monthly active users grow 18% year-over-year to 406 million. The company said it no longer plans to issue annual guidance for financials. Guidance was given for the first quarter with Spotify expecting to hit revenue of 2.6 billion Euros and 418 million monthly active users.
5. Snap Earnings: Snap Inc saw shares soar after reporting fourth quarter revenue of $1.3 billion, beating a street estimate of $1.2 billion. The company reported a profit of 22 cents per share in the fourth quarter. Global daily active users were up 20% year-over-year to 319 million. This marked the fifth consecutive quarter of DAUs rising 20% or more on a year-over-year basis.
4. Ford Earnings:Automotive giant Ford Motor Company reported fourth quarter revenue of $35.26 billion, which came in short of a street estimate of $35.52 billion. Earnings per share of 26 cents per share in the fourth quarter also came in shy of a street estimate of 45 cents per share. The company highlighted that it has over 275,000 orders for the Mustang Mach-E, F-150 Lightning and E-Transit commercial vehicles as it grows its electric vehicle offerings.
3. Marijuana Banking Bill:The U.S. House of Representatives approved an amendment to an innovation and manufacturing bill that includes marijuana banking reform. The amendment was preliminarily approved on Wednesday and then approved by the House with a vote of 262-168. The Secure and Fair Enforcement Banking Act (SAFE) is the latest in a push to help support marijuana legalization.
2. Cryptocurrency Falls:Major cryptocurrencies fell or traded flat for the week, with Bitcoin going below $40,000 before rallying late Friday. Yields of short-term U.S. government bonds have risen on fears of inflation and potential rate hikes from the Federal Reserve. Cryptocurrencies tend to trade with more volatility when inflation fears are continuing.
1. U.S. Adds 467,000 Jobs:The Labor Department reported 467,000 jobs were added in the month of January. The total came in ahead of estimates of 150,000 jobs. Unemployment in the U.S. was reported at 4% with the labor participation rate of 62.2% unchanged from the last report. The leisure and hospitality industry had 151,000 jobs added in January.
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