US initial jobless claims
The number of initial jobless claims in the United States for the week ending August 8 fell by 228,000 compared to 963,000, falling below 1 Million mark for the first time since March. According to the US Labor Department, insured unemployment came in at 15,486,000, a decline by 604,000 compared to the previous week.
Tesla Surge on Stock Split News
Shares of electric vehicle and clean energy company Tesla Inc on Wednesday rose by as much as 13% after the company announced a five-for-one split of the company’s common stock. The split, which is in the form of a stock dividend is aimed at making the company’s stock ownership more accessible to employees and investors. Trading will begin on a stock split-adjusted basis on August 31, 2020.
Cisco Earnings
American multinational technology conglomerate Cisco Systems has reported its earnings for the fourth quarter and fiscal year ended July 25, 2020. Total revenue was $12.2 billion, down 9%, with product revenue down 13% and service revenue was flat. Revenue by geographic segment was: Americas down 12%, EMEA down 6%, and APJC down 7%. Product revenue was led by growth in Security, up 10%. Infrastructure Platforms was down 16% and Applications was down 9%.
Lyft Earnings
Ride-hailing company Lyft reported results for the period ending June 30, 2020 with revenue declining by 61% compared to the same period last year. Net losses for Lyft amounted to $437.1 million during the second quarter, compared to $644.2 million in the same period last year.
Jumia Earnings
Jumia Technologies AG yesterday announced results for the second quarter ended 30 June 2020. The company recorded an operating loss of €37.6 million, 44% down from €66.7 million at a similar period this year. More on Jumia Earnings
Tencent Earnings
Chinese internet company Tencent revenue for the second quarter rose 29% to $16.1 billion, to record the best growth in two years. The growth in revenue was mainly driven by Gaming which rose 40% to $5.5 billion.
