The US stock market continued to rise on Thursday’s trading session with Dow Jones and S&P 500 hitting new all-time-high benchmarks.
A number of companies including Airbnb, Baidu, Disney continued to release their quarterly financial results which showed strong performance as economies begin to recover from the effects of the pandemic.
Employment data and producer prices report suggested that Federal Reserve won’t remove its supportive measure just yet. Meanwhile, traders are looking forward to consumer sentiment data released on Friday.
White House advisor Brian Deese said that the US government will aim to keep inflation under control by addressing supply chain and bottleneck issues.
Disney Earnings
The Walt Disney Company on Thursday released its earnings for the third quarter of its fiscal year 2021 with its revenue surging 45% to $17.02 billion and a net income of $923 million.
Disney+ paid subscribers as of July 3 rose more than 100% year on year to 116 million . The company added that Disney parks returned to profit for the first time since the start of the COVID-19 pandemic.
“We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms,” CEO Bob Chapek noted.
Airbnb’s Q2
Airbnb on Thursday released its results for the second quarter of 2021 with revenue rising 299% to $1.3 billion. For the first six months of 2021, the revenue climbed by 88.9% to reach $2.2 billion.
The company’s net loss came in at $68.2 million during the period, compared to a loss of $575.6 million reported in the same period in 2020. For the half-year time span, net loss was $1.24 billion.
Gross booking value skyrocketed 320% to reach $13.4 billion.
Baidu’s Q2
Nadaq listed Baidu Inc. on Thursday said that its total revenue for the second quarter of the year hit $4.8 billion, an increase of 20% year on year.
It reported a net loss of $90 million while operating income fell 5% year-on-year to $536 million.
Adidas to sell Reebok to Authentic Brands for $2.46 billion
German sportswear manufacturer Adidas AG on Thursday announced it has agreed to sell its subsidiary Reebok to Authentic Brands Group LLC in a deal valued at approximately $2.46 billion.
The sale, the majority of which will be paid in cash, is not expected to have a significant impact on the full-year view for the company, the statement explained.
Adidas acquired Reebok in 2005 for approximately $3.8 billion.
Facebook postpones office reopening to Jan 2022
Facebook said on Thursday the decision to delay its plans for corporate employees to return to offices in the United States until January 2022 with the key factor being rising COVID-19 cases and the DElta strain in particular.
“Data, not dates, is what drives our approach for returning to the office. Given the recent health data showing rising Covid cases based on the Delta variant, our teams in the U.S. will not be required to go back to the office until January 2022,” the company’s notice said.
Facebook had expected the offices to go back to normal in October.
