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Hey! Hey!
How are you doing? I feel excited to be writing to you again. I'm always excited anyways👀..Lol!
But before we proceed to our usual, I've got two exciting news. Yeah! you read well, two amazing news. 😁😁
Now here is the first news; Reddit is now available on the Trove app! So, if you are interested in investing in this social media company, Trove has got you covered!
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I know you're eager to hear the next news, so just sit back and relax - I'll dish it all out soon enough 😉 In the meantime, grab a popcorn, let's dive in to today's gist.
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Reddit, the social media platform that's become a hub for online communities and viral trends, has just gone public! And you know what? This particular IPO is said to be one of the biggest ever initial public offerings (IPO) by a social media platform.
I mean, it's so interesting to see how a company that started as a small, niche community has grown into such a powerhouse.
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The company’s Reddit is an online forum where users can discuss topics that interest them. It was founded almost 20 years ago and is one of the most popular websites in the world with over 73 million users.
The company under the ticker symbol “RDDT” revealed that it had priced its shares at $34 each, near the top of a marketed range. It put 22 million of its shares up for sale and, in an unusual move, offered some of the shares to the platform's users, although it has not been disclosed how many took up the offer.
Now here is the interesting part… By the close of trade on the first day, the company’s shares soared by up 48% making it $50.44 per share, valuing the firm at more than $9bn (£7.1bn).
Oh boy!! That's huge!
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Chewy has released its financial results for the fiscal fourth quarter and full year 2023 ended January 28, 2024.
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Man!! They smashed expectations for their Q4 earnings! The pet food retailer reported some impressive earnings - It was truly a better-than-expected result. No kidding?!
But! {plot twist} Shares jumped over 6% after the result was announced! I guess the street wasn't impressed
The company’s earnings per share (EPS) was $0.19, topping the $0.03 loss per share estimated by analysts.Q4 net sales increased by 4% to $2.83 billion, resulting in full-year 2023 net sales of $11.15 billion, representing 10% year-over-year growth. Also, it posted a net income of $31.9 million, including share-based compensation expenses and related taxes of $60.7 million. The company achieved an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 3.1% for the quarter and 3.3% for the full year, a continued improvement relative to full year 2022.
And according to Sumit Singh, CEO of Chewy, the results reflect the company’s ability to deliver improved profitability on a steady and consistent basis, even while concurrently investing in planned growth initiatives that we expect will deliver long-term value to shareholders.
Sumit Singh, further said “I am proud of the performance the team delivered to close out a strong fourth quarter and full year. In 2023, we gained market share while simultaneously expanding margins and accelerating free cash flow generation.”
“As we embark on 2024, we remain committed to further expanding our margins and generating meaningful free cash flow for our shareholders.”
Sounds to me like the company is not slowing down this year.
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Now, here is the second news ; Trove will be hosting it first Twitter Space for the year on March 29th by 7pm WAT - I know its a Good Friday and you might want to do other things but you really need to be there! because our special guest with be sharing some financial strategies you need to employ this season.
So, save your spot today!
Register Here -> https://bit.ly/TroveXspaces
Make sure to spread the joy by sharing this news with your friends. 🤗
Don’t forget to inform them to download the trove app – to enjoy a journey to wealth just like you.
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Chipotle's been really hot since its IPO back in 2006, but despite gaining more than 5,000%, the company’s stock had never once split but guess what? They're finally hitting the split button!!
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Chipotle Mexican Grill (CMG) announced that its board has approved a 50-for-1 stock split to make its shares more accessible to staff and a broader range of investors. I mean, that's huge! Yeah! And you know what? it would be one of the biggest stock splits in the history of the New York Stock Exchange. Interesting!
However, the split is still subject to shareholder approval at the company's annual meeting on June 6. And if it's approved, the stock will begin trading on a post-split basis on June 26.
Wow!! But after all these years? why now?
Well, seems like they wanna spread the love now. Hahaha! At least, more folks are gonna get a slice of that Chipotle pie! *winks*
Chipotle is really trending and it's not just about the split. The company is definitely on fire!! breaking records left and right with their revenue, profits, and growth! Chipotle also announced a special one-time equity grant for all restaurant general managers and crew members with more than 20 years of service. Wow! I mean that’s loyalty right there! Chipotle's keepin' it real with their people.
Anyway, so, are you in for some Chipotle stock? 😁
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Hey! You might remember me telling you last week that Micron's Q2 report would be coming out on the 20th of March.
Well, guess what? The report is now out, and the results are pretty interesting!
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The company’s share spiked more than 14% after the company announced second-quarter fiscal 2024 results that beat analysts estimates. Ouch!
The company posted fiscal second-quarter adjusted earnings of 42 cents per share, up from a loss of $1.91 a share in last year’s corresponding quarter and significantly ahead of analysts’ expectations for a loss. Micron announced that its revenue rose to $5.82 billion from $3.69 billion in the year ago quarter. The company also reported a net income of $793 million, up from a net loss of $2.3 billion in the same period last year.
And for its fiscal third quarter, Micron expects to report revenue of $6.6 billion, above the $6.02 billion expected by analysts.
Micron CEO Sanjay Mehrotra said in a statement accompanying the quarterly results “We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI.” He also noted that AI server demand has tightened demand-supply dynamics, which has helped Micron benefit from robust price increases in all memory and storage end markets. He said he anticipates pricing levels to increase further throughout this year, adding that the company expects record revenue and much improved profitability in fiscal 2025.
Well, Micron has long provided memory and flash storage for computers, data centres and phones. So, while Nvidia has grabbed much of the spotlight for its graphics processing units that run AI, companies like Micron benefit by providing the memory and storage for those systems.
I mean, it's really amazing to see how important memory and storage are to the future of AI and computing. Can wait to see what Micron has to offer for the next quarter!
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What are you waiting for?!?! Forget not this ministry of yours: Tell a friend to tell a friend to: |
Until next time folks! Catch more gist on our social media pages |
Your dearest and favorite Stocks Market Gist Partner,
Tomi, From Trove 💚
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