David Fuller and Eoin Treacy's Comment of the Day
Category - General

    Riot Platforms Reports Mixed Q2 2023 Financial Results, RIOT Shares Drop 4%

    This article from Coinspeaker may be of interest. Here is a section: 

    One of the leading crypto mining publicly traded companies Riot Platforms Inc (NASDAQ: RIOT) released its Q2 2023 earnings on Wednesday. According to the announcement, Riot Platforms produced 1,775 Bitcoins during the quarter that ended on June 30, compared to 1,395 Bitcoins that were generated during the same period last year. As a result, the company announced that its total revenue for the quarter came in at $76.7 million, compared to approximately $72.9 million for the same period last year. However, analysts surveyed by FactSet expected the crypto mining company to report revenue of about $84.6 million.

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    Offshore Staff for Australia's Woodside LNG Plant Vote to Strike

    This note from Bloomberg may be of interest. Here is a section:

     Workers at offshore facilities serving Woodside’s North West Shelf LNG project are seeking a strike, according to results of the voting published Wednesday by Australia’s Fair Work Commission. 

    The Australian Workers’ Union voted for protected action options, according to the document

    NOTE: That follows a vote to strike by workers at two of Chevron’s LNG facilities in Australia earlier this week; no clarity on timing of a possible action yet
    A Woodside spokesperson said Wednesday the “positive progress” is being made in negotiations and that “parties have reached an in-principle agreement on a number of issues”

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    Array Climbs as Bookings, Profit Focus Encourage: Street Wrap

    This article from Bloomberg may be of interest. Here is a section:

    Array Technologies jumps as much as 26%, the most intraday in a year, after boosting its annual adjusted EPS and Ebitda projections, though the maker of renewable energy equipment also lowered its revenue expectations for the year. Analysts are encouraged by Array’s focus on profitability and rebound in bookings.

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    WeWork's "Substantial Doubt" Over Future Marks Stunning Fall

    For the past four years, WeWork Inc. has been trying to deliver a turnaround story — one in which the rowdy co-working startup transforms into a stable, profitable public company. It sloughed off Adam Neumann, its rambunctious co-founder and former chief executive officer, and replaced him with an industry veteran boasting a reputation of saving troubled real estate companies.

    WeWork was not saved, and the co-working company now says there’s “substantial doubt” it will even be able to stay in business.

    The New York-based company is bleeding cash, and customers of its office rentals are canceling their memberships in droves, WeWork said in a statement Tuesday. Its shares fell 26% in the first minutes of trading Wednesday morning.

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    Earthquake in East China Injures 21, Wrecks 126 Buildings

    This article from Bloomberg may be of interest. Here is a section:

    A 5.5-magnitude earthquake that hit the Eastern Chinese province of Shandong in the early hours of Sunday caused the collapse of 126 buildings and injured at least 21 people, according to early reports from state media.

    The quake struck the county of Pingyuan in the Dezhou city at 2:33am Sunday, Xinhua News Agency reported. No leaks were found in oil and gas pipelines and power supply was normal, the report said. 

    State-run CCTV later said the quake may have had a maximum magnitude of 7 at a depth of 10 kilometers and warned that there may be more casualties, citing data from the China Earthquake Administration. 

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    Block Shares Drop Most Since March After Earnings Disappointment

    This article from Bloomberg may be of interest to subscribers. Here is a section:

    Block Inc., Jack Dorsey’s payments company, tumbled as much as 14% after reporting results that fell short of some analysts’ expectations.

    Jefferies Financial Group Inc.’s Trevor Williams said in a note that Block’s earnings report “lacks oomph,” even after the company increased its adjusted profit outlook for the rest of the year when it reported second-quarter results Thursday. BTIG LLC analyst Lance Jessurun called Block’s July trends “disappointing.”

    Shares of the San Francisco-based company fell 11% to $65.14 at 12:32 p.m. in New York, after dropping to as low as $63.38 in the biggest intraday plunge since March.

    Williams cited limited upside for Block’s Cash App, which started as a person-to-person payments app and now offers access to a variety of financial products. He also called “tepid” one measure of how many dollars are processed by Block’s payments systems. 

    Both Cash App and Square, a payments platform geared toward small and midsize businesses, beat expectations in the second-quarter.

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