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29 July 21

Facebook beats earnings expectations, but warns of significant growth slowdown

Facebook shares fell as much as 5% in extended trading on Wednesday after the social media company called for revenue growth to slow in the quarters ahead, even as second-quarter results came in ahead of estimates.
Here’s how the company did:
• Earnings: $3.61 per share, adjusted, vs. $3.03 per share as expected by analysts, according to Refinitiv.
• Revenue: $29.08 billion, vs. $27.89 billion as expected by analysts, according to Refinitiv.
• Daily active users (DAUs): 1.91 billion, vs. 1.91 billion as expected by analysts, according to StreetAccount.
• Monthly active users (MAUs): 2.90 billion, vs. 2.91 billion as expected by analysts, according to StreetAccount.
• Average revenue per user (ARPU): $10.12, vs. $9.66 as expected by analysts, according to StreetAccount.
Facebook’s revenue grew by 56% year over year in the second quarter, according to a statement. It’s the fastest growth since 2016, accelerating from a 48% increase in the prior quarter. The company pointed to a 47% rise in average price per ad, along with a 6% increase in the number of ads it delivered.

Pfizer sells $7.8 billion in Covid shots in the second quarter, raises 2021 guidance on vaccine sales

Pfizer said Wednesday it sold $7.8 billion in Covid-19 shots in the second quarter and raised its 2021 sales forecast for the vaccine to $33.5 billion from $26 billion, as the delta variant spreads and scientists debate whether people will need booster shots.
The company’s second-quarter financial results also beat Wall Street expectations on earnings and revenue. Here’s how Pfizer did compared with what Wall Street expected, according to average estimates compiled by Refinitiv:
• Adjusted earnings per share: $1.07 per share vs. 97 cents per share expected
• Revenue: $18.98 billion vs. $18.74 billion forecast
Pfizer expects an adjusted pretax profit in the high 20% range of revenue for the vaccine.

Gold Up as Fed Policy Decision Fails to Provide Asset Tapering Timeline

Gold was up on Thursday morning in Asia to its highest level in over a week. The U.S. Federal Reserve did not provide a timeline for its tapering plans in its latest policy decision, adding that it was “ways away” from considering interest rate hikes.
Gold Futures rose 0.81% to $1,814.20 by 12:16 AM ET (4:16 AM GMT), after hitting their highest level since Jul. 20 at $1,817.35 earlier. The dollar, which usually moves inversely to gold, edged down on Thursday after hitting a two-week low during the previous session.
The Fed handed down its decision on Wednesday, with asset tapering making it onto the agenda of the two-day Federal Open Market Committee meeting that preceded it.
However, Fed Chairman Jerome Powell warned that the U.S. job market still had “some ground to cover” before the Fed begins to taper its assets, although he did not give a specific timeline. He also downplayed the risk posed by the continuous spread of COVID-19, and its Delta variant globally to the U.S. economic recovery.

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