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| Here's your daily business briefing. - 🚀 Nvidia's Q4 revenue soars 265%, boosted by AI chips
- 🔍 Deep Dive: Charter gathers $3B broadband subsidies
- 💰 Roblox devs earn record $741M earnings
Thanks for reading! Shriram
p/Shriram | |
| 1 | | Nvidia ($NVDA) posted fourth-quarter earnings, surpassing expectations with adjusted earnings per share of $5.16, beating the anticipated $4.64. The company reported revenue of $22.10B, exceeding Wall Street's estimate, and anticipates sales of $24B in the current quarter, surpassing analysts' forecast of $22.17B. More: - The company's "Hopper" chips, which are AI processors for servers, saw robust sales, driving a 265% increase in total revenue YoY.
- With a 769% increase over the previous year, the company's net income for the quarter was $12.29B, or $4.93 per share.
- At $18.40B, data center sales — which now account for most of Nvidia's revenue — rose by 409%, with more than half going to major cloud providers.
- Nvidia's gaming division, which sells PC and laptop graphics cards, reported a 56% increase in revenue YoY to $2.87B.
- Other segments saw a 4% decrease to $281M in the automotive industry and a 7% increase to $90M in the OEM and other businesses.
- The revenue of Nvidia's professional graphics hardware division increased by 105% to $463M.
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What the numbers say: Over the last three years, the federal government has allocated $12.82B to assist low-income households with internet service. Charter Communications ($CHTR) received the largest share, $3.01B, through programs like the Affordable Connectivity Program and Emergency Broadband Benefit, surpassing other recipients significantly. Relevance: Charter's substantial broadband subsidies underscore its dedication to narrowing the digital divide for low-income households, in line with government initiatives. However, regulatory scrutiny on customer eligibility verification raises concerns about transparency and compliance with Charter's practices, emphasizing the ongoing need for government support in ensuring broadband affordability. More data: The ACP and its predecessor, the Emergency Broadband Benefit, aim to make high-speed internet accessible to households with incomes below 200% of the federal poverty level or those participating in specific government assistance programs. Charter's approach to enrolling new and existing customers in subsidized plans sets it apart from other providers, raising questions about the program's effectiveness in closing the digital divide. | | | |
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| 3 | | In 2023, Roblox ($RBLX) game developers achieved a record $740.8M in earnings, a 19% rise from the previous year's $623.9M. Around 12,000 game creators on the platform generated revenue, with most Roblox players, approximately 58%, being 16 years old or younger and developers receiving $0.0035 for every Robux spent on their games. More: - Last year, sales of around 100 Roblox games totaled over $1M, with nine making at least $10M.
- More than 12,000 developers converted Robux into real money; roughly 750 made over $100,000, and 3,500 made over $10,000.
- Gamefam Studios in Los Angeles and similar professional game studios obtained substantial funding, with Gamefam raising $25M in 2022 for Roblox game development.
- With the top 10 games using up 30% of players' time, Roblox boasted a record 68 million average daily active users in 2023, bringing in $3.5B in bookings.
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| 4 | | Moderna ($MRNA) unexpectedly reported a profit in the fourth quarter, with earnings per share reaching $0.55 and revenue of $2.81B, exceeding Wall Street's estimate of $2.50B. The company's cost of sales amounted to $929M for the quarter and $4.69B for the entire year. More: - A 43% decline in revenue from its COVID-19 vaccine compared to the previous year is attributed mainly to reduced vaccine volume.
- The pharmaceutical and biotechnology company reported $600M in deferred revenue from collaborating with Gavi for the quarter.
- The Massachusetts-based firm restated its forecast for sales for the entire year 2024, which is expected to reach about $4B and include money from its RSV vaccine.
- Moderna anticipates cutting its R&D spending from $4.8B in 2023 to $4.5B in 2024.
- Moderna anticipates a return to sales growth in 2025 and aims to break even by 2026, driven by the launch of new products, with 45 products in development, including nine in late-stage trials.
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| 5 | | Chord Energy ($CHRD) and Enerplus ($ERF) intend to merge in a $11B deal, with the majority (90%) in stock and the remaining 10% in cash. Following the deal's completion, Chord shareholders would hold around two-thirds of the combined company, and the newly formed entity will focus on the Williston Basin, aiming for a total fourth-quarter production of 287,000 barrels of oil equivalents per day. More: - The combined holdings of the firms in the Williston Basin, which includes portions of North and South Dakota, Montana, and Canada, amount to around 1.3 million acres.
- The projected $11B enterprise value is based on the closing prices of both firms' shares on Feb. 20 and includes Enerplus's net debt.
- For every share of Enerplus, owners would receive 0.10125 shares of Chord common stock and $1.84 in cash; this suggests that each share is worth $18.42.
- According to the transaction, Chord Chief Executive Danny Brown would oversee the combined firm, and the board would initially consist of seven out of 11 members.
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| 6 | | Beyond Meat plans to introduce an enhanced version of its plant-based burger in grocery stores this spring, aiming to entice customers with a healthier iteration. Circana data indicates a 33.6% decline in retail sales of meat alternatives compared to the same period a year ago as of Jan. 28. More: - Beyond's restaurant and retail revenues have plummeted by 29% in the last two years.
- The company's market value has dropped to $463M from its peak of $14.14B four and a half years ago.
- Beyond Meat's latest burger, Beyond IV, features reduced sodium and saturated fat compared to previous versions, incorporating avocado oil and reducing saturated fat by 60% to two grams.
- The plant-based meat now contains 20% less sodium and has a shorter ingredient list with red lentil and faba bean protein.
- Beyond partnered with certified dietitians and Stanford University School of Medicine to design the new product.
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| 7 | | Quick Hits: - Rivian announced a 10% reduction in its salaried workforce, citing a quarterly loss and intensifying competition in the EV market.
- On Wednesday, Apple unveiled Apple Sports, its inaugural sports app for iPhones, providing real-time scores, crucial statistics, and live betting odds, initially featuring data from leagues such as the NBA, NHL, and MLS.
- AT&T introduced a cybersecurity product targeting small and medium businesses, catering to the shift from wired to wireless connectivity among businesses.
- Walt Disney Co. picked three AI companies — AudioShake for music mixing, ElevenLabs for text-to-speech, and Promethean AI for prototype design — from its annual incubator program.
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 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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