News

Dell Technologies Delivers First Quarter Fiscal 2025 Financial Results

Published

11 months ago

31 May, 2024

FinCrypto Staff

Dell Technologies Delivers First Quarter Fiscal 2025 Financial Results

News summary

First quarter revenue of $22.2 billion, up 6% year over year
Infrastructure Solutions Group (ISG) revenue of $9.2 billion, up 22% year over year, with record servers and networking revenue of $5.5 billion, up 42%
Client Solutions Group (CSG) revenue of $12.0 billion, flat year over year, with commercial client revenue at $10.2 billion, up 3%
Diluted earnings per share of $1.32, up 67% year over year, and non-GAAP diluted earnings per share of $1.27, down 3%

ROUND ROCK, Texas, May 30, 2024 /PRNewswire/ —

Full story

Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 first quarter. Revenue was $22.2 billion, up 6% year over year. Operating income was $920 million and non-GAAP operating income was $1.5 billion, down 14% and 8% year over year, respectively. Cash flow from operations was $1.0 billion. Diluted earnings per share was $1.32, and non-GAAP diluted earnings per share was $1.27, up 67% and down 3% year over year, respectively.

Dell returned $1.1 billion to shareholders through share repurchases and dividends and ended the quarter with $7.3 billion in cash and investments.

“We again demonstrated our ability to execute and deliver strong cash flow, with AI continuing to drive new growth,” said Yvonne McGill, chief financial officer, Dell Technologies. “Revenue was up 6% at $22.2 billion, servers and networking revenue was up 42%, and we generated $7.9 billion of cash flow from operations over the last 12 months.”

First Quarter Fiscal 2025 Financial Results

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
	(in millions, except per share amounts and percentages; unaudited)

Net revenue	$ 22,244	$ 20,922	6 %
Operating income	$ 920	$ 1,069	(14) %
Net income	$ 955	$ 578	65 %
Change in cash from operating activities	$ 1,043	$ 1,777	(41) %
Earnings per share – diluted	$ 1.32	$ 0.79	67 %

Non-GAAP operating income	$ 1,474	$ 1,598	(8) %
Non-GAAP net income	$ 923	$ 963	(4) %
Adjusted free cash flow	$ 623	$ 687	(9) %
Non-GAAP earnings per share – diluted	$ 1.27	$ 1.31	(3) %

Information about Dell Technologies’ use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year-over-year unless otherwise noted.

Infrastructure Solutions Group (ISG) delivered first quarter revenue of $9.2 billion, up 22% year over year. Servers and networking revenue was a record $5.5 billion, up 42%, with demand strength across AI and traditional servers. Storage revenue was flat at $3.8 billion. Operating income was $736 million.

Client Solutions Group (CSG) delivered first quarter revenue of $12.0 billion, flat year over year. Commercial client revenue was $10.2 billion, up 3% year over year, and Consumer revenue was $1.8 billion, down 15%. Operating income was $732 million.

“No company is better positioned than Dell to bring AI to the enterprise,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “Servers and networking hit record revenue in Q1, with our AI-optimized server orders increasing sequentially to $2.6 billion, shipments up more than 100% to $1.7 billion, and backlog growing more than 30% to $3.8 billion.”

Dell Technologies World

On May 20, Dell expanded the industry’s broadest AI solutions portfolio from desktop to data center to cloud with innovations designed to accelerate AI adoption and innovation:

The Dell AI Factory combines Dell infrastructure, solutions and services optimized for AI workloads with an open ecosystem of partners including NVIDIA, Meta, Microsoft and Hugging Face.
The Dell AI Factory with N VIDIA includes the new PowerEdge XE9680L server, which offers direct liquid cooling in a 4U form factor and can support 72 NVIDIA Blackwell GPUs in a single rack – 33% more GPU density per node compared to the XE9680.
Dell PowerStore software updates give customers up to a 66% performance boost, native sync replication for file and block and improved multicloud data mobility capabilities.
New AI PCs are Copilot+ and powered by Qualcomm Snapdragon® X Elite and Snapdragon® X Plus processors, delivering exceptional battery life and AI performance.

Operating Segments Results

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
	(in millions, except percentages; unaudited)
*Infrastructure Solutions Group (ISG):*
Net revenue:
Servers and networking	$ 5,466	$ 3,837	42 %
Storage	3,761	3,756	— %
Total ISG net revenue	$ 9,227	$ 7,593	22 %

Operating Income:
ISG operating income	$ 736	$ 740	(1) %
% of ISG net revenue	8.0 %	9.7 %
% of total reportable segment operating income	50 %	45 %

*Client Solutions Group (CSG):*
Net revenue:
Commercial	$ 10,154	$ 9,862	3 %
Consumer	1,813	2,121	(15) %
Total CSG net revenue	$ 11,967	$ 11,983	— %

Operating Income:
CSG operating income	$ 732	$ 892	(18) %
% of CSG net revenue	6.1 %	7.4 %
% of total reportable segment operating income	50 %	55 %

Conference call information

As previously announced, the company will hold a conference call to discuss its performance and financial guidance on May 30 at 3:30 p.m. CDT. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.

For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

About Dell Technologies

Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry’s broadest and most innovative technology and services portfolio for the AI era.

Copyright © 2024 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

Non-GAAP Financial Measures:

This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:

Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.

Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions and instability in financial markets; competitive pressures; Dell Technologies’ reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies’ ability to achieve favorable pricing from its vendors; Dell Technologies’ execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; Dell Technologies’ ability to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended February 2, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Income and Related Financial Highlights (in millions, except percentages; unaudited)

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
Net revenue:
Products	$ 16,127	$ 15,036	7 %
Services	6,117	5,886	4 %
Total net revenue	22,244	20,922	6 %
Cost of net revenue:
Products	13,766	12,375	11 %
Services	3,672	3,529	4 %
Total cost of net revenue	17,438	15,904	10 %
Gross margin	4,806	5,018	(4) %
Operating expenses:
Selling, general, and administrative	3,123	3,261	(4) %
Research and development	763	688	11 %
Total operating expenses	3,886	3,949	(2) %
Operating income	920	1,069	(14) %
Interest and other, net	(373)	(364)	(2) %
Income before income taxes	547	705	(22) %
Income tax expense (benefit)	(408)	127	(421) %
Net income	955	578	65 %
Net income attributable to Dell Technologies Inc.	$ 960	$ 583	65 %

Percentage of Total Net Revenue:
Gross margin	21.6 %	24.0 %
Selling, general, and administrative	14.1 %	15.6 %
Research and development	3.4 %	3.3 %
Operating expenses	17.5 %	18.9 %
Operating income	4.1 %	5.1 %
Income before income taxes	2.5 %	3.4 %
Net income	4.3 %	2.8 %
Income tax rate	(74.6) %	18.0 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Financial Position (in millions; unaudited)

	May 3, 2024	February 2, 2024
ASSETS
Current assets:
Cash and cash equivalents	$ 5,830	$ 7,366
Accounts receivable, net of allowance of $66 and $71	8,563	9,343
Short-term financing receivables, net of allowance of $86 and $79	4,660	4,643
Inventories	4,782	3,622
Other current assets	10,792	10,973
Total current assets	34,627	35,947
Property, plant, and equipment, net	6,237	6,432
Long-term investments	1,293	1,316
Long-term financing receivables, net of allowance of $109 and $91	5,941	5,877
Goodwill	19,640	19,700
Intangible assets, net	5,538	5,701
Other non-current assets	6,914	7,116
Total assets	$ 80,190	$ 82,089

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$ 6,098	$ 6,982
Accounts payable	20,586	19,389
Accrued and other	6,016	6,805
Short-term deferred revenue	15,034	15,318
Total current liabilities	47,734	48,494
Long-term debt	19,382	19,012
Long-term deferred revenue	13,116	13,827
Other non-current liabilities	2,681	3,065
Total liabilities	82,913	84,398
Stockholders’ equity (deficit):
Total Dell Technologies Inc. stockholders’ equity (deficit)	(2,822)	(2,404)
Non-controlling interests	99	95
Total stockholders’ equity (deficit)	(2,723)	(2,309)
Total liabilities and stockholders’ equity	$ 80,190	$ 82,089

DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Cash Flows (in millions; unaudited)

	Three Months Ended
	May 3, 2024	May 5, 2023
Cash flows from operating activities:
Net income	$ 955	$ 578
Adjustments to reconcile net income to net cash provided by operating activities:	88	1,199
Change in cash from operating activities	1,043	1,777
Cash flows from investing activities:
Purchases of investments	(39)	(15)
Maturities and sales of investments	119	19
Capital expenditures and capitalized software development costs	(596)	(701)
Other	60	13
Change in cash from investing activities	(456)	(684)
Cash flows from financing activities:
Proceeds from the issuance of common stock	—	2
Repurchases of common stock	(700)	(240)
Repurchases of common stock for employee tax withholdings	(521)	(306)
Payments of dividends and dividend equivalents	(336)	(276)
Proceeds from debt	2,992	2,521
Repayments of debt	(3,477)	(3,698)
Debt-related costs and other, net	(35)	(5)
Change in cash from financing activities	(2,077)	(2,002)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(55)	(58)
Change in cash, cash equivalents, and restricted cash	(1,545)	(967)
Cash, cash equivalents, and restricted cash at beginning of the period	7,507	8,894
Cash, cash equivalents, and restricted cash at end of the period	$ 5,962	$ 7,927

DELL TECHNOLOGIES INC. Segment Information (in millions, except percentages; unaudited; continued on next page)

	Three Months Ended
	May 3, 2024	May 5, 2023	Change
*Infrastructure Solutions Group (ISG):*
Net revenue:
Servers and networking	$ 5,466	$ 3,837	42 %
Storage	3,761	3,756	— %
Total ISG net revenue	$ 9,227	$ 7,593	22 %

Operating Income:
ISG operating income	$ 736	$ 740	(1) %
% of ISG net revenue	8.0 %	9.7 %
% of total reportable segment operating income	50 %	45 %

*Client Solutions Group (CSG):*
Net revenue:
Commercial	$ 10,154	$ 9,862	3 %
Consumer	1,813	2,121	(15) %
Total CSG net revenue	$ 11,967	$ 11,983	— %

Operating Income:
CSG operating income	$ 732	$ 892	(18) %
% of CSG net revenue	6.1 %	7.4 %
% of total reportable segment operating income	50 %	55 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC. Segment Information (in millions, except percentages; unaudited; continued)

	Three Months Ended
	May 3, 2024	May 5, 2023
Reconciliation to consolidated net revenue:
Reportable segment net revenue	$ 21,194	$ 19,576
Other businesses (a)	1,049	1,343
Unallocated transactions (b)	1	3
Total consolidated net revenue	$ 22,244	$ 20,922

Reconciliation to consolidated operating income:
Reportable segment operating income	$ 1,468	$ 1,632
Other businesses (a)	6	(36)
Unallocated transactions (b)	—	2
Amortization of intangibles (c)	(168)	(203)
Stock-based compensation expense (d)	(210)	(225)
Other corporate expenses (e)	(176)	(101)
Total consolidated operating income	$ 920	$ 1,069

_________________
(a)	Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.
(b)	Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.
(c)	Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.
(d)	Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.
(e)	Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments.

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC. Selected Financial Measures (in millions, except per share amounts and percentages; unaudited)

	Three Months Ended
	May 3, 2024	May 5, 2023	% Change
Net revenue	$ 22,244	$ 20,922	6 %
Non-GAAP gross margin	$ 4,947	$ 5,164	(4) %
% of net revenue	22.2 %	24.7 %
Non-GAAP operating expenses	$ 3,473	$ 3,566	(3) %
% of net revenue	15.6 %	17.1 %
Non-GAAP operating income	$ 1,474	$ 1,598	(8) %
% of net revenue	6.6 %	7.6 %
Non-GAAP net income	$ 923	$ 963	(4) %
% of net revenue	4.1 %	4.6 %
Non-GAAP earnings per share – diluted	$ 1.27	$ 1.31	(3) %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC. Reconciliation of Selected Non-GAAP Financial Measures (in millions, except percentages; unaudited; continued on next page)

	Three Months Ended
	May 3, 2024	May 5, 2023	% Change
Gross margin	$ 4,806	$ 5,018	(4) %
Non-GAAP adjustments:
Amortization of intangibles	60	79
Stock-based compensation expense	38	38
Other corporate expenses	43	29
Non-GAAP gross margin	$ 4,947	$ 5,164	(4) %

Operating expenses	$ 3,886	$ 3,949	(2) %
Non-GAAP adjustments:
Amortization of intangibles	(108)	(124)
Stock-based compensation expense	(172)	(187)
Other corporate expenses	(133)	(72)
Non-GAAP operating expenses	$ 3,473	$ 3,566	(3) %

Operating income	$ 920	$ 1,069	(14) %
Non-GAAP adjustments:
Amortization of intangibles	168	203
Stock-based compensation expense	210	225
Other corporate expenses	176	101
Non-GAAP operating income	$ 1,474	$ 1,598	(8) %

Net income	$ 955	$ 578	65 %
Non-GAAP adjustments:
Amortization of intangibles	168	203
Stock-based compensation expense	210	225
Other corporate expenses	170	98
Fair value adjustments on equity investments	30	15
Aggregate adjustment for income taxes (a)	(610)	(156)
Non-GAAP net income	$ 923	$ 963	(4) %

____________________
(a)	Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC. Reconciliation of Selected Non-GAAP Financial Measures (unaudited; continued)

	Three Months Ended
	May 3, 2024	May 5, 2023	% Change
Earnings per share attributable to Dell Technologies, Inc. — diluted	$ 1.32	$ 0.79	67 %
Non-GAAP adjustments:
Amortization of intangibles	0.23	0.28
Stock-based compensation expense	0.29	0.30
Other corporate expenses	0.24	0.13
Fair value adjustments on equity investments	0.04	0.02
Aggregate adjustment for income taxes (a)	(0.84)	(0.21)
Total non-GAAP adjustments attributable to non-controlling interests	(0.01)	—
Non-GAAP earnings per share attributable to Dell Technologies, Inc. — diluted	$ 1.27	$ 1.31	(3) %

____________________
(a)	Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC. Reconciliation of Selected Non-GAAP Financial Measures (in millions, except percentages; unaudited; continued)

	Three Months Ended
	May 3, 2024	May 5, 2023	% Change
Cash flow from operations	$ 1,043	$ 1,777	(41) %
Non-GAAP adjustments:
Capital expenditures and capitalized software development costs, net (a)	(586)	(698)
Free cash flow	$ 457	$ 1,079	(58) %

Free cash flow	$ 457	$ 1,079	(58) %
Non-GAAP adjustments:
Financing receivables (b)	165	(367)
Equipment under operating leases (c)	1	(25)
Adjusted free cash flow	$ 623	$ 687	(9) %

____________________
(a)	Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, and other assets.
(b)	Financing receivables represent the operating cash flow impact from the change in DFS financing receivables.
(c)	Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements.

SOURCE Dell Technologies

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News

Breakfast on Wall Street: The Week Ahead

Published

9 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

9 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

9 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

9 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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