Day: May 4, 2023

Qualcomm Reports 17% Phone Chip Sales Fall in Q2 2023, QCOM Stock Tanks by 6% in Pre-market

The company explained a 17-per cent drop in revenue by a tough macroeconomic environment and a “broad downturn” in the semiconductor sector. Semiconductors and wireless telecommunications products manufacturer Qualcomm Incorporated (NASDAQ: QCOM) has reported its earning for the second quarter (Q2) of 2023. Qualcomm has beaten analysts’ revenue forecasts, with $9.27 billion versus Wall Street’s estimate of $9.1 billion. However, with a better-than-expected revenue, the company has seen a 17-per cent drop from last year’s mark in phone chip sales, which is its key business unit. Besides, it missed EPS estimates,…

Investors Eagerly Await Apple’s $90B Buyback Announcement and Dividends

Apple expects a 5% drop in revenue amid sluggish sales for Mac and iPad. The Street expects the Apple board to authorize $90 billion worth of buybacks and share repurchases. Later today on Thursday, May 4, Apple Inc (NASDAQ: AAPL) will report its quarterly earnings with the Street expecting muted results from the tech giant. As per the company’s guidance, revenue could see a dip of 5% due to a drop in Mac and iPad sales. However, considering the fact that Apple has huge cash reserves, the Street expects Apple…

Bitcoin reaches $29k mark after latest FOMC meeting

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) surpassed the $29,000 mark after the US Federal Reserve (Fed) hit another 25 basis point rate hike.  The Fed surged its fund’s rate to 5.25%, according to a CNBC report on May 3. This rate hike, similar to previous ones, has triggered a bullish sentiment among crypto investors. Consequently, bitcoin’s market cap rose 1.4% in the past 24 hours. According to crypto.news data, BTC is trading at $29,075 at the time of writing. The…

Bitget pledges $10M for Blockchain4Youth corporate responsibility project

boss

On May 4, cryptocurrency derivatives exchange Bitget announced it would allocate $10 million over five years for its novel corporate social responsibility project. Dubbed “Blockchain4Youth,” the project will provide blockchain courses and certifications through Bitget Academy and host campus lectures in partnership with universities worldwide. In addition, Bitget staff wrote: “The platform will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.” Blockchain4Youth will commence this month with a series…

IMF Chief Warns of More Weaknesses in US Banking Sector — Sees ‘Gradual’ Shift Away From US Dollar – Economics Bitcoin News

International Monetary Fund (IMF) Managing Director Kristalina Georgieva expects “more vulnerabilities” in the U.S. banking sector amid a growing de-dollarization trend worldwide. “There has been a gradual shift away from the dollar,” the IMF chief acknowledged. U.S. Banking Crisis Continues The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, talked about the U.S. banking crisis and a growing de-dollarization trend Monday at the 2023 Milken Institute Global Conference in Beverly Hills, California. The IMF chief warned of more vulnerabilities in the U.S. banking sector, noting that the Federal…

US Fed Announces 25 Basis Point Rate Hike Taking Interest Rate Above 5%

Amid the banking crisis emerging in the market, the US economic environment looks extremely fragile. On Wednesday, May 3, the US Federal Reserve (Fed) announced its 25 basis point rate hike, the 10th consecutive one in just over a year’s time. Although the announcement was in line with the Street expectation, the US equity market reacted negatively with all three indices ending in the red. Fed Announces Another Rate Hike The central bank’s Federal Open Market Committee unanimously agreed to raise its benchmark borrowing rate by 0.25 percent. This increase…

Play-to-Earn Is Dead, But ScapesMania’s Launch Brings a Vital Alternative In Light of the P2E Apocalypse – Press release Bitcoin News

boss

press release PRESS RELEASE. P2E projects have reached a dead-end due to the inherent issues of the model. Token Prices and user bases are plummeting and revenue streams of such projects are no longer functioning. So, is this it for the P2E, and is there a way out? May 4, 2023, MAHÉ, SEYCHELLES – After a tumultuous two years, the market cap for GameFi tokens stood at a staggering $27 Billion USD at the start of 2022. Fast forward to 2023, and that amount stands at a much cooler figure…

US Stock Indices Plummet as Fed Raises Interest Rate for 10th Time

The US stock indices notably derailed from the recent growth path it has charted in recent times following the rate hike news. The US stock market and its associated indices took a major plunge at the close of trading on Wednesday as the Federal Reserve’s Open Market Committee (FOMC) hiked interest rate by 25 basis points for the 10th time. Though the rate is a mild one, the move shows the drivers of the economy are not willing to back down on the fight against inflation that was pegged at…

Twitter Makes $300M Second Interest Payment to Cover $12.5B Debt

Twitter reportedly made another interest payment, only the second of an expectedly long schedule of debt repayments expected from the company. Twitter Inc has made its second interest payment as part of the $12.5 billion debt CEO Elon Musk used to buy the social media giant in 2022. Twitter paid a group of seven banks, including Morgan Stanley. According to calculations by Bloomberg and market players unconnected to the deal, Twitter’s payment should be about $300 million. Bloomberg notes that Morgan Stanley and the other banks initially tried to sell the debt to…