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CooTek Announces Second Quarter 2019 Unaudited Results

SHANGHAI, Aug. 20, 2019 /PRNewswire/ -- CooTek (Cayman) Inc. (CTK) ("CooTek" or the "Company"), a fast-growing global mobile internet company, today reported unaudited financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights

  • Net revenue was US$37.6 million, an increase of 33% from US$28.4 million during the same period last year.
  • Gross profit was US$33.6 million, an increase of 37% from US$24.5 million during the same period last year. Gross profit margin was 89.4%, an increase of 2.9% year-over-year.
  • Net loss was US$14.1 million, compared to net income US$2.1 million during the same period last year.
  • Adjusted net loss[1] (Non-GAAP) was US$12.9 million, compared to adjusted net income (Non-GAAP) of US$2.8 million during the same period last year.

Second Quarter 2019 Operational Highlights

  • The average daily active users ("DAUs") of the Company's global products[2] were 171.3 million in June 2019 compared to 132.7 million in June 2018, an increase of 29% year-over-year.
  • The average monthly active users ("MAUs") of the Company's global products2 were 255.5 million in June 2019 compared to 193.9 million in June 2018, an increase of 32% year-over-year.
  • The average DAUs of the Company's portfolio products[3] were 27.6 million in June 2019 compared to 7.3 million in June 2018, an increase of 278% year-over-year.
  • The average MAUs of the Company's portfolio products3 were 65.1 million in June 2019 compared to 22.2 million in June 2018, an increase of 193% year-over-year.
  • The user engagement[4] of the Company's portfolio products in June 2019 was approximately 42%, compared to approximately 33% in June 2018 and approximately 39% in March 2019.
  • The average DAUs of TouchPal Smart Input were 143.7 million in June 2019 compared to 125.4 million in June 2018, an increase of 15% year-over-year.
  • The average MAUs of TouchPal Smart Input were 190.4 million in June 2019 compared to 171.7 million in June 2018, an increase of 11% year-over-year.
  • The user engagement of TouchPal Smart Input in June 2019 was approximately 76%, compared to approximately 73% in June 2018 and approximately 76% in March 2019.

 

[1] "Adjusted net income (loss)" (Non-GAAP) is a non-GAAP measure, which is defined as net income (loss) excluding share-based compensation. For further information, please see "Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" at the bottom of this release.

[2] "global products" is to the mobile applications that we develop and provide to our users and business partners, which excludes TouchPal Phonebook. TouchPal Phonebook targets the Chinese domestic market and is different from TouchPal Smart Input and portfolio products that are designed for the global market (including China).

[3] "portfolio products" is to the mobile applications that we develop and provide to our users and business partners, which exclude TouchPal Smart Input and TouchPal Phonebook.

[4] User engagement is calculated by dividing DAUs by MAUs of certain products for a certain period.

 


Portfolio Products


TouchPal Smart Input


DAUs

MAUs

User Engagement


DAUs

MAUs

User Engagement


(in millions, except for the percentages)



Mar' 17

0.1

0.5

20.0%


61.7

96.6

63.9%

Jun' 17

0.3

0.8

37.5%


75.3

113.8

66.2%

Sep'17

0.7

2.3

30.4%


88.7

131.6

67.4%

Dec'17

2.9

9.4

30.9%


101.9

148.2

68.8%

Mar' 18

4.6

14.4

31.9%


115.7

161.6

71.6%

Jun' 18

7.3

22.2

32.9%


125.4

171.7

73.0%

Sep'18

11.0

33.7

32.6%


132.9

180.0

73.8%

Dec'18

16.9

46.1

36.7%


140.8

190.5

73.9%

Mar' 19

23.1

59.8

38.6%


145.9

192.3

75.9%

Jun'19

27.6

65.1

42.4%


143.7

190.4

75.5%

  • Portfolio products continued to be the main driver of revenue growth, contributing nearly 76% to the total revenue.

"We built upon our strong start to the year with net revenue growing 33% year-over-year during the quarter to US$37.6 million and DAUs of our portfolio of products expanding to 27.6 million," commented Mr. Karl Zhang, CooTek's Co-Founder and Chairman. "The engagement rate of our portfolio apps continued to grow, expanding to 42% from 39% last quarter. We believe the impact from Google will be short-term and that our sophisticated capabilities to drive user growth leveraging our in-depth and unique user insights will continue to offer a unique value proposition. We are investing now to firmly establish and continuously evolve our content ecosystem in order to achieve long-term competitiveness and increase user stickiness. We will continue drive growth momentum by launching new and innovative products, retaining our users, and facilitating greater engagement with our products."

Second Quarter 2019 Financial Results

Net Revenues

(in US$ thousands, except percentage)

2Q 2019


1Q 2019


2Q 2018


QoQ % Change


YoY % Change











Mobile Advertising Revenue

36,651


39,377


27,643


(7%)


33%

Other Revenue

942


660


716


43%


32%

Total Net Revenues

37,593


40,037


28,359


(6%)


33%

Net revenues for the second quarter were US$37.6 million, an increase of 33% from US$28.4 million during the second quarter of 2018 and a decrease of 6% from US$40.0 million last quarter. The sequential decrease was primarily due to the decrease in advertising revenues recognized from Google for the last 2 months of the second quarter. 

Mobile advertising revenue for the second quarter was US$36.7 million, an increase of 33% from US$27.6 million during the second quarter of 2018 and a decrease of 7% from US$39.4 million last quarter. The year-over-year increase was primarily due to the rapid growth in the number of DAUs of portfolio products and improvement in user engagement.

Portfolio products accounted for approximately 78%, TouchPal Smart Input accounted for approximately 6% and TouchPal Phonebook accounted for approximately 16% of the mobile advertising revenue for the second quarter of 2019.

Cost and Operating Expenses


2Q 2019

1Q 2019

2Q 2018

QoQ %
Change

YoY %

change

(in US$ thousands, except percentage)

US$

% of revenue

US$

% of revenue

US$

% of revenue










Cost of revenues

3,982

11%

3,541

8%

3,828

13%

12%

4%

Sales and marketing

32,693

87%

27,378

68%

15,655

55%

19%

109%

Research and development

7,649

20%

6,616

17%

4,494

16%

16%

70%

General and administrative

7,773

21%

2,344

6%

2,279

8%

232%

241%

Other operating income, net

(103)

(0%)

(68)

(0%)

(48)

(0%)

51%

115%

Total Cost and Expenses

51,994

139%

39,811

99%

26,208

92%

31%

98%










Share-based compensation expenses by function

Cost of revenues

23

0.1%

18

0.0%

15

0.1%

28%

53%

Sales and marketing

61

0.2%

59

0.1%

33

0.1%

3%

85%

Research and development

946

2.5%

918

2.3%

470

1.7%

3%

101%

General and administrative

158

0.4%

148

0.4%

95

0.3%

7%

66%

Total share-based compensation expense

1,188

3.2%

1,143

2.9%

613

2.2%

4%

94%

Cost of revenues for the second quarter was US$4.0 million, representing a 4% increase from US$3.8 million during the same period last year and a 12% increase from US$3.5 million last quarter. The year-over-year increase was mainly due to an increase in operational and maintenance related expenses as the Company's businesses expanded and partially offset by a decrease in VoIP-related expenses as a result of continuous improvement in telecommunication services utilization efficiency. The sequential increase was primarily due to the expanding data center capacity and network infrastructure.

Gross profit for the second quarter was US$33.6 million, a 37% increase from US$24.5 million during the same period last year and a decrease of 8% from US$36.5 million last quarter. Gross profit margin was 89.4%, compared to 86.5% in the same period last year and 91.2% last quarter.

Sales and marketing expenses for the second quarter were US$32.7 million, an increase of 109% from US$15.7 million during the same period last year and an increase of 19% from US$27.4 million last quarter. As a percentage of total revenue, sales and marketing expenses accounted for 87% compared with 55% during the same period last year, and 68% during last quarter. The year-on-year increase in sales and marketing expenses as a percentage of total net revenue was primarily due to the increased investment in user acquisition.

Research and development expenses for the second quarter were US$7.6 million, an increase of 70% from US$4.5 million during the same period last year and an increase of 16% from US$6.6 million last quarter. The year-on-year and sequential increases were primarily due to the increased cost associated with technology R&D staff. As a percentage of total net revenue, research and development expenses accounted for 20%, as compared to 16% during the same period last year and 17% compared to last quarter.

General and administrative expenses for the second quarter were US$7.8 million, an increase of 241% from US$2.3 million during the same period last year and an increase of 232% from US$2.3 million last quarter. The sequential increase was mainly due to an increase of US$4.7 million in bad debt provision, the majority of which was accrued for certain customers influenced by Google's decision to disable some of the global portfolio apps. As a percentage of total net revenue, general and administrative expenses accounted for 21%, compared to 8% during the same period last year and 6% during last quarter.

Other operating income, net for the second quarter was US$0.1 million, increased from US$0.05 million during the same period last year and US$0.07 million last quarter. It mainly consisted of government subsidies received by the Company.

Net loss for the second quarter was US$14.1 million, as compared with net income of US$2.1 million during the same period last year and net income of US$0.2 million last quarter.

Adjusted net income (loss), a non-GAAP financial measure, represents net income (loss) excluding share-based compensation. Adjusted net loss for the second quarter was US$12.9 million, compared with adjusted net income of US$2.8 million in the same period last year and adjusted net income of US$1.3 million last quarter.

In US$ thousands, except percentage

2Q 2019

1Q 2019

2Q 2018

QoQ % Change

YoY % change







Net (loss) income

(14,126)

172

2,139

(8313%)

(760%)

Add: Share-based Compensation related to share
options and restricted share units

1,188

1,143

613

4%

94%

Adjusted Net (Loss) Income (Non-GAAP)

(12,938)

1,315

2,752

(1084%)

(570%)

Basic and diluted net loss per ADS were US$0.22 and US$0.22 in the second quarter of 2019, and basic and diluted Adjusted net loss (Non-GAAP) per ADS were US$0.20 and US$0.20 in this period.

Balance Sheets and Cash Flows

As of June 30, 2019, Cash and cash equivalents and restricted cash was US$62.8 million compared to US$77.3 million as of March 31, 2019.

Net cash outflow from operating activities during the second quarter of 2019 was US$8.9 million, compared to inflow from operations of US$2.0 million for the same period in 2018 and outflow of US$3.3 million during the last quarter. The cash outflow from operating activities during the second quarter of 2019 was the result of loss from operations.

Share Repurchase Plan

On November 26, 2018, the Company announced a share repurchase program whereby the Company is authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$15 million during the 12-month period from November 30, 2018. As of June 30, 2019, the Company had used an aggregate of US$10 million to repurchase 1.1 million ADSs. As of June 30, 2019, the Company recorded treasury shares of US$4.3 million for the outstanding repurchased shares and netted the cancellation of treasury stock of US$5.7 million with additional paid in capital.

Business Outlook

For the third quarter of 2019, CooTek expects total revenue to be about US$30 million, representing 18% decrease year-over-year.

For the fiscal year of 2019, CooTek expects total revenue to about US$145 million, representing 8% increase year-over-year.

Conference Call and Webcast

CooTek's management team will host a conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 20, 2019 (8:00 PM Beijing Time on the same day), following the results announcement.

The dial-in details for the live conference call are:

United States:

1-888-346-8982

Hong Kong:

800-905-945

China:

4001-201-203

International:

1-412-902-4272

Please dial in 15 minutes before the call is scheduled to begin. When prompted, ask to be connected to the CooTek (Cayman) Inc. call.

A live webcast and archive of the conference call will be available on the Investor Relations section of CooTek's website at https://ir.cootek.com/.

About CooTek (Cayman) Inc.

CooTek is a fast-growing global mobile internet company. The mission of CooTek is to empower everyone to express themselves and enjoy relevant content seamlessly. The Company's user-centric and data-driven approach has enabled it to release appealing products to capture mobile internet users' ever-evolving content needs and helps it rapidly attract targeted users. Focusing on 5 verticals of fitness, lifestyle, healthcare, short videos and entertainment, CooTek has developed multiple rapidly growing content-rich portfolio apps with news feed to deliver relevant content.

Non-GAAP Financial Measure

To supplement the unaudited consolidated financial information prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"), the Company uses non-GAAP financial measure of adjusted net (loss) income that is adjusted from results based on GAAP to exclude the impact of share-based compensation, and Adjusted EBITDA that is net (loss) income excluding interest income and expense, income taxes, depreciation, and share-based compensation. The measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

The Company believes that the non-GAAP measure help identify underlying financial and business trends relating to the Company's results of operations that could otherwise be distorted by the effect of certain expenses that the Company include in (loss) income from operations and net (loss) income. By making the Company's financial results comparable period over period, the Company believes adjusted net (loss) income and Adjusted EBITDA provides useful information to better understand the Company's historical business operations and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision-making. In order to mitigate these limitations, the Company has provided specific information regarding the GAAP amounts excluded from the non-GAAP measure. The table at the bottom of this press release includes details on the reconciliation between GAAP financial measure that is most directly comparable to the non-GAAP financial measure the Company has presented.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. CooTek may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about CooTek's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: CooTek's mission and strategies; future business development, financial conditions and results of operations; the expected growth of the mobile internet industry and mobile advertising industry; the expected growth of mobile advertising; expectations regarding demand for and market acceptance of our products and services; competition in mobile application and advertising industry; and relevant government policies and regulations relating to the industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and CooTek does not undertake any obligation to update such information, except as required under applicable law.

For investor enquiries, please contact:

CooTek (Cayman) Inc.
Jean Zhang
Email: IR@cootek.com  

Christensen
In China 
Mr. Christian Arnell 
+86-10-5900-1548 
carnell@christensenir.com 
In US 
Ms. Linda Bergkamp 
+1-480-614-3004
lbergkamp@christensenir.com

 

 

CooTek (Cayman) INC.

Unaudited Condensed Consolidated Statement of Operations

(in thousands, except for share and per share data)









Three Months Ended


Six Months Ended




June 30,


March 31,


June 30,


June 30,




2018


2019


2019


2018


2019




US$


US$


US$


US$


US$









Net revenues


28,359


40,037


37,593


50,278


77,630


Cost of revenues


(3,828)


(3,541)


(3,982)


(8,038)


(7,523)


Gross Profit


24,531


36,496


33,611


42,240


70,107


Operating expenses:












Sales and marketing expenses


(15,655)


(27,378)


(32,693)


(26,346)


(60,071)


Research and development expenses


(4,494)


(6,616)


(7,649)


(8,323)


(14,265)


General and administrative expenses


(2,279)


(2,344)


(7,773)


(4,141)


(10,117)


Other operating income, net


48


68


103


70


171


Total operating expenses


(22,380)


(36,270)


(48,012)


(38,740)


(84,282)


Income (loss) from operations


2,151


226


(14,401)


3,500


(14,175)


Interest income, net


9


362


229


71


591


Foreign exchange (loss) gain


(21)


(416)


48


(59)


(368)


Income (loss) before income taxes


2,139


172


(14,124)


3,512


(13,952)


     Income tax expense


-


-


(2)


-


(2)


Net income (loss)


2,139


172


(14,126)


3,512


(13,954)


Net income (loss) per ordinary share












Basic


0.001


0.00005


(0.004)


0.001


(0.004)


Diluted


0.001


0.00005


(0.004)


0.001


(0.004)


Weighted average shares used in
     calculating net income (loss) per
     ordinary share












Basic


898,393,690


3,181,144,897


3,163,372,938


898,393,690


3,171,199,334


Diluted


1,047,952,460


3,310,299,485


3,163,372,938


1,045,398,678


3,171,199,334


Non-GAAP Financial Data












Adjusted Net Income (loss)


2,752


1,315


(12,938)


4,403


(11,623)


Adjusted EBITDA


3,029


1,422


(12,547)


4,897


(11,125)


 

 

Unaudited Condensed Consolidated Balance Sheets 

(in thousands, except for share and per share data)




As of




March 31, 
2019


June 30, 
2019




US$


US$








ASSETS






Current assets:






Cash and cash equivalents


77,203


62,774


Restricted cash


80


-


Accounts receivable, net of allowance for doubtful accounts of $1,286 as of 
  
March 31, 2019 and $4,665 as of June 30, 2019, respectively


27,295


24,659


Prepaid expenses and other current assets


5,812


5,954


Total current assets


110,390


93,387


Long-term investments


500


500


Property and equipment, net


4,315


6,370


Other non-current assets


478


377


TOTAL ASSETS


115,683


100,634


LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






Accounts payable


26,272


26,098


Short-term bank borrowings


-


1,394


Accrued salary and benefits


3,003


4,410


Accrued expenses and other current liabilities


2,664


2,402


Deferred revenue


329


319


Total current liabilities


32,268


34,623


Other non-current liabilities


577


548


TOTAL LIABILITIES


32,845


35,171


 

 

Unaudited Condensed Consolidated Balance Sheets (continued):

(in thousands, except for share and per share data)




As of



March 31, 
2019


June 30, 
2019



US$


US$






Shareholders' Equity:





Ordinary shares


32


32

Treasury Stock


(5,738)


(4,288)

Additional paid-in capital


205,844


201,474

Accumulated deficit


(116,580)


(130,707)

Accumulated other comprehensive loss


(720)


(1,048)

Total Shareholders' Equity


82,838


65,463

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


115,683


100,634

 

 

Unaudited Condensed Consolidated Statement of Cash Flows

(in thousands, except for share and per share data)




Three Months Ended


Six Months Ended 




June 30,


March 31,


June 30,


 June 30,




2018


2019


2019


2018


2019




US$


US$


US$


US$


US$




















Net cash provided by (used in) operating
     activities


1,961


(3,334)


(8,876)


4,540


(12,210)


Net cash used in investing activities


(333)


(524)


(2,798)


(948)


(3,322)


Net cash used in by financing activities


(544)


(4,049)


(2,678)


(1,102)


(6,727)


Net increase (decrease) in cash and cash
     equivalents


1,084


(7,907)


(14,352)


2,490


(22,259)


Cash, cash equivalents, and restricted cash at
     beginning of period


29,018


84,860


77,283


27,026


84,860


Effect of exchange rate changes on cash and
     cash equivalents


(2,413)


330


(157)


(1,827)


173


Cash, cash equivalents, and restricted cash at
     end of period


27,689


77,283


62,774


27,689


62,774


 

 

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per share data)




Three Months Ended


Six Months Ended 




June 30,


March 31,


June 30,


 June 30,




2018


2019


2019


2018


2019




US$


US$


US$


 US$


US$



















Net income (loss)


2,139


172


(14,126)


3,512


(13,954)


Add:












Share-based compensation related to share options and
     restricted share units


613


1,143


1,188


891


2,331


Adjusted Net Income (Loss) (Non-GAAP)*


2,752


1,315


(12,938)


4,403


(11,623)


Add:












Interest income, net


(9)


(362)


(229)


(71)


(591)


Income taxes


-


-


2


-


2


Depreciation


286


469


618


565


1,087


Adjusted EBITDA (Non-GAAP)*


3,029


1,422


(12,547)


4,897


(11,125)



* The tax impact to the non-GAAP adjustments is zero.

 

 

Cision

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    If you want to compound wealth in the stock market, you can do so by buying an index fund. For example, the Ichor Holdings, Ltd. (NASDAQ:ICHR) share price is up 42% in the last year, clearly besting the market return of around 5.6% (not including dividends). If it can keep that out-performance up over the long term, investors will do very well! We'll need to follow Ichor Holdings for a while to get a better sense of its share price trend, since it hasn't been listed for particularly long.

  • Ford gets big hybrid utility vehicle order from Chicago police
    Finance
    American City Business Journals

    Ford gets big hybrid utility vehicle order from Chicago police

    Ford Motor Co. and the Chicago Police Department jointly announced on Friday that the local police department will soon start taking delivery of 200 of Ford's hybrid version of the Police Interceptor Utility vehicle, a fuel-saving vehicle that has proved popular with police units across the country. The total value of the Chicago Police Department order was not disclosed on Friday, but the starting price for a single hybrid Police Interceptor Utility is said to be between $37,000 and $40,000.

  • Can Tesla Stock Keep Its Momentum With Quarterly Earnings Coming Up?
    Business
    Investor's Business Daily

    Can Tesla Stock Keep Its Momentum With Quarterly Earnings Coming Up?

    Tesla is expected to show its first decline in quarterly revenue in seven years when it reports third-quarter results on Wednesday. Wall Street expects Tesla to report revenue of $6.4 billion, down almost 6% from the year-ago period, and an adjusted loss of 45 cents. The Tesla earnings news is scheduled for release after the market close.

  • Stock market tunes in to Netflix after subscriber bounce
    Business
    Reuters

    Stock market tunes in to Netflix after subscriber bounce

    The video-streaming pioneer is bracing for the launch next month of Walt Disney Co's Disney+ and Apple Inc's Apple TV+ after years when it has been left largely to develop and garner content from Hollywood studios unthreatened. "In the race to capture the major share of audience in the global market, nobody is close to where Netflix is," said James Fattal, an analyst with financial markets platform Investing.com. Another house, Needham, projected the company would lose 10 million of its roughly 60 million U.S. subscribers over the course of 2020 unless it lowers prices, and several analysts noted the company's own "prudent" estimates for subscriber growth into the end of 2019.

  • Netflix, Alteryx, and Okta Lead Tech Losses Today
    Business
    Market Realist

    Netflix, Alteryx, and Okta Lead Tech Losses Today

    Shares of high-growth tech companies are losing market value again. Netflix (NFLX), Alteryx (AYX), and The Trade Desk (TTD) have lost 5.2%, 6.8%, and 6.7%, respectively, at the time of this writing. Several other high-growth companies including Okta (OKTA), Roku (ROKU), CrowdStrike (CRWD), and Twilio (TWLO) have lost 6.7%, 8.6%, 6.3%, and 4.6%, respectively, in the first half of today.

  • Boeing 2016 internal messages suggest employees may have misled FAA on 737 MAX: sources
    Business
    Reuters

    Boeing 2016 internal messages suggest employees may have misled FAA on 737 MAX: sources

    Boeing Co turned over instant messages from 2016 between two employees that suggest the airplane maker may have misled the Federal Aviation Administration about a key safety system on the grounded 737 MAX, according to documents seen by Reuters. The FAA said it found the messages "concerning" and "is reviewing this information to determine what action is appropriate." It prompted a letter from FAA Administrator Steve Dickson to Boeing Chief Executive Dennis Muilenburg demanding an "immediate" explanation for the delay in turning over the documents. A person briefed on the matter said Boeing failed to turn over the documents to the FAA for four months and that the Justice Department is also in possession of the messages.

  • Two Undervalued Tech Stocks to Buy Right Now
    Business
    Market Realist

    Two Undervalued Tech Stocks to Buy Right Now

    The technology sector is popular among investors. Tech stocks provide a significant opportunity for high growth and capital returns. While investors are sweating due to several companies' high valuations, there are a few stocks that are trading at attractive multiples.

  • Schlumberger Stock Rises on Strong Q3 Earnings
    Business
    Market Realist

    Schlumberger Stock Rises on Strong Q3 Earnings

    Schlumberger (SLB) announced its third-quarter results today. The company's revenue rose 3% sequentially to $8.5 billion in the quarter. Its international revenue also rose 3% sequentially, to $5.6 billion.

  • Lockheed Martin to lay off dozens of Central Florida workers before the holidays
    Business
    American City Business Journals

    Lockheed Martin to lay off dozens of Central Florida workers before the holidays

    Lockheed Martin Corp. will lay off dozens of workers in Central Florida just before Christmas due to the loss of a contract. The Bethesda, Maryland-based defense company (NYSE: LMT) will cut 79 employees from its Rotary & Missions Systems division at 4401 Fortune Place in West Melbourne, according to an Oct. 16 letter notifying the state. "This was not a decision the business made lightly – while we had been optimistic of securing the PSS-T re-compete contract, the U.S. Army customer has decided to go in a different direction, therefore significantly reducing the amount of work at the Melbourne facility," Lockheed Martin said in a prepared statement.

  • J&J Recalls Lot of Baby Powder After Asbestos Trace Found
    Business
    Bloomberg

    J&J Recalls Lot of Baby Powder After Asbestos Trace Found

    Thousands of tests over the past 40 years repeatedly confirm that our consumer talc products do not contain asbestos,” J&J said in a statement on Friday. J&J is looking into whether cross-contamination of the sample caused a false positive, whether the product was appropriately sealed and maintained in a controlled environment, and whether the product was a counterfeit. During a brief call with investors on Friday, J&J global supply chain and women's health executives said they had received the product's test results the previous day and acted promptly to inform the public.

  • Is Forward Industries (NASDAQ:FORD) Using Too Much Debt?
    Business
    Simply Wall St.

    Is Forward Industries (NASDAQ:FORD) Using Too Much Debt?

    It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Forward Industries, Inc. NASDAQ:FORD) does use debt in its business.

  • Wall Street eyes Tesla ahead of Q3 earnings
    Business
    Yahoo Finance Video

    Wall Street eyes Tesla ahead of Q3 earnings

    Tesla is reporting earnings next week. The company has quietly made some changes to its return policy and also added a non-refundable $100 order fee. Ahead of Tesla's earnings, Wall Street continues to question when the electric vehicle maker will become profitable.

  • Business
    Thomson Reuters StreetEvents

    Edited Transcript of SASR earnings conference call or presentation 17-Oct-19 6:00pm GMT

    Philip J. Mantua, Sandy Spring Bancorp, Inc. - Executive VP & CFO [3] Yes.

  • In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave
    World
    Reuters

    In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave

    LA CAÑADA DE URDANETA, Venezuela (Reuters) - With the $2 he earns in wages each week working as a cargo driver for Venezuelan state oil company PDVSA, 56-year-old Freddy Brito cannot even afford to buy one kilogram (2.2 lb) of cheese. To feed himself and his wife as the once-prosperous OPEC nation suffers a hyperinflationary economic collapse, Brito depends on a monthly basket of rice, canned tuna, beans and other products valued at $200 given to him by California-based Chevron Corp, PDVSA's minority partner at the Petroboscan field in western Zulia state where he works.

  • New Gilead CFO: Let's Make a Deal
    Business
    GuruFocus.com

    New Gilead CFO: Let's Make a Deal

    GuruFocus has detected 3 Warning Signs with GILD. Click here to check it out. GILD 30-Year Financial Data The intrinsic value of GILD Peter Lynch Chart of GILD Dickinson, who will retain responsibility for business development, masterminded Gilead's nearly $12 billion purchase of Kite Pharma in 2017, a deal that got the company into cancer and cell therapy.

  • Why the bull market won’t end with a typical crash, says hedge fund billionaire Ray Dalio
    Business
    MarketWatch

    Why the bull market won’t end with a typical crash, says hedge fund billionaire Ray Dalio

    The U.S. and China may be nearing a tentative, partial trade agreement but the IMF's new leader has warned the trade truce won't be enough to boost global growth. Another ongoing dispute may also be nearing a resolution, with the U.K. and EU agreeing a Brexit deal, though British MPs still have to approve it. But the U.S. has confirmed tariffs on $7.5 billion worth of European goods will take effect on Friday, proving that geopolitical tensions are here to stay.

  • CVS Health Corporation (NYSE:CVS) Is About To Go Ex-Dividend, And It Pays A 0.8% Yield
    Business
    Simply Wall St.

    CVS Health Corporation (NYSE:CVS) Is About To Go Ex-Dividend, And It Pays A 0.8% Yield

    CVS Health Corporation (NYSE:CVS) stock is about to trade ex-dividend in 4 days time. CVS Health's upcoming dividend is US$0.5 a share, following on from the last 12 months, when the company distributed a total of US$2.0 per share to shareholders. Looking at the last 12 months of distributions, CVS Health has a trailing yield of approximately 3.0% on its current stock price of $66.5.

  • 'Shock:' Analyst reacts to CFO departure at Red Hat
    Business
    American City Business Journals

    'Shock:' Analyst reacts to CFO departure at Red Hat

    A week after Red Hat CFO Eric Shander unexpectedly left the company, little information on his departure has come out of Red Hat Tower other than that the decision came down to “workplace standards.” "As we've previously said, Eric was dismissed without pay," said a Red Hat spokeswoman Wednesday. "There is no additional information I can provide." Following an earnings call Wednesday, Logan Purk, an analyst with Edward Jones, admits learning the news last week was a “shock.” “It's never really good when a senior leader or a member of a management team has to resign suddenly,” he says. While Red Hat is under the IBM umbrella, it operates largely as a standalone company – making the CFO position vital, he says.

  • Business
    Benzinga

    Volvo Group Forecasts Chill In New Truck Orders As Q3 Earnings Rise

    AB Volvo (OTC: VLVLY) reported higher third-quarter profits and sales on Friday, October 18. But it warned that orders for new trucks in North America and Europe continue to decline and a strike at its Mack Trucks unit could pinch profits depending how long it lasts. Volvo earned $1.12 billion compared with $1.05 billion in the July-to-September period a year ago.