Jockey Club announces plans to become a global sports entertainment brand and to showcase Hong Kong as a centre for global exchange, connectivity and tourism
Over the past 20 years, The Hong Kong Jockey Club has become a world-class racing brand. Its Group 1 races and superstar horses feature strongly in the world rankings, with two of the world's best horses currently based in Hong Kong. Some of the world's best jockeys and trainers are in Hong Kong. The Club's racing is broadcast to millions of fans across five continents, with 25% of its income now derived from overseas. The Club's racecourse facilities are second to none. And through its Happy Wednesday brand, which showcases sports with entertainment, and major raceday events featuring international and Hong Kong stars, combining lifestyle and entertainment, the Club has developed a highly attractive racecourse entertainment experience.
All of this has enabled the Club to significantly increase its support for the community. In 2023/24 alone, the Club contributed a record HK$40.1 billion in tax and approved charity donations. It has also made racing a highly attractive visitor experience, with over 143,000 tourists visiting the racecourses so far this season. This encouraging tourist attendance owes a great deal to the support for racing tourism in the recent Hong Kong CE Policy Address, and to the efforts of the Culture, Sports and Tourism Bureau and the Hong Kong Tourism Board in promoting Hong Kong horse racing globally. The Club is also grateful for the new strategic collaboration with the China Tourism Group in promoting the Club's world-class racing sport in the Mainland.
Now the Club's vision is to go one step further - to become a global sports entertainment brand. In other words to create a holistically integrated racing, equestrian sports and entertainment experience, which will enable the Club to expand its fan base, especially to the younger generation, and to reach out to a global and Mainland audience. Ultimately the aim is to become the premier destination for global horse racing and equestrian sports.
This, the Club believes, perfectly matches Hong Kong's aspiration to become a hub for international exchanges and cooperation, as well as a centre for international cultural exchange as outlined in the National 14th Five-Year Plan. It will also enable the Club to contribute even more to the betterment of society.
As a first step, the Club is delighted to partner with XIX under the leadership of its visionary founder, Simon Fuller. The first collaboration will bring XIX's global pop group, Now United, to Hong Kong. The first initiative, Now United, will give Hong Kong's talent a chance to shine on the world stage, while through social media and racecourse performances the group will share positive stories about Hong Kong and Hong Kong racing with their millions of fans around the world.
Winfried Engelbrecht-Bresges, CEO of The Hong Kong Jockey Club said he was excited to announce the Club's plans to become a globally recognised sports entertainment brand, which will enable the Club to contribute even more to Hong Kong. Holistically integrating entertainment, racing and equestrian sport, at its heart will be a celebration of the strong bonding between horses and humans. This, he said, perfectly matches Hong Kong's aspiration to expand its global connectivity. Finally, looking ahead to the Year of the Horse in 2026, it is the perfect moment to use entertainment, lifestyle and social content to foster new connections and promote passion around the horse - heritage, power, elegance and emotion brought to life.
Simon Fuller, the British-born Founder of XIX, said 'I am excited to be collaborating with Hong Kong and the Jockey Club to create something aspirational and positive. I believe there is an important opportunity to bring inspiring and joyful entertainment to Hong Kong and Horse Racing. This is an incredible city full of potential with so many stunning iconic locations to share with the world.' He added, 'my global pop group Now United being here in Hong Kong is the beginning of many more exciting announcements in the coming months, leading to celebrating the year of the horse.'
Now United is XIX's multi-cultural global pop group, featuring young musical and dance talent from across the world. The collaboration with the Club will see a talent search in Hong Kong for the next member of the group. The finalist will receive masterclass training from top-class professionals at XIX Entertainment's Academy of Pop. There will also be a reality series and music videos filmed with Now United during their stay in Hong Kong, to be shared with their 40 million social media followers across multiple platforms around the world. Hong Kong audiences will also have the opportunity to enjoy Now United's live performances at the Club's racecourses and at the LONGINES Hong Kong International Races in December 2025.
The search for the next member of Now United in Hong Kong will begin with auditions for people aged 18 or above starting from today (12 May). For application details, please visit https://nowunited.com/newmember/index_en.php.
Photos can be downloaded from the website of The Hong Kong Jockey Club ( www.hkjc.com/english/corporate/corp_news.asp ).
The Hong Kong Jockey Club
Founded in 1884, The Hong Kong Jockey Club is a world-class racing club that acts continuously for the betterment of our society. The Club has a unique integrated business model, comprising racing and racecourse entertainment, a membership club, responsible sports wagering and lottery, and charities and community contribution. Through this model, the Club generates economic and social value for the community and supports the HKSAR Government in combatting illegal gambling. In 2023/24, the Club returned a total of HK$40.1 billion to the community. This included HK$29.9 billion to the HKSAR Government in duty, profits tax and Lotteries Fund contributions and HK$10.2 billion in approved charity donations. The Club is Hong Kong's largest single taxpayer and one of the city's major employers. Its Charities Trust is one of the world's leading charity donors. Please visit www.hkjc.com.
Simon Fuller and XIX Entertainment
Simon Fuller, producer, creator and entrepreneur, is the founder of XIX Entertainment. He has imagined and executed a number of game-changing entertainment properties, engaging audiences across the world and generating billion revenues in the process. His ideas and businesses have disrupted convention, defined the times and empowered artists to achieve their ambitions. He was the inspiration behind the Spice Girls, the creator of the American Idol global TV franchise, the partner of David and Victoria Beckham and the guidance behind sporting legends Andy Murray and Lewis Hamilton, extraordinary singers Annie Lennox and Amy Winehouse and other award-winning projects with entertainment icons Jennifer Lopez and Michael Caine. Today, his company XIX Entertainment is an ever-evolving force of creativity and innovation in music, tech, film, and fashion.
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It's based on where money actually is in the market. As Snider's chart below shows, at a current reading of 0, investor sentiment could certainly have plenty of room to move higher. "While valuation multiples sit at elevated levels relative to history, constrained positioning indicates room for the recent equity rally to continue," Snider told us. Deutsche Bank chief global strategist Binky Chadha made a similar point with his Chartbook submission. "Equity positioning tends to align with earnings growth but is currently still below what we expect for Q2 and we look for a typical earnings season rally," Chadha said. "Our outlook out to year end sees a rise in equity positioning as one of the drivers of further upside for equity prices." To see Chadha's chart and 34 more that help explain the state of markets and the US economy right now, read the full Yahoo Finance Chartbook here. Starbucks set to report 6th straight US sales decline as CEO Brian Niccol continues turnaround efforts Starbucks (SBUX) is set to report results for its fiscal third quarter after the market close on Tuesday as CEO Brian Niccol continues turnaround efforts and the company is expected to extend its US sales slump while facing an uncertain consumer environment, Yahoo Finance's Brooke DiPalma reports. DiPalma writes: Read more about the coffee chain's upcoming earnings results and stock here. Starbucks (SBUX) is set to report results for its fiscal third quarter after the market close on Tuesday as CEO Brian Niccol continues turnaround efforts and the company is expected to extend its US sales slump while facing an uncertain consumer environment, Yahoo Finance's Brooke DiPalma reports. DiPalma writes: Read more about the coffee chain's upcoming earnings results and stock here. UPS stock drops as it declines to provide 2025 sales outlook United Parcel Service (UPS) stock sank more than 9% as the company declined to provide a financial outlook for the upcoming quarter or full year. "For our sector, this remains a very unsettling time," CEO Carol Tome said on a call with analysts Tuesday morning following UPS' second quarter earnings. "Changes in trade policy have not been cemented and the impact on customer demand and the overall economy is unknown." UPS also declined to provide guidance in its first quarter. For the second quarter, the company reported earnings per share roughly in line with Wall Street's projections and sales ahead of estimates, according to Bloomberg consensus data, despite declining from the prior year. United Parcel Service (UPS) stock sank more than 9% as the company declined to provide a financial outlook for the upcoming quarter or full year. "For our sector, this remains a very unsettling time," CEO Carol Tome said on a call with analysts Tuesday morning following UPS' second quarter earnings. "Changes in trade policy have not been cemented and the impact on customer demand and the overall economy is unknown." UPS also declined to provide guidance in its first quarter. For the second quarter, the company reported earnings per share roughly in line with Wall Street's projections and sales ahead of estimates, according to Bloomberg consensus data, despite declining from the prior year. Stellantis to absorb $1.7 billion in tariff costs in 2025 Stellantis (STLA) shares fell 2% after the Big Three automaker updated its financial results for the first half of the year, after releasing preliminary figures last week. The company said President Trump's tariffs will cost it 1.5 billion euros ($1.73 billion) in 2025, reports Yahoo Finance's Pras Subramanian. Subramanian writes: Read the full story here. Stellantis (STLA) shares fell 2% after the Big Three automaker updated its financial results for the first half of the year, after releasing preliminary figures last week. The company said President Trump's tariffs will cost it 1.5 billion euros ($1.73 billion) in 2025, reports Yahoo Finance's Pras Subramanian. Subramanian writes: Read the full story here. Consumer confidence ticks higher in July, but job concerns persist Consumer confidence saw an uptick in July, with many Americans adjusting their expectations following a rebound from the lows triggered by President Trump's "Liberation Day" tariff announcements. However, confidence still lags the elevated levels observed last year, and labor market concerns remain top of mind, according to new data released Tuesday morning. The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists. "In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July. The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year. Notably, Americans' appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January. According to Guichard, consumers' write-in responses highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices. References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April. Consumer confidence saw an uptick in July, with many Americans adjusting their expectations following a rebound from the lows triggered by President Trump's "Liberation Day" tariff announcements. However, confidence still lags the elevated levels observed last year, and labor market concerns remain top of mind, according to new data released Tuesday morning. The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists. "In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July. The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year. Notably, Americans' appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January. According to Guichard, consumers' write-in responses highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices. References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April. Job openings slide in June, as hiring rate hits 7-month low Job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could start to cut interest rates again. New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) showed that 5.2 million hires were made in June, down from the 5.47 million in May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate — a sign of confidence among workers — hovered at 2%. Both the hiring and quits rates are floating near decade lows, reflecting what economists have described as a labor market in "stasis." Job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could start to cut interest rates again. New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) showed that 5.2 million hires were made in June, down from the 5.47 million in May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate — a sign of confidence among workers — hovered at 2%. Both the hiring and quits rates are floating near decade lows, reflecting what economists have described as a labor market in "stasis." Royal Caribbean lifts annual profit forecast on steady cruise demand Royal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations. Reuters reports: Read more here. Royal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations. Reuters reports: Read more here. P&G shares slip as it warns of $1 billion tariff hit Procter & Gamble (PG) stock dipped about 1%, reversing a slight pre-market gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs. Yahoo Finance's Brian Sozzi reports: Read the full story here. Procter & Gamble (PG) stock dipped about 1%, reversing a slight pre-market gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs. Yahoo Finance's Brian Sozzi reports: Read the full story here. Tech leads stocks higher at the open The tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain. Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat. Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight. The tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain. Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat. Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight. Major drugmakers trade mixed as financial updates come in Among the top drugmakers reporting earnings on Tuesday, AstraZeneca (AZN, AZN.L) rose almost 2%, and Merck fell nearly 4% before the market open. British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period. Meanwhile, fellow pharma giant Merck (MRK) reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China. Investors are also bracing for patents for Merck's drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028. Also on Tuesday, Danish drugmaker Novo Nordisk's (NVO) stock plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6. Among the top drugmakers reporting earnings on Tuesday, AstraZeneca (AZN, AZN.L) rose almost 2%, and Merck fell nearly 4% before the market open. British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period. Meanwhile, fellow pharma giant Merck (MRK) reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China. Investors are also bracing for patents for Merck's drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028. Also on Tuesday, Danish drugmaker Novo Nordisk's (NVO) stock plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6. Trump's DOJ puts companies on notice: Don't evade tariffs The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts. Yahoo Finance's Alexis Keenan reports: Read more here. The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts. Yahoo Finance's Alexis Keenan reports: Read more here. Nvidia leads Mag 7 higher on sign of 'enormous pent-up demand' from China Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%. The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%. The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Good morning. Here's what's happening today. Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Trending tickers: UPS, Whilepool and Royal Caribbean Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. The market is finally getting what it wants Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Spotify stock sinks after Q2 earnings miss Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here.
