The Tom Hayes Libor Appeal Was a Decade in the Making: Timeline
Hayes joined UBS Group AG as a yen interest-rate swap trader in Tokyo in 2006. He then switched to Citigroup Inc. and was fired in 2009 after an internal investigation found he had manipulated the London interbank offered rate.
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BP reveals plans for group-wide costs and business review as profits fall
BP bosses have unveiled plans to look for further cost cuts and conduct a 'thorough' review of its portfolio as it comes under pressure from shareholders. Chief executive Murray Auchincloss pledged the oil and gas group would do 'better for its investors' and said there was 'much more to do' under its current three-year plan. BP has been under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group. The group saw half-year profits tumble by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter. It reported a 32% fall in underlying replacement cost profits – the group's preferred profit measure – to 3.73 billion US dollars (£2.81 billion) for the six months to June 30. Underlying profits fell 15% year-on-year to 2.35 billion dollars (£1.77 billion) between April and June, although this was a significant improvement from 1.38 billion dollars (£1.04 billion) in the first quarter and better than most analysts had forecast. BP's aims to ramp up its overhaul process follows talks with incoming chairman Albert Manifold who starts next month, Mr Auchincloss said. Mr Auchincloss said: 'He and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximising shareholder value moving forward. 'We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry.' 'BP can and will do better for its investors,' he added. In another move to appease shareholders, the FTSE 100 firm also said it would buy back another 750 million dollars (£565 million) in shares and hike the quarterly dividend payout by 4%. The group's results showed it has already stripped out 900 million dollars (£677 million) in costs over the first half, or 1.7 billion dollars (£1.3 billion) since 2023. It was not immediately available to comment further on the scope of the new cost review. Mr Auchincloss said: 'We are two quarters into a 12-quarter plan and are laser-focused on delivery of our four key targets – and while we should be encouraged by our early progress, we know there's much more to do.' Mr Manifold was recently named to replace incumbent chairman Helge Lund after a difficult past few years in the role. Formerly chief executive of building materials firm CRH for 10 years, Mr Manifold joins the oil giant as chairman-elect on September 1 before taking over as chairman on October 1. In a major rejection, Mr Lund received a near 25% vote against his re-election at the firm's annual general meeting in April. The vote was largely seen as a protest because Mr Lund had already announced his departure at the time of the AGM. BP is already working on a plan announced in February to cut costs by up to five billion dollars (£3.8 billion) by the end of 2027. It has also said it will offload 20 billion dollars (£15.1 billion) of assets by the end of 2027. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Hims & Hers Health Inc (HIMS) Q2 2025 Earnings Call Highlights: Robust Revenue Growth Amid ...
Revenue: $545 million, a 73% year-over-year increase. Adjusted EBITDA Margin: Over 15%. Subscribers: Increased by 73,000 quarter over quarter to over 2.4 million, a 31% year-over-year growth rate. Monthly Average Revenue per Subscriber: Declined quarter over quarter to $74 from $84. Gross Margin: Expanded 3 points quarter over quarter to 76%. Cash and Short-term Investments: Over $1.1 billion at the end of the second quarter. Free Cash Flow: Negative $69 million for the second quarter. Third Quarter Revenue Guidance: Expected between $570 million to $590 million. Full Year Revenue Guidance: Expected between $2.3 billion and $2.4 billion. Full Year Adjusted EBITDA Guidance: Expected between $295 million to $335 million. Warning! GuruFocus has detected 5 Warning Sign with HIMS. Release Date: August 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Hims & Hers Health Inc (NYSE:HIMS) reported a 73% year-over-year revenue growth to $545 million in Q2 2025, with an adjusted EBITDA margin exceeding 15%. The company is expanding its platform with new specialties, including hormonal health, which is expected to address significant health issues for both men and women. Hims & Hers Health Inc (NYSE:HIMS) successfully acquired ZAVA, enhancing its presence in the UK and establishing a foundation for further expansion in Europe and Canada. The company is investing in AI and technology to enhance personalized care, aiming to provide 24/7 support and improve patient engagement. Hims & Hers Health Inc (NYSE:HIMS) plans to offer lab testing as a standalone service, which is expected to empower customers with better health insights and proactive health management. Negative Points The company faced headwinds from off-boarding GLP-1 subscribers on commercially available dosages, impacting revenue recognition. There is a decline in the on-demand sexual health subscriber base, which is expected to continue affecting revenue in the short term. Hims & Hers Health Inc (NYSE:HIMS) reported a negative free cash flow of $69 million in Q2 2025 due to significant investments in inventory and working capital. The transition towards more premium daily offerings in the sexual health segment is causing temporary revenue declines. The company anticipates increased marketing and technology investments, which may pressure margins in the near term. Q & A Highlights Q: Why was now the right time to expand internationally, and what made ZAVA the right company to acquire? A: Andrew Dudum, CEO, explained that the acquisition of ZAVA is a strategic move to replicate Hims & Hers' personalized, high-touch, affordable precision medicine model in key international markets. ZAVA's ability to scale in unique regulatory environments was a key factor in the acquisition. The international market is seen as a focused effort, with a multibillion-dollar revenue opportunity in a few key markets. Q: How does the launch of at-home lab testing improve the business and support the broader mission of Hims & Hers? A: Andrew Dudum, CEO, emphasized that at-home lab testing is foundational for transitioning healthcare from treatment to prevention. It simplifies necessary tests, makes them affordable, and educates patients on optimal health metrics. This initiative is expected to open membership opportunities similar to Amazon or Costco, focusing on preventative health. Q: Can you provide insights into the core business dynamics and expectations for Q3, especially regarding the personalized GLP-1 offering? A: Oluyemi Okupe, CFO, noted material headwinds in the GLP-1 segment due to off-boarding commercially available dosages. The core business is experiencing a drag from the sexual health on-demand segment, but specialties like dermatology and weight loss are growing robustly. The transition to daily offerings in sexual health is expected to improve retention and customer lifetime value. Q: What are the expectations for the Canadian expansion and the impact of generic semaglutide pricing? A: Andrew Dudum, CEO, stated that the Canadian expansion will leverage ZAVA's expertise, with offerings under the Hims & Hers brand. The generic semaglutide is expected to be priced significantly lower than branded options, unlocking substantial market access in Canada, where a large portion of the population is affected by weight issues. Q: How is the Hers business performing, and what are the key growth drivers? A: Oluyemi Okupe, CFO, reported robust growth in the Hers business, driven by dermatology, weight loss, and mental health offerings. The upcoming launch of hormonal support for menopause is expected to further catalyze growth. Q: What is the approach to AI investments, and what impact is expected on the business? A: Andrew Dudum, CEO, highlighted a strategy focused on immediate, tactical improvements through AI. The platform's extensive patient interactions allow for rapid deployment of AI use cases, aiming to enhance efficiency and engagement across the provider, patient, and pharmacist interfaces within 3 to 6 months. Q: Can you discuss the marketing strategy and patient acquisition costs for the second half of the year? A: Oluyemi Okupe, CFO, stated that marketing investments will be robust but adhere to a capital allocation framework with a payback period of less than a year. The focus will be on specialty-specific investments and talent acquisition to support new specialties and international expansion. Q: What are the expectations for inventory levels and supply chain management? A: Oluyemi Okupe, CFO, explained that inventory levels increased to ensure a durable supply for new specialties and to leverage the strong balance sheet amid global uncertainties. This is seen as an anomaly, with future inventory adjustments expected to stabilize. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
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18 minutes ago
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Diageo eyes £625m in cost savings after profits tumble
Guinness maker Diageo is to extend cost saving plans after revealing a slump in profits following a 'challenging year' which saw its former boss leave. It came as the group, which also makes Johnnie Walker whisky and Gordon's gin, saw net sales edge marginally lower amid weaker consumer demand for some spirits as younger people continue to moderate drinking habits. The London-listed spirits giant said it is seeking to secure £625 million in cost savings, increasing from a previous target of £500 million savings. Nik Jhangiani, interim boss of the firm, said the savings plan is 'not about job cuts' but added that 'there will be some' as a result. He stressed that the group could still increase its overall workforce. Diageo said it expects to secure these savings over the next three years from advertising and promotion efficiencies, reduced overheads and supply chain improvements. The increased savings plans come amid a period of upheaval at the group after the departure of its previous boss last month. Debra Crew stepped down as chief executive with 'immediate effect' and by 'mutual agreement', following a recent decline in Diageo's share value. Tariffs, cautious consumer demand and increased cost pressures have weighed down businesses across the drinks industry. On Tuesday, Diageo reported that net sales dipped 0.1% to 20.2 billion US dollars for the year, although organic sales grew by 1.7%. It said the drop in net sales was driven by unfavourable currency rates and changes to its brand portfolio. In Europe, Diageo reported that net sales were up 0.4%, with a 6.7% rise in Great Britain, despite a decline in the volume of sales. It said stronger sales in Britain were driven by the continued strong demand for Guinness, although this was held back by 'supply constraints' which saw some pubs run short of the Irish stout earlier this year. The firm revealed that operating profits fell 27.8% to 4.33 billion dollars (£3.3 billion) in the year to June 30. Mr Jhangiani said: 'While macroeconomic uncertainty and the resulting pressure on consumers continues to weigh on the spirits sector, we believe in the attractive long-term fundamentals of our industry and in our ability to continue to outperform as the TBA (total beverage alcohol) landscape evolves. 'We are focused on what we can manage and control and executing at pace. 'The board and management are committed to delivering improved financial performance and stronger shareholder returns on a sustained basis.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
