Beyond Meat: Q1 Earnings Snapshot
The El Segundo, California-based company said it had a loss of 69 cents per share. Losses, adjusted for non-recurring costs, were 67 cents per share.
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Gizmodo
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In a global all-hands meeting hosted from Apple's headquarters in Cupertino, California, CEO Tim Cook seemed to admit to what analysts and Apple enthusiasts around the world had been raising concerns about: that Apple has fallen behind competitors in the AI race. And Cook promised employees that the company will be doing everything to catch up. 'Apple must do this. Apple will do this. This is sort of ours to grab,' Cook said, according to Bloomberg, and called the AI revolution 'as big or bigger' than the internet. The meeting took place a day after Apple reported better than expected revenue in its quarterly earnings report, and that sent the company's stock soaring. The report came in a week already marked by great tech earnings results, partially driven by AI. But unlike Meta and Microsoft, Apple's rise in revenue was attributable to iPhone sales and not necessarily a strength in AI. In the earnings call following the report, Cook told investors that Apple was planning to 'significantly' increase its investments in AI and was open to acquisitions to do so. He also said that the company is actively 'reallocating a fair number of people to focus on AI features.' Cook echoed those sentiments in Friday's meeting, saying that the company will be making the necessary investments in AI to catch up to the moment. Apple has been working on integrating advanced AI into its product lineup for the past year or so under its Apple Intelligence initiative, which the company unveiled at the June 2024 Worldwide Developers Conference. The move was met by celebration and criticism even then: Apple's big bet on AI was coming a good year or so after competitors like OpenAI, Google, Microsoft, and Meta scaled up their offerings. Even so, the company's progress on Apple Intelligence has been slow. Apple was supposed to unveil an AI-enhanced Siri earlier this year, and even released ads for the new iPhone with AI-enhanced Siri capabilities, but the Cupertino giant pushed that reveal back at the last minute, reportedly to next spring, though nothing is officially confirmed. The switch-up caused major backlash from investors and customers, two major lawsuits, and a complete corporate overhaul. Cook said on Friday that 12,000 workers were hired in the last year, with 40% of them joining research and development teams. The leadership overhaul following the fallout of LLM Siri has 'supercharged' the company's work in AI development, senior vice president of software engineering Craig Federighi said at the meeting. According to Federighi, the main problem with the LLM Siri rollout was that Apple tried to build a 'hybrid architecture' that utilized two different software systems. That plan has now been scratched, and Federighi seemed confident in LLM Siri's future this time around, claiming that the new 'end-to-end revamp of Siri' will now be delivering 'a much bigger upgrade than we envisioned.' Also key to the new AI strategy, according to Cook, is chip development. Apple has been working on designing in-house AI chips for some time now, according to a Wall Street Journal report from last year, in a project internally code-named ACDC (standing for Apple Chips in Data Center). The tech giant has reportedly teamed up with Broadcom to develop its first AI chip code-named Baltra, according to a report last year in The Information, and Apple is expecting to begin mass production by 2026. Despite being a global leader in tech and a household name in consumer electronics, Apple is nowhere near the top when it comes to the AI race. But while that scares some Apple fans and investors, others think it's actually kind of on-brand. Tim Cook indicated Friday that he belongs to the latter camp. 'We've rarely been first,' Cook said at the meeting. 'There was a PC before the Mac; there was a smartphone before the iPhone; there were many tablets before the iPad; there was an MP3 player before iPod.' Cook has a point. Apple isn't necessarily known for spearheading new technology, but the company's strength comes from perfecting said technology and making products that become highly dominant in their respective markets. And if Apple makes the right moves in developing and scaling its AI product offerings, Cook could potentially add AI to that list as well.
Business Insider
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Palantir smashes expectations with $1 billion Q2 revenue as CEO boasts that skeptics have been 'bent into a kind of submission'
Palantir's CEO, Alex Karp, saw no reason to be humble after his company's blockbuster second-quarter earnings. "As usual, I've been cautioned to be a little modest about our bombastic numbers, but there's no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers," he said as he kicked off his part of the earnings call on Monday. He struck a similar tone in his letter to shareholders. "The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission," he wrote. The Denver-based AI software company beat analyst estimates Monday with adjusted earnings of 16 cents per share on $1 billion in revenue, topping LSEG projections of 14 cents and $940 million, respectively. The stock peaked at more than 5% in after-hours trading compared to when the market closed at 4 p.m ET. Palantir 's commercial revenue in the US nearly doubled since last year's second quarter to $628 million, while government revenue climbed 53% year-over-year to $426 million, mostly thanks to a 10-year, $10 billion contract with the US Army, which consolidated 75 contracts into one. Ryan Taylor, chief revenue officer and chief legal officer, said that the US Space Force awarded the company a $218 million delivery order and raised the spending ceiling for Palantir's Maven Smart System to $795 million in preparation for "significant demand." The company also raised its full-year revenue guidance midpoint to just north of $4 billion, a nine-point increase from last quarter. Karp concluded the call with a message for investors. "Maybe stop talking to all the haters — they're suffering," he said.
Yahoo
an hour ago
- Yahoo
Intel's credit rating downgraded by Fitch on demand challenges
By Matt Tracy (Reuters) -Fitch downgrading U.S. chipmaker Intel's credit rating by one notch on Monday, according to a note by the ratings agency, which assigned a negative outlook to Intel's rating. Fitch downgraded Intel to BBB from BBB-plus, placing it just two notches shy of junk credit status. The downgrade follows Fitch's assessment that Santa Clara, California-headquartered Intel faces heightened challenges maintaining demand for its products. Fitch cited growing competition from peers such as Dutch rival NXP Semiconductors, Broadcom Inc and Advanced Micro Devices. "Credit metrics remain weak and will require both stronger end markets and successful product ramps, along with net debt reduction over the next 12-14 months" for Intel to recover its recent ratings, Fitch analysts wrote on Monday. Fitch added that while Intel holds a better market position than other similarly rated peers, its financial structure is relatively weaker and it faces "higher execution risk." Intel still enjoys a strong market position in the provision of PCs and traditional enterprise servers, Fitch noted, while warning the company faces heightened PC competition from Qualcomm and AMD. Intel will need to ramp up its PC shipments while also reducing its balance sheet debt to recover its previous credit ratings, Fitch said. The ratings agency called Intel's liquidity profile "solid," which as of June 28 consisted of a $21.2 billion mix of cash, cash equivalents and short-term investments, as well as an untapped $7 billion credit revolver. It also had an undrawn $5 billion, 364-day revolver that will come due in January 2026, Fitch said. Fellow ratings agency S&P Global similarly downgraded Intel's credit rating to BBB from BBB-plus in December, while Moody's Ratings downgraded its senior unsecured debt's rating in August last year.
