Hey bestie,
How are y’all doing? I’m excited to be back again to give the some hot market gist.
But, before we proceed, I’ve got great news for you.
Drum roll!!!🥁🥁
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Alright, let’s dive into today’s gist!
Apple, Throwing in the Towel on Electric Cars!
It looks like Apple’s electric car dreams have gone up in smoke! After years of work, the tech giant has decided to throw in the towel on electric cars!
Apple no wan do again!! 🤣🤣🤣
Yes! Apple has decided to discontinue its work on developing an electric car and focus on where it can make the biggest impact. Damn! After several years of effort.
The company kicked off the EV car project “Titan” 10 years ago, and the company originally said it hoped to release a self-driving vehicle as early as 2024. But the project got stuck in the slow lane, hampered by factors such as the COVID-19 pandemic.
Billions were reportedly sunk into research and development but plans to create a radical, autonomous vehicle without a steering wheel were scaled down to focus on a more conventional car with advanced driver-assistance features. The company laid off 190 workers from the group in 2019.
Anyway, it seems Apple is not alone. Several leading automakers, including electric vehicle (EV) market leader Tesla, have decided to pull back on investments, I will tell you more bout it later *winks*. And speaking of Tesla, you know the chief troller, Elon Musk, right? He’s always got something to say! 🤣 When news broke out, he commented with emojis of a salute and a ciggie 🚬. Elon Musk’s comments are always unexpected… Hahaha!
What do you think he was trying to communicate with those emojis?
Dell, Beating Estimates!
Dell, the American technology company that develops, sells, repairs, and supports computers and related products and services just dropped its fourth-quarter earnings and it’s not bad at all!
The company reported fourth-quarter revenue for the 2024 fiscal year of $22.3 billion, down 11% from a year ago but you know what’s even sweeter? That’s beating the estimates, man! Analysts were expecting $22.15 billion, but Dell’s like, “Nah, we’re going bigger!”…Hahaha!
Despite the revenue decline, Dell Technologies managed to increase its net income by 32% to $3.195 billion. The diluted Earnings-Per-Share saw a significant rise of 35% to $4.36, while non-GAAP diluted EPS experienced a 6% decrease to $7.13. The company’s cash flow from operations remained robust at $8.7 billion for the year. Dell Technologies ended the fiscal year with $9.0 billion in cash and investments and achieved its core leverage target of 1.5x.
But wait, there’s more! Dell’s feeling generous, my friend. The company has raised its dividend by 20% which is $1.78 per share! Wow!
Yeah, Dell’s leadership has also stated that the company is well positioned to capitalize on the AI opportunities with its industry’s leading storage solution and it is said to launch a new product at its Dell Technology World event in May 2024.
I tell y’all, Dell’s hitting all the right notes, and making moves like a boss!
While you enjoy today’s gist, please make sure to spread the joy by sharing this with your friends. 🤗Don’t forget to inform them to download the trove app – to enjoy a journey to wealth just like you.
Okta, Still Crushing it!
Y’all! Okta Inc. just dropped its latest 8-K filing on February 28, 2024!
Well, imagine you’re at sea, sailing smoothly then suddenly, out of nowhere, a giant wave crashes over the boat. Boom! That’s what an 8-K filing is like.
Lol! okay! You still don’t get it right? Lemme explain better😄.8-K filing is a company’s way of shouting from the mast, “Hey investors and Securities and Exchange Commission (SEC), listen up! We’ve hit a big wave here or we’ve stumbled upon a treasure island that could shake things up big time!”
Hahaha! I know I’m being a bit dramatic but I just need to pass the message well *winks*
Alright! So Okta, the big player in cloud-native security solutions, released its financials for Q4 and the whole fiscal year 2024! According to the report, the San Francisco-based company, which went public in 2017 recorded a strong revenue growth. It recorded a total revenue of $2.263 billion, marking a 22% increase from the previous year.
The non-GAAP operating income for the year stood at $310 million, a stark contrast to the non-GAAP operating loss of $10 million in fiscal 2023. Also, the non-GAAP net income reached $286 million, compared to a non-GAAP net loss of $7 million in the prior year, demonstrating a remarkable turnaround in profitability.
These figures represent significant improvements from the previous year and highlight the company’s efficient cash management and operational execution, which is a testament to the company’s successful subscription-based business model and its ability to retain and grow its customer base.
Snowflake, in a New Game!
Can you believe it? Despite dishing out some pretty solid numbers for the January quarter, Snowflake shares have taken a decline. Oh boy! Feels like it’s been hit by a snowstorm!
Snowflake’s stock price dropped after the company reported its fourth-quarter earnings results, which were better than Wall Street analysts had expected. However, its revenue guidance for the next fiscal year was lower than expected. 👀
Now, here’s another part…
CEO Frank Slootman has decided to bounce out the door, and Sridhar Ramaswamy who has been senior VP of AI at Snowflake is stepping in. This means, it’s a whole new game and Ramaswamy’s got some big shoes to fill!
Some people consider Ramaswamy as the perfect fit to lead Snowflake into the future, especially in the realm of AI and machine learning. With his experience at Google, Ramaswamy may be able to bring some magical touch to Snowflake, helping the company to continue growing.
All in all, it’s a wild ride in Snowflake land. Let’s grab some hot coffee and see where this takes the company!
And It’s a wrappppp!
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