Hi there,
Hollaaaaa!!! I bring you good tidings from the Trove world per usual.
This week, we delve into some record-breaking quarter results, an activist takeover… and the unfavourable subject of inflation.
How for do?
In any case, here we go!
TSMC RECORD PROFITS
The Taiwanese Semiconductor Manufacturing Company (TSMC) posted record breaking results for the second quarter of 2022. What is TMSC? I knew you’d ask: TSMC is the largest chip manufacturer in the world with big client’s like AMD, Apple, ARM, Broadcom, and Nvidia.
They reported a revenue of $18.16 billion, a 43.5% increase from the same quarter last year. The figure beat analysts expectations of about $17.8 billion. They also reported a net income of about $8 billion dollars, a 76.4% increase from the previous year.
I mean talk about a record quarter! Net income up by almost 80%? E for Energy !
TSMC (Apple’s key chip supplier), said it expects the revenue for the next quarter to hold steady and inch a bit up between $19.8 billion and $20.6 billion, which would be up about $14.8 billion from the same quarter in the previous year.
TSMC investors be like:
Despite this strong performance and an optimistic outlook, the company has chosen the path of caution when it comes to expenditure which is important at a time when they are worried about growing costs and how they may affect consumer demand, especially amid supply chain and delivery issues – not forgetting a potentially looming recession.
It’s been a really tough year for chip stocks as they have faced a plethora of problems, but the figures from TSMC offer some hope for the industry.
Love to hear it !
GOOD WEEK FOR PINTEREST
Their logo may be red, but their stocks certainly aren’t this week.
Pinterest shares rose by over 75% during after hours trading on Thursday after an article was published that stated Elliot management had acquired a 9% stake in the company.
Isn’t it awesome that Trove gives you access to After-Hours trading?
Never say Tomi doesn’t have your back.
Who’s Elliott anyways? Elliott Management is renowned for being an activist investor and they have purportedly been discussing unspecified matters with Pinterest for the past several weeks.
In case you were wondering what an activist investor is… they are individuals or a group that invests in a company and may obtain seats on the board to effect a major change in the company.
Elliott Management is currently the largest shareholder in Pinterest.
In Cardi B’s voice, that’s suspicious…
Pinterest surged in after-hours trading…but prior to the after-hours surge, Pinterest shares dropped by over 75% in the past year as the image sharing and social media company struggled to hang on to their users. Although the company’s revenue rose by about 52% in 2021 to a bit over $2.5 billion, the number of global monthly active users plummeted by 6% to 431 million.
Maybe they do need an activist investor.
…now unto the not-so-great news
Nigeria’s Inflation Rate Rises to 18.6% — Highest in 5 years
I hate to be the one to tell you this, but Nigeria’s inflation rate has reached 18.6% — an all-time high and the highest it has been since 2017. This was disclosed by The National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June 2022. Initially, I didn’t want to bore you with how we got here, but…
It all started in July 2019, prior to the federal government mandating that the borders should be shut. At that time, the inflation rate was 11.08% but it declined to 11.02% in August. Although it was the lowest inflation rate in over three years, the momentum didn’t last long. The coronavirus pandemic brought a government-imposed lockdown which forced businesses to shut operations and further paralyzed the economy. Then the Russia/Ukraine war led to higher prices of commodities like crude oil and food commodities, which the country relies heavily on.
Anyways, like I always say, try and invest some of your money (with Trove). It is one of the surefire ways to beat inflation.
It’s a wrap!
What are you waiting for?!?!
Forget not this ministry of yours: Tell a friend to tell a friend to :
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A new week is upon us and we’re about to crush our goals. Yes or Yes?
Your dearest and favorite Stocks Market Gist Partner,
Tomi, From Trove
