Billionaire Ken Griffin Sold 91% of Citadel's Stake in Palantir and Nearly Tripled His Position in This Cutting-Edge Artificial Intelligence (AI) Stock
This has been a busy month on the news front for Wall Street. Between Election Day, earnings season, and the October inflation report, investors haven’t been hurting for catalysts. But among these various data releases, you might have missed what’s arguably the most important of them all — the Nov. 14 deadline to file Form 13F with the Securities and Exchange Commission for the September-ended quarter.
A 13F is a required filing no later than 45 calendar days following the end to a quarter for institutional investors with at least $100 million in assets under management. These filings offer investors a concise snapshot of which stocks Wall Street’s most-famous money managers have been buying and selling.
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Although investors eagerly wait for the curtain to lift on Warren Buffett’s trading activity at Berkshire Hathaway, he’s far from the only billionaire who’s overseen big-time returns on Wall Street. For instance, investors also tend to pay close attention to Ken Griffin at Citadel, who oversees the most-profitable hedge fund since inception.
Citadel operates an active fund that almost always hedges its common-stock position with put and call options, and may have other positions (short positions, as well as options held short) that don’t show up in a 13F filing.
But among the countless trades made by Griffin’s hedge fund during the third quarter, two stand out.
Arguably one of the hottest artificial intelligence (AI) stocks on the planet right now is cloud data-mining specialist Palantir Technologies (NYSE: PLTR). Shares of Palantir have skyrocketed by 791% on a trailing-two-year basis, as of this writing on Nov. 23, with the company’s market cap briefly tipping the scales at $150 billion last week.
Yet in spite of these otherworldly gains, billionaire Ken Griffin disposed of 91% of the Palantir common shares Citadel’s hedge fund held during the September-ended quarter. There were also corresponding increases in put and call options held by Citadel for Palantir, which hedges against its common-stock position.
Before digging into the catalysts that might coerce a billionaire money manager and their team to sell shares of Palantir, it’s important to first understand the bull thesis.
The wind in Palantir’s sails is its irreplaceability at scale. The company’s AI-inspired Gotham platform is used by federal governments to plan and execute missions, as well as gather copious amounts of data. Meanwhile, its AI- and machine learning-powered Foundry platform helps businesses make sense of their data. No other company comes close to offering the breadth of services that Palantir can, which leads to highly predictable operating cash flow quarter after quarter.
JPMorgan upgrades Mexican equities on U.S. growth, downgrades Brazil
(Reuters) – JPMorgan upgraded Mexican equities to “overweight” from “neutral” on the back of strong U.S. growth, but cut Brazilian equities citing slower growth in China amid emerging pressures from President-elect Donald Trump’s tariff policy.
“Good US growth continues to support Mexican consumers through remittances, at the same time that a weaker MXN increases the purchasing power of these dollars,” said JPMorgan strategist Emy Shayo Cherman.
“There is a pretty high correlation between Mexican and US industrial production,” added Cherman in a note dated Tuesday.
J.P.Morgan downgraded Brazilian equities to “neutral” from “overweight.”
Weaker growth in China, the world’s second largest economy could hurt Brazil through lower commodity prices, given the Latin American country is a major soy exporter.
Trump, who takes office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border. He also outlined “an additional 10% tariff, above any additional tariffs” on imports from China.
Monetary policy outlook by the central banks of both countries could also impact equity markets, JPMorgan said. Brazil is expected to extend rate hikes into 2025, which could hurt corporate earnings growth, while Mexico’s central bank is projected to continue easing going into next year.
Latin American equity markets have underperformed this year. In dollar terms, Brazil’s MSCI index has stumbled 23% since the start of the year, while peer Mexico has wiped out more than 28% That compares to a more than 6% gain in the wider MSCI emerging market equity index.
“We give Mexico the benefit of the doubt, but will be closely monitoring developments, especially on the institutional reform side, which remains the key risk,” J.P.Morgan added.
(Reporting by Siddarth S in Bengaluru, editing by Karin Strohecker)
QuantaSing Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2025
BEIJING, Nov. 27, 2024 (GLOBE NEWSWIRE) — QuantaSing Group Limited QSG (“QuantaSing” or the “Company”), a leading lifestyle solution provider empowering adults to live better and longer, today announced its unaudited financial results for the first quarter of the fiscal year ending June 30, 2025 (the “first quarter of FY 2025”, which refers to the quarter from July 1, 2024 to September 30, 2024).
Highlights for the First Quarter of FY 2025
- Revenues for the first quarter of FY 2025 were RMB810.4 million (US$115.5 million), representing a decrease of 19.0% from the fourth quarter of the fiscal year ended June 30, 2024 (the “fourth quarter of FY 2024”) and a decrease of 6.8% from the first quarter of the fiscal year ended June 30, 2024 (the “first quarter of FY 2024”).
- Gross billings of individual online learning services1 for the first quarter of FY 2025 were RMB713.7 million (US$101.7 million), representing a decrease of 7.8% from the fourth quarter of FY 2024 and a decrease of 6.3% from the first quarter of FY 2024.
- Net income for the first quarter of FY 2025 was RMB80.7 million (US$11.5 million), compared with RMB196.6 million in the fourth quarter of FY 2024, and RMB66.7 million in the first quarter of FY 2024.
- Adjusted net income2 for the first quarter of FY 2025 was RMB88.0 million (US$12.5 million), compared with RMB193.6 million in the fourth quarter of FY 2024, and RMB94.0 million in the first quarter of FY 2024.
- Total registered users increased by 30.2% to approximately 134.6 million as of September 30, 2024, from 103.3 million as of September 30, 2023.
- Paying learners increased by 16.8% year over year to approximately 0.4 million in the first quarter of FY 2025.
Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our first quarter performance underscores our strategic pivot towards the burgeoning silver economy in China. This transition is a calculated move designed to align our offerings with the evolving needs of our aging population. While we anticipate some short-term revenue fluctuations as we implement this strategy, we remain committed to maintaining robust profitability and positive cash flow. Our partnerships with community centers and the introduction of integrated products, such as our ‘Food as Medicine’ line, are pivotal in creating a holistic ecosystem that addresses the lifestyle and wellness demands of older adults. As we advance through fiscal year 2025, our focus will be on establishing sustainable competitive advantages that contribute to long-term value for our shareholders.”
Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “The financial results for the first quarter reflect our commitment to profitability during this strategic transition. We have seen improvements in operational efficiency as we shift from a traffic-driven to a product-driven business model, while also scaling back investments in non-core areas. Our disciplined cost management has resulted in a healthy net margin of 10.0%, and our cash position has strengthened to RMB1,193.7 million as of September 30, 2024. This solid financial foundation provides us with the flexibility to pursue growth opportunities within the silver economy while ensuring we maintain profitability.”
Financial Results for the First Quarter of FY 2025
Revenues
Revenues were RMB810.4 million (US$115.5 million) in the first quarter of FY 2025, compared to RMB869.1 in the first quarter of FY 2024. The change was primarily due to a shift in revenue streams as the Company strategically moved towards the silver economy.
- Revenues from individual online learning services decreased by 6.2% year over year to RMB709.0 million (US$101.0million) in the first quarter of FY 2025, from RMB755.9 million in the first quarter of FY 2024. This decrease was primarily due to the decline of RMB82.8 million (US$11.8 million) in revenues from financial literacy courses and the decline of RMB35.6 million (US$5.1 million) in revenues from recreation and leisure courses3, partially offset by the increase of RMB71.5 million (US$10.2 million) in revenues from skills upgrading courses3.
- Revenues from enterprise services were RMB47.8 million (US$6.8 million) in the first quarter of FY 2025, compared to RMB68.4 million in the first quarter of FY 2024, representing a year-over year change of 30.2%, primarily due to a change in revenue streams from transactions involving a related party and certain other third parties.
- Revenues from consumer business4 increased to RMB49.5 million (US$7.1 million) in the first quarter of FY 2025, representing a 10.4% increase from RMB44.8 million in the first quarter of FY 2024, as a result of the Company’s expansion into wellness products.
- Revenues from others4 were RMB4.1 million (US$0.6 million) in the first quarter of FY 2025, compared to nil in the first quarter of FY 2024, primarily due to revenue generated from the Company’s online language education services for children.
Cost of revenues
Cost of revenues was RMB134.4 million (US$19.2 million) in the first quarter of FY 2025, compared to RMB118.2 million in the first quarter of FY 2024, representing a change of 13.8%. This increase was primarily due to increased labor outsourcing costs of RMB13.8 million (US$2.0 million) and higher procurement costs of RMB4.3 million (US$0.6 million).
Sales and marketing expenses
Sales and marketing expenses were RMB515.0 million (US$73.4 million) in the first quarter of FY2025, compared to RMB620.2 million in the first quarter of FY 2024, representing a decrease of 17.0%. The decrease was mainly due to declines in marketing and promotion expenses of RMB81.6 million (US$11.6 million), labor outsourcing costs of RMB11.2 million (US$1.6 million), and staff costs of RMB9.5 million (US$1.4 million), which includes a decrease in share-based compensation expenses of RMB4.5 million (US$0.6 million).
Research and development expenses
Research and development expenses were RMB28.1 million (US$4.0 million) in the first quarter of FY 2025, compared to RMB43.8 million in the first quarter of FY 2024, representing a decrease of 35.9%. The decrease was primarily due to a decline in staff costs of RMB13.6 million (US$1.9 million), which includes a decrease in share-based compensation expenses of RMB3.7 million (US$0.5 million).
General and administrative expenses
General and administrative expenses were RMB30.6 million (US$4.4 million) in the first quarter of FY 2025, compared to RMB42.8 million in the first quarter of FY 2024, representing a decrease of 28.4%. The decrease was primarily due to a decline in share-based compensation expenses of RMB10.4 million (US$1.5 million).
Net income and adjusted net income
Net income was RMB80.7 million (US$11.5 million) in the first quarter of FY 2025, compared with RMB66.7 million in the first quarter of FY 2024. Adjusted net income was RMB88.0 million (US$12.5 million) in the first quarter of FY 2025, compared with RMB94.0 million in the first quarter of FY 2024.
Earnings per share and adjusted earnings per share5
Basic and diluted net income per share were RMB0.52 (US$0.07) and RMB0.50 (US$0.07), respectively, in the first quarter of FY 2025, compared with basic and diluted net income per share of RMB0.39 and RMB0.38, respectively, in the first quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.56 (US$0.08) and RMB0.55 (US$0.08), respectively, in the first quarter of FY 2025, compared with basic and diluted adjusted net income per share of RMB0.56 and RMB0.54, respectively, in the first quarter of FY 2024.
Balance Sheet
As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,193.7 million (US$170.1 million), compared with RMB1,026.3 million as of June 30, 2024.
Recent Developments
Payment of a special cash dividend
In October 2024, the Company’s board of directors declared a special cash dividend in the amount of US$0.067 per ordinary share, or US$0.201 per American depositary share (“ADS”). The cash dividend was paid in November 2024 to shareholders of record at the close of business on October 30, 2024. The aggregate amount of cash dividends paid was US$10.9 million.
Share repurchase program
On June 11, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 (the “2024 Share Repurchase Program”). As of September 30, 2024, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.5 million under the 2024 Share Repurchase Program.
Conference Call Information
The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Wednesday, November 27, 2024 (08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:
| International: | 1-412-902-4272 |
| United States Toll Free: | 1-888-346-8982 |
| Mainland China Toll Free: | 4001-201203 |
| Hong Kong Toll Free: | 800-905945 |
| Conference ID: | QuantaSing Group Limited |
The replay will be accessible through December 4, 2024 by dialing the following numbers:
| International: | 1-412-317-0088 |
| United States Toll Free: | 1-877-344-7529 |
| Replay Access Code: | 9195244 |
A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expense. Basic and diluted adjusted net income per share represents adjusted net income attributable to ordinary shareholders of QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.
Exchange Rate Information
This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, the Financial Outlook in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
About QuantaSing Group Limited
QuantaSing is a leading lifestyle solution provider empowering adults to live better and longer. Leveraging its profound understanding of adult users and robust infrastructure, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners as well as consumer products and service in selected areas to address the senior users’ aspirations for wellness.
For more information, please visit: https://ir.quantasing.com.
Contact
Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857
Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429
_________________________________
1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
3 The Company has adopted a new presentation of its revenues since the second quarter of FY 2024, which split other personal interest courses into skills upgrading courses and recreation and leisure courses, to better align with its business strategies and provide useful and updated information to investors. Skills upgrading courses mainly include short-video production courses and memory training courses. Recreation and leisure courses mainly include personal well-being courses, electronic keyboard courses and standing meditation courses. The historical revenues presentation has been conformed to the current presentation.
4 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
5 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) |
|||||
| As of | |||||
| June 30, 2024 |
September 30, 2024 |
September 30, 2024 |
|||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 779,931 | 1,027,165 | 146,370 | ||
| Restricted cash | 160 | 250 | 36 | ||
| Short-term investments | 246,195 | 166,299 | 23,697 | ||
| Accounts receivable, net | 16,676 | 17,192 | 2,450 | ||
| Amounts due from related parties | 4,488 | – | – | ||
| Inventory, net | 6,345 | 7,584 | 1,081 | ||
| Prepayments and other current assets | 275,549 | 209,870 | 29,906 | ||
| Total current assets | 1,329,344 | 1,428,360 | 203,540 | ||
| Non-current assets: | |||||
| Property and equipment, net | 6,569 | 5,794 | 826 | ||
| Long-term investments | 9,010 | 10,623 | 1,514 | ||
| Intangible assets, net | – | 59 | 8 | ||
| Operating lease right-of-use assets | 58,889 | 47,816 | 6,814 | ||
| Deferred tax assets | 847 | 2,193 | 313 | ||
| Other non-current assets | 21,360 | 22,009 | 3,136 | ||
| Total non-current assets | 96,675 | 88,494 | 12,611 | ||
| TOTAL ASSETS | 1,426,019 | 1,516,854 | 216,151 | ||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Accounts payables | 62,066 | 61,051 | 8,700 | ||
| Accrued expenses and other current liabilities | 190,508 | 201,159 | 28,665 | ||
| Income tax payable | 20,399 | 45,382 | 6,467 | ||
| Contract liabilities, current portion | 385,227 | 347,744 | 49,553 | ||
| Advance from customers | 162,257 | 163,004 | 23,228 | ||
| Operating lease liabilities, current portion | 49,099 | 56,156 | 8,002 | ||
| Total current liabilities | 869,556 | 874,496 | 124,615 | ||
| Non-current liabilities: | |||||
| Contract liabilities, non-current portion | 11,365 | 20,221 | 2,881 | ||
| Operating lease liabilities, non-current portion | 16,989 | 2,887 | 411 | ||
| Deferred tax liabilities | 11,625 | 16,528 | 2,355 | ||
| Total non-current liabilities | 39,979 | 39,636 | 5,647 | ||
| TOTAL LIABILITIES | 909,535 | 914,132 | 130,262 | ||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS – continued (Amounts in thousands, except for share and per share data) |
||||||||
| As of | ||||||||
| June 30, 2024 |
September 30, 2024 |
September 30, 2024 |
||||||
| RMB | RMB | US$ | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 81 | 81 | 12 | |||||
| Class B ordinary shares | 34 | 34 | 5 | |||||
| Treasury stock | (109,257 | ) | (80,430 | ) | (11,461 | ) | ||
| Additional paid-in capital | 1,192,474 | 1,172,743 | 167,115 | |||||
| Accumulated other comprehensive income | 17,313 | 13,767 | 1,962 | |||||
| Accumulative deficit | (584,161 | ) | (503,473 | ) | (71,744 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 516,484 | 602,722 | 85,889 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,426,019 | 1,516,854 | 216,151 | |||||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except for share and per share data) |
||||||||
| For the Three Months Ended September 30, |
||||||||
| 2023 | 2024 | 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Revenues | 869,136 | 810,404 | 115,482 | |||||
| Cost of revenues | (118,192 | ) | (134,448 | ) | (19,159 | ) | ||
| Gross Profit | 750,944 | 675,956 | 96,323 | |||||
| Operating expenses: | ||||||||
| Sales and marketing expenses | (620,152 | ) | (515,009 | ) | (73,388 | ) | ||
| Research and development expenses | (43,800 | ) | (28,080 | ) | (4,001 | ) | ||
| General and administrative expenses | (42,762 | ) | (30,621 | ) | (4,363 | ) | ||
| Total operating expenses | (706,714 | ) | (573,710 | ) | (81,752 | ) | ||
| Income from operations | 44,230 | 102,246 | 14,571 | |||||
| Other income: | ||||||||
| Interest income | 3,447 | 1,939 | 276 | |||||
| Others, net | 12,257 | 9,735 | 1,387 | |||||
| Income before income tax | 59,934 | 113,920 | 16,234 | |||||
| Income tax expense | 6,746 | (33,232 | ) | (4,736 | ) | |||
| Net income | 66,680 | 80,688 | 11,498 | |||||
| Net income attributable to ordinary shareholders | 66,680 | 80,688 | 11,498 | |||||
| Other comprehensive income | ||||||||
| Foreign currency translation adjustments, net of nil tax | (2,005 | ) | (3,546 | ) | (505 | ) | ||
| Total other comprehensive income | (2,005 | ) | (3,546 | ) | (505 | ) | ||
| Total comprehensive income | 64,675 | 77,142 | 10,993 | |||||
| Net income per ordinary share | ||||||||
| – Basic | 0.39 | 0.52 | 0.07 | |||||
| – Diluted | 0.38 | 0.50 | 0.07 | |||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||
| – Basic | 169,056,984 | 156,445,053 | 156,445,053 | |||||
| – Diluted | 175,003,606 | 161,309,229 | 161,309,229 | |||||
| Share-based compensation expenses included in | ||||||||
| Cost of revenues | (3,778 | ) | (2,303 | ) | (328 | ) | ||
| Sales and marketing expenses | (4,489 | ) | (39 | ) | (6 | ) | ||
| Research and development expenses | (5,610 | ) | (1,898 | ) | (270 | ) | ||
| General and administrative expenses | (13,409 | ) | (3,032 | ) | (432 | ) | ||
| QUANTASING GROUP LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for share and per share data) |
||||||||
| The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated: | ||||||||
| For the Three Months Ended September 30, |
||||||||
| 2023 | 2024 | 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Revenues of individual online learning services: | 755,910 | 709,012 | 101,033 | |||||
| Add: value-added tax | 47,579 | 40,691 | 5,798 | |||||
| Add: ending deferred revenues (1) | 619,954 | 529,054 | 75,390 | |||||
| Less: beginning deferred revenues (1) | (661,360 | ) | (565,030 | ) | (80,516 | ) | ||
| | ||||||||
| Gross billings of individual online learning services | 762,083 | 713,727 | 101,705 | |||||
| (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities.” | ||||||||
| QUANTASING GROUP LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued (Amounts in thousands, except for share and per share data) |
|||||
| The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated: | |||||
| For the Three Months Ended September 30, |
|||||
| 2023 | 2024 | 2024 | |||
| RMB | RMB | US$ | |||
| Net income | 66,680 | 80,688 | 11,498 | ||
| Add: Share-based compensation expenses | 27,286 | 7,272 | 1,036 | ||
| Adjusted net income | 93,966 | 87,960 | 12,534 | ||
| | |||||
| Net income attributable to ordinary shareholders | 66,680 | 80,688 | 11,498 | ||
| Add: Share-based compensation expenses | 27,286 | 7,272 | 1,036 | ||
| Adjusted net income attributable to ordinary shareholders | 93,966 | 87,960 | 12,534 | ||
| Weighted average number of ordinary shares used in computing net income per share | |||||
| – Basic | 169,056,984 | 156,445,053 | 156,445,053 | ||
| – Diluted | 175,003,606 | 161,309,229 | 161,309,229 | ||
| Weighted average number of ordinary shares used in computing adjusted net income per share | |||||
| – Basic | 169,056,984 | 156,445,053 | 156,445,053 | ||
| – Diluted | 175,003,606 | 161,309,229 | 161,309,229 | ||
| Net income per ordinary share | |||||
| – Basic | 0.39 | 0.52 | 0.07 | ||
| – Diluted | 0.38 | 0.50 | 0.07 | ||
| Non-GAAP adjustments to net income per ordinary share | |||||
| – Basic | 0.17 | 0.04 | 0.01 | ||
| – Diluted | 0.16 | 0.05 | 0.01 | ||
| Adjusted net income per ordinary share | |||||
| – Basic | 0.56 | 0.56 | 0.08 | ||
| – Diluted | 0.54 | 0.55 | 0.08 | ||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BingEx Limited Announces Third Quarter 2024 Financial Results
BEIJING, Nov. 27, 2024 (GLOBE NEWSWIRE) — BingEx Limited (“BingEx” or the “Company”) FLX, a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter and Nine Months 2024 Highlights:
- Revenues were RMB1,154.8 million (US$164.6 million) in the third quarter of 2024. For the nine months ended September 30, 2024, revenues were RMB3,439.3 million (US$490.1 million), representing an increase of 3.7% year-over-year.
- Gross profit was RMB130.3 million (US$18.6 million) in the third quarter of 2024, representing an increase of 20.9% year-over-year. Gross profit margin reached 11.3%, improving from 9.0% in the same period last year. For the nine months ended September 30, 2024, gross profit was RMB387.6 million (US$55.2 million), representing an increase of 33.4% year-over-year.
- Income from operations was RMB46.2 million (US$6.6 million) in the third quarter of 2024, operating margin was 4.0%. For the nine months ended September 30, 2024, income from operations was RMB126.9 million (US$18.1 million), accounting for 3.7% of revenues, realizing a remarkable improvement in profitability compared with a loss from operations of RMB1.8 million in the same period last year.
- Net income was RMB23.8 million (US$3.4 million) in the third quarter of 2024, net income margin was 2.1%. For the nine months ended September 30, 2024, net income was RMB147.5 million (US$21.0 million), representing an increase of 91.6% year-over-year. Net income margin was 4.3%, compared with 2.3% in the same period last year.
- Non-GAAP net income1 was RMB57.6 million (US$8.2 million) in the third quarter of 2024, Non-GAAP net income margin was 5.0%. For the nine months ended September 30, 2024, Non-GAAP net income was RMB181.2 million (US$25.8 million), Non-GAAP net income margin was 5.3%.
- The number of orders fulfilled for the nine months ended September 30, 2024 was 211.4 million, representing an increase of 7.1% year-over-year, with the fulfilled orders in the third quarter contributed 73.3 million.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “In the third quarter of 2024, BingEx demonstrated resilience in a competitive market, achieving a year-over-year growth in gross profit and a significant improvement in operational efficiency. Our strong focus on enhancing service quality and expanding our delivery network has allowed us to fulfill over 211 million orders, reaffirming our commitment to providing exceptional on-demand courier services. As we continue to innovate and adapt, we are confident in our ability to capture new growth opportunities and deliver greater value to our customers and stakeholders.”
“BingEx’s financial results for the third quarter of 2024 reflect our ongoing focus on disciplined execution and cost management,” said Mr. Luke Tang, Chief Financial Officer of BingEx. “We achieved a significant 20.9% year-over-year increase in gross profit, with our gross margin reaching 11.3 %, up from 9.0% in the same period of last year. As a result of our improved operational efficiency and enhanced profitability, we have achieved positive net income for eight consecutive quarters since the fourth quarter of 2022.”
Third Quarter 2024 Financial Results
Revenues were RMB1,154.8 million (US$164.6 million) in the third quarter of 2024, compared with RMB1,194.3 million in the same period of 2023.
Cost of revenues was RMB1,024.5 million (US$146.0 million) , compared with RMB1,086.4 million in the same period of 2023. The decrease was primarily attributable to the decrease in Flash-Riders’ remuneration and incentives to fulfill orders.
Gross profit was RMB130.3 million (US$18.6 million), compared with RMB107.8 million in the same period of 2023. Gross profit margin was 11.3%, compared with 9.0% in the same period last year.
Total operating expenses were RMB84.2 million (US$12.0 million), representing a decrease of 7.8% from RMB91.2 million in the same period of 2023.
Selling and marketing expenses were RMB43.9 million (US$6.3 million), relative flat compared with RMB43.5 million in the same period last year.
General and administrative expenses were RMB18.1 million (US$2.6 million), representing a 33.0% decrease from RMB27.0 million in the same period of 2023. The year-over-year decline was primarily due to decreases in staffing costs and professional service fees.
Research and development expenses were RMB22.2 million (US$3.2 million), representing a 6.8% increase from RMB20.8 million in the same period of 2023.
Income from operations was RMB46.2 million (US$6.6 million), compared with RMB16.6 million in the same period of 2023. Operating margin was 4.0%, compared with 1.4% in the same period last year.
Changes in fair value of long-term investments were RMB33.8 million (US$4.8 million), primarily reflecting the losses from fair value measurement of long-term investments.
Other income was RMB5.8 million (US$0.8 million), compared with RMB11.8 million in the same period of 2023. The decrease was mainly due to a decrease in the amount of government grants.
Net income was RMB23.8 million (US$3.4 million), compared with RMB35.0 million in the same period of 2023. Net income margin was 2.1%, compared with 2.9% in the same period last year.
Non-GAAP net income1 was RMB57.6 million (US$8.2 million), compared with RMB35.0 million in the same period of 2023. Non-GAAP net income margin was 5.0%, compared with 2.9% in the same period last year.
Net loss attributable to ordinary shareholders was RMB13.4 million (US$1.9 million), compared with RMB2.6 million in the same period last year.
Basic and diluted net loss per ordinary share. Basic and diluted net loss per share was RMB0.19 (US$0.03).
Adoption of 2024 Share Incentive Plan
In order to provide incentives to our personnel, the Company’s board of directors has approved the adopt of a 2024 Share Incentive Plan (the “2024 Plan”). Under the 2024 Plan, the maximum aggregate number of Class A ordinary shares that may be issued pursuant to the awards is initially 10,669,486, plus an annual increase on the first calendar day of each fiscal year of the Company during the term of the plan commencing with the fiscal year beginning January 1, 2025, by the lower of (i) an amount equal to 1% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by the board of directors. The 2024 Plan became effective on November 26, 2024 and will expire on the tenth anniversary of its effective date.
1 Non-GAAP net income and Non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.”
Conference Call
The Company will host an earnings conference call on Wednesday, November 27, 2024 at 8:00PM Beijing Time (7:00AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call at:
https://register.vevent.com/register/BIe9d056d0687d428688467915cc4980b1
Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.
A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.
About BingEx Limited
BingEx Limited FLX is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, BingEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.
For more information, please visit: http://ir.ishansong.com.
Use of Non-GAAP Financial Measures
To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measures, namely Non-GAAP net income and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decision. Non-GAAP net income represents net income excluding changes in fair value of long-term investments. Non-GAAP net income margin is equal to Non-GAAP net income divided by revenues.
By excluding the impact of changes in fair value of long-term investments, which are non-cash charges, we believe that Non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that Non-GAAP financial measures provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.
Our Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our Non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||
| December 31, | September 30, | ||||||||||
| 2023 | 2024 | ||||||||||
| RMB | RMB | USD | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 699,391 | 517,406 | 73,730 | ||||||||
| Short-term investments | 150,699 | — | — | ||||||||
| Accounts receivable | 12,115 | 17,199 | 2,451 | ||||||||
| Prepayments and other current assets | 58,119 | 65,677 | 9,361 | ||||||||
| Total current assets | 920,324 | 600,282 | 85,542 | ||||||||
| Non-current assets | |||||||||||
| Long-term investments | — | 259,819 | 37,024 | ||||||||
| Property and equipment, net | 5,544 | 3,867 | 551 | ||||||||
| Operating lease right-of-use assets | 59,852 | 47,814 | 6,813 | ||||||||
| Other non-current assets | 14,950 | 15,056 | 2,145 | ||||||||
| Total non-current assets | 80,346 | 326,556 | 46,533 | ||||||||
| Total assets | 1,000,670 | 926,838 | 132,075 | ||||||||
| LIABILITIES | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | 339,832 | 216,119 | 30,797 | ||||||||
| Deferred revenue | 51,945 | 60,388 | 8,605 | ||||||||
| Operating lease liabilities, current | 12,346 | 13,509 | 1,925 | ||||||||
| Accrued expenses and other current liabilities | 249,329 | 163,383 | 23,282 | ||||||||
| Total current liabilities | 653,452 | 453,399 | 64,609 | ||||||||
| Non-current liabilities | |||||||||||
| Operating lease liabilities, non-current | 45,360 | 32,355 | 4,611 | ||||||||
| Total non-current liabilities | 45,360 | 32,355 | 4,611 | ||||||||
| Total liabilities | 698,812 | 485,754 | 69,220 | ||||||||
| Mezzanine equity | 2,733,560 | 2,815,884 | 401,261 | ||||||||
| Shareholders’ deficit | (2,431,702 | ) | (2,374,800 | ) | (338,406 | ) | |||||
| Total liabilities, mezzanine equity and shareholders’ deficit | 1,000,670 | 926,838 | 132,075 | ||||||||
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Revenues | 1,194,276 | 1,154,788 | 164,556 | 3,316,495 | 3,439,284 | 490,094 | |||||||
| Cost of revenues | (1,086,434 | ) | (1,024,457 | ) | (145,984 | ) | (3,025,814 | ) | (3,051,636 | ) | (434,855 | ) | |
| Gross Profit | 107,842 | 130,331 | 18,572 | 290,681 | 387,648 | 55,239 | |||||||
| Operating expenses: | |||||||||||||
| Selling and marketing expenses | (43,518 | ) | (43,931 | ) | (6,260 | ) | (141,568 | ) | (133,669 | ) | (19,048 | ) | |
| General and administrative expenses | (26,969 | ) | (18,058 | ) | (2,573 | ) | (79,399 | ) | (63,563 | ) | (9,058 | ) | |
| Research and development expenses | (20,750 | ) | (22,171 | ) | (3,159 | ) | (71,480 | ) | (63,477 | ) | (9,045 | ) | |
| Total operating expenses | (91,237 | ) | (84,160 | ) | (11,992 | ) | (292,447 | ) | (260,709 | ) | (37,151 | ) | |
| Income (loss) from operations | 16,605 | 46,171 | 6,580 | (1,766 | ) | 126,939 | 18,088 | ||||||
| Interest income | 5,060 | 4,636 | 661 | 15,048 | 16,535 | 2,356 | |||||||
| Changes in fair value of long-term investments | — | (33,805 | ) | (4,817 | ) | — | (33,686 | ) | (4,800 | ) | |||
| Investment income | 1,448 | 1,004 | 143 | 3,661 | 3,441 | 490 | |||||||
| Other income | 11,849 | 5,823 | 830 | 60,076 | 34,351 | 4,895 | |||||||
| Income before income taxes | 34,962 | 23,829 | 3,397 | 77,019 | 147,580 | 21,029 | |||||||
| Income tax expense | — | — | — | — | (68 | ) | (10 | ) | |||||
| Net income | 34,962 | 23,829 | 3,397 | 77,019 | 147,512 | 21,019 | |||||||
| Accretion of redeemable convertible preferred shares to redemption value | (37,601 | ) | (37,253 | ) | (5,309 | ) | (108,959 | ) | (110,827 | ) | (15,793 | ) | |
| Net income (loss) attributable to ordinary shareholders | (2,639 | ) | (13,424 | ) | (1,912 | ) | (31,940 | ) | 36,685 | 5,226 | |||
| Net earnings (loss) per ordinary share | |||||||||||||
| — Basic and diluted — Class A and B | (0.04 | ) | (0.19 | ) | (0.03 | ) | (0.44 | ) | 0.19 | 0.03 | |||
| Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share | |||||||||||||
| — Basic and diluted – Class A | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | |||||||
| — Basic and diluted – Class B | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | |||||||
| BINGEX LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net income | 34,962 | 23,829 | 3,397 | 77,019 | 147,512 | 21,019 | |||||||
| Add: Changes in fair value of long-term investments | — | 33,805 | 4,817 | — | 33,686 | 4,800 | |||||||
| Non-GAAP net income | 34,962 | 57,634 | 8,214 | 77,019 | 181,198 | 25,819 | |||||||
| Net income margin | 2.9% | 2.1% | 2.3% | 4.3% | |||||||||
| Add: Changes in fair value of long-term investments as a percentage of revenues | — | 2.9% | — | 1.0% | |||||||||
| Non-GAAP net income margin | 2.9% | 5.0% | 2.3% | 5.3% | |||||||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This 'The Michael Saylor Effect'?
Analysts are closely examining the impact of Michael Saylor, co-founder of MicroStrategy Inc. MSTR, on exchange-traded funds (ETFs) that are linked to the company’s performance. This comes amid a significant surge in MicroStrategy’s stock, driven by its substantial Bitcoin BTC/USD holdings.
What Happened: The volatility of MicroStrategy has led to significant returns for ETFs tied to its performance. The stock has surged 416.19% year-to-date, impacting various ETFs.
The Bitwise Crypto Industry Innovators ETF BITQ with 18.35% MSTR holding saw a rise of 68.58% so far this year, while the Schwab Crypto Thematic ETF STCE, which gives 14.4% exposure to MSTR, increased by 55.07%.
The T-Rex 2x Long MSTR Daily Target MSTU experienced a remarkable 453.76% gain, and the Defiance Daily Target 2x Long MSTR ETF MSTX rose by 309.09%, Barron’s reported on Wednesday.
Both T-Rex and Defiance have hedged with inverse ETFs, but the T-Rex 2x Inverse MSTR Daily Target (MSTZ) holds only $155 million in assets.
See Also: Musk Tweet Sparks Dogecoin Surge, Fuels Speculation On X Payments
Matthew Tuttle, manager of the T-Rex ETF, attributes this phenomenon to “The Michael Saylor effect,” likening it to the influence of other high-profile CEOs like Elon Musk and Jensen Huang, reported Barron’s. Tuttle acknowledges the risk, noting that from a fundamental perspective, MicroStrategy’s valuation appears inflated.
Why It Matters: On Monday, MicroStrategy shares climbed 5.93% in pre-market trading before closing the session in the red. Over the weekend, Saylor revealed that the company is generating $500 million daily as Bitcoin edges closer to the $100,000 milestone.
According to Benzinga Pro data, MicroStrategy has a consensus price target of $449.5 based on the ratings of 12 analysts. The high is $690 issued by BTIG on Dec. 11, 2023. The low is $140 issued by Jefferies on Nov. 10, 2022.
The average price target of $563.33 between TD Cowen, Barclays, and Benchmark implies a 41.90% upside for MicroStrategy.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MARA Urges Incoming Trump Administration To Boost US Bitcoin Mining Operations To Prevent Manipulation From 'Adversarial' Nations
MARA Holdings Inc. MARA exhorted the incoming Donald Trump administration to expand domestic Bitcoin BTC/USD mining operations, emphasizing the significance of the U.S. controlling a larger portion of the global hash rate for economic sovereignty.
What Happened: In an X post on Tuesday, the company highlighted the increasing competitiveness of Bitcoin mining and the potential economic implications of not securing a significant share of the global hash rate.
The company stressed that by controlling a larger portion of the hash rate—the computational power used to validate transactions and add new blocks to the blockchain—the U.S. can protect its transactions from foreign interference.
“By controlling hash rate, a nation can prioritize access to block space, preventing adversarial nations from censoring or manipulating its transactions,” MARA added.
For the uninitiated, Bitcoin’s blockspace represents the finite capacity available in each block to include transaction data.
Access to block space is vital for participating in the Bitcoin economy, and miners or mining pools with a higher hash rate can prioritize transactions in a block.
Why It Matters: Mara’s recommendation follows President Trump’s assured support to the industry, with a vision to mine all remaining Bitcoins in the U.S.
The pledge, aligning with his “America First” policy, seemed to be directed against China, which, despite a ban on cryptocurrency trading and mining, still controls over 50% of the global Bitcoin hash rate.
According to Bitbo data, miner revenue in November increased by 3.4% from the previous month, primarily driven by the jump in Bitcoin’s price following Trump’s election victory.
The broader corporate Bitcoin mining sector has seen gains since the event, with CoinShares Valkyrie Bitcoin Miners ETF WGMI rising 18%.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,388.09, up 0.57% in the last 24 hours, according to data from Benzinga Pro. Shares of MARA were up 3.04% in pre-market trading hours.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Toll Brothers Announces New Luxury Home Community Coming Soon to Spring Hill, Tennessee
SPRING HILL, Tenn., Nov. 26, 2024 (GLOBE NEWSWIRE) — Toll Brothers, Inc. TOL, the nation’s leading builder of luxury homes, today announced its newest community, Toll Brothers at August Park, is coming soon to Spring Hill, Tennessee. The community will be located near the intersection of Round Hill Lane and Hunt Valley Drive. Construction of the model home is set to begin in January, and sales will begin in the spring of 2025.
Conveniently situated near the new June Lake Interstate 65 interchange, Toll Brothers at August Park will include 31 new single-family homes priced from $1 million. Home buyers will be able to choose from four exquisite home designs ranging from 2,950 to 4,000+ square feet with 4 to 5 bedrooms, 3 to 4 baths, and 2- to 3-car garages. Each home will be built with the outstanding quality, craftsmanship, and value for which Toll Brothers is known.
“With floor plans designed for today’s buyers and unrivaled personalization options available, Toll Brothers will offer residents the best in luxury living in one of Spring Hill’s most desirable new home communities within the August Park master plan,” said Jordan Hartigan, Division President of Toll Brothers in Tennessee. “In addition to the incredible homes available for personalization through our Design Studio experience, homeowners needing to move sooner will be able to select a quick move-in home with designer-appointed features in this very special community.”
Home buyers will enjoy proximity to nearby shopping, dining, arts and entertainment, and recreational destinations, both in the quickly developing June Lake area of Spring Hill and in nearby historic Franklin. Residents will also have access to a refreshing pool and pool house amenity within the August Park master planned community. Children will have the opportunity to attend school in the highly acclaimed Williamson County School District.
Major highways including Interstates 65 and 840 offer homeowners convenient access to Franklin, Brentwood, Downtown Nashville, and the entire South Nashville corridor.
Additional Toll Brothers new home communities in the Nashville area include Toll Brothers at The Nations in Nashville, Tomlinson Pointe in Mt. Juliet, and future community Meadowlark in Murfreesboro which will open in early 2025.
For more information, call (855) 949-8655 or visit TollBrothers.com/TN.
About Toll Brothers
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.
In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.
Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | 215-938-8169 | ameck@tollbrothers.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/858d223a-b7fe-493b-9c07-d5f6afda7513
Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
North America Household Appliance Market Set to Hit US$13.9 Billion by 2034: Smart Tech & Eco-Friendly Trends Lead the Way | Transparency Market Research
Wilmington, Delaware, United States, Transparency Market Research, Inc., Nov. 27, 2024 (GLOBE NEWSWIRE) — The North American household appliance market (北米家電市場), valued at US$ 8.1 billion in 2023, is on a robust growth trajectory, with an expected CAGR of 5.2% from 2024 to 2034. The market is projected to reach US$ 13.9 billion by 2034, driven by the growing adoption of smart home technologies and the increasing consumer demand for sustainable and energy-efficient appliances.
Smart Technology Integration: A Key Growth Driver
One of the biggest catalysts for market expansion in North America is the integration of smart technology in household appliances. As the demand for smart homes grows, consumers are increasingly seeking appliances that seamlessly integrate into their home automation systems. From smart refrigerators and IoT-enabled ovens to washing machines and dishwashers, connected appliances offer greater convenience, efficiency, and remote control through smartphones, voice assistants like Amazon Alexa or Google Assistant, or a central home hub.
This trend of smart living is not only transforming how consumers interact with everyday appliances but is also improving the overall user experience. Smart features such as energy-saving modes, remote monitoring, and voice-activated controls are expected to lead the market’s growth in the coming years.
Request a Sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86400
Sustainability and Eco-friendliness: A Strong Consumer Focus
Alongside technological advancements, sustainability is another driving force behind the North American household appliance market’s growth. With growing concerns over environmental impact, consumers are increasingly prioritizing eco-friendly, energy-efficient products. They’re looking for appliances that not only meet strict energy standards but also use recyclable materials and have a low carbon footprint.
Manufacturers are responding to this shift by developing products designed to reduce energy consumption and lower environmental impact. Appliances that offer both sustainability and advanced smart features are expected to capture the largest market share as consumers become more conscious of their environmental footprint.
Market Segmentation: Diverse Product Categories Driving Growth
By Product Type
Pedestal Fans
- Less than $50
- $50–$150
- $150–$250
- More than $250
Electric Indoor Space Heaters
- Ceramic
- Fan & Forced Air
- Radiant & Infrared
- Others (Oil Filled, Propane, etc.)
Blenders
- Small Blenders:
- Up to 500 ml
- 500 ml to 1000 ml
- Large Blenders:
- 1–2 Liters
- 2–3 Liters
- 3–4 Liters
- 4–5 Liters
Humidifiers
- Small Room Humidifiers (Under 300 sq. ft.)
- Medium Room Humidifiers (300–600 sq. ft.)
- Large Room Humidifiers (600–1000 sq. ft.)
- Extra-Large Room or Whole House Humidifiers (1000–2400+ sq. ft.)
Electric Mops
- Flat Type
- Spiral Type
- Others (Roller, etc.)
Food Waste Disposers
- Dry Grind Method:
- Less than 1000 ml
- 1000–2000 ml
- 2000–3000 ml
- Wet Grind Method:
- Less than 1000 ml
- 1000–2000 ml
- 2000–3000 ml
By Distribution Channel
D2C (Direct-to-Consumer)
Online
- General E-commerce Websites
- Specialty Websites
Offline
- Hypermarkets/Supermarkets
- Brand Stores
- Multi-brand Stores
- Other Retail Stores
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As smart technology and eco-friendly solutions gain more traction, we can expect products with advanced energy-saving features and remote control capabilities to lead the charge in this market.
Key Players Shaping the North American Household Appliance Market
The North American household appliance market is home to several major players who are driving innovation in both smart technology and sustainability:
- Whirlpool Corporation: Continues to enhance its smart appliance portfolio with energy-efficient refrigerators, washing machines, and smart ovens that integrate seamlessly with home automation systems.
- Samsung Electronics: A leader in the smart appliance revolution, Samsung’s SmartThings Hub connects various home appliances, offering enhanced control and convenience for consumers.
- LG Electronics: Capitalizing on the smart technology trend, LG’s ThinQ AI-powered appliances allow consumers to monitor and control their household devices through voice commands or mobile apps.
- Bosch and Electrolux: Both companies are responding to the growing demand for energy-efficient and smart appliances that prioritize sustainability, ensuring that consumers have access to eco-conscious products.
These companies are investing heavily in research and development to improve product features, particularly in the areas of energy efficiency, sustainability, and smart functionality. In addition, strategies such as mergers, acquisitions, and partnerships are helping these players expand their product portfolios and strengthen their positions in the market.
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Regional Insights: U.S. and Canada Lead the Charge
The United States and Canada are the dominant players in the North American household appliance market, both witnessing substantial investments in smart appliance technologies. The U.S. market, with its large consumer base, is particularly lucrative for companies focused on IoT integration and smart home solutions. Canada, with its growing interest in sustainable living and smart technologies, is also expected to experience significant growth in the coming years.
Looking Ahead: Strong Growth Prospects for the North America Household Appliance Market
The future of the North American household appliance market is promising, with smart technology and sustainability driving substantial growth. As the demand for connected, energy-efficient, and durable household appliances rises, companies that innovate and adapt to consumer needs will have significant opportunities to expand their market share.
With the market expected to reach US$ 13.9 billion by 2034, the North American household appliance industry is set for a transformative period, driven by smart home integration and eco-friendly innovation.
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Earnings Scheduled For November 27, 2024
Companies Reporting Before The Bell
• Codere Online Luxembourg CDRO is projected to report quarterly earnings at $0.01 per share on revenue of $49.81 million.
• CollPlant Biotechnologies CLGN is likely to report quarterly loss at $0.37 per share on revenue of $730 thousand.
• QuantaSing Group QSG is likely to report quarterly earnings at $0.27 per share on revenue of $134.60 million.
• Frontline FRO is projected to report quarterly earnings at $0.45 per share on revenue of $361.42 million.
• Golden Ocean Group GOGL is likely to report quarterly earnings at $0.33 per share on revenue of $196.25 million.
• 111 YI is expected to report earnings for its third quarter.
• Arbe Robotics ARBE is likely to report quarterly loss at $0.11 per share on revenue of $450 thousand.
• X Financial XYF is likely to report earnings for its third quarter.
• BOS Better Online Solns BOSC is expected to report earnings for its third quarter.
Companies Reporting After The Bell
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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Michael Saylor's MicroStrategy Plunges 23% In 5 Sessions While Bitcoin Slips Under 6%: Gary Black Quips 'Don't Say I Didn't Warn You'
MicroStrategy Inc. MSTR has become the epicenter of intense market speculation following a dramatic 23.64% stock decline over the past five sessions, while Bitcoin BTC/USD experienced a 5.52% drop during the same period.
What Happened: Prominent investment analyst Gary Black of The Future Fund LLC raised alarm bells about MicroStrategy’s valuation, arguing that the company’s stock price “makes no sense.” Black’s analysis suggests the stock should be valued at around $105 per share—approximately 75% lower than its current trading price.
“Don’t say I didn’t warn you,” Black wrote.
The company, led by CEO Michael Saylor, currently holds 386,700 Bitcoin, valued at $35.4 billion. With a market capitalization of $81.5 billion, MicroStrategy continues to trade at roughly 2.3 times the current value of its Bitcoin holdings.
The Kobeissi Letter highlighted unprecedented retail investor activity, noting that on a single Wednesday last week, retail investors purchased approximately $42 million of MSTR stock.
This marked the largest daily retail purchase on record, with total retail investment approaching $100 million for the week. The stock experienced extraordinary trading dynamics, with last week seeing $136 billion in trading volume—exceeding even Amazon Inc. AMZN, despite AMZN having a market cap nearly 29 times larger.
Why It Matters: Standard Chartered analyst Geoffrey Kendrick provided critical market insights, suggesting Bitcoin may test support zones between $85,000 and $88,700. His year-end price target remains $125,000, with a long-term projection of $200,000 by the end of 2025.
MicroStrategy’s investment approach involves a cyclical strategy of borrowing money through convertible notes, purchasing Bitcoin, driving price appreciation, selling shares at a premium, and reinvesting in more Bitcoin.
Analysts are questioning the sustainability of this model, particularly whether Saylor can continue raising debt to purchase Bitcoin and if institutional and retail investor enthusiasm will persist.
Bitcoin’s recent pullback from near $100,000 to around $93,440 reflects broader market uncertainties, including reduced U.S. Treasury term premiums, upcoming options expirations, and institutional repositioning.
Price Action: Bitcoin was trading at $93,433 at the time of writing, up by 0.80% in the last 24 hours.
According to Benzinga Pro data, the consensus price target for MicroStrategy is $449.50. The highest price target is $690, while the lowest is $140, implying a potential 54.56% upside based on the most recent analyst ratings.
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