Good Evening. On Tuesday, stocks ended lower after a choppy trading session in which the Nasdaq gained more than 1% at its peaks and the Dow ultimately lost more than 1%.
The S&P 500 was down 0.67%, the Dow was down 1.23%, and the Nasdaq was down 0.16% closing bell.
EARNINGS
Airbnb (ABNB) released strong financial results, significantly above analyst projections for earnings per share while meeting expectations for revenue. However, the company fell short of the nights and “experiences” that were scheduled.
Revenue:$2.1 billion vs $2.1 billion expected
Earnings Per Share: $0.56 vs $0.51 expected
- Nights and experiences booked: 103.7 million vs 106.1 million expected
Even with a shortfall on the nights and experiences booked metric, the number is still up from Q1 2022’s 102.1 million. The company’s website defines “experiences” as activities led by regional authorities in a specific location, which might be online or in-person.
In a statement, Airbnb also disclosed a $2 billion share buyback to demonstrate its faith in the future and support the company’s long-term growth. On top of that, In the two years since the pandemic began, travel agencies have reported feeling unprepared for the volume of inquiries they have received from clients.
HOW TO CLIMB THE SOCIAL LADDER?
Social scientists have pondered this question for decades, trying to understand why some communities’ children succeed in escaping poverty while other, comparable communities’ children fail to do so.
A group of academics asserted to have discovered the solution in two ground-breaking investigations that were published in Nature. The most crucial element in achieving upward income mobility was making friends across class lines. The researchers were able to accomplish this with a little assistance from Zuck. They mapped the socioeconomic profile of 72 million people on Facebook.
What did they discover? Children who live in communities with higher levels of cross-class interaction, or “economic connectivity,” have a substantially better chance of escaping poverty than children who reside in areas where such mixing occurs less frequently. The study indicated that children of low-income parents’ estimated future earnings would rise by an average of 20% if they lived in neighborhoods where 70% of their acquaintances were wealthy.
So how can we promote more interaction across classes? The researchers identified a number of policies that might be helpful, including changing zoning laws, promoting cheap housing, and tackling “friending bias,” in which members of one class favor socializing with members of another class.