Today in the Market (4/21/2023)

Good Evening! Investors analyzed the latest economic data and final set of corporate earnings to conclude the week, resulting in a marginal increase in stock prices.

The S&P 500 increased 0.09%, while the Dow Jones rose by 0.07%. The Nasdaq Composite grew by 0.11%.

RESILIENCE

Procter & Gamble Company (PG) has announced financial results that have exceeded expectations in terms of both revenue and net income. There was a year-over-year improvement in sales, earnings, and an increase in organic sales.

  • Revenue: $20.07 Billion vs. $19.32 Billion expected
  • Organic Growth: 7% YoY vs. 5.1% expected
  • Earnings Per Share: $1.37 vs. $1.32 expected

Round up for the Quarter! P&G executives reported to analysts that the U.S. consumer is demonstrating resilience and maintaining stability, as shown by the company’s consistent 16% share of private-label brands, which are typically less costly. This suggests that P&G has not noticed significant numbers of consumers opting for lower-priced options.

TIME TO SAY GOODBYE

BuzzFeed announced that it will discontinue its news operation, BuzzFeed News. The decision is part of a larger round of layoffs that will affect 15% of the company’s personnel or 180 employees. CEO Jonah Peretti attributed the layoffs to “economic and industry downturns” and the unprofitability of the news division.

So why are they doing this? According to Peretti, despite its achievements in reporting, BuzzFeed News proved to be costly and failed to generate enough revenue to warrant its ongoing operation.

So what will they do? Peretti stated the company will concentrate on specific domains such as its well-received quizzes and other forms of content that could be potentially generated through AI. Peretti emphasized that these are the “parts of the business that have demonstrated their ability to add to the company’s bottom line.”

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