Table of Contents

• Airbnb

• Sony

• Shopify

Top Stories Today

Economy & Finance

Airbnb

Airbnb shares fell 14% after reporting second-quarter earnings that missed analyst expectations and indicating signs of slowing U.S. demand. The company posted earnings of 86 cents per share, below the 92 cents expected, with revenue at $2.75 billion, slightly above estimates. Despite a 11% revenue increase year over year, net income dropped 15% to $555 million. Airbnb warned of moderating growth in its "Nights and Experiences" category and shorter booking lead times globally. The company also highlighted strong bookings and ongoing efforts to improve listing quality. Investors are closely monitoring consumer spending trends amid economic pressures.

Technology

Sony

Sony reported a 10% increase in operating profit for the fiscal first quarter, driven by strong performance in its gaming, music, and imaging chip businesses. The company's revenue was ¥3.01 trillion ($20.5 billion), surpassing the expected ¥2.8 trillion, with operating profit reaching ¥279.11 billion ($1.9 billion). The music division benefited significantly from the release of Beyonce's "Cowboy Carter" album. Gaming revenues rose by 12%, and music and imaging sensor revenues increased by 23% and 21%, respectively. Sony revised its full-year 2024 sales forecast upwards to ¥12.6 billion and increased its operating profit forecast by 3% to ¥1.3 trillion.

Shopify

Shopify's shares surged 17.8% on Wednesday after surpassing second-quarter expectations. The company reported earnings per share of 26 cents against the expected 20 cents and revenue of $2.05 billion, beating the anticipated $2.01 billion. Gross merchandise volume rose 22% to $67.2 billion, outpacing the forecasted $65.8 billion. Despite a fluctuating consumer spending environment, Shopify saw robust demand and continued market share gains. The company's diverse range of merchant businesses contributed to its strong performance. For the third quarter, Shopify projects revenue growth in the low-to-mid-20% range year over year.

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