🔥 Global Inflation Rates

1) Adobe’s Guidance Falls Short 2) Saudi Aramco’s Staggering Profits, 3) Inflation Rates Around The World and more!

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Some key data bites from this week that you should know: 

In today’s newsletter:

  • 🎨 Adobe’s Guidance Falls Short

  • 🛢️ Saudi Aramco’s Staggering Profits

  • 🔥 Global Inflation Rates

Let’s dive right in!

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🎨 Adobe’s Guidance Falls Short

In 2013, Adobe revolutionized its business by shifting from one-time software sales to a subscription-based model, focused on its Creative Cloud.

This strategic move made its software more accessible and proved to be a winning bet.

Fast forward to fiscal year 2023, and subscription revenue now accounts for approximately 94% of Adobe's total revenue, highlighting the success of this pivot.

Last night, the company reported earnings for Q1 FY24.

The report unveiled a new $25B stock repurchase program and detailed a $1B payment for the termination of Adobe's proposed acquisition of Figma.

Despite beating analyst estimates for earnings and revenue, their forward-looking guidance disappointed investors, causing the stock to drop over 11%.

For Q2 FY24, Adobe forecasts revenue between $5.25B and $5.3B, slightly below analyst expectations of $5.31B.

Additionally, net new digital media revenue is anticipated to be $440M, falling short of the $469.8M predicted by analysts.

🛢️ Saudi Aramco’s Staggering Profits

This week, oil giant Saudi Aramco unveiled its earnings for 2023.

The company reported a staggering $121.3B in total profits for the year, outstripping the combined earnings of tech and consumer giants Meta, Nvidia, Visa, Tesla, McDonald's, and Costco.

Despite a 25% decrease from the previous year's $161.1B, this figure marks Aramco's second-highest net income ever.

Aramco also saw its total dividends paid reach $97.8B in 2023, up 30% from 2022.

🔥 Global Inflation Rates

February's Consumer Price Index was released on Tuesday with hotter inflation than expected.

The CPI saw a year-over-year rise of 3.2% and a monthly increase of 0.4%, slightly above expectations.

The spike was driven mainly by the rising costs of shelter and gasoline, which together accounted for over 60% of the month's overall increase.

This data likely further reinforces the Fed’s strategy to maintain a cautious stance on adjusting interest rates.

But how does inflation in the U.S. compare globally?

According to data from Trading Economics, among the G20, the U.S. ranks somewhere in the middle.

At one extreme, Argentina faces a whopping inflation rate of 276%, while at the other end, China's inflation rate stands at a mere 0.7%, showcasing a wide range around the world.

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📹 Camera Ban. Airbnb $ABNB will enact a worldwide ban on all indoor security cameras - BBC

👑 Social Media King. Instagram $META surpassed TikTok in new app downloads last year - FT

🔒 Store Closures. Dollar Tree $DLTR plans to close nearly 1,000 Family Dollar stores  - AX

🎞️ New TikTok App. TikTok might be working on an Instagram $META competitor called TikTok Photos - TC

✂️ Slow Cuts. Citadel founder Ken Griffin believes the Fed should move slowly to cut interest rates - CNBC

Notable Companies Reporting Earnings Next Week:

  • Tuesday (3/12):

    • XPeng $XPEV

  • Wednesday (3/13):

    • Micron Technology $MU, General Mills $GIS 

  • Thursday (3/14):

    • Accenture $ACN, Nike $NKE, FedEx $FDX, Lululemon $LULU

All of the companies that are reporting earnings next week can be viewed here.

Major Trades Published 03/08 - 03/14

Buys

  • Roku ($ROKU)

    • Insider: Jeffrey Blackburn (Director)

      • # of Shares Purchased: 8,000

      • $ Amount: $511,680

      • SEC Forms: [1]

Sells

  • Palantir ($PLTR)

    • Insider: Peter Thiel (Director)

      • # of Shares Sold: 7,044,756

      • $ Amount: $174,615,999

      • SEC Forms: [1]

  • Dell ($DELL)

    • Insider: Michael Dell (CEO)

      • # of Shares Sold: 632,876

      • $ Amount: $73,647,154

      • SEC Forms: [1]

  • Coinbase ($COIN)

    • Insider: Brian Armstrong (Chairman and CEO)

      • # of Shares Sold: 273,075

      • $ Amount: $71,071,625

      • SEC Forms: [1], [2]

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