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Meta Platforms (META) reported third-quarter earnings that topped analysts' estimates with a boost from artificial intelligence (AI) demand, and lifted its estimates for how much money it plans to spend this year as it invests in the emerging tech.

The Facebook and Instagram parent reported $40.59 billion in revenue, up from $34.15 billion the same time last year and above the $40.27 billion analysts had expected, according to estimates compiled by Visible Alpha. Meta posted $15.69 billion in net income, up from $11.58 billion and better than the $13.58 billion analysts had projected.

Advertising revenue, the bulk of Meta's revenue, climbed 18.6% to $39.89 billion, just above estimates of $39.56 billion, benefitting from the tech giant's advances with AI.

"We had a good quarter driven by AI progress across our apps and business," said CEO Mark Zuckerberg in a release, adding the company has also seen "strong momentum with Meta AI, Llama adoption, and AI-powered glasses."

The results come as several big tech companies, including Meta, face intense pressure to show the billions of dollars they are spending on AI will boost results. The company raised the bottom range of its outlook for full-year capital expenditures to $38 billion to $40 billion, from $37 billion to $40 billion previously as Meta invests in AI.

Meta said it expects revenue in the fourth quarter of between $45 billion and $48 billion, with analysts expecting about $46.34 billion.

Shares of Meta edged 0.8% lower in extended trading following the release. They were up 67% for 2024 through Wednesday's close.

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Starbucks (SBUX) reported declining sales in its most recent quarter, ending its fiscal year on a down note.

The coffee chain's net revenue fell 3% to $9.1 billion, while comparable store sales dropped 7% in the final quarter of the year, Starbucks said. Earnings per share came in at 80 cents. Wall Street expected diluted earnings of 92 cents per share on $9.2 billion in revenue, according to consensus estimates compiled by Visible Alpha, along with a 5% drop in same-store sales.

CEO Brian Niccol, who joined from Chipotle (CMG) last month, said Starbucks was working on bringing back consumers.

“My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back," Niccol said. "We have a clear plan and are moving quickly to return Starbucks to growth."

Shares fell about 1% in late trading. Prices dove down to roughly $72 in May when Starbucks downgraded its expectations for 2024, but have recovered since, closing Wednesday at above $97.

Wednesday’s earnings extend a period of sluggish sales. Comparable store sales fell 3% in the third quarter, and dropped 4% the quarter before that.

The coffee giant announced last week that it wouldn't release projections for 2025 as a way to give Niccol time to acclimate to his new job. Analysts expect Starbucks to generate $38.4 billion in revenue and $4.1 billion in profit through September 2025, when its fiscal year ends, according to Visible Alpha. Wall Street foresees same-store sales increasing 1.8% during that period.

Niccol took the helm of Starbucks in September as activist investors circled. Starbucks has since said it would enforce office attendance rules and make its cafes more inviting gathering places.

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Two influencers have di3d after refusing to wear lifejackets on a speedboat that sank off the Brazilian coast.

Though the tragic incident occurred on September 29, police reported this week that the deceased had refused life jackets, not wanting the safety gear to ruin their tan in photos.

Five out of the seven people on board the vessel were rescued. While the deceased have been identified as Aline Tamara Moreira de Amorim, 37, and Beatriz Tavares da Silva Faria, 27.

In an interview with G1 Globo’s TV Tribuna, the city’s chief police officer Marcos Alexandre Alfino cited a testimony by the boat’s captain and said that the two women declined to wear life jackets “because they were taking selfies.”

“They said that life jackets would get in the way of their tanning,” Alfino added of the women, who were attending a party held on the ill-fated boat.

According to information obtained by G1 Globo, Amorim — who reportedly has a 17-year-old son — shared photos of herself on social media while out at sea. The outlet added that her brother claimed she didn’t know how to swim.

The Brazilian news source says the two women who passed away did not know each other prior to the party.

Reports also detailed that the accident happened in the region known as Garganta do Diabo, which translates to Devil’s Throat.

The partygoers were being transported back to land on a different vessel when that smaller boat was hit by a wave, knocking all seven people into the water.

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Smurfit WestRock (SW) shares popped on Wednesday, marking one of the S&P 500's top performances, after the packaging manufacturer released the first quarterly result to reflect the July merger of Ireland's Smurfit Kappa and U.S.-based WestRock.

Given the timing of the transaction, the second-quarter 2024 report covered only the performance of Smurfit Kappa.

The stock, recently up nearly 13%, is now back in positive territory for the year.

The cardboard box maker reported a third-quarter 2024 net loss of $150 million on net sales of approximately $7.7 billion. Both figures fell short of analysts' consensus estimates.

Despite the lower-than-expected headline numbers, the top-line result more than doubled from net sales of roughly $2.9 billion posted in the year-ago period, boosted by contributions from the WestRock acquisition and strong volumes in corrugated packaging. The company attributed around $500 million of the quarterly loss to expenses and accounting adjustments related to the merger.

Smurfit WestRock reports results in three geographical segments. Although sales remained essentially flat year-over-year for the segment comprising Europe, the Middle East, Africa, and the Asia-Pacific region, the WestRock add-on contributed to a surge in sales for the North America segment. The Latin America segment posted sales growth of 48% from a year ago.

CEO Tony Smurfit stressed the impact of the merger on the company's performance, asserting that "these results are a strong foundation to build upon."

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The financial deficit between young homeowners and renters is growing, as young renters find it hard to break into the housing market.

A recent study from Redfin found that 69% of millennials and Gen Z homeowners feel better off financially now than they were four years ago. Meanwhile, only 52% of renters in these generations, defined as ages 18-43, said they were better off.

Young renters have struggled to catch up to their peers who bought homes during the pandemic, increasing the financial gap between homeowners and renters.

Many young homeowners were able to buy their first homes during the pandemic by taking advantage of low mortgage rates and home prices at the time. Since then, many benefited from a historic surge in home values in 2021 and 2022 and have built up large home equity, Redfin said.

“Economic inequality is on the rise between young people who have been able to break into homeownership and young people who haven’t,” said Chen Zhao, economics research lead at Redfin, in a press release.

Young renters are finding it even harder to enter the housing market now, as high mortgage rates and prices block them out.

Renting prices also continue to increase, making it tough for young renters to save up for a down payment. Minimum-wage earners can not comfortably afford an apartment anymore, and in 22 states, mortgage payments are cheaper than rent.

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Shares of Qorvo (QRVO) plunged more than 25% Wednesday afternoon when the radio frequency and power chipmaker posted a surprising loss and warned of a continuing slowdown in its business.

The company reported a fiscal 2025 second-quarter loss of $17.4 million, or $0.18 per share. Analysts surveyed by Visible Alpha expected a profit of $101.9 million, or $1.03 per share. Revenue fell 5% year-over-year to $1.05 billion, basically in line with forecasts.

Qorvo shares sank to their lowest level since the beginning of the COVID-19 pandemic in 2020.

Chief Financial Officer (CFO) Grant Brown said that while the flagship and premium tiers in the smartphone market are performing well, customers are choosing entry-tier Android 5G smartphones in favor of mid-tier ones, adding that "content and ramp profiles vary by model, and we are experiencing unfavorable mix. We expect this to continue in the second half of fiscal 2025."

Sales at its Advanced Cellular Group (ACG) tumbled 12% to $751.4 million, and at its High Performance Analog (HPA) division, they slipped 1% to $148.3 million. However, sales soared 42% to $146.8 million at its Connectivity and Sensors Group (CSG).

Brown added that Qorvo was "taking appropriate actions, including factory consolidation and operating expense reductions as well as focusing on opportunities that align with our long-term profitability objectives."

Brown explained that full-year revenue and gross margin would be down slightly from fiscal 2024. The company sees current-quarter adjusted earnings per share (EPS) between $1.10 and $1.30, and revenue of $900 million, plus or minus $25 million. 

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