Microsoft disclosed its financial results for the second quarter of the 2024 fiscal year, doing $62 billion in revenue and a net income of $21.9 billion with earnings per share at $2.93, beating forecasts of $2.77. Despite profits slightly decreasing from the September quarter, down to $21.9 billion from $22.3 billion, they remained up about 30% annually.
Azure cloud service saw a 30% year-over-year revenue growth, and the total revenue at Microsoft's Intelligent Cloud unit grew 20% to $25.9 billion.
The Personal Computing segment, including Windows and gaming, grew 19% to $16.9 billion, driven by the Activision Blizzard acquisition.
The Productivity and Business Process segment, with LinkedIn and Office, reported a 13% sales increase to $19.2 billion.
Alphabet Q4
Alphabet, Google's parent company, reported a 13% sales increase to $86.3 billion, while profit surged by 52%, reaching $20.7 billion in the fourth quarter. For the full fiscal year 2023, Alphabet's consolidated revenues totaled $307.4 billion, up 9% YoY.
The revenue from Google's search engine, the largest unit, was $48 billion, a 13% increase but slightly below analysts' estimates of $48.1 billion.
YouTube advertising sales climbed 16% to $9.2 billion, Google Cloud reported a 26% increase in sales to $9.2 billion.
Operating income rose from $18.16 billion in Q4 2022 to $23.7 billion in Q4 2023, contributing to a 27% operating margin.
The diluted earnings per share (EPS) for Q4 2023 stood at $1.64, and for the full fiscal year, it was $5.80.
Alphabet's workforce was reduced from 190,234 (Q4 2022) to 182,502 (Q4 2023).
Elon Musk's $55 Billion Tesla Pay Package
A Delaware judge has invalidated Elon Musk's $55 billion compensation package awarded by Tesla's board in 2018, deeming it "an unfathomable sum" unfair to shareholders.
Elon Musk lost his title as the world's richest person to Bernard Arnault after the ruling with his net worth decreasing to $182 billion.
The judge ruled that Tesla's board failed to prove the compensation plan's fairness or demonstrate meaningful negotiations with Musk. The invalidated pay package was awarded in 2018 and was the largest in public corporate history
What’s Musk's Plan?
Elon Musk is planning to shift Tesla's state of incorporation from Delaware to Texas following a poll on X where over a million users voted in favor of the move. Musk, who is not paid a salary but receives stock based on performance goals, indicated that a shareholder vote would be held to transfer the state of incorporation to Texas, where Tesla's headquarters already are.
Neuralink Brain implant
Elon Musk announced that Neuralink has successfully implanted a brain implant in a human, with the person recovering well. The implant, part of the PRIME trial, aims to allow people to control devices with their thoughts. Musk mentioned "Telepathy" as Neuralink's first product, enabling control of devices through thinking.
H&M CEO Resigns
Helena Helmersson, CEO of H&M, has stepped down from her role, concluding her four-year tenure. The abrupt decision comes as the global fashion retailer faced challenges, including a 4% sales decline in December and January. Daniel Ervér, who has been with H&M for 18 years and formerly led the H&M brand, has assumed the position of CEO.
The newly appointed CEO, Ervér, faces the task of rejuvenating H&M's performance, as the company lags behind competitors like Inditex and Shein.
H&M has reported mixed results for the fiscal year 2023. Net sales for the period from December 2022 to November 2023 increased by 6% to SEK236.035 billion ($22.69 billion), with an 8% increase in SEK and 1% in local currencies, excluding Russia and Belarus.
Pandora Achieves 100% Recycled Gold and Silver Goal
Pandora, the world's largest jeweler, has successfully transitioned its precious metal supply to 100% recycled silver and gold, ahead of the initial target date. The Danish company, recognized for its charm bracelets, has ceased using mined precious metals, a shift aimed at reducing its indirect CO2 emissions by approximately 58,000 tonnes annually.
By exclusively using recycled precious metals, Pandora aims to reduce its indirect CO2 emissions by around 58,000 tonnes annually. Pandora's supply chain generated 264,224 tonnes of CO2 in 2022.
Pandora stated that recycling reduces carbon emissions by two-thirds for silver and by more than 99% for gold when compared to traditional mining practices.
Japan Bids Farewell to Floppy Disks
Japan is finally breaking free from the shackles of outdated technology as the government announces the end of the era of floppy disks and CD-ROMs for official document submissions.
METI's decision involves amendments to 34 ordinances, abolishing the requirement for businesses to submit data on floppy disks. The same applies to CD-ROMs for unspecified procedures.
However, there are still around 1,900 protocols across various government departments that require the use of physical media.
Universal Music Group and TikTok Licensing Dispute
Universal Music Group has declared that music from artists like Taylor Swift and Drake may vanish from TikTok unless a licensing agreement is reached. UMG, one of the world's major music companies, released a statement asserting its decision to withdraw tracks due to a lack of adequate compensation for artists and songwriters.
Universal Music Group has disclosed that TikTok's advertising revenue only accounts for 1% of its overall advertising revenue.
UMG claims that 8 out of 10 of the most popular bands and singers on TikTok in the past year belonged to its roster of artists.
Music is a significant part of TikTok's content, with around 60% of TikTok videos incorporating music.
Walmart Managers Could Earn Over $400,000
Walmart has announced an addition to its compensation packages for store managers, potentially allowing high-performing Supercenter managers to earn over $400,000 annually.
Starting in April, Walmart U.S. CEO John Furner revealed that Supercenter managers will receive $20,000 in stock grants as part of their annual compensation package.
This announcement follows last week's declaration of an average salary increase for store managers to $128,000 per year, along with the introduction of annual bonuses of up to 200% of their salary.
Walmart Neighborhood Market or Division 1 store managers are eligible for $15,000 stock grants, while managers of Hometown stores can receive $10,000 stock grants.
150 New Stores
Walmart has also declared plans to open 150 new stores over the next five years as part of a comprehensive strategy to enhance its retail footprint.
The first two stores under this expansion initiative are slated to open this spring in Santa Rosa Beach, Florida, and Atlanta, Georgia. Over the next 12 months, Walmart plans to remodel 650 stores across 47 states and Puerto Rico.
Walmart achieved $160.8 billion in revenue during the third quarter of 2023.