Shares in the parent company of Google, Alphabet, rose on Wednesday as the group reported better than expected Q1 earnings.
The group beat estimates across the board, after it held its earnings call after yesterday’s closing bell.
Revenue rose to $55.31 billion versus $51.70 billion expected, whilst Alphabet’s earnings per share came in at $26.29, handsomely beating expectations of $15.82 per share.
Overall profits in the company were up 34% on the same period last year, $GOOGL shares were trading 4.30% as of writing.
The S&P 500 was also marginally higher.
Sainsbury’s pays COVID-19 toll as profits fall by 40%
The FTSE 100 was up on Wednesday despite one of the UK biggest retailers, Sainsbury’s reporting that profits had fallen by close to 40% in the last year.
Supermarket giant Sainsbury’s confirmed that the extra cost of doing business during the pandemic had outweighed sales.
It was reported that gross profits dropped by 39% to £356m within the year, despite the fact that retail sales had risen by 7.3% to £28.8bn.
Sainsbury’s is the United Kingdom’s second largest supermarket chain behind Tesco’s, who reported a 20% decline in profits earlier this month.
As of writing, Sainsbury’s share price was 0.13% lower, whilst the FTSE 100 closed 0.27% higher in today’s session.
Dogecoin up 20% on Musk and Cuban endorsement
Dogecoin which many have labelled a “meme” cryptocurrency, today rose by close to 20%, as a result of tweets from Elon Musk and Mark Cuban.
As the story goes, Dogecoin was started as a joke by founders Billy Markus and Jackson Palmer in 2013 but is now the sixth-largest cryptocurrency with a market valuation of almost $42 billion.
The value rocketed on Wednesday as Elon Musk tweeted, “the DogeFather”, which was followed by a more detailed tweet from Cuban.
Cuban who is the owner of the Dallas Mavericks tweeted that, “Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it”.
Quote of the day – “In trading/investing, it’s not about how much you make but rather how much you don’t lose.”– Bernard Baruch
Senior Market Analyst