Spotify Added 8 Million Paid Subscribers in Q2
Spotify (SPOT) participated in its second-ever earnings release Thursday after debuting earlier this year, and the news was good for investors.
The streaming service added 8 million paid subscribers to its base, boosting its overall paid subscription count to 83 million, more than double the number of subscribers to Apple Music, its closest rival.
The company reported a 12% increase in quarterly revenue to $1.45 billion, though the company still isn't making a profit, running an operating loss of 90 million euros.
Spotify shares were up 3.8% Thursday afternoon.
Daimler Joins U.S. Counterparts in Decrying Impact of Tariffs
German automaker Daimler says that the deteriorating trade relationship between the U.S. and the EU will hurt its business, joining GM (GM) , Ford (F) , and Fiat Chrysler (FCAU) in decrying the tariffs being proposed between the two competing economies.
The Mercedes Benz maker reported that production costs increased by 164 million euros in its most recent quarter and projected a 500 million euro increase in raw material costs this year.
The company's second-quarter profit decline of 29% to 1.73 billion euros ($2.03 billion) due to higher raw material costs and weaker pricing due to tariffs.
Trump Takes to Twitter to Attack... Twitter
President Donald Trump took to Twitter (TWTR) Thursday to criticize the social media platform for allegedly "shadow banning" conservative voices on the website.
Shadow banning involves limiting the reach of users' tweets regardless of their popularity or number of followers. It has been a long-standing criticism of the site from conservative voices who say Twitter doesn't provide an equal playing field for dissenting voices.
Twitter "SHADOW BANNING" prominent Republicans. Not good. We will look into this discriminatory and illegal practice at once! Many complaints.— Donald J. Trump (@realDonaldTrump) July 26, 2018
Twitter was already having a rough day of trading, falling more than 3%, following the revenue miss by industry leader Facebook (FB) , but the President's sideswipe out of left field are probably not helping.
United Natural Foods to Buy Grocer Supervalu for $2.9 Billion
Organic and natural food distributor United Natural Foods (UNFI) announced plans to purchase grocery chain Supervalu for $2.9 billion Thursday.
"Combining our leading position in natural and organic foods with Supervalu's presence in fast-turning products makes us the partner of choice for a broader range of customers," United Natural Foods Chief Executive Officer Steve Spinner said in a statement.
United Natural Foods shares were down 13.5% to $35.64 Thursday morning.
Facebook Tanks as Revenue Growth and Sub Adds Disappoints
Facebook (FB) shares were down more than 18% Thursday following the company's second-quarter earnings release after the closing bell Wednesday.
Facebook closed Wednesday's session at $217.50, by Thursday morning the stock was down to $177.55 after also being rocked in after-hours trading Wednesday.
Facebook earned $1.74 per share in the second quarter on revenue of $13.04 billion. Analysts were expecting Facebook to report earnings of $1.72 per share on revenue of $13.36 billion.
The company reported that its daily active user base increased 11% to 1.47 billion; its monthly active user base also increased 11% to 2.23 billion.
Mobile advertising revenue accounted for 91% of the company's advertising revenue, up from 87% last year.
However, the company's operating margin fell 3% year over year to 44%.
U.S. futures were mixed ahead of the market open on Thursday as markets weigh the latest round of earnings against an expanding trade war with the European Union.
Dow futures were rising 0.17%, indicating an open 43 points higher, while S&P futures are falling 0.18%, or 5 points lower, and Nasdaq futures are dropping 0.77%, indicating an open 57 points lower.
Markets in Asia were feeling the pressure Thursday with the Nikkei dropping 0.12%, the Hang Seng falling 0.44% and the Shanghai Composite declining 0.74%.
Meanwhile, Europen markets were climbing, with the CAC 40 gaining 0.24%, the DAX in Germany rising 1.14% and the FTSE 100 gaining 0.01%.