Facebook smashes revenue estimates but warns Apple change could hobble growth

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Reuters 28 April, 2021 - 04:09pm 33 views

What time is Facebook earnings report?

Facebook's third-quarter earnings call is at 5 p.m. EDT Wednesday. ForbesFacebook Posts $26 Billion In Revenue, Shattering Wall Street Expectations As Income Nearly Doubles

Facebook stock price was up as much as 6% in after-hours trading on Wednesday after the company released its first-quarter earnings, beating Wall Street's expectations for earnings and revenue.

Here's how the social media giant fared in the quarter, relative to estimates compiled by Refinitiv:

The company reported revenue of $26.17 billion for the quarter, which was up 48% compared with a year prior. Facebook's net income grew 94% to $9.5 billion, from $4.9 billion a year prior.

Facebook attributed the significant increase in revenue to a 30% year-over-year increase in the average price per ad and a 12% increase in the number of ads delivered.

Facebook said it expects its revenue growth to remain stable or accelerate modestly in the second quarter compared to slower growth a year prior due to the pandemic. The company, however, expects revenue growth in the third and fourth quarters to significantly decelerate sequentially compared to fast growth experienced during those periods a year prior as a result of the pandemic.

Additionally, the company is bracing for "ad targeting headwinds" as a result of regulatory and platform challenges. Most notably, this includes Apple's recent privacy changes in iOS 14 that may make it more difficult for the company to personalize ads for iPhone and iPad users. This iOS 14 change will begin having an impact on Facebook's ad targeting in the second quarter.

Facebook said it counts 3.45 billion monthly users across its family of apps, compared to 3.30 billion in the previous quarter. This metric is used to measure Facebook's total user base across its main app, Instagram, Messenger and WhatsApp.

In the U.S. and Canada, Facebook's user base remained flat at 195 million daily active users for the second consecutive quarter. Its user base in Europe increased to 309 million daily active users, up from 308 million in the fourth quarter. 

Facebook's "Other" revenue came in at $732 million for the quarter, up 146% compared to last year. That accounted for nearly 3% of Facebook's revenue in the quarter. This includes sales of Oculus virtual reality headsets and the Portal video-chatting devices. 

The company also said it expects its 2021 capital expenditures to be in the range of $19-21 billion, which is down from the prior estimate of $21-23 billion that it had provided.

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Facebook’s Sales, Users Jump as Pandemic Habits Persist

Yahoo Finance 28 April, 2021 - 05:12pm

Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10%. Analysts projected 2.83 billion. Shares jumped more than 6% in late trading.

Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses ramped up digital outreach to tap potential customers.

So far, the company hasn’t seen a slowdown even as consumers return to more offline activities as the pandemic begins to subside. The average price per ad rose 30% in the first quarter from a year earlier, Facebook said, and the number of ads delivered notched up 12%.

“The beat was really pronounced in terms of ad pricing,” said Mandeep Singh, a Bloomberg Intelligence analyst. “They are probably coming towards the tail end of this stretch of high engagement and user growth,” he added, but “the ad pricing tailwinds should persist.”

The company’s shares, which closed at $307.10 in New York, jumped as high as $328.40 in extended trading following the earnings report. The stock has gained 12% this year, slightly ahead of the increase in the S&P 500 Index.

Net income in the March quarter rose to $9.5 billion, or $3.30 a share, Facebook said. Analysts on average had projected $2.34 in per-share profit.

In the statement, Facebook said sales in the current period will remain steady or accelerate from the first quarter, but repeated its caution that growth may stall in the second half of 2021. Facebook also again noted the potential risk to its advertising business as Apple Inc. adds privacy restrictions on iPhones and other devices that could chip away at the social media giant’s ability to collect user data, which powers its targeted advertising model.

Apple’s iOS 14.5 software update is requiring apps to get explicit user permission to track their activity across the web. Facebook executives have said they believe many users will opt out of this tracking, making it harder for advertising customers to precisely tailor their outreach campaigns.

“We continue to be concerned about the impact this update is going to have on the ability of small businesses to use their advertising budgets effectively,” Chief Financial Officer David Wehner said on a conference call after the report. “That said, we think the impact on our business will be manageable.”

Expenses for the year will be $70 billion to $73 billion, Facebook said, narrowing a prior forecast of $68 billion to $73 billion. The social network cited investments in technical and product talent, infrastructure and consumer hardware.

Facebook has been chasing future growth from burgeoning services like augmented reality and shopping. It’s already benefiting from the e-commerce boom as consumers increasingly turn to the web to avoid the risk of Covid-19 in person at brick-and-mortar stores. To meet that demand, Facebook last year reinvested in its shopping services, which let retailers upload product catalogs to their Facebook page or Instagram profile.

Still, the company is confronting significant regulatory pressures as the U.S. Federal Trade Commission and dozens of state attorneys general pursue antitrust lawsuits that seek to unwind its acquisitions of Instagram and WhatsApp.

Chief Executive Officer Mark Zuckerberg faced tough questioning from U.S. lawmakers last month over the company’s plan to build a version of photo-sharing app Instagram specifically for children younger than 13 -- an age group that is currently prohibited from using most of its platforms.

Earlier this month, Facebook announced it is building a series of new audio-focused products to compete with social media rivals such as Twitter Inc. and popular upstart Clubhouse. The audio products would include virtual rooms where users can host live discussions, and a feature called Soundbites that lets users post short audio snippets to their feeds like they would a photo or video.

Recently, Facebook has been experimenting with different ways to bolster its video-advertising offerings to attract popular social-media influencers as it competes with younger rivals such as ByteDance Ltd.’s TikTok and Snap Inc. Facebook has said the number of content creators earning $10,000 a month from its revenue-sharing programs grew 88% in 2020, while creators pulling in $1,000 a month grew 94%.

(Updates with analyst’s comment in fifth paragraph, CFO’s in 10th.)

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Facebook Inc. shares initially rose 5% in extended trading Wednesday, to what would be a record high if gains hold up in Thursday's regular session, after it announced better-than-expected first-quarter results.

Facebook stock rose in after-hours trading Wednesday as the social media giant reported first-quarter earnings that topped analyst estimates. Revenue of $26.17 billion climbed 48%.

Facebook hit 2.85 billion monthly active users, or MAUs, last quarter (up 10%) and 1.88 billion daily users (up 8%) as ad-driven revenue surged 48% to $26.2 billion, crushing forecasts. Earnings per share of $3.30 — up 93% – were also a beat as the social media giant’s advertising muscle powers through the cloud of […]

Shares of (FB) surged to record territory in late trading Wednesday, after the company crushed Wall Street profit and revenue expectations. Facebook (ticker: FB) said its first-quarter net income nearly doubled to $9.5 billion, or $3.30 a share, compared with a net profit of $4.9 billion, or $1.71 a year ago.

Facebook has been found censoring posts calling for the resignation of embattled Indian prime minister Narendra Modi. The social media firm briefly blocked users in multiple countries from searching for content with the hashtag #ResignModi, claiming that "some content in those posts" broke its rules. A spokesman said on Wednesday that the block had been reversed and that the company was investigating why it had happened. But the move sparked anger and confusion from Indians, who have suffered a spike in coronavirus cases and deaths and allegations of a government cover-up over the real statistics. The crisis has loosened Mr Modi's traditional grip on the Indian media even as his government uses new laws to force Facebook and Twitter to block specific posts that criticised his response to the pandemic.

2021 began with a slew of wild stock moves involving SPACs and Meme stocks. Out of-the-money Call buyers in a stock like Gamestop (NYSE: GME) who were able to time those moves on the way up saw outsized returns. But as those parabolic moves came to an end, traders needed to adjust to implied volatility collapsing as stocks went lower or sideways. Even out-of-the-money Put volatility declined as meme stocks declined. In other words, if implied volatility is declining it’s difficult to be right with out-of-the-money Calls or Puts, even when you have the direction right. Earnings moves are similar. A stock set to report earnings has options pricing in a certain expected move based on the uncertainty surrounding the earnings release. This can lead to elevated premiums (making options more expensive). After earnings, with the uncertainty gone, options reset to price more day-to-day expected moves. That means that further out-the-money Calls or Puts, particularly beyond where the stock moves, may see a sharp overnight decline in implied volatility (making them less expensive). In other words, you may not realize a profit, even if you were right on direction. In options however, there are more ways to trade than just Calls or Puts. Debit spreads can reduce the overall exposure to premium by lowering cost, while giving some protection to declining volatility. Credit Spreads position to actually benefit from declining volatility by being net short premium (selling options and receiving premium rather than buying and paying a premium). Of course, direction is still the most important variable, but smarter positioning can lessen, eliminate, or even benefit from some of the other variables. This said, there are additional risks associated with spreads, including liquidity and assignment, that every investor should also be aware of. Below we’ll look at some of the expected moves for companies reporting this week, and use NIO as an example to highlight some of the various ways Spreads can be used as an alternative to outright Calls and Puts. Expected Moves The expected move is the amount that options traders believe a stock price will move up or down. It can serve as a quick way to see where real-money option traders are pricing the future movement of a stock. That consensus is derived from the price (or implied volatility) of at-the-money options. An easy way to think about it is if the stock moves inside the expected move, options were overpriced, and if the stock moves outside the expected move, options were underpriced. Knowing this consensus before making a trade can be incredibly powerful, regardless of whether you’re using stock or options to make your trade. Below we’ll see how it might also be as a basis for starting strike selection. Options AI puts the expected move at the center of its trading experience. Expected Moves For Companies Reporting Earnings This Week Below are expected moves for some of the bigger cap stock reporting this week, via the Options AI Earnings Calendar (free to use): Wednesday Thursday NIO Inc (NYSE: NIO) reports earnings Thursday after the close. Options are pricing an almost 7% expected move in the stock. At the time of writing the stock is around $41. The 7% expected move means options are pricing a bullish consensus of around $44 in the stock and a bearish consensus of around $38. Via Options AI: Below, we’ll explore further how the expected move might be utilized by option traders themselves. Particularly in helping guide strike selection in strategies that seek to reduce costs, or reduce exposure to declining volatility. Call Alternatives At the time of writing, buying a weekly (Apr 30 expiry) $41 (at-the-money) Call costs around $1.70, or $170 in premium. In order for the Call to be profitable on Friday’s expiration, the stock would need to be above $42.70. A slightly out-of-the-money Call, the $42 for instance, lowers the cost of a Call slightly, to about $1.25. But buying that Call would need the stock above $43.25. Now, let’s take a scenario where a trader wants to position for a move higher but with a breakeven closer to where the stock is currently trading. One way to do that is to use the 7% expected move to guide strike selection, creating a defined risk option spread. One that lowers the breakeven when compared to an outright out-of-the-money or at-the-money Call. Using the Options AI platform, we’ll look below at some alternative strategies that have been generated with the expected move guiding strike selection. We can start by directly comparing the at-the-money 41 Call to a +41/-44 Call spread. The 41/44 Debit Call Spread lowers the cost of buying the at-the-money call, from around $170 to $105 by simultaneously selling a Call around the expected move level (the 44 Call it sells is currently around 0.65). In turn, this brings down the break-even level to around $42.05, vs $42.70 for the 41 Call outright, while increasing the probability of profit (by lowering the break-even level required at expiration) from 36% to 42% The trader has also reduced their overall exposure to elevated volatility in the options versus an outright call. Less capital is at risk, and a lesser move higher is needed in order to at least breakeven. Aside from the additional potential risks of option spreads (such as early assignment and liquidity), it is important to note that a spread caps potential profits (if the stock moves beyond $44). One way of looking at this is that the trader has joined the option market consensus with a view that the stock is less likely to move beyond 7% and therefore is willing to cap gains at that point. But in so doing, receives $65 from the 44 strike call buyers to lessen the cost of a bullish position. Put Alternatives If a trader is interested in positioning for a move lower in the stock, the bearish consensus could also be used for initial trade setup. Again, using the Options AI platform, with April 30th expiry: The +41/-38.5 Debit Put Spread creates a breakeven just about a dollar lower in the stock. Closer than out-of-the-money puts are able to do. If a trader wants to position for the stock going lower, the magnitude of the move would need to be lower than the breakeven. The Debit Put Spread is able to get that breakeven closer to where the stock is currently trading. Credit Spreads Another way for a trader to express a view is by selling premium in the form of a Credit Spread. This trade typically risks more to make less, but instead of requiring the stock to move in the direction of the traders’ view, it is profitable if the stock doesn’t move in the opposite direction. It can be thought of as selling to those that are positioning for a move, upwards or downwards. Below are examples of bullish Credit Put spreads based on the expected move, one at-the-money, the other out-of-the-money: And bearish credit call spreads: Out of the money Credit Put and Call spreads can even be combined to form an Iron Condor, a credit spread that looks to make money if the stock stays within the strikes (in this example, outer strikes based on the expected move): In this example, the trade sees maximum profit if the stock is anywhere between approximately $38.50 and $44 on Friday’s expiration. It is max loss above approximately $44.50 or below $38. A move that would mean that options were underpriced. Options AI puts the expected move at the heart of its trading platform. It allows traders to quickly generate and compare more ways to trade, by entering an informed price target or using the expected move for initial strike selection. Options AI provides a couple of free tools like an expected move calculator, as well as an earnings calendar with expected moves. More education on expected moves and spread trading can be found at Learn / Options AI. Image Sourced from Pixabay See more from BenzingaClick here for options trades from BenzingaMore Ways To Trade Tesla EarningsEarnings And Expected Moves: Tesla, Apple, Amazon, Microsoft, Facebook, Shopify, Boeing, Twitter, NIO And More© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

According to an industry publication, the streaming service lost the equivalent of $2.2 million every day in 2020.

Last week’s decision threatens 24 active court cases in which the Federal Trade Commission is seeking to return more than $2 billion to the public, Acting Chairwoman Rebecca Kelly Slaughter told lawmakers Tuesday.

Consumer electronics giant Apple late Wednesday demolished Wall Street's targets for its fiscal second quarter, led by strong iPhone sales. Apple stock popped in extended trading.

She now faces two felony charges.

Plenty of Berkshire Hathaway's top 10 stock picks have been home runs during and prior to the pandemic.

Apple has revealed its fastest growth in almost a decade as the world’s biggest company smashed Wall Street expectations for iPhone sales. The US tech giant said quarterly revenues had climbed by 54pc year on year to $89.6bn (£64.3bn), driven by $47.9bn from the iPhone alone. While investors had expected the Silicon Valley giant to have benefited from lockdown consumers and home workers turning to electronic devices and apps, the figures dramatically surpassed forecasts. The growth was the fastest for a single quarter since 2012, just a year after Tim Cook had taken charge from Steve Jobs. Profits more than doubled to $23.6bn. iPhone sales were boosted after the arrival of the iPhone 12 in October and November, the first device to feature 5G network technology. Sales during the period were particularly strong since the devices were released later than expected due to coronavirus-related production issues.

Streaming music and podcast service Spotify on Wednesday reported more subscribers than Wall Street expected for the first quarter. But it missed views on total monthly active users.

Facebook's stock was up more than 6% in after-hours trading Wednesday, after it reported strong Q1 revenue results, which it attributed to growth in its advertising business. It also exceeded Wall Street expectations on earnings per share. Yes, but: The tech giant missed Wall Street expectations slightly on user growth, suggesting its consistent user growth throughout the pandemic has begun to slow slightly. Get market news worthy of your time with Axios Markets. Subscribe for free.Details: Facebook said it saw a 30% year-over-year increase in the average price per ad last quarter, as well as a 12% increase in the number of ads delivered. By the numbers, per CNBC:Earnings: $3.30 per share vs. $2.37 per share forecastRevenue: $26.17 billion vs. $23.67 billion expectedDaily active users (DAUs): 1.88 billion vs. 1.89 billion forecast by FactSetMonthly active users (MAUs): 2.85 billion vs. 2.86 billion forecast by FactSetWhat's next: In a letter to shareholders, the company said it expects increased ad targeting headwinds in 2021 from the recently-launched iOS 14.5 update, which Facebook expects to start impacting its business in the second quarter. It also said it expects year-over-year total revenue growth rates to "significantly decelerate sequentially" as the company lap periods of increasingly strong growth during the end of last year. Go deeper ... Facebook's earnings over the past year:Facebook's Q4 2020 earningsFacebook's Q3 2020 earningsFacebook Q2 2020 earningsFacebook's Q1 2020 earningsLike this article? Get more from Axios and subscribe to Axios Markets for free.

The Federal Reserve kept monetary policy unchanged and sees inflation as temporary, which is closely watched by bitcoin investors.

(Bloomberg) -- The clock is ticking for scores of Hong Kong-listed companies that could miss a deadline to post their 2020 earnings reports in coming days.Mainland solar power maker GCL-Poly Energy Holdings Ltd. and Hainan Meilan International Airport Co., which operates an airport in China’s southernmost Hainan province, are among the more-than-40 Hong Kong-listed companies that are just days away from missing final deadlines to report their 2020 results.These companies have a combined market value of HK$146.8 billion ($18.9 billion), although most of them, apart from GCL and embattled state-owned debt-clearing agency China Huarong Asset Management Co Ltd., are small-caps.If they fail to meet the April 30 deadline, several of these 44 companies risk losing index membership status, according to analysts.Huarong is a member of the MSCI Emerging Markets Index as well as the Hang Seng Composite Index, which also includes GCL and Asia Cement China Holdings Corp.At the very least, these late-to-report Chinese companies will raise investor concerns about their financial health. They are already part of a slew suspended when they missed an earlier March 31 deadline for preliminary earnings.“Of course, investors in these stocks are worried about their financial situation,” said Louis Tse, Hong Kong-based managing director at VC Asset Management Ltd. “It’s difficult for their auditors to get enough information to form an opinion,” he added, saying the pandemic made it tough for auditors to travel and verify information in person, for instance.Unpaid debt or weak corporate governance could also be blamed for delayed audit reports, he said.Of the more than 50 companies that missed the March 31 deadline for preliminary reporting, just seven have ended up releasing reports. Among them, mobile technology firm China Baoli Technologies Holdings Ltd. has halved since it resumed trading, while computer hardware firm Jiangsu Nandasoft Technology Co is down 24%.GCL-Poly Energy, Hainan Meilan International Airport and Asia Cement were suspended from trading on April 1, the day they disclosed in filings to the stock exchange that their auditors needed more time to sign off on results. The firms did not respond to Bloomberg emails and calls seeking comment on their plans to release earnings.China Huarong, which recently faced a meltdown in its bonds, said on Sunday its 2020 earnings results would be delayed past April 30, because its auditors needed more time to finalize an unspecified transaction before it can publish its earnings.In each of the past four years, no more than 10 companies have delayed their annual earnings reports. Numbers were small for delays even last year, when the pandemic disrupted business activities and in 2019 -- a year of pro-democracy protests in Hong Kong.Long-term trading suspensions by companies that fail to report their earnings on time have exposed problematic companies in the past. China Huiyuan Juice Group Ltd., once one of the nation’s biggest juice companies, had been suspended from trading from April 2018 after it failed to submit its 2017 results on time. The company was delisted in January this year.Kenny Wen, strategist at Everbright Sun Hung Kai Co., said there is a risk that some index compilers might review and remove shares that have been suspended for too long.“If index compilers remove stocks like Huarong from their indexes when these companies are suspended, there could be selling pressure when they resume trading,” Wen said.The Hong Kong stock exchange delists companies that have been suspended from trading for 18 months, although the firm can appeal in that period and actual delistings tend to be rare.(Updates with details throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Australia’s core inflation decelerated to the slowest pace on record as government programs lowered costs in the economy, highlighting the scale of the Reserve Bank’s challenge to reignite stronger price growth.Annual trimmed mean core inflation eased to 1.1% in the first quarter, the weakest reading in a series dating back to 1983, versus an estimated 1.2% gain, the Australian Bureau of Statistics said in Sydney Wednesday. The gauge, the RBA’s preferred measure, advanced 0.3% from the final three months of last year, compared with economists’ estimates of a 0.5% rise.“Core inflation is likely to remain weak for some time,” said Sarah Hunter, chief economist for BIS Oxford Economics. “Wages growth remains subdued and demand for many services is still recovering to pre-pandemic levels, which will limit any immediate pressures on prices.”The Australian dollar slid after the release and was trading at 77.39 U.S. cents at 12:56 p.m. in Sydney. Australia’s 10-year bond yields erased earlier gains, while stocks advanced.Compounding its challenge, the RBA recently adjusted its inflation framework to allow the economy to run a little hotter, saying it won’t raise interest rates until prices are actually -- not forecast to be -- sustainably within the 2-3% target. That’s likely to be a prolonged wait given both core inflation and wages are now hovering around record lows.Governor Philip Lowe has said he doesn’t expect to raise rates until 2024 at the earliest, based on his expectation that wages will need to be rising by more than 3% on a sustainable basis in order to fuel faster inflation.Today’s report showed the headline consumer price index rose 0.6% from the final three months of last year, compared with economists’ estimates of a 0.9% gain. It increased 1.1% from a year earlier versus an estimated 1.4% increase.“The introduction, continuation and conclusion of a number of government schemes remained a factor in the March quarter,” said Michelle Marquardt, head of Prices Statistics at the ABS. “The fall in new dwelling prices was due to the impact of the Federal Government’s HomeBuilder grant and similar grants by the Western Australian and Tasmanian state governments.”Global FactorsLowe is not alone among central bankers struggling to rekindle consumer-price growth. His Japanese colleague Haruhiko Kuroda is set to fail to reach his goal of stable 2% price growth during his term after what will have been more than a decade of stimulus. In contrast, Canada last week accelerated its timetable for a possible rate rise as inflation gathered strength.The RBA, like its U.S. and and European peers, maintains it will persist with stimulus as it tries to drive the economy toward full employment. The Federal Reserve has said it won’t scale back the pace of its $120 billion-a-month bond purchases until it sees “substantial further progress” on jobs and inflation.Among global influences on local prices, crude oil recovered through the latter part of 2020 and the first few months of this year. Yet, a stronger Australian dollar might have helped curb some of the flow through to pump prices.Today’s Australian inflation report showed tradables prices, which are typically impacted by the currency and global factors, rose 1.1% in the first quarter from the previous three months. Non-tradables, which are largely affected by domestic variables like utilities and rents, advanced 0.4%.Other details in the report include:The most significant rises in the March quarter were automotive fuel jumping 8.7%, medical and hospital services up 1.5% and pharmaceutical products gaining 5.3%.A 7.3% rise in prices for accessories reflected high consumer confidence and demand for discretionary items, the ABS saidGovernment programs saw 0.1% falls in new dwelling prices and a 1.7% drop in tertiary educationRents fell 1.4% from a year earlier, the largest annual fall on record for the seriesThe weighted-median gauge, another core measure, advanced 0.4% from the fourth quarter for an annual increase of 1.3%, compared with forecast rises of 0.5% and 1.3%, respectively.The RBA meets Tuesday and is expected to keep its key policy instruments unchanged: the cash rate and three-year yield target at 0.1%; and a quantitative easing program involving A$5 billion ($4 billion) a week of purchases.(Updates with comment from economist in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Some of the companies and governments in the developing world hardest hit by pandemic shutdowns are racing back to debt markets in the U.S. and Europe, seizing on surging demand that has driven junk-bond yields to record lows.Among them is Pegasus Hava Tasimaciligi AS, the discount Turkish airline that racked up larger-than-expected losses as the number of passengers fell by more than half last year. On Tuesday, the carrier kicked off a $300 million junk-bond sale to help refinance bank loans, according to a person with knowledge of the matter.A Colombian airline bankrupted by the travel industry’s collapse may follow suit. And Kenya, which the International Monetary Fund considers at high risk of lapsing into financial distress, is planning to borrow $12.4 billion abroad through next June.The flood of debt issuance marks a major shift from last year, when many borrowers in the developing world were left on the sidelines as others raised cash to ride out the economic slowdown. That’s largely changed with investors willing to take on more risk as growth rebounds in the U.S. and Europe, rising commodity prices helps exporters and the vaccine rolls out steadily -- if unevenly -- around the globe.“Some of the higher-risk borrowers that had to pull back deals in third and fourth quarters are returning and are able to execute deals,” said Alexei Remizov, head of Latin American debt capital markets at HSBC Holdings Plc.Emerging-market debt issuers with below investment-grade ratings have borrowed about $81.2 billion in the U.S. and European markets this year through Tuesday, according to data compiled by Bloomberg. That’s close to a record $88.7 billion raised in the same period in 2018, according to data compiled by Bloomberg.“Nothing tells me we are cooling off at this point,” Remizov said. “Borrowers realize these windows typically don’t last for too long.”Related story: Bond Investors Take Ever-Riskier Bets in Hunt for ReturnsMore are likely to join in as borrowing costs continue to fall. Yields on U.S. junk bonds rated CCC, the riskiest tier, fell to 5.88% on Monday, the lowest ever. That narrowed the gap between those yields and benchmark debt -- a key measure of the perceived risk -- to less than 5 percentage points, a level not seen since before the 2008 credit crisis.The debt build-up may increase the risk for some borrowers since the bonds will need to be repaid in euros or dollars, which would be burdensome if their currencies or foreign earnings drop. But Atsi Sheth, global head of emerging-markets credit research at Moody’s Investors Service, said it depends heavily on the particular issuers and whether they’re refinancing or piling on more debt.“Sectors hardest-hit by the pandemic will likely see a slower recovery and some sovereigns and companies reliant on these sectors might have to take on more debt to address their pandemic-related issues,” said Sheth. “That’s a risk for investors.”Deutsche Bank AG, Bank of America Corp. and HSBC are among top bond underwriters expecting more governments -- including those in Sub-Saharan Africa -- and companies to borrow in the U.S. and Europe.“There are good opportunities for investment-grade issuers to bring new deals, but the bias remains toward high-yield credit,” said Jake Gearhart, head of emerging-market syndicate and Latin American debt capital markets at Deutsche Bank.In March, Ghana sold Africa’s first zero-coupon dollar bond as part of a $3 billion Eurobond deal, highlighting how credit markets have opened up to borrowers that would have historically not been able to issue debt that doesn’t repay anything until maturity.This month, an arm of Central American conglomerate Corporacion Multi Inversiones, owner of Pollo Campero restaurants, tapped the international debt market for the first time with the sale of $700 million of bonds. The securities went on to gain in secondary trading.Colombian airline Avianca Holdings SA may look abroad for financing, too. It’s seeking $1.8 billion to repay debt and provide new financing after the travel collapse drove it into bankruptcy.“The bulk of the Middle East issuance is still to come and we will probably see plenty more issuance from African sovereigns,” said London-based Karim Movaghar, head of debt capital markets in Central and Eastern Europe, the Middle East and Africa at Bank of America. “Even though governments’ budget deficits may not be as extreme as last year, there are still going to be significant gaps to plug with debt.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Time was when the Middle East’s petrostates recoiled from using their crown jewels to raise money from foreign investors.Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom is in talks with an unidentified “global energy company” to sell a stake worth about $20 billion in state oil firm Aramco.The shift underscores how countries in a region home to almost half the world’s oil reserves are taking advantage of the recovery in energy prices following last year’s coronavirus-triggered crash to bolster their ailing finances. The global transition to greener energy is only adding to the urgency, with governments requiring fresh funds to invest in new sectors and diversify their economies. And investors, hobbled by record low interest rates, are grabbing the opportunity.“It makes sense for these countries to sell stakes when valuations are good,” said Justin Alexander, chief economist at MENA Advisors, a U.K.-based consultancy. “Some of it’s fiscal. Some of it’s a growing recognition of the speed of the energy transition and the need to realize value from these assets.”Oil exporters in the Middle East saw their budget deficits balloon to 10.8% of gross domestic product last year from barely 3% in 2019, according to the International Monetary Fund. GDP in Saudi Arabia, the UAE and Qatar shrunk the most in about three decades.Aramco and AdnocSaudi Aramco, the world’s biggest crude producer, and Adnoc, which pumps almost all the UAE’s oil and gas, have been the most active of the region’s state companies. Both started privatizations before the pandemic, with Aramco listing on Riyadh’s stock market in 2019 and Adnoc selling part of fuel-distribution business in late 2017, also through an initial public offering.The deals have since increased in number and sophistication -- as has the focus on foreign money. On April 10, Aramco said a U.S.-led group would invest $12.4 billion in its oil pipelines. Its next deal may be an offering of a stake in its natural-gas network. For its part, Adnoc is planning IPOs of drilling and fertilizer units. These would follow a string of transactions from June 2020 that saw the likes of Brookfield Asset Management Inc. and Apollo Global Management Inc. invest about $15 billion in the Abu Dhabi-based firm’s gas pipelines and real estate.Prince Mohammed, Saudi Arabia’s de facto ruler, sees Aramco as a key part of his Vision 2030, the grand project designed to boost everything from tourism to investments in solar parks and pharmaceuticals. Sheikh Mohammed bin Zayed of the UAE has similar ideas for Adnoc, and in March gave himself more control over the firm he’s shaking up to wring more cash out of.Keeping ControlAmid the flurry of activity, the companies have been careful to structure transactions such that they don’t lose sway over marquee assets. When subsidiaries are sold down, they keep hold of the bulk of the shares. With the pipeline deals, Aramco and Adnoc offered decades-long leasing rights rather than direct equity. Boutique Wall Street bank Moelis & Co. is acting as adviser to both firms.“The Gulf national oil companies have realized they can sell bits and pieces of their empire, raising cash without giving up control,” said Ben Cahill, a senior fellow at the Center for Strategic and International Studies in Washington. “For the companies and governments, it is a pretty good combination.”Elsewhere in the Gulf, Qatar Petroleum and Omani state companies such as OQ SAOC are planning to tap the dollar-bond market for the first time. Qatar Petroleum is seeking as much as $10 billion to increase its capacity to export liquefied natural gas.Qatar is among the world’s richest countries per capita and in the past the government may have funded the $29 billion project using its own money. But it’s now trying to reduce a debt load that swelled last year, Fitch Ratings Ltd. said in a report on Monday. Leveraging state-owned firms allows the government to protect its own balance sheet.Oman’s PushOman’s OQ on Wednesday started the sale of at least $500 million of seven-year Eurobonds. Energy Development Oman, another state firm, may follow later this year as it seeks to raise $3 billion of debt. The plans are part of a broad shake-up of the oil sector since Sultan Haitham Bin Tariq came to power little more than a year ago. He’s seeking to attract foreign funding and rejuvenate the battered economy.Meanwhile, state-owned Kuwait Petroleum Corp. is considering its first international bond. It would be part of a strategy to borrow as much as $20 billion over the next five years to make up for an expected shortfall in revenue.More to ComeAsset and debt sales are likely to account for the lion’s share of future deals, according to Hasnain Malik, head of equity research at Tellimer, a London-based firm that provides analysis on emerging markets.“Securitizing future cash flows and issuing bonds, as well as private equity sales, appear a far less onerous method of raising finance from international investors than selling equity via an IPO,” said Malik, who’s covered Middle Eastern markets for more than 20 years. “They are rightly recognizing the fixed-income and private-equity investor base is bigger than the regional equity one.”For now, foreign investors, who’ve rarely had such an array of options to put their money into Middle East oil and gas, seem happy to stump up the cash.“There’s definitely more to come,” said Cahill. “The national oil companies are watching each other and picking up some new tricks.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Facebook beats earnings, driven by ad revenue

CNBC Television 28 April, 2021 - 05:10pm

Facebook’s quarterly revenue jumps 48% on strong ad demand

Aljazeera.com 28 April, 2021 - 05:10pm

Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10%. Analysts projected 2.83 billion. Shares jumped about 5.5% in late trading.

Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses ramped up digital outreach to tap potential customers. So far, the company hasn’t seen a slowdown as consumers return to more offline activities as the pandemic begins to subside.

Net income in the March quarter rose to $9.5 billion, or $3.30 a share, Facebook said. Analysts on average had projected $2.34 in per-share profit.

The company’s shares, which closed at $307.10 in New York, jumped as high as $328 in extended trading following the earnings report. The stock has gained 12% this year, slightly ahead of the increase in the S&P 500 Index.

In the statement, Facebook said sales in the current period will remain steady or accelerate from the first quarter, but repeated its caution that growth may stall in the second half of 2021. In the coming months, Facebook also faces a potential risk to its advertising business as Apple Inc. adds privacy restrictions on iPhones and other devices that could chip away at the social media giant’s ability to collect user data, which powers its targeted advertising model.

Twitter withholds some posts, including some by legislators, after the Indian government issued an emergency order.

Following success of audio chat service Clubhouse, Facebook and Twitter are testing their own live audio products.

Court set aside a federal appeals court ruling that Trump violated First Amendment when he blocked critics on Twitter.

Facebook says it froze Venezuelan president’s page for 30 days because he violated COVID-19 misinformation rules.

Facebook posts better than expected Q1 earnings as ad revenue soars

Yahoo Canada Finance 28 April, 2021 - 05:10pm

Here’s a snapshot of key metrics expected versus analyst expectations, according to a Bloomberg consensus forecast of Wall Street analysts:

Revenue: $26.17 billion vs $23.72 billion estimated

Advertising revenue: $25.44 billion vs. $23.27 billion estimated

Earnings per share (Adjusted): $3.30 vs $2.61 expected

Daily Active Users (DAU): 1.88 billion vs 1.866.6 billion estimate

Monthly Active Users (MAU): 2.85 billion vs 2.830 billion estimated

Advertising, the fulcrum of Facebook's business model, jumped by 46% year over year, the company said, powered by a slow but steady rise in DAUs and MAUs. 

"We had a strong quarter as we helped people stay connected and businesses grow," said Mark Zuckerberg, Facebook founder and CEO. "We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy."

However, the slow return to normalcy has prompted Wall Street to weigh whether the forces that once favored Facebook and other tech companies are sustainable in the medium-term.

In its outlook, Facebook said it expects revenue growth to remain "stable, or modestly accelerate" in the current quarter — yet warned that the second half of the year would be characterized by growth rates that would "significantly decelerate...as we lap periods of increasingly strong growth."

The earnings results come a day after Facebook — along with Twitter (TWTR) and Alphabet (GOOG)— were grilled in a Senate hearing about how their platforms share and disseminate content that can be construed as false or misleading. The platform has been at the center of a roiling debate about how social media algorithms are contributing to a politically charged and polarizing environment.

Meanwhile, an increasingly fierce rivalry between Facebook and Apple (AAPL) has taken another turn, as the latter recently unveiled new technology that forces apps to ask users for permission to use their data. The fight has now entered the courts, with Facebook joining other companies in pursuing antitrust claims against the iPhone maker

Apple's Identifiers for Advertising (IDFA) has become the latest flashpoint between the two tech titans, and has raised questions on Wall Street about whether the changes will impact Facebook's vast advertising war chest.

Facebook cited "increased ad targeting headwinds" this year as the IDFA takes root in Apple's latest software update, which the company expects to be felt in Q2. 

"Our recent ad call suggests a modest, low-single digit IDFA impact on ad spend with FB having ample time to prepare and develop workarounds," analysts at Bank of America said recently. The bank rates Facebook's stock as a "Buy" with a price target of $358.

Yet in the medium term, "shopping remains a big focus, as FB's ability to improve ad conversion and monetize organic posts with shopping capabilities could help offset tougher [second half] revenue comps," BofA added.

Facebook's stock, which closed higher at $307.10 in Wednesday's session, popped by over 5% in after-hours trading.

Javier David is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

The audiobook publisher of a new Philip Roth biography is pulling the release, following W.W. Norton and Company's announcement that it was withdrawing the print edition amid multiple allegations against author Blake Bailey of sexual harassment and assault. “Philip Roth," which Bailey spent nine years working on, came out April 6 and sold well enough to reach The New York Times' nonfiction bestseller list.

Alcon to Acquire U.S. Commercialization Rights to Ophthalmic Eye Drop Simbrinza

Over 2,000 shoppers swear by this nifty gizmo.

Ivy League college apologizes for using bones of Black children in course. Remains of one of the children killed in 1985 police bombing were used for research and teaching at University of Pennsylvania

Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced its first quarter 2021 financial and operating results. In addition, the Company accelerated its $4.5 billion total debt target timeline to the first half of 2022 and forecasts its year-end 2021 total debt to be less than $5 billion, assuming $50 WTI oil and $2.75 NYMEX natural gas prices.

SINGAPORE, April 28, 2021 (GLOBE NEWSWIRE) -- Triterras Inc. (Nasdaq: TRIT, TRITW) (“Triterras” or the “Company”), a leading fintech company for trade and trade finance, has appointed Yong-Moon Kim, Jayapal Ramasamy and Lilian Koh to the board of directors, effective immediately, replacing Directors Matthew Richards and Vanessa Slowey who resigned. With these changes, the Triterras Board of Directors expands to eight total members, five of whom are independent. All three new directors will be independent. “On behalf of the entire organization, I would like to welcome Mr. Kim, Mr. Jayapal, and Ms. Koh to our Board of Directors,” said Srinivas Koneru, Chairman and CEO of Triterras. “All three individuals bring unique and valuable experiences to our company and we look forward to benefitting from their collective insights and extraordinary expertise as we execute our growth strategy.” “I would also like to thank Matthew and Vanessa for their valuable contributions to the Board. We wish them both all the best in their future pursuits,” added Koneru. Yong-Moon KimMr. Kim brings to Triterras nearly 30 years of experience in international investment, finance and technology leadership in Asia, the United States and Europe. He serves as advisor for fintech and blockchain incubation to the Korea Internet Agency. He is also a mentor and advisor to the Korean KOCCA program—incubated technology startups in the Korean artificial intelligence, fintech and blockchain sectors. Mr. Kim was a founder of the first Korean robo-advisor PKI, which was selected for the Korean government’s fintech “sandbox.” He also served as an advisor to Smartforecast, a Korean machine-learning fintech startup focusing on AI-driven portfolio management and Tenspace, an AI-driven credit rating fintech startup. Kim’s investment and capital markets experience includes serving as Managing Director and Head of Global Equities at Credit Suisse Asset Management, where he led a team of portfolio managers in Zurich, London, New York, Tokyo, and Singapore. His many accomplishments at Credit Suisse include creating joint ventures with ICBC in China and Woori Financial Group in Korea, building a fund distribution channel in Japan, and rebuilding Credit Suisse’s private client practice in the UAE. Prior to Credit Suisse, Kim served as the inaugural Head of Mirae Asset Global Investments. Mr. Kim holds a BA in East Asian Studies from McGill University. Kim also holds an MBA from the University of Chicago Booth School of Business with a major in international finance and accounting. He is licensed by the Hong Kong Securities and Futures Commission as a Responsible Officer for Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Mr. Kim will serve on the Audit Committee and Compensation Committee of the Board. Jayapal RamasamyMr. Jayapal brings significant international tax, accounting, and finance experience to Triterras’ Board. Mr. Jayapal is a Fellow of the Association of Chartered Certified Accountants UK (FCCA), the Fellow Institute of Singapore Chartered Accountants (FCA) and Fellow of CPA Australia (FCPA). Mr. Jayapal is the Deputy President of UK Accounting Group McMillan Woods International, and has been instrumental in developing the Asian network for McMillan Woods, particularly in India, Bangladesh, Pakistan and Sri Lanka. He is a director at Alliance Corporate Services Pte Ltd, Chairman of Hallmark Capital Pte Ltd and Chairman of Hallmark Nominee Services Pte Ltd Singapore. He also is a board member of ANSA India Pte Ltd, a member of the Board of Governors of St. John International School, Malaysia and the Deputy Chairman of International Student Recruitment Center Pte Ltd. He is as one of the Founder Members and Past President of the Institute of Management Consultants (IMC). Mr. Jayapal served on the boards of directors of various companies, including Savant Infocom PLC, Panel Kerr Forster, Parker Randall, Parker Randall Sdn Bhd, Parker Randall India Pvt Ltd, AEC Edu Group Pte Ltd, and Sindia Property Group Pte Ltd. He previously was a Council Member serving on the Singapore Branch at the Association of Chartered Certified Accountants (ACCA). He studied ACCA in London through Emile Woolf College of Accounting, became a member of ACCA in 1985 and a Fellow in 1990. He co-authored several books in taxation and tax management. Mr. Jayapal will serve on the Audit Committee and Compensation Committee of the Board. Lilian KohMs. Koh brings to Triterras 30 years of experience in information technology, including nearly a decade of working on large-scale computerization projects for the Singapore government. She has been the founding Chairman and Chief Executive Officer of iAPPS Pte Ltd since 2012. She is also a senior member of the Singapore Computer Society. Ms. Koh founded Network Integration Systems & iCommerce (NIS Group) that successfully developed one of the world’s first Electronic Data Interchanges (EDI) over the Internet, developed Singapore’s first Internet commerce management system in 1995, and received the SingaporeONE Pioneer Award in 1997 for the first B2B2C supermarket e-commerce system for Cold Storage. She co-developed curriculum and lectured for National University of Singapore’s Institute of Logistics’ RFID Master Class programme and launched the RFID/Internet of Things Summit with Thailand’s Ministry of Information and Communication in 2006. She served as a judge for Singapore’s inaugural e-Government Excellence Awards in 2013, which was jointly organized by Singapore’s Ministry of Finance and Infocomm Development Authority of Singapore. Ms. Koh was recognized by The Singapore Women’s Weekly magazine as one of the ‘Great Women of Our Time 2015’ for her career achievements and contributions in science and technology. Ms. Koh will serve on the Nominating and Corporate Governance Committee of the Board. About Triterras Triterras is a leading fintech company focused on trade and trade finance. It launched and operates Kratos™—one of the world’s largest commodity trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online. For more information, please visit triterras.com or email us at contact@triterras.com. Forward Looking StatementsThis press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Triterras’ actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include Triterras’ expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Triterras’ control and are difficult to predict. Factors that may cause such differences include but are not limited to risks and uncertainties incorporated by reference under “Risk Factors” in Triterras’ Form 20-F (001-39693) filed with the Securities and Exchange Commission (the “SEC”) on November 16, 2020 (the “Form 20-F”) and in Triterras’ other filings with the SEC. Triterras cautions that the foregoing list of factors is not exclusive. Triterras cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Triterras does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. Investor Relations Contacts:Jim Groh, Triterras Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com Gateway Investor RelationsCody Slach and Matt GloverOffice: +1 (949) 574-3860Email: TRIT@gatewayir.com Media Contacts:Gregory PapajohnOffice of Corporate CommunicationsTriterras, Inc.Mobile: +1 (917) 287-3626Email: press@triterras.com

HOUSTON, April 28, 2021 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE: OIS) reported a net loss of $15.8 million, or $0.26 per share, for the first quarter of 2021, which included non-cash fixed asset impairment charges of $0.7 million ($0.5 million after-tax, or $0.01 per share), severance and restructuring charges of $3.4 million ($2.7 million after-tax, or $0.04 per share) and non-cash gains on extinguishment of convertible senior notes of $3.6 million ($2.9 million after-tax, or $0.05 per share). During the first quarter of 2021, the Company generated revenues of $125.6 million and Adjusted Consolidated EBITDA (Note A) of $6.1 million (excluding $3.4 million of severance and restructuring charges). These results compare to revenues of $137.4 million and Adjusted Consolidated EBITDA of $2.2 million reported in the fourth quarter of 2020 (excluding $2.7 million of severance and restructuring charges). First quarter 2021 highlights and corporate actions included: Entered into a new asset-based credit facility providing for borrowings of up to $125 millionIssued $135 million principal amount of 4.75% convertible senior notes due 2026Purchased $125 million principal amount of 1.50% convertible senior notes due 2023 for cash totaling $120 millionImplemented additional long-term cost control measures, including personnel reductions and facility closuresExtreme winter weather event in February adversely impacted operating results in all segments, which was offset by employee retention credits provided for under the CARES Act Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated, "First quarter operating results in each of our segments benefited from increased U.S. land-based completion activity resulting from the improved commodity price environment. The impact of higher activity levels was partially offset by the severe winter weather event that occurred in February 2021 – particularly in Texas, Oklahoma and surrounding states. While our facilities did not sustain meaningful damage and our operations and services were restored following the event, our February results of operations were adversely impacted due to the temporary cessation of work at well sites, facility closures by us and our customers, and delays in the shipment of goods to our customers and from our vendors. Revenues in our Downhole Technologies and Well Site Services segments increased 10% and 2% sequentially, despite the severe winter weather conditions experienced, due to a strong recovery in March. Revenues in our Offshore/Manufactured Products segment decreased 20% sequentially, but we did achieve a 160 basis point increase in EBITDA margins, resulting from cost reductions. Our first quarter bookings improved sequentially to $70 million, which included one notable project award exceeding $10 million, yielding a book-to-bill ratio of 1.2x for the quarter. Of the $70 million in bookings, 17% related to non oil and gas projects. "We also significantly strengthened our longer-term liquidity position during the quarter by entering into a new $125 million asset-based revolving credit facility that matures in 2025, issuing $135 million principal amount of convertible notes due in 2026 and purchasing $125 million principal amount of our existing convertible notes which come due in 2023." BUSINESS SEGMENT RESULTS (See Segment Data tables) Offshore/Manufactured Products Offshore/Manufactured Products reported revenues of $60.6 million and Adjusted Segment EBITDA (Note B) of $6.8 million in the first quarter of 2021, compared to revenues of $75.5 million and Adjusted Segment EBITDA of $7.5 million reported in the fourth quarter of 2020. Revenues decreased 20% sequentially, due primarily to a reduction in the segment's major project revenues (reflecting a lower beginning of year backlog) and service activities. Adjusted Segment EBITDA margin in the first quarter of 2021 was 11% compared to 10% in the fourth quarter of 2020. Backlog totaled $226 million at March 31, 2021, a 3% sequential increase. During the first quarter, the segment booked one notable project award exceeding $10 million. First quarter 2021 bookings totaled $70 million, yielding a book-to-bill ratio of 1.2x in the period. Downhole Technologies Downhole Technologies reported revenues of $25.4 million and Adjusted Segment EBITDA of $3.0 million in the first quarter of 2021, compared to revenues of $23.2 million and Adjusted Segment EBITDA of $2.0 million reported in the fourth quarter of 2020. Adjusted Segment EBITDA margin in the first quarter of 2021 was 12% compared to 9% in the fourth quarter of 2020. With the sequential improvement in revenues, the segment's incremental Adjusted Segment EBITDA margin (Note C) was 45%. Well Site Services Well Site Services reported revenues of $39.6 million and Adjusted Segment EBITDA of $4.0 million in the first quarter of 2021, compared to revenues of $38.7 million and Adjusted Segment EBITDA of $1.4 million reported in the fourth quarter of 2020. While U.S. land-based completion activity improved sequentially, first quarter 2021 revenue was hindered, particularly in the Permian, due to the extreme weather experienced in February. In addition, international contributions slowed during the quarter. Adjusted Segment EBITDA margin the first quarter of 2021 was 10% compared to 4% in the fourth quarter of 2020. With the sequential improvement in revenues and improved cost structure, the segment's incremental Adjusted Segment EBITDA margin was in excess of 100%. Corporate Corporate expenses in the first quarter of 2021 totaled $9.4 million, which included $1.6 million of severance costs. Interest Expense, Net The Company reported net interest expense of $2.3 million in the first quarter of 2021, including $0.9 million of non-cash amortization of deferred debt issuance costs. Other Income, Net During the first quarter of 2021, the Company recognized non-cash gains of $3.6 million in connection with the purchases of $125.0 million principal amount of its 1.50% convertible senior notes due February 2023 (the "2023 Notes"). Income Taxes The Company recognized an effective tax rate benefit of 13% in the first quarter of 2021, which compared to an effective tax rate benefit of 39% in the fourth quarter of 2020. The effective tax rate benefit in the first quarter of 2021 included the impact of certain discrete tax items. Financial Condition On February 10, 2021, the Company entered into a new credit agreement, which provides for a $125 million asset-based revolving credit facility (the "ABL Facility") that matures in February 2025. The ABL Facility was amended on March 16, 2021 to allow for the issuance of the 4.75% convertible senior notes due 2026 (the "2026 Notes") discussed below. On March 19, 2021, the Company issued $135.0 million aggregate principal amount of the 2026 Notes. Net proceeds from the 2026 Notes offering, after deducting issuance costs, totaled $130.3 million. The 2026 Notes will mature on April 1, 2026 and bear interest at an annual rate of 4.75%, which is payable semi-annually on April 1 and October 1. The Company used $120.0 million in cash proceeds from the offering to purchase $125.0 million principal amount (96% of par value) of the 2023 Notes, with the balance added to cash on-hand. As of March 31, 2021, $32.4 million principal amount remained outstanding related to the 2023 Notes. As of March 31, 2021, $7.0 million was outstanding under the Company's ABL Facility, compared to $19.0 million outstanding under the previous revolving credit facility as of December 31, 2020. Cash on-hand totaled $54.5 million as of March 31, 2021, compared to $72.0 million as of December 31, 2020. The total amount available to be drawn under the ABL Facility was $40.6 million as of April 1, 2021, resulting in $95.1 million of total liquidity (cash plus borrowing availability). The Company's total debt represented 20% of combined total debt and stockholders' equity as of March 31, 2021 and December 31, 2020. Conference Call Information The call is scheduled for April 29, 2021 at 9:00 a.m. central daylight time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 771-4371 in the United States or by dialing +1 (847) 585-4405 internationally and using the passcode 50146955. A replay of the conference call will be available one and a half hours after the completion of the call and can be accessed from the Company's website at www.ir.oilstatesintl.com. About Oil States Oil States International, Inc. is a global provider of manufactured products and services to customers in the oil and natural gas, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol "OIS". For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com. Forward Looking Statements The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the level of supply of and demand for oil and natural gas, fluctuations in the prices thereof, the cyclical nature of the oil and natural gas industry, the impact of the COVID-19 pandemic on our Company and our customers, the other risks associated with the general nature of the energy service industry and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the subsequently filed Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS(In Thousands, Except Per Share Amounts) Three Months Ended March 31,2021 December 31,2020 March 31,2020 Revenues: Products$61,445 $73,051 $102,980 Services64,144 64,326 116,714 125,589 137,377 219,694 Costs and expenses: Product costs49,463 62,992 89,746 Service costs52,847 52,517 107,856 Cost of revenues (exclusive of depreciation and amortization expense presented below)(1)102,310 115,509 197,602 Selling, general and administrative expense21,225 22,597 26,124 Depreciation and amortization expense21,520 23,237 26,409 Impairments of goodwill— — 406,056 Impairments of fixed and lease assets650 4,257 5,198 Other operating (income) expense, net(354) 141 107 145,351 165,741 661,496 Operating loss(19,762) (28,364) (441,802) Interest expense, net(2,325) (2,637) (3,504) Other income, net(2)3,960 368 774 Loss before income taxes(18,127) (30,633) (444,532) Income tax benefit2,317 11,886 39,491 Net loss$(15,810) $(18,747) $(405,041) Net loss per share: Basic$(0.26) $(0.31) $(6.79) Diluted$(0.26) $(0.31) $(6.79) Weighted average number of common shares outstanding: Basic60,098 59,885 59,654 Diluted60,098 59,885 59,654 ________________ (1)Cost of revenues (exclusive of depreciation and amortization expense) included non-cash inventory impairment charges of $25.2 million ($12.0 million in product costs and $13.3 million in service costs) recognized in the first quarter of 2020.(2)Other income, net included non-cash gains of $3.6 million recognized in connection with the purchases of $125.0 million principal amount of the 2023 Notes in the first quarter of 2021. OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(In Thousands) March 31, 2021 December 31, 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents$54,513 $72,011 Accounts receivable, net173,512 163,135 Inventories, net174,314 170,376 Prepaid expenses and other current assets17,167 18,071 Total current assets419,506 423,593 Property, plant, and equipment, net365,605 383,562 Operating lease assets, net32,122 33,140 Goodwill, net76,550 76,489 Other intangible assets, net200,685 205,749 Other noncurrent assets29,951 29,727 Total assets$1,124,419 $1,152,260 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt$17,789 $17,778 Accounts payable50,010 46,433 Accrued liabilities40,552 44,504 Current operating lease liabilities7,162 7,620 Income taxes payable2,398 2,413 Deferred revenue43,207 43,384 Total current liabilities161,118 162,132 Long-term debt170,119 165,759 Long-term operating lease liabilities28,565 29,166 Deferred income taxes8,882 14,263 Other noncurrent liabilities23,573 23,309 Total liabilities392,257 394,629 Stockholders' equity: Common stock738 733 Additional paid-in capital1,100,077 1,122,945 Retained earnings329,750 329,327 Accumulated other comprehensive loss(72,914) (71,385) Treasury stock(625,489) (623,989) Total stockholders' equity732,162 757,631 Total liabilities and stockholders' equity$1,124,419 $1,152,260 OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands) Three Months Ended March 31, 2021 2020Cash flows from operating activities: Net loss$(15,810) $(405,041) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense21,520 26,409 Impairments of goodwill— 406,056 Impairments of inventories— 25,230 Impairments of fixed assets650 5,198 Stock-based compensation expense2,820 1,162 Amortization of debt discount and deferred financing costs895 1,681 Deferred income tax benefit(2,710) (40,832) Gains on extinguishment of 1.50% convertible senior notes(3,637) — Gains on disposals of assets(307) (513) Other, net285 771 Changes in operating assets and liabilities: Accounts receivable(10,701) 4,617 Inventories(3,890) (15,332) Accounts payable and accrued liabilities1,648 (8,625) Income taxes payable— (1,100) Deferred revenue(206) 3,118 Other operating assets and liabilities, net1,026 2,650 Net cash flows provided by (used in) operating activities(8,417) 5,449 Cash flows from investing activities: Capital expenditures(4,120) (5,881) Proceeds from disposition of property, plant and equipment1,851 4,092 Other, net(95) (256) Net cash flows used in investing activities(2,364) (2,045) Cash flows from financing activities: Revolving credit facility borrowings12,220 72,173 Revolving credit facility repayments(24,220) (52,404) Issuance of 4.75% convertible senior notes135,000 — Purchases of 1.50% convertible senior notes(120,000) (4,737) Other debt and finance lease activity, net(145) 35 Payment of financing costs(7,961) — Shares added to treasury stock as a result of net share settlements due to vesting of stock awards(1,500) (2,665) Net cash flows provided by (used in) financing activities(6,606) 12,402 Effect of exchange rate changes on cash and cash equivalents(111) 9 Net change in cash and cash equivalents(17,498) 15,815 Cash and cash equivalents, beginning of period72,011 8,493 Cash and cash equivalents, end of period$54,513 $24,308 Cash paid for: Interest$1,842 $2,436 Income taxes, net577 2,499 OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES SEGMENT DATA(In Thousands)(unaudited) Three Months Ended March 31,2021(2) December 31,2020(3) March 31,2020(4)Revenues: Offshore/Manufactured Products(1): Project-driven products$21,374 $36,340 $36,788 Short-cycle products12,250 6,809 22,097 Other products and services26,985 32,369 32,287 Total Offshore/Manufactured Products60,609 75,518 91,172 Downhole Technologies25,430 23,193 41,065 Well Site Services39,550 38,666 87,457 Total revenues$125,589 $137,377 $219,694 Operating income (loss): Offshore/Manufactured Products$1,071 $1,408 $(95,496) Downhole Technologies(1,615) (8,019) (192,691) Well Site Services(9,853) (11,642) (144,954) Corporate(9,365) (10,111) (8,661) Total operating loss$(19,762) $(28,364) $(441,802) ________________ (1)Disaggregated revenue data is provided to supplement the Segment Data.(2)Operating income (loss) for the three months ended March 31, 2021 included $0.3 million of severance and restructuring charges related to the Offshore/Manufactured Products segment. In the Downhole Technologies segment, operating income (loss) included severance and restructuring charges of $0.3 million. In the Well Site Services segment, operating income (loss) included non-cash fixed asset impairment charges of $0.7 million and severance and restructuring charges of $1.3 million. In Corporate, operating income (loss) included $1.6 million of severance charges.(3)Operating income (loss) for the three months ended December 31, 2020 included $0.6 million of severance and restructuring charges related to the Offshore/Manufactured Products segment. In the Downhole Technologies segment, operating income (loss) included non-cash fixed asset and lease impairment charges of $3.6 million and severance and restructuring charges of $0.7 million. In the Well Site Services segment, operating income (loss) included a non-cash fixed asset impairment charge of $0.7 million and severance and restructuring charges of $0.2 million. In Corporate, operating income (loss) included $1.2 million of severance charges.(4)Operating income (loss) for the three months ended March 31, 2020 included a non-cash goodwill impairment charge of $86.5 million, non-cash inventory charges of $16.2 million and $0.1 million of severance charges related to the Offshore/Manufactured Products segment. In the Downhole Technologies segment, operating income (loss) included a non-cash goodwill impairment charge of $192.5 million. In the Well Site Services segment, operating income (loss) included a non-cash goodwill impairment charge of $127.1 million, a non-cash inventory impairment charge of $9.0 million, a non-cash fixed asset impairment charge of $5.2 million and severance and downsizing charges of $0.5 million. OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATIONSEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA (B)(In Thousands)(unaudited) Three Months Ended March 31,2021 December 31,2020 March 31,2020Offshore/Manufactured Products: Operating income (loss)$1,071 $1,408 $(95,496) Depreciation and amortization expense5,469 5,376 5,628 Impairment of goodwill— — 86,500 Impairment of inventories— — 16,249 Other income (expense)(62) 82 176 Segment EBITDA6,478 6,866 13,057 Severance and restructuring charges282 633 112 Adjusted Segment EBITDA$6,760 $7,499 $13,169 Downhole Technologies: Operating loss$(1,615) $(8,019) $(192,691) Depreciation and amortization expense4,389 5,745 5,584 Impairment of goodwill— — 192,502 Impairment of fixed and lease assets— 3,602 — Other income (expense)(2) 16 (77) Segment EBITDA2,772 1,344 5,318 Severance and restructuring charges275 703 — Adjusted Segment EBITDA$3,047 $2,047 $5,318 Well Site Services: Operating loss$(9,853) $(11,642) $(144,954) Depreciation and amortization expense11,468 11,906 15,036 Impairment of goodwill— — 127,054 Impairment of inventories— — 8,981 Impairments of fixed assets650 655 5,198 Other income387 270 675 Segment EBITDA2,652 1,189 11,990 Severance and restructuring charges1,306 219 548 Adjusted Segment EBITDA$3,958 $1,408 $12,538 Corporate: Operating loss$(9,365) $(10,111) $(8,661) Depreciation and amortization expense194 210 161 EBITDA(9,171) (9,901) (8,500) Severance charges1,555 1,169 — Adjusted EBITDA$(7,616) $(8,732) $(8,500) OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION CONSOLIDATED EBITDA AND ADJUSTED CONSOLIDATED EBITDA (A)(In Thousands)(unaudited) Three Months Ended March 31,2021 December 31,2020 March 31,2020 Net loss$(15,810) $(18,747) $(405,041) Income tax benefit(2,317) (11,886) (39,491) Depreciation and amortization expense21,520 23,237 26,409 Impairments of goodwill— — 406,056 Impairments of inventories— — 25,230 Impairments of fixed and lease assets650 4,257 5,198 Interest expense, net2,325 2,637 3,504 Gains on extinguishment of 1.50% convertible senior notes(3,637) — — Consolidated EBITDA2,731 (502) 21,865 Severance and restructuring charges3,418 2,724 660 Adjusted Consolidated EBITDA$6,149 $2,222 $22,525 ________________ (A)The terms Consolidated EBITDA and Adjusted Consolidated EBITDA consist of net loss plus net interest expense, taxes, depreciation and amortization expense, non-cash asset impairment charges, gains on extinguishment of the 2023 Notes and adjustments for certain other items. Consolidated EBITDA and Adjusted Consolidated EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net loss or cash flow measures prepared in accordance with generally accepted accounting principles or as measures of profitability or liquidity. Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Consolidated EBITDA and Adjusted Consolidated EBITDA as supplemental disclosures because its management believes that Consolidated EBITDA and Adjusted Consolidated EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Consolidated EBITDA and Adjusted Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Consolidated EBITDA and Adjusted Consolidated EBITDA to net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.(B)The terms EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, non-cash asset impairment charges, gains on extinguishment of the 2023 Notes and adjustments for certain other items. EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA as a supplemental disclosure because its management believes that EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The tables above set forth reconciliations of EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.(C)Incremental Adjusted Segment EBITDA margin is calculated by dividing the change in Adjusted Segment EBITDA by the change in segment revenues. Company Contact: Lloyd A. HajdikOil States International, Inc.Executive Vice President, Chief Financial Officer and Treasurer713-652-0582 SOURCE: Oil States International, Inc.

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A new study has used millions of satellite images to generate the clearest picture yet of the world's glaciers and concludes they're getting smaller, faster. And glaciers along the western edge of North America are thinning faster than almost anywhere else in the world, said co-author Brian Menounos of the University of Northern British Columbia, whose paper was published Wednesday in the journal Nature. "I don't think humans need more evidence the climate is changing," Menounos said. "But I also think we can't throw up our hands and say, 'Oh, we can't do anything.' We have to understand the implications of climate change." Scientists have long known that the world's 217,000 glaciers are in retreat. That knowledge, however, was based on relatively infrequent satellite images and field monitoring that didn't include all glaciers. Menounos and his colleagues turned to a previously unused trove of images that allowed them to estimate the falling elevation of precise spots with unprecedented accuracy. "We had (a supercomputer) running for a solid year of compute time," he said. Once they knew how far the surface of the glaciers had fallen, they could calculate how much ice was lost. The results boggle the mind. They found glaciers are now losing 267 billion tonnes of ice every year. Just one billion tonnes of ice — a gigatonne — is equal in mass to 10,000 fully loaded aircraft carriers. Put another way, that's enough ice melting every year to cover Canada's entire land mass to a depth of 30 centimetres. The pace is picking up. Between 2000 and 2004, when the study begins, glaciers "only" lost 227 gigatonnes per year. But glaciers up the mountainous western spine of North America — including Canada — are melting even faster. Their thawing rate increased fourfold between 2000 and 2019. Glaciers are now responsible for about 21 per cent of the roughly 22 centimetres that sea levels have risen since 1880. That won't stop. By the end of the century, about 200 million people will live on land likely to be submerged at high tide. Glaciers are also a crucial source of fresh water, as they are in Western Canada. The paper quotes research suggesting more than one billion people could face water shortages by 2050. That doesn't include other benefits humans rely on glaciers for. They keep headwaters streams cool, for example. "If you take that thermal buffering capacity of glaciers away, you're left with a situation where these aquatic ecosystems are going to change," Menounos said. By far the biggest driver of glacial melt is rising temperatures caused by climate change, said Menounos. There are enough greenhouse gases in the air that some melting will continue even if the taps were turned off tomorrow. But he said his study shows that while humans are causing the problem, they can also curb it. "We just need the power and the gumption and the willpower to make some hard, difficult decisions," Menounos said. "You can't really engineer your way out of this problem. You have to mitigate and reduce greenhouse gas emissions." This report by The Canadian Press was first published April 28, 2021. — Follow Bob Weber on Twitter at @row1960 Bob Weber, The Canadian Press

The first time Leora Berman was called to rescue Grace, one of Haliburton County’s oldest snapping turtles, was last year toward the end of the summer. Grace was crossing the street in front of the high school, and in doing so was also holding up a line of school buses. It took two people at that time to lift Grace, who is estimated to weigh more than 25 pounds. Using a makeshift sling, they carried the ancient turtle to Head Lake, in case she might be ready to hibernate. A week later, Berman, who founded The Land Between conservation organization and the Turtle Guardians program, met Grace again. “Someone called us a week later, in the evening, to say they had spotted Grace,” said Berman. “I went out that night because she’s such a precious one, because of her age.” According to research on the aging of turtles, it is likely based on Grace’s size of 39 centimetres that she is more than 125 years old, possibly anywhere up to 200 years old. Using a “pizza hold method,” in which the turtle is approached from behind, and anchored and stabilized with one hand at the base of the tail while the other hand is held flat under the belly, Berman laid Grace in a wheelbarrow to help move the heavy elder safely. It’s important to never pick up a turtle by the tail which could risk damage to its spine, and also to be mindful of a snapping turtle’s defence in response to fear. “A snapping turtle in the wild will snap when they’re feeling threatened on land,” said Berman. “They rarely ever snap in the water unless they’ve been fed by someone fishing in the same spot all the time. They don’t snap, usually, out of defence in water – it would be in mistaking something for food. On land they tend to be pretty afraid, and a big turtle who is projecting a snap at that rate is pretty hard to maneuver.” Grace, after her wheelbarrow transfer, walked right into the wetland. “It was pretty clear when we reached one part of the wetland that that’s exactly where she wanted to be because she just started to walk into the wetland and looked very comfortable,” said Berman. Grace is making good use of an area busy with humans and car traffic. Her hibernation site is likely the wetlands near the high school, and her feeding grounds include Head Lake and Kashagawigamog Lake. “Turtles know exactly where they’re going, and they recognize their entire territories,” said Berman. “Their navigation systems are just incredible and extremely mysterious. They could use the sun to navigate, plus the earth’s magnetics because of magnetites in their brains and/or different chemicals in their eyes that allows them to see earth’s magnetics, or they could be using all three of these tools, but they know exactly where they are.” Grace has been spotted on Highway 118, on Gelert Road, near the hospital, on Highland Street and on Highway 121, causing the Turtle Guardians program to act quickly in alerting the public to her whereabouts through their social media page, in an attempt to alert drivers of her path – and the paths of other turtles as they cross roads throughout the county, and prevent continued road mortality of the animals. Turtles make use of dedicated territories they have memorized as hatchlings, imprinting hibernation sites, seeding sites and mating areas, crossing roads in the same areas and often returning to the same hibernation site within one metre of the year before. “Grace is named for the absolute miracle of her longevity and existence without significant injury or death in this busy area of roads and boats,” reads the Turtle Guardians web site. “We have posted alerts to community members-at-large to watch for Grace on roads and notify us of any sightings. Grace needs to stay in her territory to survive and thrive and she needs our help. But Grace is like many other turtles – ancient, resilient and at the same time very vulnerable.” This spring, Berman said turtles have been reported on roads three weeks earlier than usual. The social media post about Grace and turtles crossing has reached 67,000 people. “I mean, it’s pretty neat to see people rally behind this, because that’s exactly what we need in order to save this species.” It is possible to experience local extinctions of turtles, said Berman, who noted that the pandemic did not slow the rate of turtle deaths on Haliburton County’s roads – “we’re just losing way too many.” “Turtles, because they’re slow-moving, they’re slow to do everything, they’re slow to reproduce, they’re slow to replace themselves in nature, and yet, they’re essential for our health and well-being,” said Berman. “Without turtles in the environment, we rely on nature. People have forgotten that without intact ecosystems we have very little hope of survival on this planet … Turtles, exactly as the Indigenous teachings go, a turtle holds most of the animals and earth on its back. Because a turtle is responsible for supporting about 70 per cent of Ontario’s fish and wildlife." Young turtles scour lakes for protein, and help keep lakes free of pathogens by eating dead animals. As they age, they need less protein and more minerals, which they get through seed matter and vegetation – they’re beneficial in cycling nutrients, and spread seeds as they defecate in the territory they walk through, helping to grow new fish nurseries and moose habitats, ensuring the health of wetlands that Ontario’s wildlife use. Elder females of the turtle population are most important, as the older a turtle is, the more fecund it is – the more eggs she lays. Without these “mother turtles,” Berman said there would be little hope of replacing lost populations, with the loss of what she said is 50 per cent of the turtle population in Ontario already. “Turtles are not at all like rodents,” said Berman. “They’re very slow to reproduce. They take up to an average of 60 years to replace themselves in nature, so they’re pretty precious creatures.” Though some people deliberately kill turtles, said Berman, most people understand that turtles are valuable. The program she launched – Turtle Guardians – forms a collaboration between at least 10 other organizations, enabling research over a stretch of land for a long time, and supporting groups in sharing data and information and capacity. “Turtles are also one of the most imperilled species in the world, and knowing that it takes so long to recruit them and there were so many threats, increasing threats, especially up here with the increasing road traffic, the decreasing natural vegetation around shores, I knew the threats to turtles were mounting and so I kind of figured for turtles to be saved, we needed one human for every turtle to help. We needed every person to be a turtle hero.” Volunteer programs through Turtle Guardians include Nest Sitters, Wetland Watchers, Tunnel Assessors and Road Researchers and offer a variety of ways for people to get involved depending on where they live, and what their interests and available time are. A new volunteer program, Turtle Crossing Guards, is deemed an essential service by provincial government regulations, and able to run during the pandemic, with safety precautions to prevent the spread of COVID-19 in place. Alternatively, for those who can donate financial support rather than time, a GoFundMe has been set up to help pay for high-visibility vests, signage that alerts drivers to known turtle crossing paths which has been arranged in partnership with the Haliburton County roads department, silt fencing, and magnets for cars of those doing research from the road, to help other drivers know they are slow-moving. At press time, $2,400 of a $4,000 goal had been raised. To help donate to the Turtle Guardians program, visit https://www.gofundme.com/f/turtle-guardians-saving-grace-safe-crossing. To volunteer, get involved or for more information on Turtle Guardians, visit http://www.turtleguardians.com. If you spot an injured turtle, record its exact location, place it in a dry, warm ventilated container and call your nearest rehabilitation centre. In Haliburton County, call Woodlands Wildlife Sanctuary at 705-286-1173, or for severe injury in any area call the Ontario Turtle Conservation Centre at 705-741-5000. Sue Tiffin, Local Journalism Initiative Reporter, Minden Times

The big changes in North Carolina in May include increases for mass gathering limits and eased mask rules.

Goals from Kevin De Bruyne and Riyad Mahrez completed the turn around as the visitors won 2-1.

On April 28, 2021, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) declared a distribution of $0.050 per share of common stock, payable on May 26, 2021 to shareholders of record at the close of business on May 12, 2021. The ex-dividend date is May 11, 2021. The previous distribution declared in March was $0.050 per share of common stock.

%F Last Prev. Wk.Ago %L001%%Prime Rate% %3.25% %3.25% %3.25% %L002%%Discount Rate Primary% %0.75% %0.75% %0.75% %L003%%Fed Funds Target% %0.00-0.25% %0.00-0.25% %0.00-0.25% %L004%%T-Bills:%%%%%%% %L056%%1-month yld% %0.01% %0.01% %0.01% %L005%%3-month Disc% %0.01% %0.02% %0.03% %L057%%3-month yld% %0.01% %0.02% %0.03% %L006%%6-month disc% %0.04% %0.04% %0.03% %L058%%6-month yld% %0.04% %0.04% %0.03% %L007%%T-Bill, annualized, adjusted for%%%%%% %L008%%constant maturity:%%%%%%% %L009% %1-year% %0.07% %0.07% %0.06% %L010%%T-Notes:%%%%%% %L011% %1-year% %0.05% %0.06% %0.07% %L012% %2-year% %0.17% %0.17% %0.16% %L055% %3-year% %0.35% %0.36% %0.34% %L013% %5-year% %0.86% %0.88% %0.83% %L014% %10-year% %1.62% %1.62% %1.56% %L015%%T-Bond:%%%%%% %L016% %30-year% %2.30% %2.29% %2.25% %L017%%Libor:%%%%%% %L018% %3-month% %0.18% %0.18% %0.18% %L019% %6-month% %0.22% %0.22% %0.19% %L020%%FHLB Cost of Funds, 11th District:%%%%%%% %L021% %Eff. Apr. 1% %0.46% %0.46% %0.46% %L022%%FNMA 30-year mortgage commitment:%%%%%%% %L023% %60-days% %2.65% %2.65% %2.65% %L024%%Money market fund:%%%%%%% %L025%%Fidelity Cash Reserves:%%%%%%% %L026% %7-day avg yld:% %0.01% %0.01% %0.01% METALS LastPrev.Wk.Ago %L027%%Gold (troy oz):%%%%%%% %L065% %London AM fix% %$1780.90% %$1779.65% %$1785.65% %L028% %London PM fix% %$1784.15% %$1773.35% %$1787.75% %L029% %HSBC Bank USA% %$1774.50% %$1777.00% %$1776.50% %L061% %NY Handy & Har% %$1772.20% %$1784.15% %$1781.80% %L062% %NY H&H fab% %$1967.14% %$1980.41% %$1977.80% %L063% %NY Engelhard%: %$1785.00% %$1779.00% %$1787.00% %L064% %NY Engelhrd fab% %$1903.83% %$1918.88% %$1924.25% %L030% %NY Merc% %$1773.20% %$1778.00% %$1777.00% %L031%%Silver (troy oz):%%%%%%% %L071% %Handy & Har% %$26.060% %$26.395% %$26.025% %L066% %H&H fabricated% %$32.575% %$32.994% %$32.531% %L067% %London AM% %$26.285% %$26.110% %$25.300% %L069% %Engelhard% %$26.450% %$26.200% %$26.400% %L070% %Engelhard fab% %$31.320% %$31.740% %$31.560% %L032%%NY Merc spot% %$26.081% %$26.412% %$25.077% %L033%%Copper (pound):%%%%%%% %L034% %NY Merc spot% %$4.5370% %$4.7430% %$4.3430% %L035%%Aluminum (pound):%%%%%%% %L036% %LME% %$1.0836% %$1.0831% %$1.0766% %L037%%Platinum (troy oz):%%%%%%% %L072% %Handy & Har% %$1215.00% %$1243.00% %$1244.00% %L038% %NY Merc spot% %$1209.40% %$1246.90% %$1230.50% %L039%%Palladium (troy oz):%%%%%%% %L040% %NY Merc spot% %$2924.90% %$2947.30% %$2851.70% %L041%%Cash Prices:%%%%%%% %L042%%Lead (metric ton)% %$2051.00% %$2054.00% %$2017.50% %L046%%Zinc, HG (pound)% %$1.3104% %$1.2984% %$1.2723 %L047%%Gold Coins:%%%%%%% %L048% %U.S. Eagle 1 oz% %$1625.20% %$1636.16% %1634.01% %L049% %Austrla. Kangaroo 1 oz%%%%%%% %L050% %% %$1625.20% %$1636.16% %1634.01% %L051% %Krugerrand 1 oz% %$1798.51% %$1810.64% %1808.26% %L052% %Certificates of Deposit Retail%:%%%%%%% %L053% %90 days% %0.05% %0.05% %0.07% %L054% %180 days% %0.09% %0.09% %0.10% The Associated Press

The Senate on Wednesday confirmed Samantha Power as the administrator of the United States Agency for International Development after a 68-26 vote, with several Republicans joining their Democratic colleagues in backing President Biden's nominee. Power is a familiar face in Washington, having served as former President Barack Obama's ambassador to the United Nations during the majority of his second term in the White House. In addition to her duties running USAID, The Hill reports, Power is expected to have a spot the White House National Security Council, which she also served on during Obama's first term before she took on the U.N. role. While Power ultimately received more than enough votes for confirmation, she did face more Republican opposition this time around than in 2013, when she breezed through the Senate on the back of a 87-10 vote. Sen. Ted Cruz (R-Tex.), who has not voted for Power either time, said Wednesday that her tenure as U.N. ambassador was "deeply problematic" because of the role she played in the Iran nuclear negotiations, and the fact that U.N. Security Council Resolution 2334, which stated Israel's settlements violated international law, passed while she held the office, although the U.S. abstained from the vote. Read more at The Hill. Sen. @tedcruz tells me he voted no on Samantha Power’s confirmation because her tenure as UN Ambassador was “deeply problematic,” citing her role in the Iran nuclear deal and UN resolution 2334, “one of the most virulently anti-Israel resolutions ever adopted at the UN.” — Logan Ratick (@Logan_Ratick) April 28, 2021 More stories from theweek.comLumber is shockingly expensive. Thanks, Obama.Biden's big ifPaddington 2 director pities Orson Welles after surpassing Citizen Kane on Rotten Tomatoes

WALES, United Kingdom, April 28, 2021 (GLOBE NEWSWIRE) -- A new market study is released on Global At-Home Testing Kits Market with data Tables for historical and forecast years represented with Chats & Graphs spread through Pages with easy to understand detailed analysis. This At-Home Testing Kits Market Report is delivered as the most relevant, unique, fair, and creditable global market research report to valuable customers and clients depending upon their specific business needs. It facilitates in adjusting the production depending on the conditions of demand which avoids wastage of goods. Market research reports like this At-home testing kits market surely helps to reduce business risk and failure. Major competitor strategies include but are not limited to new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions. Research and analysis is carried out with one step or the combination of several steps depending upon the client need and the business requirements. Leading competitors of At-home testing kits market are Abbott, ACON Laboratories, Inc., Rapikit, BTNX INC., bioLytical Laboratories Inc., OraSure Technologies, Inc., BD, Cardinal Health, B. Braun Melsungen AG, Piramal Enterprises Ltd., PRIMA Lab SA, Siemens Healthcare GmbH. The at-home testing kits market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 5.3% in the forecast period of 2021 to 2028 and expected to reach USD 8,154.74 million by 2028. Increasing health awareness among people is helping the at-home testing kits market to grow at significant rate. Get Exclusive Sample Copy of the Report to understand the structure of the complete report Including Full TOC, Table & Figures @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-at-home-testing-kits-market At-home testing kits means testing instruments which help person to perform tests at home and give them rapid results in a minute. It also includes health monitoring equipment to continuously check and control the health of the diabetic patient. At-home tests are very convenient to perform with comfort at home and are available at very affordable rate. Self-tests are usually the advance versions of rapid, point-of-care test kits that were originally designed for healthcare professionals and can be performed by common person. Focus of the Report: The report focuses to provide all the insights of the At-Home Testing Kits Market along with all CAGR values and the market shares analysis of all the players in the market. The report is a vital piece of information on the market which explains all the competitive landscape and all the segments in the market while analyzing and forecasting the At-home testing kits market for the coming years. The report also provides all details in terms of recent developments in the market and all the manufacturers. Under COVID-19 Outbreak, how the At-home testing kits market Industry will develop is also analysed in detail in this report. Understand COVID-19 Significant Impact and Post Opportunities Get Sample Report @ https://www.databridgemarketresearch.com/covid-19-impact/global-at-home-testing-kits-market The rising adoption of self-help and do-it-yourself (DIY) test kits due to convenience and rapid results is a major factor which is driving the growth of the at-home testing kits market. There are doubts among end-users related to the reliability of the rapid home testing kits which might hinder the growth of the at-home testing kits market. It has become an urgent need of the companies to bring the rapid testing kits for COVID-19 to lower the death rate and increase the detection rate of patients and this is creating huge opportunity for the at-home testing kits market. The high competition in the market is a major challenge for the at-home testing kits market growth. This at-home testing kits market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the at-home testing kits market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal. Rising Demand of Self-Diagnosis for Diabetes The at-home testing kits market also provides you with detailed market analysis for every country growth in installed base of different kind of products for at-home testing kits, impact of technology using life line curves and changes regulatory scenarios and their impact on the at-home testing kits market. The data is available for historic period 2010 to 2019. Global At-Home Testing Kits Market, By Test Type (Pregnancy Test, HIV Test Kit, Infectious Diseases, Glucose Tests, Ovulation Predictor Test Kit, Drug Abuse Test Kit and Other Test Types), Type (Cassette, Strip, Midstream, Test Panel, Dip Card and Other Form Types), Age (Pediatric, Adult and Geriatric), Sample Type (Urine, Blood, Saliva and Other Sample Types), Usage (Disposable and Reusable), Distribution Channels (Retail Pharmacies, Drug Store, Supermarket/Hypermarket and Online Pharmacies), Country (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel and Rest of Middle East and Africa) Industry Trends and Forecast to 2028 Speak to Report Author @ https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-at-home-testing-kits-market Competitive Landscape and At-Home Testing Kits Market Share Analysis The at-home testing kits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to at-home testing kits market. Unlock new opportunities in At-Home Testing Kits Market; the latest release from Data Bridge Market Research highlights the key market trends significant to the growth prospects, let us know if any specific players or list of players needs to consider to gain better insights. @ https://www.databridgemarketresearch.com/reports/global-at-home-testing-kits-market The Major Players Covered in the Report Are: Abbott,ACON Laboratories, Inc.RapikitBTNX INC.bioLytical Laboratories Inc.,OraSure Technologies, Inc.BDCardinal HealthB. Braun Melsungen AGPiramal Enterprises Ltd.PRIMA Lab SASiemens Healthcare GmbHQuidel CorporationBionime CorporationSA ScientificARKRAY USA, Inc.Everlywell, Inc.Nova BiomedicalEurofins Viracor, Inc.SelfDiagnostics OUAdvaCare PharmaAccuBio Tech Co., LtdBioSure UKAtlas Medical UKTaiDoc Technology CorporationLifeScan IP Holdings, LLCChembio Diagnostics, Inc.Drägerwerk AG & Co. KGaAF. Hoffmann-La Roche Ltd.BiosynexSensing Self PTE. Ltd,Atomo DiagnosticsRUNBIO BIOTECH CO.,LTDClearblue (A Subsidiary of Clear Blue Technologies International Inc)Sterilab ServicesMylan N.V. (A Subsidiary of Viatris Inc),MP BIOMEDICALSamong others. Access Full Report @ https://www.databridgemarketresearch.com/checkout/buy/singleuser/global-at-home-testing-kits-market For instance, In June 2020, BD, a leading global medical technology company has announced that they have completed the acquisition of Straub Medical AG, a privately-held company. With this acquisition, the company will add the valuable expertise and experience of Straub Medical AG and will expand their product portfolio.In May 2020, F. Hoffmann-La Roche Ltd has totally acquired Stratos Genomics officially. With this acquisition, the company will also deal with development of DNA based sequencing for diagnostics use. This has enhanced the healthcare diagnosis segment of the company, thus leading to more revenue generation of the company. Product launch, acquisition and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for at-home testing kits through product portfolio of the companies. Queries Resolved in This Report: Which will be the specialties at which At-Home Testing Kits Market players profiling with intensive designs, financials, and furthermore, ongoing headways should set nearness? Which will be the foreseen development rates for your own At-Home Testing Kits Market economy out and out and furthermore for each portion inside? Which will be the At-Home Testing Kits Market application and sorts and estimate joined intently by makers? Which will be the dangers which will attack growth? The length of the global At-Home Testing Kits Market opportunity? How At-Home Testing Kits Market share advance vacillations their value from various assembling brands? For More Information or Query or Looking for Customization, Visit @ https://www.databridgemarketresearch.com/inquire-before-buying/?dbmr=global-at-home-testing-kits-market TABLE OF CONTENTS PART 01: EXECUTIVE SUMMARYPART 02: SCOPE OF THE REPORTPART 03: RESEARCH METHODOLOGYPART 04: MARKET LANDSCAPE Market ecosystemMarket characteristicsMarket segmentation analysis PART 05: PIPELINE ANALYSIS Pipeline analysis PART 06: MARKET SIZING Market definitionMarket sizingMarket size and forecast PART 07: FIVE FORCES ANALYSIS Bargaining power of buyersBargaining power of suppliersThreat of new entrantsThreat of substitutesThreat of rivalryMarket condition PART 08: MARKET SEGMENTATION SegmentationComparisonMarket opportunity PART 09: CUSTOMER LANDSCAPEPART 10: REGIONAL LANDSCAPE Geographical segmentationRegional comparisonNorth AmericaSouth AmericaEuropeMEAAPACMarket opportunity PART 11: DECISION FRAMEWORKPART 12: DRIVERS AND CHALLENGES Market driversMarket challenges PART 13: MARKET TRENDSPART 14: VENDOR LANDSCAPE OverviewLandscape disruption PART 15: VENDOR ANALYSIS Vendors coveredVendor classificationMarket positioning of vendors For More Insights Get FREE Detailed TOC @ https://www.databridgemarketresearch.com/toc/?dbmr=global-at-home-testing-kits-marketReport Scope: AttributeDetailsBase year for estimation2020Actual estimates/Historical data2015 – 2020Forecast period2021 – 2028Market representationRevenue in USD Million, and CAGR from 2021 to 2028Regional scopeUSA, Europe, Japan, China, India, Southeast AsiaReport coverageRevenue forecast, company share, competitive landscape, growth factors, and trends Analysis Get More info @ https://www.databridgemarketresearch.com/reports/global-at-home-testing-kits-market Benefits of Buying the Report: Our report is also known for its data accuracy and granular market analysisA complete picture of the competitive scenario of the at-home testing kits market is depicted by this report.The extensive spectrum of analysis regarding the major advancementsIt also provides a complete assessment of the future market and the changing market scenario.Analyses of the At-home testing kits market and have a comprehensive understanding of the Industry Analysis and At-Home Testing Kits Market Forecast 2021-2028 and its commercial landscape.Study the market strategies that are being adopted by your competitors and leading organizations.Helps to understand the future outlook and prospects for At-home testing kits market industry analysis and forecast. NOTE: This report takes into account the current and future impacts of COVID-19 on this industry and offers you an in-depth analysis of AT-HOME TESTING KITS MARKET. Browse Related Reports: - Global Nursing Homes and Long-Term Care Facilities Market - Industry Trends and Forecast to 2027 Global Anti-CD19 Therapeutic Antibody Market - Industry Trends and Forecast to 2028Global Behavioral Health Market – Industry Trends and Forecast to 2028Global Blockchain Technology in the Healthcare Market – Industry Trends and Forecast to 2028 About Data Bridge Market Research: An absolute way to forecast what future holds is to comprehend the trend today! Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process. Data Bridge adepts in creating satisfied clients who reckon upon our services and rely on our hard work with certitude. We are content with our glorious 99.9% client satisfying rate. Contact Us: Data Bridge Market ResearchUS: +1 888 387 2818UK: +44 208 089 1725Hong Kong: +852 8192 7475E-Mail: corporatesales@databridgemarketresearch.com

Ohana Real Estate Investors ("Ohana"), a vertically integrated investment firm focused exclusively on the luxury hospitality space, announced the sale of the 130-room Montage Healdsburg to Sunstone Hotel Investors, Inc. for $265 million. Ohana will retain ownership of the residential parcels within the property and has already begun constructing homes and selling custom homesites that will be affiliated with the resort.

Maximus will issue a press release with its financial results for the three and six months ended March 31, 2021, on Thursday, May 6, 2021.

Facebook first quarter earnings up despite threat from Apple update

The Guardian 28 April, 2021 - 04:27pm

The positive earnings report for Facebook was bolstered by pandemic-driven traffic and ad sales and comes despite a number of roadblocks for the company in previous months. Those include the Apple operating system update that threatens its advertising revenue, a slew of antitrust hearings in the US Congress, and reports of a 2019 data leak that had affected millions of users.

In a call with investors Wednesday afternoon, Facebook’s chief operating officer Sheryl Sandberg said the company is working “to mitigate the impact of the iOS 14.5 update”.

“There are challenges coming to personalized advertising and we are doing a huge amount of work to prepare,” she said.

The world’s largest social media company said in its outlook that it expected second-quarter revenue growth to be stable or grow moderately, but warned that the third and fourth quarter growth rates could “significantly” decline when compared with past periods of increasingly strong growth.

Facebook has repeatedly blasted Apple over its new requirement for iPhone app developers to ask users’ permission to collect certain data for ads, saying the change would harm its business and hurt small companies that rely on personalized advertising.

Facebook’s monthly active users rose 10% to 2.85 billion, matching analyst expectations. Facebook’s user base is on pace to reach almost 3 billion people by the end of the year, according to the report.

Net income for the fourth quarter came in at $9.5bn, or $3.30 per share, compared with $4.9bn, or $1.71 per share, a year earlier. Analysts had expected a profit of $2.37 per share.

The company said its total expenses for the year would be in the range of $70m to $73m, as it invests in consumer hardware products and infrastructure.

CEO Mark Zuckerberg said on the investor call that following the strong quarter, Facebook will begin to invest more heavily in new areas including virtual reality and augmented reality.

“I have thought for a long time about augmented and virtual reality because I think it’s the holy grail of delivering a sense of presence in social experiences,” he said. “In the future, you’re going to be able to feel like you are really present with someone else.”

Earnings alert: Facebook releases quarterly earnings

Yahoo Finance 28 April, 2021 - 04:01pm

Apple's newest products and services could draw greater antitrust scrutiny, but it's all worth it if it keeps you coming back to the company.

Facebook's political and regulatory headwinds are strong, but soaring ad revenues blunted those effects.

"User fees" are the most efficient way to pay for new infrastructure--except users don't want to pay for what they use any more.

Shares of (FB) surged to record territory in late trading Wednesday, after the company crushed Wall Street profit and revenue expectations. Facebook (ticker: FB) said its first-quarter net income nearly doubled to $9.5 billion, or $3.30 a share, compared with a net profit of $4.9 billion, or $1.71 a year ago.

Facebook stock rose in after-hours trading Wednesday as the social media giant reported first-quarter earnings that topped analyst estimates. Revenue of $26.17 billion climbed 48%.

Stocks were mixed Wednesday, with each of the three major indexes trading close to the flat line as investors digested an onslaught of corporate earnings results and looked ahead to a monetary policy decision from the Federal Reserve.

Fed Chairman Jay Powell said Wednesday that although some asset valuations appear “frothy,” he did not see any risks that may hurt the financial system.

(Bloomberg) -- Facebook Inc.’s first-quarter sales rose 48%, surging past analysts’ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social network’s billions of users.Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10%. Analysts projected 2.83 billion. Shares jumped more than 6% in late trading.Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses ramped up digital outreach to tap potential customers.So far, the company hasn’t seen a slowdown even as consumers return to more offline activities as the pandemic begins to subside. The average price per ad rose 30% in the first quarter from a year earlier, Facebook said, and the number of ads delivered notched up 12%.“The beat was really pronounced in terms of ad pricing,” said Mandeep Singh, a Bloomberg Intelligence analyst. “They are probably coming towards the tail end of this stretch of high engagement and user growth,” he added, but “the ad pricing tailwinds should persist.”The company’s shares, which closed at $307.10 in New York, jumped as high as $328.40 in extended trading following the earnings report. The stock has gained 12% this year, slightly ahead of the increase in the S&P 500 Index.Net income in the March quarter rose to $9.5 billion, or $3.30 a share, Facebook said. Analysts on average had projected $2.34 in per-share profit.In the statement, Facebook said sales in the current period will remain steady or accelerate from the first quarter, but repeated its caution that growth may stall in the second half of 2021. Facebook also again noted the potential risk to its advertising business as Apple Inc. adds privacy restrictions on iPhones and other devices that could chip away at the social media giant’s ability to collect user data, which powers its targeted advertising model.Apple’s iOS 14.5 software update is requiring apps to get explicit user permission to track their activity across the web. Facebook executives have said they believe many users will opt out of this tracking, making it harder for advertising customers to precisely tailor their outreach campaigns.“We continue to be concerned about the impact this update is going to have on the ability of small businesses to use their advertising budgets effectively,” Chief Financial Officer David Wehner said on a conference call after the report. “That said, we think the impact on our business will be manageable.”Expenses for the year will be $70 billion to $73 billion, Facebook said, narrowing a prior forecast of $68 billion to $73 billion. The social network cited investments in technical and product talent, infrastructure and consumer hardware.Facebook has been chasing future growth from burgeoning services like augmented reality and shopping. It’s already benefiting from the e-commerce boom as consumers increasingly turn to the web to avoid the risk of Covid-19 in person at brick-and-mortar stores. To meet that demand, Facebook last year reinvested in its shopping services, which let retailers upload product catalogs to their Facebook page or Instagram profile.Still, the company is confronting significant regulatory pressures as the U.S. Federal Trade Commission and dozens of state attorneys general pursue antitrust lawsuits that seek to unwind its acquisitions of Instagram and WhatsApp.Chief Executive Officer Mark Zuckerberg faced tough questioning from U.S. lawmakers last month over the company’s plan to build a version of photo-sharing app Instagram specifically for children younger than 13 -- an age group that is currently prohibited from using most of its platforms.Earlier this month, Facebook announced it is building a series of new audio-focused products to compete with social media rivals such as Twitter Inc. and popular upstart Clubhouse. The audio products would include virtual rooms where users can host live discussions, and a feature called Soundbites that lets users post short audio snippets to their feeds like they would a photo or video.Recently, Facebook has been experimenting with different ways to bolster its video-advertising offerings to attract popular social-media influencers as it competes with younger rivals such as ByteDance Ltd.’s TikTok and Snap Inc. Facebook has said the number of content creators earning $10,000 a month from its revenue-sharing programs grew 88% in 2020, while creators pulling in $1,000 a month grew 94%.(Updates with analyst’s comment in fifth paragraph, CFO’s in 10th.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Facebook Inc. shares initially rose 5% in extended trading Wednesday, to what would be a record high if gains hold up in Thursday's regular session, after it announced better-than-expected first-quarter results.

The Oreo is the world's most popular cookie brand.

The virtual healthcare provider reported net loss of $199.6 million, or $1.31 a share. Wall Street's consensus estimate called for a net loss of 54 cents a share.

The Federal Reserve kept monetary policy unchanged and sees inflation as temporary, which is closely watched by bitcoin investors.

(Bloomberg) -- The clock is ticking for scores of Hong Kong-listed companies that could miss a deadline to post their 2020 earnings reports in coming days.Mainland solar power maker GCL-Poly Energy Holdings Ltd. and Hainan Meilan International Airport Co., which operates an airport in China’s southernmost Hainan province, are among the more-than-40 Hong Kong-listed companies that are just days away from missing final deadlines to report their 2020 results.These companies have a combined market value of HK$146.8 billion ($18.9 billion), although most of them, apart from GCL and embattled state-owned debt-clearing agency China Huarong Asset Management Co Ltd., are small-caps.If they fail to meet the April 30 deadline, several of these 44 companies risk losing index membership status, according to analysts.Huarong is a member of the MSCI Emerging Markets Index as well as the Hang Seng Composite Index, which also includes GCL and Asia Cement China Holdings Corp.At the very least, these late-to-report Chinese companies will raise investor concerns about their financial health. They are already part of a slew suspended when they missed an earlier March 31 deadline for preliminary earnings.“Of course, investors in these stocks are worried about their financial situation,” said Louis Tse, Hong Kong-based managing director at VC Asset Management Ltd. “It’s difficult for their auditors to get enough information to form an opinion,” he added, saying the pandemic made it tough for auditors to travel and verify information in person, for instance.Unpaid debt or weak corporate governance could also be blamed for delayed audit reports, he said.Of the more than 50 companies that missed the March 31 deadline for preliminary reporting, just seven have ended up releasing reports. Among them, mobile technology firm China Baoli Technologies Holdings Ltd. has halved since it resumed trading, while computer hardware firm Jiangsu Nandasoft Technology Co is down 24%.GCL-Poly Energy, Hainan Meilan International Airport and Asia Cement were suspended from trading on April 1, the day they disclosed in filings to the stock exchange that their auditors needed more time to sign off on results. The firms did not respond to Bloomberg emails and calls seeking comment on their plans to release earnings.China Huarong, which recently faced a meltdown in its bonds, said on Sunday its 2020 earnings results would be delayed past April 30, because its auditors needed more time to finalize an unspecified transaction before it can publish its earnings.In each of the past four years, no more than 10 companies have delayed their annual earnings reports. Numbers were small for delays even last year, when the pandemic disrupted business activities and in 2019 -- a year of pro-democracy protests in Hong Kong.Long-term trading suspensions by companies that fail to report their earnings on time have exposed problematic companies in the past. China Huiyuan Juice Group Ltd., once one of the nation’s biggest juice companies, had been suspended from trading from April 2018 after it failed to submit its 2017 results on time. The company was delisted in January this year.Kenny Wen, strategist at Everbright Sun Hung Kai Co., said there is a risk that some index compilers might review and remove shares that have been suspended for too long.“If index compilers remove stocks like Huarong from their indexes when these companies are suspended, there could be selling pressure when they resume trading,” Wen said.The Hong Kong stock exchange delists companies that have been suspended from trading for 18 months, although the firm can appeal in that period and actual delistings tend to be rare.(Updates with details throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Australia’s core inflation decelerated to the slowest pace on record as government programs lowered costs in the economy, highlighting the scale of the Reserve Bank’s challenge to reignite stronger price growth.Annual trimmed mean core inflation eased to 1.1% in the first quarter, the weakest reading in a series dating back to 1983, versus an estimated 1.2% gain, the Australian Bureau of Statistics said in Sydney Wednesday. The gauge, the RBA’s preferred measure, advanced 0.3% from the final three months of last year, compared with economists’ estimates of a 0.5% rise.“Core inflation is likely to remain weak for some time,” said Sarah Hunter, chief economist for BIS Oxford Economics. “Wages growth remains subdued and demand for many services is still recovering to pre-pandemic levels, which will limit any immediate pressures on prices.”The Australian dollar slid after the release and was trading at 77.39 U.S. cents at 12:56 p.m. in Sydney. Australia’s 10-year bond yields erased earlier gains, while stocks advanced.Compounding its challenge, the RBA recently adjusted its inflation framework to allow the economy to run a little hotter, saying it won’t raise interest rates until prices are actually -- not forecast to be -- sustainably within the 2-3% target. That’s likely to be a prolonged wait given both core inflation and wages are now hovering around record lows.Governor Philip Lowe has said he doesn’t expect to raise rates until 2024 at the earliest, based on his expectation that wages will need to be rising by more than 3% on a sustainable basis in order to fuel faster inflation.Today’s report showed the headline consumer price index rose 0.6% from the final three months of last year, compared with economists’ estimates of a 0.9% gain. It increased 1.1% from a year earlier versus an estimated 1.4% increase.“The introduction, continuation and conclusion of a number of government schemes remained a factor in the March quarter,” said Michelle Marquardt, head of Prices Statistics at the ABS. “The fall in new dwelling prices was due to the impact of the Federal Government’s HomeBuilder grant and similar grants by the Western Australian and Tasmanian state governments.”Global FactorsLowe is not alone among central bankers struggling to rekindle consumer-price growth. His Japanese colleague Haruhiko Kuroda is set to fail to reach his goal of stable 2% price growth during his term after what will have been more than a decade of stimulus. In contrast, Canada last week accelerated its timetable for a possible rate rise as inflation gathered strength.The RBA, like its U.S. and and European peers, maintains it will persist with stimulus as it tries to drive the economy toward full employment. The Federal Reserve has said it won’t scale back the pace of its $120 billion-a-month bond purchases until it sees “substantial further progress” on jobs and inflation.Among global influences on local prices, crude oil recovered through the latter part of 2020 and the first few months of this year. Yet, a stronger Australian dollar might have helped curb some of the flow through to pump prices.Today’s Australian inflation report showed tradables prices, which are typically impacted by the currency and global factors, rose 1.1% in the first quarter from the previous three months. Non-tradables, which are largely affected by domestic variables like utilities and rents, advanced 0.4%.Other details in the report include:The most significant rises in the March quarter were automotive fuel jumping 8.7%, medical and hospital services up 1.5% and pharmaceutical products gaining 5.3%.A 7.3% rise in prices for accessories reflected high consumer confidence and demand for discretionary items, the ABS saidGovernment programs saw 0.1% falls in new dwelling prices and a 1.7% drop in tertiary educationRents fell 1.4% from a year earlier, the largest annual fall on record for the seriesThe weighted-median gauge, another core measure, advanced 0.4% from the fourth quarter for an annual increase of 1.3%, compared with forecast rises of 0.5% and 1.3%, respectively.The RBA meets Tuesday and is expected to keep its key policy instruments unchanged: the cash rate and three-year yield target at 0.1%; and a quantitative easing program involving A$5 billion ($4 billion) a week of purchases.(Updates with comment from economist in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Some of the companies and governments in the developing world hardest hit by pandemic shutdowns are racing back to debt markets in the U.S. and Europe, seizing on surging demand that has driven junk-bond yields to record lows.Among them is Pegasus Hava Tasimaciligi AS, the discount Turkish airline that racked up larger-than-expected losses as the number of passengers fell by more than half last year. On Tuesday, the carrier kicked off a $300 million junk-bond sale to help refinance bank loans, according to a person with knowledge of the matter.A Colombian airline bankrupted by the travel industry’s collapse may follow suit. And Kenya, which the International Monetary Fund considers at high risk of lapsing into financial distress, is planning to borrow $12.4 billion abroad through next June.The flood of debt issuance marks a major shift from last year, when many borrowers in the developing world were left on the sidelines as others raised cash to ride out the economic slowdown. That’s largely changed with investors willing to take on more risk as growth rebounds in the U.S. and Europe, rising commodity prices helps exporters and the vaccine rolls out steadily -- if unevenly -- around the globe.“Some of the higher-risk borrowers that had to pull back deals in third and fourth quarters are returning and are able to execute deals,” said Alexei Remizov, head of Latin American debt capital markets at HSBC Holdings Plc.Emerging-market debt issuers with below investment-grade ratings have borrowed about $81.2 billion in the U.S. and European markets this year through Tuesday, according to data compiled by Bloomberg. That’s close to a record $88.7 billion raised in the same period in 2018, according to data compiled by Bloomberg.“Nothing tells me we are cooling off at this point,” Remizov said. “Borrowers realize these windows typically don’t last for too long.”Related story: Bond Investors Take Ever-Riskier Bets in Hunt for ReturnsMore are likely to join in as borrowing costs continue to fall. Yields on U.S. junk bonds rated CCC, the riskiest tier, fell to 5.88% on Monday, the lowest ever. That narrowed the gap between those yields and benchmark debt -- a key measure of the perceived risk -- to less than 5 percentage points, a level not seen since before the 2008 credit crisis.The debt build-up may increase the risk for some borrowers since the bonds will need to be repaid in euros or dollars, which would be burdensome if their currencies or foreign earnings drop. But Atsi Sheth, global head of emerging-markets credit research at Moody’s Investors Service, said it depends heavily on the particular issuers and whether they’re refinancing or piling on more debt.“Sectors hardest-hit by the pandemic will likely see a slower recovery and some sovereigns and companies reliant on these sectors might have to take on more debt to address their pandemic-related issues,” said Sheth. “That’s a risk for investors.”Deutsche Bank AG, Bank of America Corp. and HSBC are among top bond underwriters expecting more governments -- including those in Sub-Saharan Africa -- and companies to borrow in the U.S. and Europe.“There are good opportunities for investment-grade issuers to bring new deals, but the bias remains toward high-yield credit,” said Jake Gearhart, head of emerging-market syndicate and Latin American debt capital markets at Deutsche Bank.In March, Ghana sold Africa’s first zero-coupon dollar bond as part of a $3 billion Eurobond deal, highlighting how credit markets have opened up to borrowers that would have historically not been able to issue debt that doesn’t repay anything until maturity.This month, an arm of Central American conglomerate Corporacion Multi Inversiones, owner of Pollo Campero restaurants, tapped the international debt market for the first time with the sale of $700 million of bonds. The securities went on to gain in secondary trading.Colombian airline Avianca Holdings SA may look abroad for financing, too. It’s seeking $1.8 billion to repay debt and provide new financing after the travel collapse drove it into bankruptcy.“The bulk of the Middle East issuance is still to come and we will probably see plenty more issuance from African sovereigns,” said London-based Karim Movaghar, head of debt capital markets in Central and Eastern Europe, the Middle East and Africa at Bank of America. “Even though governments’ budget deficits may not be as extreme as last year, there are still going to be significant gaps to plug with debt.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- Time was when the Middle East’s petrostates recoiled from using their crown jewels to raise money from foreign investors.Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom is in talks with an unidentified “global energy company” to sell a stake worth about $20 billion in state oil firm Aramco.The shift underscores how countries in a region home to almost half the world’s oil reserves are taking advantage of the recovery in energy prices following last year’s coronavirus-triggered crash to bolster their ailing finances. The global transition to greener energy is only adding to the urgency, with governments requiring fresh funds to invest in new sectors and diversify their economies. And investors, hobbled by record low interest rates, are grabbing the opportunity.“It makes sense for these countries to sell stakes when valuations are good,” said Justin Alexander, chief economist at MENA Advisors, a U.K.-based consultancy. “Some of it’s fiscal. Some of it’s a growing recognition of the speed of the energy transition and the need to realize value from these assets.”Oil exporters in the Middle East saw their budget deficits balloon to 10.8% of gross domestic product last year from barely 3% in 2019, according to the International Monetary Fund. GDP in Saudi Arabia, the UAE and Qatar shrunk the most in about three decades.Aramco and AdnocSaudi Aramco, the world’s biggest crude producer, and Adnoc, which pumps almost all the UAE’s oil and gas, have been the most active of the region’s state companies. Both started privatizations before the pandemic, with Aramco listing on Riyadh’s stock market in 2019 and Adnoc selling part of fuel-distribution business in late 2017, also through an initial public offering.The deals have since increased in number and sophistication -- as has the focus on foreign money. On April 10, Aramco said a U.S.-led group would invest $12.4 billion in its oil pipelines. Its next deal may be an offering of a stake in its natural-gas network. For its part, Adnoc is planning IPOs of drilling and fertilizer units. These would follow a string of transactions from June 2020 that saw the likes of Brookfield Asset Management Inc. and Apollo Global Management Inc. invest about $15 billion in the Abu Dhabi-based firm’s gas pipelines and real estate.Prince Mohammed, Saudi Arabia’s de facto ruler, sees Aramco as a key part of his Vision 2030, the grand project designed to boost everything from tourism to investments in solar parks and pharmaceuticals. Sheikh Mohammed bin Zayed of the UAE has similar ideas for Adnoc, and in March gave himself more control over the firm he’s shaking up to wring more cash out of.Keeping ControlAmid the flurry of activity, the companies have been careful to structure transactions such that they don’t lose sway over marquee assets. When subsidiaries are sold down, they keep hold of the bulk of the shares. With the pipeline deals, Aramco and Adnoc offered decades-long leasing rights rather than direct equity. Boutique Wall Street bank Moelis & Co. is acting as adviser to both firms.“The Gulf national oil companies have realized they can sell bits and pieces of their empire, raising cash without giving up control,” said Ben Cahill, a senior fellow at the Center for Strategic and International Studies in Washington. “For the companies and governments, it is a pretty good combination.”Elsewhere in the Gulf, Qatar Petroleum and Omani state companies such as OQ SAOC are planning to tap the dollar-bond market for the first time. Qatar Petroleum is seeking as much as $10 billion to increase its capacity to export liquefied natural gas.Qatar is among the world’s richest countries per capita and in the past the government may have funded the $29 billion project using its own money. But it’s now trying to reduce a debt load that swelled last year, Fitch Ratings Ltd. said in a report on Monday. Leveraging state-owned firms allows the government to protect its own balance sheet.Oman’s PushOman’s OQ on Wednesday started the sale of at least $500 million of seven-year Eurobonds. Energy Development Oman, another state firm, may follow later this year as it seeks to raise $3 billion of debt. The plans are part of a broad shake-up of the oil sector since Sultan Haitham Bin Tariq came to power little more than a year ago. He’s seeking to attract foreign funding and rejuvenate the battered economy.Meanwhile, state-owned Kuwait Petroleum Corp. is considering its first international bond. It would be part of a strategy to borrow as much as $20 billion over the next five years to make up for an expected shortfall in revenue.More to ComeAsset and debt sales are likely to account for the lion’s share of future deals, according to Hasnain Malik, head of equity research at Tellimer, a London-based firm that provides analysis on emerging markets.“Securitizing future cash flows and issuing bonds, as well as private equity sales, appear a far less onerous method of raising finance from international investors than selling equity via an IPO,” said Malik, who’s covered Middle Eastern markets for more than 20 years. “They are rightly recognizing the fixed-income and private-equity investor base is bigger than the regional equity one.”For now, foreign investors, who’ve rarely had such an array of options to put their money into Middle East oil and gas, seem happy to stump up the cash.“There’s definitely more to come,” said Cahill. “The national oil companies are watching each other and picking up some new tricks.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Two of Biden's proposed tax changes could cause Americans to see reduced returns on certain property sales.

Google's YouTube is really heating up financially, points out one closely watched Wall Street analyst.

Facebook Hits 1.88 Billion Daily Active Users, 2.85B Monthly Actives In Q1; Ad Sales Surge As Co. Shrugs Off Lawsuits, Heat From Congress, War With Apple

Yahoo Finance 28 April, 2021 - 03:22pm

Earnings per share of $3.30 — up 93% – were also a beat as the social media giant’s advertising muscle powers through the cloud of antitrust lawsuits, Congressional critics and heat from Apple CEO Tim Cook — as that tech reports dueling quarterly earnings this afternoon.

Facebook’s numbers were a beat but not a surprise after stellar digital ad sales reported by Google yesterday and by Snap last week showing a strong market.

The numbers come as Congress has taken to regularly calling on CEO Mark Zuckerberg to testify and defend the company on issues ranging from antitrust and consumer privacy, to destructive algorithms, spreading misinformation, and censorship. An independent advisory board will soon opine on whether or not to reinstate former President Trump, who was banned from the platform after the Capitol riot on Jan. 6.

The Federal Trade Commission and 46 states filed antitrust lawsuits late last year against Facebook accusing it of buying or freezing out small startups to stifle competition. Facebook is fighting the suits.

The company’s most imminent heading is Apple’s recent iPhone software updates that allow users to choose to restrict apps from tracking their data for advertising purposes. The more data that Facebook can collect – on users, including data from non-Facebook sources, the more it can charge advertisers to target them. Zuckerberg has warned that Apple’s move — which requires consumers’ affirmative consent to be tracked — would hurt it but also hit smaller companies that also rely on tracking. Facebook may collect enough data on its own to be okay.

Facebook tops expectations with soaring quarterly ad revenue

Business Insider 28 April, 2021 - 12:00am

“No Rules Rules: Netflix and the Culture of Reinvention”

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The company said Wednesday it earned $9.5 billion, or $3.30 per share, in the January-March period. That's up 94% from $4.9 billion, or $1.71 per share, a year earlier.

Analysts, on average, were expecting earnings of $2.35 per share and revenue of $23.73 billion, according to a poll by FactSet.

Facebook had 2.85 billion monthly users, on average, in March. That's up 10% from a year earlier. Its family of apps — Facebook, Instagram and WhatsApp — had monthly users of 3.45 billion in March. That's the number of people who logged in to at least one of the apps during the month.

In January, the company predicted uncertainty for 2021, saying its revenue in the latter half of the year could face significant pressure. Because revenue grew so quickly in the second half of 2020, Facebook could have trouble keeping up that pace. This uncertainty is now baked into the company's forecast, so it didn't come as a surprise to investors.

Shares of the Menlo Park, California-based company rose $15.62, or 5.1%, to $322.72 in after-hours trading.

On Monday, Apple rolled out a new privacy feature, dubbed "App Tracking Transparency," as part of an update to the operating system powering the iPhone and iPad. It came after a seven-month delay during which the iPhone maker and Facebook attacked each other's business models and motives for decisions that affect billions of people around the world.

Until the new feature, Facebook and other apps have been able to automatically conduct their surveillance on iPhones unless users took the time and trouble to go into their settings to prevent it — something not many people did.

While Facebook spent months fighting the change, CEO Mark Zuckerberg recently suggested that the new privacy controls could actually help his company in the long run. His rationale: The inability to automatically track iPhone users may prod more companies to sell their products directly on Facebook and Instagram if they can't collect enough personal information to effectively target ads within their own apps. This would help Facebook's bottom line, of course.

Facebook said Wednesday it expects 2021 revenue growth to stay stable or "modestly accelerate" compared with the growth rate in the first quarter. The Apple update is already factored into this guidance.

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