Apple's revenue grew considerably during the most recent quarter but iPhone sales were down. The company sold 77.3 million iPhones during the holiday quarter, about one million less than the same time last year. It's the first time Apple has ever seen declining sales on its iPhones during the holiday season. However, the company did post $88.3 billion in revenue, up 13% from last year.
There was good news and bad news in the earnings report for Alphabet, the parent company of Google. The company beat expectations on revenue but fell short on earnings. Ad sales were strong but that profit was offset by increased ad spending.
And Amazon soared past Wall Street expectations thanks to strong holiday sales. The company beat on revenue and earnings. Amazon also set a new record, posting profits above $1 billion for the first time.
We dive into these earnings reports with Gene Munster, Managing Partner at Loup Ventures. Munster believes Amazon's profitability was a one-time thing. He is also predicting that Apple will release a new iPhone soon with a screen that's 25% bigger.
Plus, Cheddar's CEO Jon Steinberg talks to veteran newsman Dan Rather about his new partnership with The Young Turks. Rather now has a half-hour show airing on the network's YouTube channel. "The News with Dan Rather" will offer commentary and analysis on today's news, something he never did on "CBS Evening News." The show airs Mondays at 5:30pm ET.
Dish Network is reportedly in discussions to merge with DirecTV. According to the NY Post, the two sides are currently 'trying to iron out the details.' The competitors have had talks in the past -- over the course of the past 20 years, but those talks been halted by the DOJ over antitrust concerns. Lydia Moynihan, Business Reporter, NY Post joined Cheddar's Opening Bell to discuss.
Stocks closed higher Wednesday, with the Nasdaq making gains for the third day in a row despite this morning's CPI data showing inflation continues to run hot. The report showed that CPI ticked up to 7% in December, and while it was the biggest jump since 1982, the data was broadly in line with Wall Street's expectations. Mark Lehmann, CEO of JMP Securities, a Citizens Company, joins Cheddar News' Closing Bell to discuss today's close, the Fed's proposed monetary tightening, and more.
As more and more consumers are experiencing empty shelves at their grocery stores, Phil Lempert, editor of SupermarketGuru.com, spoke with Cheddar's Ken Buffa to discuss the changes in the supply chain that have trickled down into our grocery stores. "It's really three major factors: number one is climate change, number two is labor, and number three is transportation," he explained. Lempert also called on people to shop with local, independent grocers, calling it "critical to our infrastructure."
CPI rose 7% from a year prior in December, showing that inflation has continued to increase at its fastest pace since June 1982. Consumers are feeling the pressure when it comes to food, apparel, and used car prices, but got some relief in December as energy prices ticked slightly lower month-over-month. How will this ongoing inflation streak impact U.S. monetary policy as the Federal Reserve says it's prepared to implement aggressive tactics like raising interest rates? John Leer, Chief Economist at Morning Consult, joins Cheddar News' Closing Bell to discuss December's CPI data, what it means for consumers, how the Federal Reserve can help limit inflation, and more.
One startup is working to reverse climate change one seed at a time. Terraformation is a global forest accelerator that provides tools, training, financing, and business support to help scale forest restoration projects worldwide. Forests naturally absorb carbon and Terraformation says that reforestation is a safe, low-cost, and scalable solution to the climate crisis. Yee Lee, VP of growth at Terraformation, joins Cheddar Climate to discuss.
Back in February 2021, Twitter announced its three-year plan to double development velocity, to reach 315 million monetizable users, and double its total annual revenue. Chief Customer Officer Sarah Personette, joined Cheddar to discuss where the social media giant stands now a year after the announcement. "The progress against all three of those pillars has been substantial, and we'll continue to drive that over the course of the next year and beyond," she said. Personette also discussed the leadership of Twitter's CEO Parag Agrawal who took over for founder Jack Dorsey late in 2021.
Tony Horton, fitness guru and creator of the famous P90X workout joins Cheddar News to discuss how people can stay focused and maintain fitness in the new year.
