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.
Tensions from the Russia-Ukraine war have spilled into space. The head of Russia's space agency has threatened to pull the country out of the International Space Station if sanctions aren't lifted on the country — but that doesn't seem to be happening any time soon. What would it mean if Russia really did leave the ISS, who would it harm the most, and what would the consequences be both for the other ISS partners, and private space travel? Casey Dreier, Chief Advocate & Senior Space Policy Adviser at The Planetary Society, joins Closing Bell to discuss.
If you've purchased groceries or ordered at a restaurant, you know that prices are going up across the board. You've probably made the switch to cheaper versions of the same products you'd normally buy in an effort to save a few dollars — but did you know that a consumer shift away from brand loyalty is closely followed by grocery chains and big brands? Both need to know where consumers are looking so they can stock shelves, lower prices, and market their products. Brian Mandelbaum, CEO of Klover, joins Closing Bell to discuss how inflation seems to be making brand loyalty disappear, why consumers aren't inclined to be loyal to certain brands or products, how this pattern impacts stores, and more.
Stocks closed near session lows Tuesday as investors digest potentially aggressive rate hikes, and a potential recession.
Both consumers and big banks are starting to think similarly on one topic: both groups think a recession is on the horizon. What does this mean for an American economy still struggling to gain its footing, and for the Federal Reserve which is just starting to implement rate hikes in an attempt to cool inflation? Sam Stovall, Chief Investment Strategist at CFRA, joined Closing Bell to discuss today's close, earnings season, whether a recession is on the horizon, and more.
Mattel’s Hot Wheels 2022 Legend Tour will be coming to New York City after a tour of 14 countries and five continents. The company is also launching Hot Wheels into the NFT space with the Hot Wheels Garage allowing users to customize digital cars. Richard Dickson, president and COO of Mattel, joined Cheddar News to talk about the tour and the efforts the iconic brand is taking to stay relevant in the digital age. "I think as you look at what's successful brands and toy brands in particular in this particular chapter are going to be about nostalgic brands that have longevity," he said. "We're generational in the context of our portfolio."
Ghost Financial emerged from stealth to raise $2.5M from investors to provide financial tools to the growing ghost kitchens space. CEO and founder John Meyer joined Cheddar News to discuss the company's future plans as well as potentially getting former Uber CEO Travis Kalanick on board. "The one thing I can say about my time spent with Travis Kalanick is that he definitely believes in the future of Ghost kitchens, given that, he's gone all-in on Cloud Kitchens as a company," Meyer said. "So he's not an investor in us yet. We welcome it, and I'll probably reach out to him today and ask."
The pandemic has seen a historic shift in brand loyalty.
Since the beginning of COVID-19, more than 75% of shoppers have changed their buying habits, and 39% have switched brands or retailers entirely, as inflation and supply shortages have forced them to rethink their purchases, according to McKinsey. Barbara Connors, VP of Commercial Insights at 84.51°, breaks down this shift in brand loyalty and how brands are adapting to it.
Despite headwinds from COVID-19, Omni Hotels and Resorts has been able to stay on track, with many new properties in the works. The hotel and resorts chain has also seen a 50% uptick in revenue across all of its locations compared to its levels in 2019. Peter Strebel, President & CEO of Omni Hotels & Resorts, joined Cheddar to talk about how Omni was able to emerge from the pandemic stronger than ever, and give insight into the expected summer travel surge.
