Visa’s latest results do not show signs of recession. Revenue for the quarter increased 19%, while payment volumes increased 12% year-over-year.
On the local front, MTN released a trading statement that revealed a big increase in earnings per share.
Thungela Resources has also informed shareholders of a gigantic increase in earnings for half-year results, with earnings per share expected to grow to around R67, up from only R3.13 in 2021
Here are the biggest local and international news stories for the day.
- MTN guides to a large increase in earnings for half-year results. The company expects earnings per share to grow around 200% to close to R4.40, up from R1.48 in 2021. The group’s financial results are due to be released on 11 August.
- Thungela Resources guides to gigantic increase in earning for half-year results. The company expects earnings per share to grow to around R67, up from only R3.13 in 2021. The group’s financial results are due to be released on 15 August.
- Visa results do not show signs of recession, with big earnings. Revenue for the quarter increased 19% from 2021 to $7.3 billion. Payments volume increased 12% year-over-year. It resulted in net income increasing 32% to $3.4 billion for the quarter and earnings per share of $1.98.
- Investor sentiment on China has continued to worsen, with Evergrande missing the deadline for its $300 billion debt restructuring plan.
- Snap(chat) increased users and revenue, but is still losing money. Daily active users increased 18% year-over-year to 347 million. Revenue increased 13% year-over-year to $1.1 billion. Net loss for the quarter increased 178% from 2021 to -$422 million.
- Qualcomm took full advantage of the semiconductor shortage. Revenues for the quarter increased 36% from 2021 to $10.9 billion. Net income increased 84% to $3.7 billion, and earnings per share is up a similar amount to $3.29.
- Ellies made its sixth loss in eight years, recording a loss per share of R0.06. Revenue also fell to its lowest level in the past eight years, shrinking by 10.8% to R1.08 billion.
- Raubex CEO sells shares ahead of retirement. Rudolf Fourie will retire as CEO of Raubex on 31 July. In preparation for that, he has sold 2 million shares in the company for a total of R71.8 million. He still retains close to 1.7 million shares in Raubex.