Thursday newspaper round-up: Meta, Mohsin Issa, Arm Holdings

1st Aug 2024 07:23

(Sharecast News) - Meta's shares rose in after-hours trading on Wednesday off the back of a strong earnings report that comes as the company is spending heavily on AI tools. The company's stock price grew around 5% following the report, which revealed the company outperformed analysts' expectations for its second quarter. Meta, which owns Facebook, Instagram and WhatsApp, reported $39.07bn in revenue and $5.16 earnings per share. Both results outpaced market predictions of around $38bn in revenue and $4.7 per share, while the company also reported $8.47bn in capital expenditures - lower than analysts expected. - Guardian

Two of the largest City firms have joined forces to invest as much as £20bn of pension money in fast-growing UK businesses such as green energy, after government reforms designed to increase returns for savers and the British economy. Phoenix Group, the country's largest savings and retirement business, and Schroders, the investment manager, announced the launch of a joint venture to plough pensions money into high-growth companies which are not listed on the stock market. - Guardian

Asda chief Mohsin Issa has announced an emergency £30m cash injection amid an alarming sales slump at the troubled supermarket chain. The investment package, which will be used to boost staffing hours and improve customer service levels, will be implemented before the end of the year. It comes amid growing concern over Asda's dwindling market share, as it is the only major supermarket losing customers. - Telegraph

A senior member of the Barclay family, which owns The Telegraph, has struck a confidential settlement with a leading private bank to avoid the threat of bankruptcy. According to court filings, Investec has dropped a legal claim against Alistair Barclay after months of wrangling over almost £1m in unpaid debts. The settlement was submitted to the High Court in late July, two days before Mr Barclay was expected to appear before a judge. - Telegraph

Two former directors of Chill Brands Group have been accused of "blatant fraud" and embezzlement against the London-listed vaping company, and of allegedly misusing funds for personal expenses and using a company email account to "engage with an X-rated business for personal purposes". Chill Brands has been locked in an extraordinary dispute and power struggle with Antonio Russo, its former chief commercial officer, and Trevor Taylor, its former chief operating officer, and has now begun legal action in the United States in an attempt to regain control of its chill.com domain and some trademarks. - The Times

Arm Holdings, widely considered to be the most successful British technology group in decades, reported better-than-expected first quarter earnings but disappointed investors by keeping its full-year revenue guidance in line with forecasts. The Cambridge company, which is majority-owned by Japan's SoftBank Group, and which floated on the Nasdaq exchange in New York last September, maintained its full-year revenue guidance of between $3.8 billion and $4.1 billion, in line with analysts' views. - The Times