Business Update – April 26, 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Earnings season shows that things aren’t so bad

S&P 500’s Q1 earnings season started better than the previous two quarters, but positive earnings surprises and their magnitude are below 5-year averages. While earnings have improved, the index still shows the largest YoY decline since Q2 2020. Get a detailed report here.

Tesla net income drops 20%, but revenue and profit close to expectations

Tesla’s Q1 revenue and profit were right where analysts expected them to be, but the company said that an “underutilization of new factories” stressed margins, along with other factors.

Analysts foresee chip demand recovery, AI potential

Analysts are projecting a recovery in chip demand in the second half of this year, and the stock is trading at a discount to its five-year average. Also, the company’s strong position in artificial intelligence is a positive factor for the stock.

Ether crosses $2,000 mark after Shanghai upgrade

Following the long-anticipated Shanghai upgrade, Ether surpassed $2,000, resulting in a year-to-date increase of over 75%. Investors and analysts are optimistic but cautious about the rally.

Google scrambling as Samsung and Apple consider switching to Bing

With up to $23 billion in annual revenue at stake from Samsung and Apple contracts, Google is working on upgrading its search engine and developing a new one powered by artificial intelligence to counter the threat from AI competitors like Bing.

Disney to lay off several thousand workers across divisions in second and largest wave of job cuts

Disney is laying off several thousand employees across its divisions, including ESPN, Disney Parks, and its Experiences and Product division, as part of a plan to reduce its workforce by 7,000 employees and save $5.5 billion in costs.

Recession or soft landing? The question is still up in the air

The question of whether the economy will experience a crash or a “soft landing” has been a concern. While a recession is considered the conventional option, a “soft landing” – a scenario where the economy cools off without tipping into full-blown recession territory – is also possible.

9 steps to prepare for a possible recession

Even if a soft landing is possible, there’s always something to be said for being prepared. Yahoo! Finance rounded up 9 steps to prepare your finances for a recession.

IRS reminds taxpayers tax-exempt organizations that annual filing deadline is coming up

The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization’s accounting period. Tax-exempt organizations can request a six-month extension by filing Form 8868. The extension does not extend the time for paying tax.

Millennials are turning to the crystal ball for financial advice

A new study found that young people are just as likely to consult fortune tellers as professional financial advisors for financial advice. They are also skeptical of traditional financial institutions, preferring social media and other digital sources.

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