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Eddie Yue, Chief Executive of the Hong Kong Monetary Authority: The pace of future US interest rate cuts remains uncertain, and short-term Hong Kong interest rates are affected by the supply and demand of funds.Hang Seng Index futures opened down 0.09% at 26,889 points, 19 points below the spot price.On September 18, Bloomberg reported on the 17th that a Spirit Airlines passenger plane had an "uncomfortably close encounter" with Air Force One, the plane carrying President Trump, on the 16th. The report said that Trumps plane was en route to London when it encountered the Spirit Airlines plane over New York City. The two planes were approximately 10 to 13 kilometers apart, about to exceed the safe distance limit, and their flight paths intersected. A recording of an air-to-ground conversation cited in the report showed that the air traffic controller urgently called out to the pilot of the budget airliner, asking him to adjust his course, but the pilot did not respond in time. The air traffic controller then reminded the pilot, "Pay attention to the 747 a few miles away. I believe you can recognize it." Because the pilot did not respond in time, the air traffic controller also scolded the pilot, "Be careful, stop playing with your iPad!"Futures data from September 18th showed a significant downward pressure on copper prices, likely driven by risk aversion ahead of the Federal Reserves interest rate meeting. With expectations of a rate cut materializing and the Feds overall neutral stance, copper prices retreated from their highs during the US trading session. The Fed cut rates as expected, but Powell, in a post-meeting statement, stated the move was a risk management decision, adding that he saw no need for a rapid rate adjustment. While global raw material tightening has eased, supply-side pressures have yet to materialize. Demand for end-consumption remains uncertain, along with the macroeconomic environment. In the short term, copper prices are looking for a breakout driver after hitting the upper limit of volatility, with the market fluctuating between "recession" and soft landing scenarios. The September Fed meeting was uneventful, and while a major upward macro driver has yet to materialize, the long-term supply-demand imbalance remains the primary concern. For now, high volatility is likely to persist until real conditions improve. Trading remains cautious regarding changes in demand and the overseas macroeconomic environment.On September 18th, Meta Platforms (META.O) announced the launch of a new generation of Ray-Ban smart glasses, with significantly longer battery life and 3K video recording capabilities. The technical name of this new pair of glasses is Ray-Ban Meta Gen 2, with a starting price of US$379. At the same time, Meta also launched its first glasses with a built-in display. The latest model is Meta Ray-Ban Display, with a starting price of US$799. The glasses have a built-in screen in the right lens, which can display text messages, video calls, turn-by-turn map navigation, and visual query results of Meta AI services. These glasses also introduce a new control system. Although users can still operate them by swiping along the frame like previous models, the main interface is controlled by a wristband worn on the hand that recognizes gestures. At the same time, Meta also announced the launch of Oakley Vanguard smart glasses, which are targeted at athletes.

Lyft's Stock Falls After Revenue And Passenger Misses

Charlie Brooks

Nov 08, 2022 14:12

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On Monday, ride-hailing startup Lyft Inc (NASDAQ:LYFT) forecast current-quarter revenue below Wall Street estimates as user growth on its platform slowed, falling behind bigger rival Uber Technologies Inc (NYSE:UBER) and sending its shares down 13%.


According to FactSet, Lyft's active riders climbed by 7.2% to 20.3 million in the third quarter, which was the year's slowest quarterly growth and fell short of the consensus estimate of 21.3 million.


However, revenue per active rider increased by 13.7% to $51.88, representing the highest increase compared to the previous two quarters.


Uber holds a greater percentage of the ridesharing sector, has international operations, and revenues from its food delivery business.


After Uber reported a lucrative quarter and said last week that it was not seeing any signs of a consumer slump, there were high hopes for Lyft.


Rider expansion for Lyft is slowing.


"Lyft is losing market share to Uber because it lacks the cross-platform offering Uber has established with ride-sharing and Eats," said Nicholas Cauley, an analyst at Third Bridge.


On a post-earnings conference call, Lyft executives advised analysts that they were not observing any worrisome macro patterns heading into the fourth quarter, and that they were relying on cost-cutting measures and demand to enhance profitability and growth.


John Zimmer, the president of Lyft, said in an interview, "Historically, in a recessionary context, transportation is more resilient than delivery and takeout because we need to move about."


According to Refinitiv IBES statistics, the company expects fourth-quarter revenues between $1.15 billion and $1.17 billion, while analysts predict $1.17 billion.


As the company pays for driver insurance in the current quarter, it expects growing insurance prices to have a negative impact.


The business expected adjusted EBITDA (profits before interest, taxes, depreciation, and amortization), a profitability measure frequently monitored by investors, to range between $80 million and $100 million, compared to the $84.5 million predicted by analysts.


An analyst at D.A. Davidson, Tom White, said, "It's more of a cost-cutting victory than a growth one."

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