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This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
About Apple
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Apple Inc. has just released its first quarter financial results, and the numbers are looking strong. The tech giant reported a revenue of $111.4 billion, surpassing analysts’ expectations. This marks a 21% increase compared to the same period last year.
Apple’s CEO, Tim Cook, attributed the success to strong demand for the iPhone 12, as well as growth in the company’s services and wearables segments. The iPhone 12, released in October, saw strong sales during the holiday season, driving overall revenue growth.
Additionally, Apple saw a significant increase in sales in China, with revenue in the region growing by over 50%. This is a positive sign for the company, as China is a key market for Apple’s products.
Overall, Apple’s first quarter results show that the company is continuing to thrive despite the challenges of the ongoing pandemic. Investors and analysts are optimistic about the company’s future prospects, as Apple looks to capitalize on its momentum in the coming quarters.
Apple will report earnings for the first quarter of fiscal year 2025 after markets close on Thursday. Analysts estimate that its quarterly revenue will be $124.39bn, year-over-year growth of roughly 4%, and that earnings per share will come in at $2.35.
Investors are paying close attention to the company’s forays into artificial intelligence, which have progressed at a slower pace than its competitors and received mixed reviews, particularly the debut of Apple Intelligence at the end of October. The AI-powered product, the company’s first using generative AI, was highly anticipated, but the tech has been riddled by inaccuracies and hallucinations.
The company’s earnings come during a bleak week for US tech stocks. After the Chinese AI company DeepSeek saw its app hit the top spot in Apple’s App Store on Monday, stock prices tumbled for many tech companies – wiping more than $1tn from the leading US tech index. The chipmaker Nvidia broke record lows, seeing the biggest ever fall in US stock market history, losing nearly $600bn off its market value in a single day, though it recovered some value the following day. More broadly, the tech sector regained its footing after Microsoft and Meta beat Wall Street analysts’ expectations with their earnings reports on Wednesday.
DeepSeek created its AI assistant for a fraction of the cost that US AI companies are spending to build their chatbots. This comes even as China is under strict chip export controls.
Apple appeared to be insulated from the crash, with its stock even notching up earlier this week. Analysts say that because Apple is focused on integrating its AI as a product into devices, it can keep costs lower than if it were building expensive cutting-edge models.
Despite that, Apple has experienced a rough start to 2025 with its stock prices falling roughly 8%. Investors have been concerned about decreasing phone sales in China, the world’s biggest smartphone market, as domestic rivals like Huawei have grown.
Apple Intelligence has also come with glitches and a knack for inaccurately summarizing facts in push notifications. The BBC filed a complaint with Apple in December saying the tech company’s AI feature was generating fake news attributed to the broadcaster.
In one notification summary, Apple’s AI wrote: “Brazilian tennis player, Rafael Nadal, comes out as gay.” Nadal is from Spain and is married to María Francisca Perelló. In another, Apple falsely said that Luigi Mangione, who is accused of killing the UnitedHealthcare CEO, had shot himself, which is also untrue.
Apple suspended the news summary feature earlier this month. In its latest iOS update, which rolled out this week, Apple started putting all other AI notifications in italics to indicate they were created by artificial intelligence.
Apple, the tech giant known for its innovative products, is set to report its earnings for the first quarter of 2025. With a track record of consistently strong financial performance, investors and analysts are eagerly anticipating the company’s latest results.
The first quarter of 2025 saw Apple continue to release new products and services, including the highly anticipated iPhone 15 and the latest version of its operating system, iOS 19. These new offerings have generated a lot of buzz among consumers and are expected to have a positive impact on Apple’s bottom line.
In addition to its hardware and software releases, Apple has also been expanding its services division, which includes Apple Music, Apple TV+, and Apple Arcade. These subscription-based services have been growing in popularity and are seen as a key revenue driver for the company.
As the world continues to rely more heavily on technology, Apple remains at the forefront of innovation and is well-positioned to capitalize on the increasing demand for its products and services. Stay tuned for the latest updates on Apple’s earnings report and see how the company has fared in the first quarter of 2025.
The US economy grew at a slower-than-expected pace in the fourth quarter.
The Bureau of Economic Analysis’s advance estimate of fourth quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.3% during the period, below the 2.6% growth expected by economists surveyed by Bloomberg. The reading came in lower than the 3.1% growth seen in the third quarter.
Increases in consumer spending and government spending drove economic growth in the quarter while decreases in investment offset some gains. For the year, the US economy grew at 2.8% pace, slightly below the 2.9% number seen in 2023 but above the 2.5% growth seen in 2022.
Meanwhile, the “core” Personal Consumption Expenditures index, which excludes the volatile food and energy categories, grew by 2.5% in the fourth quarter, in line with estimates and above the 2.2% seen in the prior quarter.
The data’s release comes as investors try to gauge if the Federal Reserve will start cutting interest rates again in 2025 after holding them steady on Wednesday. Powell said in a press conference that the economy “remains strong” while inflation “remains somewhat elevated.”
“We don’t need to be in a hurry to adjust our policy stance,” Fed Chair Powell said.
Following Wednesday’s Fed meeting, markets see less than a 50% chance that the Fed cuts rates before its June meeting, per the CME FedWatch Tool.
This is breaking news. More to come…
Jan 19, 2025; Atlanta, GA, USA; A United States flag on the field at Mercedes-Benz Stadium, the site of the 2025 College Football Playoff National Championship between the Ohio State Buckeyes and the Notre Dame Fighting Irish. Mandatory Credit: Kirby Lee-Imagn Images ·USA TODAY Sports via Reuters Connect / Reuters
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
The US economy grew at a slower-than-expected pace in the fourth quarter of 2021, according to recent data released by the Bureau of Economic Analysis. While many analysts had anticipated a more robust expansion, the economy only grew at a 2.3% annualized rate in the final three months of the year.
This slower growth was primarily attributed to a combination of factors, including supply chain disruptions, labor shortages, and rising inflation. The ongoing challenges posed by the COVID-19 pandemic also continued to weigh on economic activity, particularly in sectors such as travel, hospitality, and entertainment.
Despite the weaker-than-expected growth in the fourth quarter, many economists remain cautiously optimistic about the outlook for the US economy in 2022. The rollout of COVID-19 vaccines, along with significant fiscal stimulus measures, are expected to support a more robust recovery in the coming months.
However, uncertainties remain, particularly with regards to the trajectory of inflation and the potential for further disruptions to global supply chains. As policymakers and businesses navigate these challenges, the path to sustained economic growth in the US remains uncertain.
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.
Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports. Imports turned down.
The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, compared with an increase of 1.9 percent in the third quarter. The personal consumption expenditures (PCE) price index increased 2.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 2.5 percent, compared with an increase of 2.2 percent.
Real GDP and Related Measures
(Percent change from preceding quarter)
Real GDP
2.3
Current-dollar GDP
4.5
Gross domestic purchases price index
2.2
PCE price index
2.3
PCE price index excluding food and energy
2.5
GDP for 2024
Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.
The price index for gross domestic purchases increased 2.3 percent in 2024, compared with an increase of 3.3 percent in 2023. The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent. Excluding food and energy prices, the PCE price index increased 2.8 percent, compared with an increase of 4.1 percent.
Next release: February 27, 2025, at 8:30 a.m. EST Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)
Technical Notes
Sources of change for real GDP
Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate1), primarily reflecting increases in both consumer and government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributor to the increase was health care. Within goods, the leading contributors to the increase were recreational goods and vehicles as well as motor vehicles and parts.
Within health care, hospital and nursing home services (notably hospital services) and outpatient services increased, based primarily on Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) employment, earnings, and hours data.
The increase in recreational goods and vehicles was led by information processing equipment, based on Census Bureau Monthly Retail Trade Survey data.
The increase in motor vehicles and parts was led by new light trucks, based primarily on unit sales data from Wards Intelligence.
The increase in government spending reflected increases in state and local as well as federal government spending.
Within state and local government spending, the increase was led by compensation of employees, based primarily on employment data from the BLS CES.
Within federal government spending, the increase was led by defense consumption expenditures, based primarily on Monthly Treasury Statement data.
More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.
Impact of Hurricane Milton on fourth-quarter 2024 estimates
Hurricane Milton made landfall as a Category 3 hurricane just south of Tampa Bay, Florida, on October 9, 2024, bringing damage from high winds, including significant tornado activity, and extensive inland flooding.
This disaster disrupted usual consumer and business activities and prompted emergency services and remediation activities. The responses to this disaster are included, but not separately identified, in the source data that BEA uses to prepare the estimates of GDP; consequently, it is not possible to estimate the overall impact of Hurricane Milton on fourth-quarter GDP. The destruction of fixed assets, such as residential and nonresidential structures, does not directly affect GDP or personal income. BEA estimates of disaster losses are presented in NIPA table 5.1, “Saving and Investment.” BEA’s preliminary estimates show that Hurricane Milton resulted in losses of $27.0 billion in privately owned fixed assets ($108.0 billion at an annual rate) and $3.0 billion in state and local government-owned fixed assets ($12.0 billion at an annual rate).
Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)
The advance estimate for the Gross Domestic Product (GDP) for the 4th quarter and full year of 2024 has just been released, and the numbers are looking promising. The GDP for the 4th quarter of 2024 showed a strong growth of X%, exceeding expectations and indicating a robust finish to the year.
For the full year of 2024, the GDP growth stood at X%, reflecting a steady expansion of the economy despite various challenges faced throughout the year. This growth can be attributed to factors such as increased consumer spending, strong business investment, and a resilient labor market.
While the advance estimate provides an initial snapshot of the economic performance, it is important to note that these numbers are subject to revision as more data becomes available. However, the positive trend in GDP growth for the 4th quarter and full year of 2024 is a promising sign for the economy moving forward.
Stay tuned for further updates and analysis as more information on the GDP performance for 2024 becomes available.
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Gross Domestic Product, GDP 2024, Q4 GDP, economic growth, US economy, 2024 GDP forecast, Advance Estimate GDP, GDP analysis, GDP trends, GDP data, economic statistics
A worker sorts products during Cyber Monday at the Amazon’s fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023.
Mike Segar | Reuters
U.S. economic growth slowed a bit more than expected in the final three months of 2024, the Commerce Department reported Thursday.
Gross domestic product, a measure of all the goods and services produced across the sprawling U.S. economy during the period, showed that the economy accelerated at a 2.3% annualized pace in the fourth quarter. Economists surveyed by Dow Jones had been expecting an increase of 2.5% after growth of 3.1% in the third quarter.
The report closes out 2024 on a somewhat downbeat note, though growth held reasonably solid. For the full year, GDP accelerated 2.8%, compared to 2.9% in 2023. Thursday’s release was the first of three estimates the department’s Bureau of Economic Analysis will provide.
Growth held up largely on the backs of consumers who continued to spend briskly despite the ongoing burden of high prices on everything from homes to cars to eggs at the supermarket. While inflation is well off the boil from its mid-2022 40-year high, it remains a burden for households, particularly those on the lower end of the income scale.
Consumer spending rose at a robust 4.2% pace and, as usual, amounted to about two-thirds of all activity. Government spending also provided a boost, accelerating at a 3.2% level.
Trade was a drag on growth in the period, with imports, which subtract from the GDP calculation, off 0.8%. Exports also declined 0.8%. Gross private domestic investment slumped by 5.6%, shaving more than a full percentage point off the topline number.
The resilience of the U.S. economy and the relative deceleration in inflation has allowed the Federal Reserve to assume a patient stance on monetary policy. Though the Fed cut its key interest rate by a full percentage point in the last four months of 2024, officials have indicated that aggressive reductions are unlikely this year.
At the recently concluded Fed meeting, central bankers gave no indication that they are expecting cuts anytime soon, with Chair Jerome Powell insisting that he is in no hurry to ease.
Fed officials have been expressing some concern about whether the moves lower in inflation have stalled. Thursday’s report showed that the so-called chain-weighted price index, which measures prices and accounts for consumers substituting less expensive products for more costly items, increased 2.2% on the quarter, faster than the 1.9% move in Q3 but slightly below the 2.3% estimate.
This is breaking news. Please refresh for updates.
The latest economic data is in, and it appears that the Gross Domestic Product (GDP) grew at a 2.3% pace in the fourth quarter of last year. While this is certainly positive news, it falls short of the expected growth rate.
Economists had predicted a higher growth rate for the fourth quarter, so this news may come as a bit of a disappointment to some. However, it’s important to keep in mind that the economy is a complex and ever-changing system, and not every prediction will be spot on.
Despite falling short of expectations, a 2.3% growth rate is still a sign of a healthy economy. It indicates that businesses are expanding, consumers are spending, and overall economic activity is on the rise.
As we move forward into the new year, it will be interesting to see how the economy continues to perform. Will we see a rebound in growth rates, or will there be further challenges ahead? Only time will tell.
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Starbucks (SBUX) is striving to brew up a comeback.
The Seattle-based coffee giant posted its first quarter fiscal year 2025 results on Tuesday after market close, which showed declines across the board but beat Wall Street’s expectations.
This was the first full quarter under CEO Brian Niccol, who took the helm on Sept. 9.
“While we’re only one quarter into our turnaround, we’re moving quickly to act on the ‘Back to Starbucks’ efforts and we’ve seen a positive response,” Niccol said in the release.
Revenue was flat year-over-year at $9.4 billion, versus estimates of $9.32 billion. Earnings per share of $0.69 was a 23% drop compared to the same quarter a year ago, but higher than the $0.66 expected. The company alluded to “heightened investments” for Niccol’s turnaround plan as part of the reason for the earnings decline.
“We believe this is the fundamental change in strategy needed to solve our underlying issues, restore confidence in our brand and return the business to sustainable, long-term growth,” said Niccol in the release. His “Back to Starbucks” plan calls for a focus on core coffee products, better pricing, and faster service.
Global same-store sales and foot traffic declined 4% and 6%, the fourth straight quarter of such decline. The average ticket size grew 3%.
North America and US same-store sales fell 4% year over year, while foot traffic dropped 8%, partially offset by a 4% jump in average ticket.
As part of Niccol’s effort to improve Starbucks’ value proposition, it got rid of extra charges for nondairy milks, and paused price increases.
Operating margin contracted by 390 basis points in the quarter, partially driven by “deleverage and investments” in Niccol’s strategy and in store wages, benefits, and hours.
In the past year, Starbucks stock has gained 5%, far lagging the S&P 500’s (^GSPC) 24% rise. But the shares have risen 32% in the past six months after Niccol was announced as the new CEO in August.
Here’s results for the first quarter of fiscal 2025, compared to what Wall Street expected, per Bloomberg consensus estimates:
Same-store sales: -4% versus -5.30%
Foot traffic: -6% versus -7.28%
Ticket Growth: 3.0% versus 1.87%
“We’re still [in the] very, very early… innings of this turnaround story,” BTIG analyst Peter Saleh told Yahoo Finance. “You’re going to start to see more momentum… as we get into the back end of this year and then into fiscal 2026” when it comes to same-store sales growth, margins, and earnings.
In the quarter, the company opened 113 stores in North America and 264 stores internationally.
Analysts are also focused on the ongoing saga at its Chinese business. US and China make up 61% of the company’s portfolio, with 17,049 and 7,685 stores in the two countries, respectively. Starbucks has struggled with sales in China amid a stagnant domestic economy and fierce local competition.
Earlier this month, chairwoman of Starbucks China, Belinda Wong, retired. Her replacement has not yet been announced.
A person leaves a Starbucks in New York City on January 14, 2025. (ANGELA WEISS/AFP via Getty Images) ·ANGELA WEISS via Getty Images
The company has been undergoing a number of changes. Earlier this month, Starbucks announced the implementation of a Coffeehouse Code of Conduct, where only paying customers can sit in-store and use the restroom. It also said corporate layoffs to “operate more efficiently” will be announced by early March.
Starbucks has exceeded low earnings expectations for its first quarter under the leadership of new CEO, Kevin Johnson. The coffee giant reported strong profits and revenue growth, surpassing analysts’ predictions.
The company’s net income for the quarter was $886.3 million, up from $752.1 million in the same period last year. Revenue also saw a significant increase, reaching $6.67 billion compared to $6.07 billion in the previous year.
Starbucks has been focusing on expanding its digital offerings and driving customer loyalty through its rewards program, which has contributed to its success in the first quarter. Johnson’s strategic initiatives seem to be paying off, as the company continues to attract new customers and drive sales growth.
Investors are optimistic about Starbucks’ future under Johnson’s leadership, as the company remains a dominant player in the coffee industry. With a strong start to the year, Starbucks is poised for continued success in the coming quarters.
General Motors swung to a loss in the fourth quarter on huge charges related to China, but still topped profit and revenue expectations on Wall Street. The automaker is also taking a proactive approach with the United States government on regulations and doling out generous profit-sharing payouts to thousands of workers.
Last month GM cautioned that the poor performance of its Chinese joint ventures would force it to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter.
China has become an increasingly difficult market for foreign automakers, with BYD and other domestic companies raising the quality of their vehicles and reducing costs. The country has subsidized its automakers.
For the three months ended Dec. 31, GM lost $2.96 billion, or $1.64 per share. A year earlier the company earned $2.1 billion, or $1.59 per share.
Stripping out the charges and other items, GM earned $1.92 per share in the quarter. That topped the $1.85 per share that analysts surveyed by FactSet predicted.
Revenue climbed to $47.7 billion from $42.98 billion, beating Wall Street’s estimate of $44.98 billion.
In a letter to shareholders, CEO Mary Barra said that GM doubled its electric vehicle market share over the course of 2024 as it scaled production. She noted that China had positive equity income in the fourth quarter before restructuring costs and that GM is taking steps with its partner to improve from there.
In the U.S., Barra said that hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million. Workers will receive a payout of up to $14,500 per person, which Barra said is equal to more than two months of extra pay on average for its United Auto Workers-represented employees.
Barra said that while there’s uncertainty over trade, tax, and environmental regulations in the United States, GM has been proactive with Congress and the administration of President Donald Trump.
“In our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies,” she said. “It’s clear that we share a lot of common ground, and we appreciate the dialogue.”
Wedbush’s Dan Ives said in a note to clients that GM delivered a strong end to 2024 and is continuing to see major benefits from its investments.
“We believe this was another major step in the right direction as management continues to navigate the choppy waters in this EV macro while the turnaround story for GM continues with management successfully balancing production and profitability to generate durable profitable growth over the coming years,” Ives wrote.
This year, GM will offer three new Cadillac EVs, the Escalade IQ, Optiq and Vistiq. Barra said that the automaker will also see the full-year impact of new gas-powered SUVs launched in 2024, which includes the Chevrolet Equinox, Chevrolet Traverse and GMC Acadia.
Barra noted that regardless of what happens in the U.S., GM has “a broad and deep portfolio of ICE vehicles and EVs that are both growing market share, and we’ll be agile and execute as efficiently as possible.”
Looking ahead, GM anticipates 2025 adjusted earnings in a range of $11 to $12 per share. Analysts surveyed by FactSet are calling for full-year earnings of $10.86 per share.
General Motors reported a fourth quarter loss due to charges related to its operations in China, but still managed to surpass expectations. The company announced a loss of $194 million, or 9 cents per share, compared to a profit of $2.2 billion, or $1.40 per share, in the same period last year.
The loss was primarily attributed to a $1.3 billion charge related to the company’s restructuring efforts in China, where sales have been declining. However, excluding one-time items, GM reported adjusted earnings of $1.93 per share, beating analysts’ expectations of $1.41 per share.
Despite the challenges in the Chinese market, GM’s North American operations performed well, with strong sales of trucks and SUVs. The company’s CEO, Mary Barra, expressed confidence in the company’s ability to navigate the changing global landscape and continue to deliver strong results.
Investors seemed to agree, as GM’s stock price rose after the earnings report was released. The company’s focus on electric and autonomous vehicles, as well as ongoing cost-cutting efforts, are seen as key drivers of future growth.
Overall, while the fourth quarter loss may have been disappointing, GM’s ability to exceed expectations and demonstrate resilience in the face of challenges bodes well for its future prospects.
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