In This Article:
Nintendo (NTDOY, 7974.T), the creator of hit video game franchises Super Mario Bros. and The Legend of Zelda, has cut its full year revenue forecast upon declining demand for its Switch console.
Apple (AAPL) iPhone manufacturer Foxconn — which operates as Hon Hai Precision Industry (2317.TW) — saw October sales growth fall short of expectations.
Saudi Aramco (2222.SR) reported third quarter profit declines as OPEC+ oil product cuts weigh on crude oil prices (CL=F, BZ=F).
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This post was written by Luke Carberry Mogan.
First up, Nintendo slashed its full year outlook after reporting its fifth straight quarter of profit declines due in part to weaker demand for its Nintendo Switch console. You're seeing shares of Nintendo down by about 3.9%. Some of the figures here. Uh, the company looking for a sales forecast here of 12 and a half million Switch consoles sold that compared to the 13 and a half million that uh the company had forecast previously and that everyone had been expecting as well to this point.
All right, let's take a look at Apple's manufacturing partner and that's Foxconn reporting its slowest monthly sales growth since February feeling maybe some concerns just a bit about iPhone demand revenue for the month of October. That was up 8.6% from a year ago. The expectation from analysts was for 15% growth, so clearly falling well short of what the forecasts were, though overall, when you take into account the rhetoric and what we heard from Apple on their earnings call last week, very optimistic about what demand looks like and what the traction is going to look like in the year to come once we do have the additional AI roll outs. But again, this could be a little bit of a headwind here potentially.
Yeah, absolutely. And we're also tracking just lastly here finally, Saudi Arabia's oil giant Aramco slipped back into a net debt position after profit fell 5% during the third quarter. But the company left its dividend, the world's biggest, in fact, unchanged. Now, that payout is crucial for the Saudi budget as weaker demand and prolonged OPEC Plus production cuts weigh on crude prices. There you're taking a look at shares. They are still fractionally higher right now by about two tenths of a percent. And if we can pull up a chart for the year-to-date for Saudi Aramco as well here, one of the things that our investors, of course, our viewers out there will remember, of course, year-to-date, the company has been down by about 16% to this point. Uh, I told you what it is, so we don't have to show it on screen. Bingo.
Bingo.