1) Facebook jumps 18% after hours despite earnings missing expectations
Facebook rose 18% after trading hours after the company reported solid user growth despite revenue missed expectations and weak guidance.
Earnings per share were $2.72 vs. $2.56 expected, while the revenue slightly missed expectations, reporting at $27.91 billion vs. $28.20 billion expected. Still, revenue rose 7% compared to the same period of last year.
Meanwhile, Daily Active Users (DAUs) were 1.96 billion vs. 1.95 billion expected. Average Revenue per User (ARPU) was $9.54 vs. $9.50 expected.
2) Shanghai to keep tough Covid restriction in place
Shanghai authorities said on Thursday morning that stringent restrictions would remain in place for now even in districts where Covid-19 infections had been cut down to zero
which managed to cut Covid-19 transmission to zero, while the number of cases outside quarantined areas across the city spiked again.
3) Palm oil jumps 10% as Indonesia widens bans on palm oil exports
Indonesia expanded its ban on exporting palm oil to crude palm oil, RBD palm oil and used cooking oil, Coordinating Minister for Economic Affairs Airlangga Hartarto on Wednesday. Indonesia said that the decision to ban palm oil exports was to ensure the national availability of cooking oil and help keep it affordable.
The Indonesian president said that meeting people’s food demand is priority over tax and export revenues.
The price of palm oil jumped 10% yesterday.
