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Wiz Fizz
Sean H. & Jocelin A.
July 23, 2024 • Estimated Reading Time: 9 minutes
TLDR
MARKET RECAP → The S&P 500 (VOO) stayed relatively unchanged on Tuesday as traders anticipated earnings reports from major tech giants.
COCA-COLA Q2 2024 EARNINGS: SOLID GROWTH AMID INFLATION→📈 Coca-Cola's (KO) Q2 earnings of $0.84 per share beat expectations, with revenue at $12.36 billion, prompting a raise in FY24 guidance despite inflation pressures.
GOOGLE ENDS ACQUISITION TALKS WITH WIZ→ 📉 Google’s (GOOG) $23 billion deal to buy cybersecurity startup Wiz fell through, leaving founders without their anticipated billions and Google's cloud security strategy in a bit of a scramble.
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TODAY’S TOP NEWS
Coca-Cola Q2 2024 Earnings: Solid Growth Amid Inflation
📈 Beat Market Expectations: Coca-Cola reported Q2 earnings of $0.84 per share, surpassing analysts' estimates of $0.81. Revenue hit $12.36 billion, a 3.3% increase, driven by strong organic revenue growth of 15%.
📊 Raised FY24 Forecast: The company boosted its fiscal 2024 guidance, now expecting 5-6% earnings growth and 9-10% organic revenue growth, attributing this to robust performance and strategic pricing amid inflation.
🥤 Steady Profit Margins: Despite intense inflation, Coca-Cola maintained a solid operating margin, with Q2 profit at $2.41 billion. CEO James Quincey highlighted the effectiveness of their all-weather strategy in navigating the dynamic market.
TODAY’S TOP NEWS
Google Ends Acquisition Talks with Wiz
📉 Deal Collapse: Google's anticipated $23 billion acquisition of Israeli cybersecurity startup Wiz fell through. This would have been Google's largest acquisition, emphasizing the importance of cloud security.
💰 Founder Windfall Lost: The four founders of Wiz, who were set to become billionaires from the deal, now have to look for new opportunities. They were expected to earn around $2.3 billion each.
🌍 Strategic Impact: The deal's failure signals a significant setback in Google's strategy to enhance its cybersecurity capabilities through acquisitions. This move was part of a broader trend of major tech companies investing heavily in cybersecurity.
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