00:00As investors navigate an increasingly uncertain market environment,
00:05corporate earnings and company updates remain key indicators of business health and future prospects.
00:11Here's a round-out of the latest corporate developments from overnight that could help shape your investment decision today.
00:19As Republicans suffered a landslide defeat and Texas elected its first Democratic Governor in more than three decades,
00:26one of the biggest losers of the U.S. midterms was not on the ballot, its billionaire Elon Musk.
00:32The world's richest man spent nearly half a billion dollars to bet Republican candidates
00:37and keep taxes red, a state home to his automaker Tesla, rocket-to-Eye company SpaceX
00:42and a planned cheap-making venture between the two.
00:45Those bets unraveled as Democrats seized both chambers of Congress
00:49and Gina Hinoza defeated Greg Abbott in the Texas governor's race
00:53in a stinging rebuke to U.S. President Donald Trump, a close Musk ally whom the billionaire helped elect.
00:59Musk, who urged his followers on X to vote Republican as recently as Tuesday,
01:04now faces a resurgent Democratic Party that he has spent years antagonizing.
01:09Shares of SpaceX fell 5.5%, while Tesla was down 5.1% as both stocks lacked the broader market.
01:18Online travel firm Expedia Group forecast fourth-quarter revenue largely below Wall Street expectations
01:23as the industry struggles with a Middle East conflict and unbreath in Europe,
01:28sending its shares down about 6% in extended trade.
01:32The company on Wednesday projected fourth-quarter revenue in the range of $3.69 billion to $3.75 billion
01:39with a midpoint below analysis estimates of $3.74 billion.
01:44The downbeat forecast overshadowed a beat on third-quarter revenue and profit
01:49as steady spending by affluent consumers supported international travel demand amid persistent inflation.
01:55CEO Arian Gorin told Reuters that the U.S. consumer was strong both in domestic travel
02:01and in outbound to Europe and Asia.
02:03Gorin pinned a moderation in the fourth-quarter forecast
02:07on the U.S. mid-term elections and unrest in the Middle East and Europe.
02:12Qualcomm on Wednesday fell short of Wall Street estimates for fourth-quarter revenue
02:16from its smartphone chips on sluggish demand
02:19and declining Apple-related revenue,
02:21sending its shares down more than 4.5% in extended trading.
02:25Demand for lucrative high-bandwidth storage for AI servers has pushed up memory chip prices,
02:32raising the cost of consumer electronics
02:34and squeezing smartphone processor designers such as Qualcomm.
02:38Global smartphone shipments fell 20% in the September quarter to a 14-year low,
02:43according to CounterPoint research.
02:45The company forecast better than expected revenue in its nascent data centre segment,
02:49but the outlook was not enough to outweigh a miss in its core business.
02:54Revenue from Qualcomm's handset unit,
02:56which made chips for smartphones fell 26% to $5.14 billion in the fourth quarter,
03:03dragging the chip segment's revenue down 8% to $9.02 billion.
03:08Analysis pulled by Visible Alpha expected handset revenue $5.25 billion.
