Adidas sales and operating profit rise in third quarter
Adidas shoes are on display at a DSW store on January 31, 2024 in Novato, California.
Justin Sullivan | Getty Images
Adidas reported third-quarter results on Tuesday that showed a rise in sales and operating profit as it continues to sell off remaining Yeezy products from its collaboration with musician Ye.
The sportswear giant said sales rose 10% on a currency-neutral basis, driven by particular growth in Europe and Latin America. North American sales fell by 7% in the third quarter, entirely due to Adidas’ “Significant Yeezy business shrinkage.”
Overall sales in euro terms rose 7% to 6.4 billion euros ($6.9 billion), up from 5.9 billion euros a year earlier. Operating profit was 598 million euros, compared with 409 million euros in the third quarter of 2023.
— Karen Gilchrist
Novartis sales rise 10% in third quarter, raises guidance
A Novartis sign in a building on the company’s headquarters campus in Basel, Switzerland, Monday, January 8, 2023.
Bloomberg | Bloomberg | Getty Images
Novartis Third-quarter results released on Tuesday showed sales rising 10% and core operating income rising 20%, prompting the Swiss pharmaceutical company to raise its full-year guidance.
In the three months to October, net sales were $12.8 billion and core operating income was $5.15 billion. The company said it now expects full-year net sales to grow by low double digits.
The company pointed to “important innovation milestones,” including the company’s early-stage breast cancer and kidney disease treatments, as helping drive the revised outlook.
— Karen Gilchrist
CNBC Pro: Alibaba and more: Fund managers are bullish on three Chinese tech stocks — and one is expected to double
Investor Jason Hsu said shares of Chinese e-commerce giants look attractive as Beijing tries to stimulate domestic consumption.
Hsu, founder and chairman of Rayliant Global Advisors, reveals his three top picks, as well as one that makes him more cautious due to company-specific factors.
Xu said one of the stocks could double from current levels if China resumes signs of consumer growth.
CNBC Pro subscribers can read more here.
— Ganesh Rao
HSBC’s third-quarter profit beats expectations, announces additional stock buybacks of US$3 billion
Europe’s largest lending institution HSBC Tuesday Announcement of third quarter financial results That Beat analysts’ expectationsBuoyed by strong revenue growth, the company embarked on a major restructuring to balance its operations in China and the West.
HSBC’s pre-tax profit increased 10% from $7.7 billion a year ago. Company quarterly revenue growth 5% Profit after tax increased $500 million from $16.2 billion reported a year ago to $6.7 billion.
HSBC shares rose 2.24%.
—Anniek Bao, Lee Ying Shan
CNBC Pro: Investing in Japan after the election? Professionals share their views
Japanese stocks rose on Monday Yen plunges to three-month low Sources from Prime Minister Shigeru Ishiba’s ruling coalition said lost majority in the national parliamentary elections.
The phenomenon creates uncertainty because “we may not know what this new government will look like, who the potential coalition partners are and what the coalition agreement will be,” said Izumi Devalier, chief Japan economist at Bank of America.
Professionals list areas to watch in Japan going forward and the opportunities they see.
CNBC Pro subscribers can read more here.
— Amala Balakrishna
European Markets: Here are the opening calls
European markets are expected to open flat or lower on Tuesday.
British FTSE 100 German stocks are expected to open 10 points lower at 8,283 German DAX Index France fell 25 points to 19,501 CAC Up 1 point to 7,564 points, Italy FTSE MIB It rose 1 point to 34,819, according to IG data.
Profits will come from Adidas, Lufthansa, Novartis, Santander and BP, among others. Notable data releases include German GfK consumer confidence data.
— Holly Elliot
