The Aussie dollar hit a 9-month low due to China’s economic woes, while lithium’s downward price trend sparked plenty of “buy action” from you.
Let’s get you up to speed.
Seven’s profits miss a save from Matildas’ viewer spectacle
Sooo the FIFA Women’s World Cup kicked off late last month. It would be an understatement to say it’s been a ratings bonanza for Channel Seven.
Over 11 million Australians huddled around screens and in pubs to witness the Matildas take Aussie soccer and national pride to another level on Wednesday night. It drew the biggest audience for a sporting event since Cathy Freeman’s iconic Olympics moment in 2000. (And that’s in an era where streaming reigns supreme.)
While Sam Kerr’s scorching goal wasn’t enough to beat the Brits in the end, marketing commentators have estimated that Tillies’ brand equity has 5Xed throughout the tournament.
But all this glory arrived a tad too late to save Seven West Media’s FY23 results.
👉 Here’s the thing:
Seven’s share of total TV revenue came in on target at almost 39%.
In fact, Channel 7 has retained the title of highest-rated TV network in Australia since 2007.
But because there was an almost 8% decline in the TV market’s overall size, its earnings still declined by 18%.
The broadcaster said its nightly news and public affairs programs like A Current Affair were the big winners. Guess there are still a few people who want to “speak to the manager”.
Telstra rings up impressive profits
Telstra, Australia’s telecom titan, released its full-year results yesterday, which boasted a robust 13% profit surge (breaking through the $2 billion mark).
The network’s towering anchor? Its mobile division, with its higher revenue per user driving an overall 8% increase—mainly because Telstra put its prices up. Data consumption also sprinted ahead, marking a 35% surge across the mobile grid.
But even though the telco’s results were positive, its share price dipped almost 3%.
Well, join the club. Investor expectations were riding high on the prospect of cashing in on its InfraCo Fixed sale—the specialist division for fibre optic cables set up in 2020 with a sale in mind.
Dreams dashed? You betcha. Telstra hit the brakes on those plans (at least for now) which is why guidance was a touch softer than expected.
💡 Fact of the week
- Commonwealth Bank signed an estimated $1M to $2M/year contract with the Matildas back in 2021. That makes it the biggest sponsor of women’s sport in the country.
🔦 Some other things we’re shining the Spotlight on:
- STRIKING GOLD: Liontown Resources scored a whopping $1 billion underground mining contract, setting the scene for some serious mineral magic.
- AI HOT SEAT: The New York Times and other media cohorts throw down the gauntlet, mulling the suing of ChatGPT amidst a storm of copyright tensions.
- HOT & COLD CHIPS: U.S. hedge funds bailed on Intel like a sinking ship after its Tower Semiconductor merger fizzled, opting for rivals like Nvidia. The tech tides are turning.
- FRESH LANES: The country’s largest toll-road operator, Transurban, shifted gears with new CEO Michelle Jablko at the wheel, promising a journey that’s smart, disciplined and full of fresh turns.
📊 Upcoming reports due:
Nvidia, BHP, Snowflake and Workday are all due to report earnings next week.
That wraps up another weekly Spotlight.
Thanks to all of you for being here and reading!
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