JBS Profits Jump as Chicken Gains More Than Offset Beef Downturn
JBS SA said quarterly profits rose more than expected, with chicken making up for the bulk of the increase as the world's largest meat supplier faces deepening losses at its US beef business.
Adjusted net income for the three months ended in March rose 78% from a year earlier to 2.92 billion reais ($520.7 million), the Brazilian company said in a statement. That compares with the 2.79 billion real average of analyst estimates compiled by Bloomberg.
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New York Times
3 hours ago
- New York Times
DAZN will broadcast the Club World Cup around the world. What is the streamer's big idea?
Six months before the planned start of the Club World Cup came word that FIFA had finally found the grease to make its new wheels turn. A global broadcast partner had been secured and in its hands was the billion dollars that could be repurposed as a prize pot to demand the attention of the 32 competing teams. Advertisement FIFA called it a 'landmark agreement', the first of its kind. All 63 games in its expanded now-summer club competition would be made available free, with the body's president Gianni Infantino calling it the 'most widely accessible club football tournament ever'. The partner selected to make it all happen, though, raised eyebrows. DAZN might consider itself the only global sports streaming platform, dubbed the 'Netflix of Sport', but it was not a headline name for FIFA to have picked. In the United States and the United Kingdom, where it was founded in 2015, DAZN remains best known for boxing's big nights and pay-per-view events. In other parts of the world, including South America and Africa, it is unfamiliar to millions. All that is set to change in what DAZN's chief executive, Shay Segev, has predicted will be a 'transformational' year for the company. New audiences can be targeted and untapped markets explored. Or so goes the justification in giving FIFA $1billion (£736m) to screen a tournament of unknowns that will be over 29 days after it begins this weekend. 'We think it is good value for money,' DAZN's chief executive of growth markets, Pete Oliver, tells The Athletic at the company's headquarters in central London.'It's hard to know how big the Club World Cup will be, but we can see from the data already that it's not going to be small. It'll be big, it's just a question of how big.' DAZN, like FIFA, needs this new competition to work. It is among the biggest plays in its relatively short history as an ambitious broadcaster and a roll of the dice designed to increase its footprint around the globe. It is part broadcast deal, part promotional campaign. 'We don't see it as a risk, we see it as a very big opportunity,' adds Oliver. 'We think it will reposition the company quite significantly worldwide.' Follow the Club World Cup on The Athletic this summer… DAZN — it's pronounced 'da zone', for the uninitiated — has been a company of curiosity within the media industry since the platform was formed in 2015 as a product of Perform Group. Owned and funded by Sir Len Blavatnik's Access Industries Group, its plans have always been grand, to the point of eventually redesigning the sports broadcast landscape. DAZN does not hide its prediction that live sport will eventually come to viewers through dedicated digital platforms, following trends set by the music industry. Advertisement It is why DAZN regards itself primarily as a tech company but, within the industry that it wants to dramatically alter, plenty point to accumulated losses in chasing that vision. The group's most recent set of accounts, published in January, detailed funding commitments of $6.7billion from Blavatnik since DAZN's inception. There was $1.4bn lost in 2023 alone. The stark balance sheet deficits are a result of continued expansion in the costly world of football. As well as hoovering up domestic rights deals in major European territories, partnering with Serie A in Italy, Bundesliga in Germany and La Liga in Spain, DAZN had been the home of the women's UEFA Champions League until the arrival of Disney+ into the marketplace last month. Rights costs in 2023 ($3.1billion) exceeded the company's annual turnover, which had at least grown to $2.9bn. Blavatnik can wear the losses better than most. The Ukraine-born British-American businessman in control of DAZN had his wealth estimated to be $26.5billion by Forbes this year and is prepared to widen the company's frontiers. Three days before Christmas — and a matter of weeks after FIFA announced the Club World Cup deal — DAZN announced it had agreed to buy Australia's Foxtel Group from Rupert Murdoch's News Corp for $2.2billion. It was inward investment, though, that created greater headlines a month later. SURJ Sports Investment, controlled by Saudi Arabia's Public Investment Fund (PIF), bought a minority stake, said to be in single digits in terms of percentage, in DAZN for a reported $1billion to strengthen relations between the two. Rights for LIV Golf, football's Saudi Pro League and the various sports under the Riyadh Season banner had already been bought by DAZN, but it was the timing of that $1billion investment, the same figure that would go to FIFA for the Club World Cup, that drew scepticism. A financial, mutually beneficial triangle can be drawn without any assistance between FIFA, Saudi Arabia — which was announced in December as host of the 2034 men's World Cup — and DAZN. Advertisement 'The Club World Cup deal was done in December, Saudi investment came in February,' explains Oliver, who says negotiations with FIFA spanned between six and nine months. 'At the same time, we also bought Foxtel in Australia for $2billion. 'There were various things happening in the group. The Saudi investment was for plans in the MENA (Middle East and North Africa) region, and the Club World Cup was a separate decision reached last year.' Is the cynicism unfair? 'I think it is,' he adds. 'We've got a primary investor, Access Industries, which has funded the business with significantly more money than we've had from PIF. Multiple billions. We've had $1billion from PIF, but that's to launch in Saudi.' FIFA, regardless, was grateful DAZN's money came when it did. There had long been talk of Apple stepping up to become a streaming partner for the Club World Cup, but there was a reluctance within the industry to back a competition with neither heritage nor guarantees of engagement. Infantino went as far as calling a briefing with global TV executives last September in an attempt to drum up interest. 'The money they've had to cough up for the Club World Cup is astonishing,' says Paolo Pescatore, a media and telecoms analyst with over 30 years of experience. 'This is about DAZN putting a marker in the ground and saying, 'We want the mantle of being the global streamer of sports, and we're in a position to do it'. They'll see this as the tournament where they can do it, but, equally, there's a lot of hope in play here.' This, too, is a first for FIFA. The men's World Cup, the governing body's greatest asset, continues to see rights sold region by region, but a club event lacking the prestige and history of the UEFA Champions League was instead bundled up and sold off as one. 'There was nobody but DAZN, so they made a beautiful story of it with this $1billion to calm the clubs,' says Pierre Maes, a published author on the sale of sport TV rights. 'It's very convenient for FIFA. They sell to a broadcaster, who can broadcast the property in all of the countries but also, the broadcaster can act as an agency and sell the rights on to broadcasters. Advertisement 'DAZN solved a big headache for FIFA, but this property has a lot to prove. This feels to me like an opportunity for DAZN rather than a big strategic move.' DAZN has hedged its bets and opted against going it alone at the Club World Cup. Baked into the agreement with FIFA was the power to sublicense to regional markets, clawing back some of the initial investment. Deals have been struck with TNT in the U.S. and Channel 5 in the UK, ensuring a sizeable chunk of coverage will be shared with others. Channel 5, for example, will show the final and at least one semi-final among its broadcasts of the tournament. Oliver says 'hundreds of millions (of dollars)' have been recouped in that sublicensing process. 'That brings in revenue but also helps promote the tournament,' he says. Sluggish ticket sales in the U.S. would indicate promotion might be needed, but DAZN maintains that interest will not need to be manufactured. It sees the plot lines developing around Real Madrid, who will be led by new coach Xabi Alonso for the first time and include Trent Alexander-Arnold in their ranks, and the fiercely-supported clubs taking part, including Egypt's Al Ahly and the Argentine pairing of River Plate and Boca Juniors. 'We think the audiences for this will be very big — tens of millions, if not hundreds of millions,' says Oliver. 'We think over 100 million people will watch the Club World Cup, and we believe we can drive a lot of ad revenue. You'll see big sponsors and big advertisers on the feeds worldwide.' All 63 games of the Club World Cup will be available through DAZN's app, which is free to anyone who enters an email address and becomes a registered user. Paid subscribers (£24.99 a month in the UK, $19.99 in the U.S.) will see an uplift on their coverage, with improved picture and sound quality, while part of FIFA's arrangement is the incorporation of the body's in-house FIFA+ platform and all the content that it offers. A nagging question is DAZN's ability to cope with a new scale of demand on its platform this summer. Advertisement Major problems were encountered during the screening of Serie A games in 2021 and 2022, with viewers seeing feeds buffer and cut out. That brought criticisms from the Italian government and apologies from DAZN, which has not been alone in finding streaming issues for the most in-demand events. Netflix's broadcast of the Jake Paul versus Mike Tyson exhibition boxing match in November was overshadowed by technical problems during the 65million concurrent streams. DAZN, though, has confidence in its platform bearing the weight of its biggest numbers. 'We've built a new version of our platform specifically for the Club World Cup for free customers, and we've simulated 300million people watching at the same time,' says Oliver. 'We've made big investments in infrastructure to be ready for this. You never say never in the world of technology but we're pretty confident. We've built the platform, but also we're providing commentary in 17 different languages, because we're doing it globally. It's on a scale that no one else in sport has done before.' DAZN is nothing if not aspirational. In a company update from this January, Segev promised that DAZN was 'only getting started' and that 'ambitions are bigger than ever' in 2025. Forecast revenues have been set at $6billion for this year, doubling from 2023. Then there is the long-term target, said out loud, to reach a billion global users within the next decade — or, put another way, one in every eight people currently on the planet using DAZN on some level. Spotify, for some context, says it has close to 600million users. It is the scale of DAZN's plans, coupled with the heavy ongoing losses subsidised by Blavatnik, that is known to evoke the rolling of eyes. 'In our business, we have a lot of people looking at DAZN and asking themselves, 'What the f*** are they doing?',' says Maes. 'It's impossible to lose so much money. In the meantime, they are growing into one of the biggest companies in the UK. 'For the people who are trying to sell television rights, DAZN is an opportunity and a danger at the same time. It is an opportunity because in Europe today, it's the only ambitious sports-rights buyer. It's as simple as that. They're the only ones left. But it's a danger because these people have nearly $7billion of accumulated losses. Their future depends on the will of one man (Blavatnik) to put more money in.' Advertisement DAZN is not afraid to admit that football has to be central to its long-term growth. Eighty per cent of the app's viewing figures, it says, come from showing live matches. It is why it will remain a domestic partner of Italy's Serie A until at least 2029 and why it extended its arrangement with Germany's Bundesliga until the same point. DAZN also struck a five-year deal as a local provider for La Liga matches in Spain in 2022. Less harmonious was the arrangement with France's Ligue 1, severed inside a year, but other domestic partnerships can be found in Japan and Belgium. Those territories are where a substantial portion of DAZN's 20 million paid-for subscribers can be found. The Premier League, except for the rights to televise its games in Spain and Portugal, has eluded it. Aside from the proposed acquisition of BT Sport in 2022, which would later be sold to Warner Bros Discovery and rebadged as TNT Sport, there has been little prospect of televising Premier League matches in the UK and breaking Sky's stranglehold. The fifth-tier National League is the only long-standing partner of DAZN in English football. There are other key properties, including the NFL's Game Pass app in countries outside the United States, and a raft of boxing shows following link-ups with key promoters Golden Boy, Matchroom and Queensberry. The greatest challenge, however, is attracting and retaining subscribers. 'At the beginning of 2024, DAZN was talking about reaching break-even,' says Francois Godard, senior media analyst of Enders Analysis. 'That was the message. And then, this winter, it changed. They kept the message that they are doing better, but the main message was expansion. It shifted from a focus on break-even to a message of expansion. 'There was the deal in Australia and then the deal with the Saudis. That is probably allowing them to do the deal for the Club World Cup, which will allow them to gain prominence in many other markets where they had a lower profile, like the U.S. That was a big change in emphasis.' Advertisement So, how significant do the Club World Cup's global rights become to a project of this scale? 'To them, it's a publicity operation to reach out to people who have never heard of them,' Godard adds. 'They want to become a global platform, which is very tough in sports. The rights are almost always (sold) country by country. The Club World Cup will be free-to-air and it's a one-off. 'DAZN is a subscription service, so it needs subscribers all year round. But arguably there can be an overlap in terms of reach, and many platforms have a free tier where registration is required. Then it becomes easier to pitch a subscription to these customers.' That is undeniably part of the long-term strategy. The data of sports fans this summer will have enormous value to DAZN, an intangible byproduct of the $1billion investment. Forging the first links with FIFA will also carry benefits should the Club World Cup broadcast model be successful enough to be scaled-up at an event such as the 2034 World Cup, which is being hosted by, let us not forget, Saudi Arabia. DAZN will hope this is the start of something bigger with FIFA, but the path is not clear of competition. Netflix has already secured global rights for the Women's World Cup in both 2027 and 2031, and Disney's poaching of the UEFA Women's Champions League from DAZN next season illustrates the continued willingness of streaming giants to explore live sport. DAZN likes to stress it remains the only dedicated global sport platform, and for all the industry reservations, it does not deviate from a strategy that will quicken with this summer's Club World Cup. 'We're pretty clear on where we're going,' says Oliver. 'If you take a step back, you can see music has moved to a digital model. The sport industry hasn't got there yet. 'We're building a platform for that. We view that as a tech company, like YouTube or Spotify. We're building a platform. Advertisement 'If you go forward 10 or 20 years, way more sport will be delivered through a single platform on a global platform. You can see the traditional model in decline. No one else is building a dedicated sports app. We think the end-game is that we become the global home of sport.' The Club World Cup, for better or for worse, will go a long way to shaping DAZN's future. (Top photos: Getty Images; design: Kelsea Petersen)
Yahoo
5 hours ago
- Yahoo
StoneCo Ltd. (STNE): A Bear Case Theory
We came across a bearish thesis on StoneCo Ltd. (STNE) on Quipus Capital's Substack. In this article, we will summarize the bears' thesis on STNE. StoneCo Ltd. (STNE)'s share was trading at $13.51 as of 6th June. STNE's trailing and forward P/E were 11.42 and 9.68 respectively according to Yahoo Finance. StoneCo Ltd. (STNE), is deeply entrenched in Brazil's payment processing ecosystem, with a business model centered on receivables discounting rather than the processing layer, which has been heavily commoditized. STNE advances funds to merchants on credit card sales, earning high-yield, low-risk returns that are essentially underwritten by card issuers or networks. This model thrives among small businesses with limited credit access, where urgency often trumps cost. However, STNE's growth potential faces headwinds in the market: a saturated market growing only in line with GDP plus inflation, and a capped receivables base tied to one month's worth of payment volumes. Compounding this is the risk posed by PIX Parcelado, a government-backed initiative allowing installment payments directly via banks, which could disintermediate STNE from the receivables chain. While STNE has explored traditional credit markets, its previous attempts led to high delinquencies and an eventual retreat. The company lacks the competitive advantage to rival Brazil's full-service digital and incumbent banks. Despite these challenges, STNE remains highly profitable, and management is focused on balance sheet optimization through share buybacks and modest leverage. Assuming stable pricing and spreads, STNE can deliver around 11% from buybacks at a 9x P/E, and add another 5–7% from underlying economic growth. While the upside from fixed-multiple returns and efficient capital allocation is compelling, it's counterbalanced by the real possibility of margin erosion or disintermediation. For investors, the key question is whether these tailwinds are enough to justify the risk of business model disruption in an evolving payments landscape. Previously, we summarized a bullish thesis on SoFi Technologies, highlighting its rapid digital bank user growth, expanding product engagement, and forward profitability inflection, framing its 2026 earnings potential as a catalyst for valuation rerating. The stock has appreciated by approximately 4% since the recent coverage. Together, these two theses present a tale of fintech divergence: one banking on digital ecosystem scale and future earnings leverage (SoFi), the other navigating a legacy-dependent niche facing structural headwinds (StoneCo) StoneCo Ltd. (STNE) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held STNE at the end of the first quarter which was 24 in the previous quarter. While we acknowledge the risk and potential of STNE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey.
Yahoo
6 hours ago
- Yahoo
Grupo Financiero Galicia S.A. Announces Pricing of Secondary Offering of American Depositary Shares by HSBC Bank plc
BUENOS AIRES, June 10, 2025 (GLOBE NEWSWIRE) -- Grupo Financiero Galicia S.A. (Nasdaq: GGAL; Bolsas y Mercados Argentinos S.A./A3 Mercados S.A.: GGAL, the 'Company'), one of Argentina's largest financial services groups, announced today the pricing of the previously announced underwritten secondary offering (the 'Offering') by HSBC Bank plc (the 'Selling Shareholder') of 11,721,449 American Depositary Shares ('ADSs') representing 117,214,490 Class B ordinary shares of the Company, par value Ps.1.00 per share ('Class B ordinary shares') at a public offering price of $54.25 per ADS. The ADSs are not authorized for public offering in Argentina by the Argentine National Securities Exchange Commision (Comisión Nacional de Valores – 'CNV') and are not being offered or sold publicly under the Argentine Capital Markets Law No. 26,831, as amended and complemented. The documents related to the Offering have not been filed with, reviewed or authorized by the CNV, and therefore the CNV has not made any determination as to the truthfulness or completeness of those documents. All of the ADSs were offered by the Selling Shareholder. The Selling Shareholder will receive all of the proceeds from the Offering. The Company is not selling any ADSs in the Offering and will not receive any proceeds from the Offering. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as the representatives of the underwriters of the Offering. The Offering is expected to close on June 12, 2025 subject to customary closing conditions. The Offering is being made pursuant to an effective shelf registration statement on Form F-3 (including a prospectus) filed by the Company with the U.S. Securities and Exchange Commission ('SEC'). A final prospectus supplement and accompanying prospectus describing the terms of the Offering will be filed with the SEC, copies of which may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, and from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ These documents may also be obtained free of charge by visiting EDGAR on the SEC's website at This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Cautionary Note Concerning Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Exchange Act. Such forward-looking statements include, but are not limited to, those regarding the expected closing of the Offering. Forward-looking statements generally can be identified by the use of such words as 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'continue' or other similar terminology, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including, but not limited to, risks and uncertainties related to: the occurrence of any event, change or other circumstance that could impact the expected timing, completion or other terms of the Offering; the impact of general economic, industry or political conditions in the United States or internationally, as well as the other risk factors set forth under the caption Item 3.D. 'Risk Factors' in our most recent annual report on Form 20-F, and from time to time in the Company's other filings with the SEC. The information contained in this press release is as of the date indicated above. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events. About Grupo Financiero Galicia S.A.: Grupo Financiero Galicia S.A. (Nasdaq: GGAL; Bolsas y Mercados Argentinos S.A./A3 Mercados S.A.: GGAL) is the main financial services holding company in Argentina, which seeks to create long-term value through its companies, providing savings, credit, investment, insurance, advice and digital solutions opportunities to people, companies and organizations, prioritizing customer experience and sustainable development. With more than 110 years of experience, Grupo Financiero Galicia S.A. is a group of financial services companies in Argentina, integrated by Banco de Galicia y Buenos Aires S.A.U. (Banco Galicia), GGAL Holdings S.A. (Galicia Más Holdings), Tarjetas Regionales S.A. (Naranja X), Sudamericana Holdings S.A. (Galicia Seguros), Galicia Asset Management S.A.U. (Fondos Fima), IGAM LLC (Inviu), Galicia Securities S.A.U. (Galicia Securities), Agri Tech Investment LLC (Nera), Galicia Ventures LP and Galicia Investments LLC (collectively referred to as Galicia Ventures), and Galicia Warrants S.A. (Warrants). Investor Contact: Mr. Pablo FirvidaInvestor Relations +5411 6329 4881inversores@ THE TERMS AND CONDITIONS OF THE OFFERING WILL BE NOTIFIED IN ARGENTINA PURSUANT TO AN HECHO RELEVANTE, SOLELY FOR INFORMATIONAL PURPOSES, BUT SUCH NOTICE WILL NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN in to access your portfolio
