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11 minutes ago
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BP makes its biggest oil and gas discovery in 25 years
BP has hailed its biggest oil and gas discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels. The FTSE 100 group revealed the find after drilling a well off the coast of Brazil, in the Bumerangue oil field, just over 400 kilometres offshore from Rio de Janeiro, spanning more than 300 square kilometres. It said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999. Gordon Birrell, BP's executive vice president for production and operations said: 'We are excited to announce this significant discovery at Bumerangue, BP's largest in 25 years. 'This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. 'Brazil is an important country for BP and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.' Shares in the group lifted around 1.5% higher in Monday trading after the announcement. It comes ahead of half-year results on Tuesday, which are expected to show a big fall in BP's second quarter earnings. BP – like its rival Shell and other peers – has shifted away from net zero ambitions to focus on extracting more oil and gas, following pressure from some investors to boost its profits. Activist investor Elliott Management has taken a 5% stake in BP and is reportedly also putting pressure on the energy giant to cut costs. BP recently said that quarterly earnings would be weighed down by lower oil and gas prices. But last month it raised its oil and gas production guidance for the second quarter, compared with the previous three months. However, the oil business said lower prices received for its oil production were expected to impact results by up to 800 million dollars (£602 million). Victoria Scholar, head of investment at interactive investor, said cost cutting efforts and shareholder returns will be in sharp focus when BP reports on Tuesday. It is expected to deliver 1.8 billion dollars (£1.4 billion) in underlying replacement cost profits for the second quarter, according to Ms Scholar. This will be higher than the 1.38 billion dollars (£1.04 billion) reported for the first quarter, which was a 49% year-on-year slump due largely to weaker oil prices. But it would mark big drop from the 2.8 billion dollars (£2.1 billion) reported in the second quarter of last year. Ms Scholar said: 'Weaker refining margins and lower volumes have been a mainstay of performance over recent quarters. 'The weakening macroeconomic backdrop and OPEC+'s strategy shift towards boosting production are expected to keep a lid on oil prices and are key headwinds for BP.' She added: 'Oil trading will also be in focus for BP after rival Shell reported a disappointing trading performance in the quarter – it struggled to deal with the speculative market volatility over the period. 'All eyes will be on any changes to cash returns for shareholders after BP lowered its share buyback in April.' Shares in BP are down by nearly 7% over the past year. The stock has also been buffeted by reports that Shell was exploring a possible offer to buy BP, only for the speculation to be quashed in June – with Shell telling investors that no talks had taken place and it had 'no intention' of putting forward a bid.
Yahoo
11 minutes ago
- Yahoo
Wayfair's (NYSE:W) Q2 Sales Beat Estimates, Stock Soars
Online home goods retailer Wayfair (NYSE:W) beat Wall Street's revenue expectations in Q2 CY2025, with sales up 5% year on year to $3.27 billion. Its non-GAAP profit of $0.87 per share was significantly above analysts' consensus estimates. Is now the time to buy Wayfair? Find out in our full research report. Wayfair (W) Q2 CY2025 Highlights: Revenue: $3.27 billion vs analyst estimates of $3.12 billion (5% year-on-year growth, 4.8% beat) Adjusted EPS: $0.87 vs analyst estimates of $0.33 (significant beat) Adjusted EBITDA: $205 million vs analyst estimates of $147.6 million (6.3% margin, 38.9% beat) Operating Margin: 0.5%, up from -1.1% in the same quarter last year Free Cash Flow was $230 million, up from -$139 million in the previous quarter Active Customers: 21 million, down 1 million year on year Market Capitalization: $8.37 billion "The second quarter was a resounding success, defined by accelerating sales and share gain, in tandem with expanding profitability. As we have discussed over the last few years, we can and will grow profitably, while taking significant share in the market. Year-over-year revenue growth of 6% - excluding the impact of Germany - marks the highest growth rate we have seen since early 2021. Our over 6% Adjusted EBITDA margin demonstrates the significant leverage in our model, and as previewed in our investor day two years ago, is just the beginning of what we believe we can achieve over time," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. Company Overview Founded in 2002 by Niraj Shah, Wayfair (NYSE:W) is a leading online retailer of mass-market home goods in the US, UK, Canada, and Germany. Revenue Growth Reviewing a company's long-term sales performance reveals insights into its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Wayfair's demand was weak over the last three years as its sales fell at a 1.7% annual rate. This wasn't a great result and is a sign of poor business quality. This quarter, Wayfair reported year-on-year revenue growth of 5%, and its $3.27 billion of revenue exceeded Wall Street's estimates by 4.8%. Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. While this projection indicates its newer products and services will fuel better top-line performance, it is still below the sector average. Software is eating the world and there is virtually no industry left that has been untouched by it. That drives increasing demand for tools helping software developers do their jobs, whether it be monitoring critical cloud infrastructure, integrating audio and video functionality, or ensuring smooth content streaming. Click here to access a free report on our 3 favorite stocks to play this generational megatrend. Active Customers Buyer Growth As an online retailer, Wayfair generates revenue growth by expanding its number of users and the average order size in dollars. Wayfair struggled with new customer acquisition over the last two years as its active customers have declined by 1.7% annually to 21 million in the latest quarter. This performance isn't ideal because internet usage is secular, meaning there are typically unaddressed market opportunities. If Wayfair wants to accelerate growth, it likely needs to enhance the appeal of its current offerings or innovate with new products. In Q2, Wayfair's active customers once again decreased by 1 million, a 4.5% drop since last year. The quarterly print was lower than its two-year result, suggesting its new initiatives aren't moving the needle for buyers yet. Revenue Per Buyer Average revenue per buyer (ARPB) is a critical metric to track because it measures how much customers spend per order. Wayfair's ARPB has been roughly flat over the last two years. This raises questions about its platform's health when paired with its declining active customers. If Wayfair wants to increase its buyers, it must either develop new features or provide some existing ones for free. This quarter, Wayfair's ARPB clocked in at $572. It grew by 5.9% year on year, faster than its active customers. Key Takeaways from Wayfair's Q2 Results We were impressed by how significantly Wayfair blew past analysts' EBITDA expectations this quarter. We were also happy its revenue outperformed Wall Street's estimates. On the other hand, its number of active customers missed. Zooming out, we think this was still a solid quarter. The stock traded up 9.1% to $71.17 immediately following the results. Big picture, is Wayfair a buy here and now? When making that decision, it's important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 minutes ago
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Nintendo Doubles Quarterly Revenue on Switch 2 Sales
Nintendo (NTDOY, Financials) more than doubled its fiscal first-quarter revenue, fueled by strong demand for its new Switch 2 hybrid console. The device sold 5.82 million units in its first month on the market, helping revenue climb 132% year over year to 572.3 billion yen ($3.8 billion), above LSEG estimates of 474.84 billion yen. Warning! GuruFocus has detected 8 Warning Signs with NTDOY. Operating profit came in at 56.9 billion yen, slightly above the 53.46 billion yen expected. Sales from Nintendo's dedicated video game platform business surged 142.5% to 555.5 billion yen, supported by a higher price point for the Switch 2 compared with its predecessor. Sales from Nintendo's intellectual property-related business, which includes movies and entertainment, fell 4.4% as revenue from The Super Mario Bros. Movie declined. Nintendo kept its full-year forecasts unchanged, projecting 1.9 trillion yen in revenue, 320 billion yen in operating profit, and 15 million Switch 2 unit sales. Analysts say the console could surpass that sales target despite potential headwinds from U.S. tariffs. Morningstar expects Nintendo to offset short-term tariff impacts by growing its user base and increasing game sales over time. Nintendo said Friday that the tariffs are not expected to significantly affect this fiscal year's earnings forecast. Nintendo shares have rallied about 40% year to date on enthusiasm for the Switch 2 launch. The console sold more than 3.5 million units in its first four days on sale. This article first appeared on GuruFocus. Sign in to access your portfolio
