Bitcoin Hits Record High of $120,000 as Bullish Momentum Builds
After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 for several months. Concern about Trump's political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. Now with other risk assets such as stocks back around record highs, Bitcoin has also resumed its push higher.
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Yahoo
23 minutes ago
- Yahoo
Cogeco Communications Inc (CGEAF) Q3 2025 Earnings Call Highlights: Navigating Revenue ...
Canadian Internet Subscriber Growth: Added 9,400 new Internet subscribers in Canada during Q3. US Internet Subscriber Decline: Lost 10,400 Internet subscribers in the US during Q3. Revenue Decline: Consolidated revenue declined by 4.1% in constant currency. Adjusted EBITDA: Declined by 2.4% in constant currency. Free Cash Flow: Increased by 61.5% in constant currency due to lower CapEx and restructuring costs. Net Debt to Adjusted EBITDA Ratio: Improved to 3.1 turns from 3.4 in Q2. Capital Intensity: Reduced to 17.2% from 22.4% last year. Dividend Declared: $0.922 per share. Canadian Revenue Decline: 1.8% decline in revenue for Cogeco Connection in Canada. US Revenue Decline: 6.6% decline in revenue for Breezeline in the US in constant currency. Media Operations Revenue Increase: Increased by 4.4% due to growth in digital advertising revenue. Warning! GuruFocus has detected 8 Warning Signs with CGEAF. Release Date: July 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Cogeco Communications Inc (CGEAF) reported strong Canadian Internet subscriber growth, adding 9,400 new Internet subscribers during the quarter. The company is experiencing significant operational efficiencies and synergies, leading to a net CapEx reduction and tracking well above plan. Cogeco Communications Inc (CGEAF) is on track to generate approximately $600 million in free cash flow by fiscal 2027, with plans to continue raising dividends and lowering debt. The Canadian wireless launch is progressing, with an initial cohort of users and plans to expand sales in 12 markets ahead of a full commercial launch. Free cash flow in constant currency increased by 61.5% due to lower CapEx and restructuring costs, improving the net debt to adjusted EBITDA ratio to 3.1 turns. Negative Points Revenue in Canada declined by 1.8% due to fewer video and wireline phone subscribers and a competitive pricing environment. In the US, Breezeline's revenue declined by 6.6% in constant currency, with a loss of 10,400 Internet subscribers during the quarter. Cogeco Communications Inc (CGEAF) is facing challenges in the US market due to increased competition and internal execution gaps. The company is lowering its revenue outlook for the year due to US pressures, although this is offset by operating efficiencies. The Canadian regulatory environment remains challenging, with the CRTC maintaining a regime that favors larger telecom companies, impacting Cogeco's competitive position. Q & A Highlights Q: Can you clarify your revenue expectations for Q4? A: Patrice Ouimet, CFO: We expect Q4 revenue to be lower than Q3 results due to ongoing pressures in the US market. The exchange rate remains stable between the quarters. Q: How is the wireless launch in the US impacting your core cable business? A: Frederic Perron, CEO: Wireless is not yet materially impacting our P&L, but we expect it to become a significant contributor over time, similar to other US cable companies. Q: Can you provide insights into your transformation program and its impact on margins? A: Frederic Perron, CEO: Our transformation program is front-loaded with cost reductions, and we are ahead of expectations. We see further opportunities for cost optimization and revenue generation, particularly in the US market. Q: What are the transitional factors affecting US performance, and how do you expect Q4 to differ from Q3? A: Patrice Ouimet, CFO: The uptick in competition in three states is partly temporary. We've addressed internal execution gaps and expect improved residential internet trends in Q4, despite a one-time bulk disconnect. Q: How do you plan to approach the Canadian wireless market, and what is your pricing strategy? A: Patrice Ouimet, CFO: Our wireless product will be exclusive to wireline customers, with a time-limited launch offer. We aim to be a rational player in the market, focusing on stabilization. Q: Are there greater transformation savings than initially expected? A: Frederic Perron, CEO: Yes, we've identified greater savings in both OpEx and CapEx, particularly in CapEx this quarter. Q: How do you view the potential for asset optimization in the US? A: Patrice Ouimet, CFO: After reviewing operations, we found no immediate opportunities that meet our criteria for asset disposal. We remain open to future opportunities but are currently maintaining the status quo. Q: What is your strategy for addressing broadband penetration challenges in the US? A: Frederic Perron, CEO: We see opportunities to grow in states like Ohio where penetration is low. While we don't expect positive PSUs immediately, we anticipate improved performance over the coming quarters. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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
New York Times
25 minutes ago
- New York Times
Faith Leaders Can Now Endorse. Will That Swing the N.Y.C. Mayor's Race?
Four days after his remarkable showing in New York's Democratic mayoral primary, Assemblyman Zohran Mamdani appeared at the Harlem headquarters of a group headed by the Rev. Al Sharpton. He acknowledged the leaders and biblical scriptures that fueled his campaign. 'Weeping may endure for the night, but joy comes in the morning,' Mr. Mamdani said, a reference to Psalm 30:5, a scripture that is especially popular in Black churches. 'And it has been night for far too long in this city.' Mr. Mamdani did not come to the gathering on June 28, for the National Action Network, explicitly seeking an endorsement from the faith leaders in the crowd. But under a new rule change from the I.R.S., he and his opponents in the mayoral race may be able to secure one without tax repercussions. The I.R.S. said in a court filing last week that houses of worship could endorse political candidates to their congregations without losing their tax-exempt status. The move was initially seen as the agency's formal termination of a longstanding but spottily enforced rule against campaigning from the pulpit. But in New York, the ruling could also open up a new front in the city's heated mayoral race, offering candidates the chance to formally consolidate support from not only faith leaders but their congregations. Want all of The Times? Subscribe.
Wall Street Journal
25 minutes ago
- Wall Street Journal
Swiss Exports Slip as Frontrunning Fades, Strong Franc Hits Demand
Switzerland's exports fell in the second quarter as tariff frontrunning reversed and a strong franc likely squeezed demand. Exports decreased 5.3% to 70.1 billion Swiss francs ($87.53 billion) over the quarter, from 74.0 billion francs in the first quarter, Swiss finance-department figures showed Thursday. Exports to the U.S. were down nearly 30%, reversing a sharp increase the previous quarter, when firms rushed to get orders in ahead of the anticipated package of U.S. trade tariffs announced in April by President Trump.
