Latest news with #SusanLi
Yahoo
10-05-2025
- Business
- Yahoo
Why PBF Energy Inc. (PBF) Stock is Gaining This Week
We recently compiled a list of the Energy Stocks that are Gaining This Week. In this article, we are going to take a look at where PBF Energy Inc. (NYSE:PBF) stands against the other energy stocks. Despite the tough market conditions and crude oil prices plunging to a multi-year low, a number of major oil and gas players have reported better-than-expected results over the last week. Shareholder returns also remained strong, with several oil supermajors sticking to their commitments to return billions of dollars in dividends and share repurchases, despite declining profits amid a bleak outlook for oil. The refining business is also proving more resilient than expected, with US Gulf Coast refiners processing Mars crude enjoying a doubling of margins YoY to some $16 per barrel. Despite a widely projected slowdown in demand, US refineries are currently operating at elevated levels, processing over 16 million bpd last week, 123,000 bpd higher than last year. However, it remains to be seen how long these levels can be maintained. Another positive news came in the form of strong financial results and forward-looking capital spending guidance from tech giants and AI pioneers, reassuring investors on the sustainability of AI spending and the consequent rise in energy demand. Mark Zuckerberg's technology firm even raised its capex guidance range from $60 billion to $65 billion to a new range of $64 billion to $72 billion, with CFO Susan Li stating in the company's Q1 earnings call: '…even with the capacity that we're bringing online in 2025, we are having a hard time meeting the demand that teams have for compute resources across the company. So we are going to continually invest meaningfully here across our infrastructure footprint..' Aerial view of an oil refinery, with smoke billowing from its chimneys. To collect data for this article, we have referred to several stock screeners to find energy stocks that have surged the most between May 1 and May 8, 2025. The following are the Energy Stocks that Gained the Most This Week. The stocks are ranked according to their share price surge during this period. At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here). Share Price Gains Between May 1 – May 8: 16.03% PBF Energy Inc. (NYSE:PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. The share price of PBF Energy Inc. (NYSE:PBF) surged this week despite the company posting a net loss, as the fire at its Martinez refinery in California and other turnaround activities weighed on refining margins. However, the company's adjusted EPS of -$3.09 still managed to top estimates by $0.2, while its revenue of $7 billion also beat expectations by $464.4 million. Despite the loss, PBF Energy maintained its quarterly dividend at $0.275 per share. Moreover, to help improve its profitability, the company has outlined $200 million of cost-saving initiatives for 2025. Overall, PBF ranks 7th on our list of the energy stocks that gained the most this week. While we acknowledge the potential of PBF as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PBF but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
CNBC
08-05-2025
- Business
- CNBC
Pinterest just reported first-quarter earnings
Pinterest reported first-quarter earnings on Thursday that beat on sales but missed on earnings per share. Here's how the company did, compared to analysts' consensus estimates from LSEG: The social media company said second-quarter sales should come in the range of $960 million to $980 million, which at the midpoint is higher than analysts expectations of $966 million. Pinterest had 570 million monthly active users in the first quarter, ahead of Wall Street estimates of 565 million. First quarter sales stemming from the U.S. and Canada came in at $663 million, missing analysts estimates of $664 million. Its first-quarter Europe revenue was $147 million, topping analysts projections of $141 million. Pinterest logged $172 million in first quarter adjusted earnings before interest, taxes, depreciation and amortization, or EBIDTA, which was higher than the $164 million that Wall Street was expecting. First quarter EBIDTA margin was 20% compared to analysts expectations of 19.4%. The company recorded $1.52 in first quarter global average revenue per user, which was in line with analysts estimates. "As the macroeconomic and digital ad landscape evolves, our strategy and consistent execution has made Pinterest more resilient than ever," Pinterest CEO Bill Ready said in a statement. "The fundamentals in the business are strong and we're continuing to see healthy growth." Pinterest was the latest online advertising company to report quarterly earnings amid a rocky economy and an ongoing U.S. and China trade dispute. Although many tech companies like Meta reported solid first-quarter results, they shared some trepidation about the coming quarters and rest of the year. Meta finance chief Susan Li last week said that "Asia-based e-commerce exporters" have slashed their digital advertising spending in light of the recent ending of the de minimis trade loophole. "It's very early, hard to know how things will play out over the quarter, and certainly, harder to know that for the rest of the year," Li said on Meta's earnings call. Reddit shares jumped as high as 19% last Thursday when the company reported first-quarter earnings that beat Wall Street estimates. But after executives discussed the tough economy and Google-related search challenges during an earnings call, Reddit's receded to around 5% in after-hours trading that day. Snap reported first-quarter earnings last week that beat on sales, but the company declined to provide guidance because of macroeconomic uncertainties, which caused its stock to sink about 13%. Alphabet reported first-quarter earnings on Apr. 24 and said that its Google advertising sales rose 8.5% year over year to $66.89 billion while YouTube ad revenue increased 10% to $8.93 billion. Executives at the company then told analysts that it expects some headwinds to its core advertising business, particularly from Asia.
Yahoo
06-05-2025
- Business
- Yahoo
Tariffs Loom as Significant Factor in Social Platform Earnings Reports
This story was originally published on Social Media Today. To receive daily news and insights, subscribe to our free daily Social Media Today newsletter. One of the key themes emerging from the latest round of earnings reports from social media companies has been the projected impact of tariffs, and how the additional fees that the Trump administration is imposing on some regions will affect their bottom line. Though most are keen to avoid any discussion of tariffs specifically, after Trump reacted angrily to reports that Amazon may look to start displaying the impact of the tariffs on their item prices. Instead, Meta, LinkedIn and Snap have tried to talk around the specifics, while still warning of how they'll hit revenue intake. Meta's CFO Susan Li, for example, addressed several questions about the Trump tariffs in Meta's earnings call, and graciously sidestepped them with careful wording. 'We have reflected the change in spend from those Asia-based e-commerce advertisers already into the revenue guidance. Otherwise, there's just really a lot of puts and takes in the economic environment. So it's pretty difficult to try to parse out very specific assumptions and how they translate.' In other words Meta's bottom line will be hurt by the tariffs, with big Chinese retailers like Temu and Shein already cutting ad spend. Indeed, Temu has been Meta's single biggest advertiser over the past couple of years, spending billions in 2023 and 2024, so inevitably, reduced market demand in the U.S., due to necessarily higher prices, is going to have an impact. But Li and Meta remain confident that most of the impacts will be offset by alternative opportunities, and other advertisers filling the gaps. 'In terms of impact on the auction, we, of course, lose some revenue if large advertisers reduce spend. And that, of course, puts downward pressure on price, all things equal. But we do have a broad and diverse business. So, if some advertisers reduce their spend and prices fall, it creates an opportunity for other advertisers to step in.' The benefit for marketers, then, is that your Meta ads are about to come down in price. And with Meta's ad prices steadily creeping up, that'll be a net positive for the majority of U.S. brands. Snapchat, meanwhile, is being more cautious with its guidance, after noting that a range of advertisers have reduced their ad spend due to the Trump administration's decision to end the "de minimis" exemption, which enabled Chinese providers to proliferate, either via the big corporations or drop-shippers. The de-minimis exemption has meant that imported goods valued at less than $800 can avoid certain taxes, which has been a blessing for these same providers importing goods from China specifically. But the White House has now excluded Chinese-made imports from the exemption, as of May 2. Which, again, will reduce ad spend at social platforms as a result. As reported by The Wall Street Journal: 'Revenue at Snap, Meta Platforms and other tech giants surged by billions in recent years, in part from China-based digital advertising. Shap shares fell 20% in after-hours trading. The company declined to share formal guidance for the second quarter, and executives said the Snapchat-operator had experienced headwinds in the current quarter.' The impact, from a business standpoint, will inevitably be less revenue, but for U.S. advertisers, again, this will mean lower prices for ads, due to reduced competition for ad slots. Though, the longer that these impacts are felt, the more likely that the platforms will seek to inject more and more ads, which could also lead to problems. Ad overload can turn users off, and as the platforms seek to prop-up their revenue, there is a risk that users won't respond as favorably to over-saturated promotions. Or the platforms will invariably reduce ad standards due to lack of competition. In other words, more crypto scam ads, and more fake celebrity-endorsed meme coin promotions, making other platforms more akin to the ad chaos at X, where seemingly anything goes at the moment. That's probably a good example of the likely impact. X has lost a significant portion of its advertisers since Elon Musk took over, and as a result, its ad auctions are now flooded with low quality junk ads, that can be just as off-putting as having too many ads displayed in-stream. That also, presumably, reduces attention on, and engagement with the platform's ads overall, with users becoming more attuned to just scrolling past. Which, eventually, will also impact performance. But in terms of direct impacts for marketers, from a general perspective, the tariff pressures are likely to reduce competition within ad auctions due to big Chinese brands and drop-shippers reducing their focus on the U.S. Conversely, that could increase ad prices in other markets, as these brands look to other opportunities. But the U.S. remains their key target, and the impact will be more significant in this respect. Recommended Reading Meta Rolls Out New Tools for Creators, Including Facebook Reels Templates, Analytics, Ad Tools and More
Yahoo
02-05-2025
- Business
- Yahoo
META Q1 Earnings Call: AI Investment Drives Growth but Guidance Misses Expectations
Social network operator Meta Platforms (NASDAQ:META) reported Q1 CY2025 results topping the market's revenue expectations , with sales up 16.1% year on year to $42.31 billion. On the other hand, next quarter's revenue guidance of $44 billion was less impressive, coming in 0.9% below analysts' estimates. Its non-GAAP profit of $7.69 per share was 47.7% above analysts' consensus estimates. Is now the time to buy META? Find out in our full research report (it's free). Revenue: $42.31 billion vs analyst estimates of $41.35 billion (16.1% year-on-year growth, 2.3% beat) Adjusted EPS: $7.69 vs analyst estimates of $5.21 (47.7% beat) Adjusted EBITDA: $25.6 billion vs analyst estimates of $23.99 billion (60.5% margin, 6.7% beat) Revenue Guidance for Q2 CY2025 is $44 billion at the midpoint, below analyst estimates of $44.39 billion Operating Margin: 41.5%, up from 37.9% in the same quarter last year Free Cash Flow Margin: 24.4%, down from 27.2% in the previous quarter Daily Active People: 3.43 billion, up 190 million year on year Market Capitalization: $1.44 trillion Meta's first quarter results reflected ongoing momentum in its advertising business and the growing impact of artificial intelligence across its platforms. Management attributed the quarter's outperformance to improvements in ad targeting and creative tools powered by AI, as well as user growth on both established and emerging platforms like Threads and Ray-Ban Meta AI glasses. CEO Mark Zuckerberg pointed to AI-driven enhancements in ad performance and user engagement, saying, 'Our community keeps growing with more than 3.4 billion people now using at least one of our apps each day.' Looking ahead, management set a cautious tone regarding its revenue outlook, citing macroeconomic uncertainty and new regulatory headwinds—especially in Europe. CFO Susan Li noted that the company's second quarter guidance factored in 'reduced spend in the US from Asia-based e-commerce exporters' and potential impacts from the European Commission's Digital Markets Act. She added, 'We continue to feel good about the fundamental drivers of revenue growth,' but acknowledged that a dynamic operating environment could lead to a wider range of outcomes. Meta's management focused on how AI advancements are shaping both the user experience and the core advertising business. The leadership team also discussed progress in newer business areas and the challenges posed by regulatory changes. AI-Powered Advertising: Meta's ongoing upgrades to ad recommendation systems, such as the Generative Ads Recommendation Model (GEM), have improved ad conversion rates and enabled more advertisers to utilize AI-driven creative tools. Management highlighted that 30% more advertisers used AI creative tools in the last quarter, with a new model increasing Reels ad conversion rates by 5%. User Engagement Gains: Improvements in AI-driven recommendation systems drove higher user engagement across platforms. Time spent on Facebook increased 7%, Instagram 6%, and Threads 35% over the past six months. Threads now has over 350 million monthly active users, signaling traction as a new social platform. Business Messaging Growth: Meta continued to expand business messaging capabilities, especially on WhatsApp. While business messaging already drives revenue in certain markets, management believes AI will play a key role in making these tools viable in higher-cost markets over time. AI Glasses and Reality Labs: Sales of Ray-Ban Meta AI glasses tripled year-on-year, and new features like live translation were rolled out. However, Reality Labs remains a source of significant investment and operating losses, as Meta continues to prioritize scale and product development over near-term profitability. Regulatory and Market Dynamics: Management acknowledged regulatory risks in the European Union, where new requirements under the Digital Markets Act could negatively impact user experience and revenue beginning as early as the third quarter. They are appealing the decision but preparing for potential changes to their subscription model. Meta's management expects future performance to be shaped by continued investment in AI, evolving regulatory requirements, and the company's ability to deepen monetization across its platforms. AI Infrastructure and Product Rollout: Meta is increasing capital expenditures to accelerate data center and compute capacity, aiming to support both core ad products and new AI-driven experiences. Management believes additional investment will be necessary to meet rising internal demand for AI resources. Regulatory Uncertainty: The company faces potential revenue headwinds from regulatory changes, particularly in Europe. Management warned that modifications to comply with the Digital Markets Act could reduce engagement and monetization in affected regions. Business Messaging and New Monetization Streams: Meta is working to scale business messaging tools and AI agents for small businesses. Management views these products as incremental to current advertising revenue and critical for long-term growth, especially as messaging becomes more deeply integrated into commerce. Brian Nowak (Morgan Stanley): Asked about Meta's advancements in large language models (LLMs) and Meta AI user traction. CEO Mark Zuckerberg emphasized the focus on low-latency, personalized AI and context window length, noting, "We are building out the leading infrastructure and teams that we need." Eric Sheridan (Goldman Sachs): Inquired about the rationale for a standalone Meta AI app versus integration within existing apps. Zuckerberg said the standalone app is aimed at providing more immediate access, especially in the U.S. where WhatsApp is less dominant. Justin Post (Bank of America): Questioned the impact of e-commerce supply issues on guidance and the return on large capital expenditures. CFO Susan Li cited uncertainty in Asia-based e-commerce spend and stressed that CapEx is directed at maintaining leadership in AI infrastructure. Doug Anmuth (JPMorgan): Sought clarification on the breakdown of CapEx increases and the potential for partnership in funding AI infrastructure. Li explained that higher hardware costs and accelerated data center builds are main drivers, but Meta remains the primary funder of its AI training infrastructure. Youssef Squali (Truist Securities): Asked about the competitive landscape for AI chatbots and the financial impact of European regulatory actions. Zuckerberg discussed personalization and multimodal capabilities as Meta AI's differentiators, while Li acknowledged it is too early to quantify the regulatory impact but noted European ad revenue represents 16% of 2024 totals. In the coming quarters, our team will be watching (1) how Meta executes on scaling its AI infrastructure and rolls out new AI-driven ad and messaging features, (2) the evolution of regulatory developments in Europe and their effect on user engagement and revenue, and (3) whether new monetization efforts in business messaging and AI-powered products gain meaningful traction. Progress in Reality Labs and uptake of Meta AI's standalone app will also be closely monitored as indicators of longer-term strategic success. Meta currently trades at a forward EV/EBITDA ratio of 13×. In the wake of earnings, is it a buy or sell? Find out in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 175% over the last five years. Stocks that made our list in 2019 include now familiar names such as Nvidia (+2,183% between December 2019 and December 2024) as well as under-the-radar businesses like Comfort Systems (+751% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Indian Express
02-05-2025
- Business
- Indian Express
Big Tech's Q1 2025 earnings: Do they confirm fears of a pullback in AI spending?
Big Tech companies Meta, Microsoft, and Google posted stronger-than-expected earnings to start the year, while Amazon and Apple, in their earnings reports, warned that tariffs could weigh on their businesses. The results were closely watched as analysts had flagged early signs that some tech giants may be scaling back their data centre expansions. However, jittery investors might be reassured to know that the momentum behind AI spending continued in the first quarter of 2025. That said, the picture is not exactly clear, as Microsoft reported a slight dip in its capital expenditures (capex). The economic uncertainty sparked by US President Donald Trump 's trade war, including 145 per cent tariffs on China, has also left some tech CEOs to be more cautious about the rest of the year. Meta Meta stock climbed 4.2 per cent in extended trading on Wednesday, April 30, after the company reported financial results for Q1 FY2025. The company's capex for the quarter ended March 31, was $13.69 billion, down from $14.84 billion from the previous quarter. However, Meta increased its projected capital expenses for 2025 to between $64-$72 billion. Initially, the company had said it plans to spend as much as $65 billion this year. The increase to the capex forecast reflects Meta's decision to rapidly prepare data centre capacity to support its AI efforts. The potential impact of tariffs on the cost of hardware exports was also said to be a factor in the decision, according to Susan Li, Meta's chief financial officer. The increased outlays could help allay concerns among investors about waning interest in AI. These concerns had emerged in March this year, after analysts had pointed out that big tech companies like Microsoft might be holding back on investing in new data centres. 'The pace of progress across the industry and the opportunities ahead for us are staggering. I want to make sure that we're working aggressively and efficiently, and I also want to make sure that we are building out the leading infrastructure and teams,' Meta CEO Mark Zuckerberg told investors on the earnings call. He also revealed that nearly one billion people are using Meta's AI assistant on a daily basis. The company had reported 700 million monthly users of Meta AI in January. It also launched a standalone Meta AI app earlier this week. Meta is further planning on using AI to improve ad targeting and recommendations to its social media users. This comes after it said that AI tools helped boost the company's advertising revenue this quarter. Beating analyst estimates, Meta reported revenue of $42.31 billion for the first quarter of 2025 and profit of $6.43 per share. Microsoft Microsoft stock rallied 7.6 per cent in after-hours trading on Wednesday, April 30, after the tech giant reported its financial results for Q3 FY2025. Microsoft reported spending $21.4 billion on capital expenses in the first three months of 2025, down more than $1 billion from the previous quarter. This is the first time after ten consecutive quarters that the tech giant did not report an increase in AI-driven spending. The pullback suggests that the company may be starting to apply more discipline to its AI spending. Microsoft further projected spending more than $85 billion on capex in its current fiscal year ending in June. On the earnings call with investors, Microsoft CEO Satya Nadella said that the demand for its cloud and AI offerings remained strong. 'Cloud and AI are the essential inputs for every business to expand output, reduce costs and accelerate growth,' he said. In February, investment bank TD Securities said that Microsoft had pulled out of some contracts for data centres that were tied to projects the company sought to build for its partner, OpenAI. This had triggered concerns among investors of a slowdown in AI infrastructure spending post-DeepSeek. In response, Nadella said on Wednesday, 'The reality is we've always been making adjustments to build, lease, what pace we build all through the last whatever, ten, fifteen years. It's just that you all pay a lot more attention to what we do quarter over quarter nowadays. Having said that, the key thing for us is to have our build and lease be positioned for what is the workload growth of the future.' 'I need power in specific places so that we can either lease or build at the pace at which we want,' he added. The software giant said that strength in its cloud computing and AI businesses drove its sales past $70 billion, up 13 per cent from the same period a year earlier. It reported profits of $25.8 billion, up by 18 per cent. Apple Apple shares fell as much as four per cent in extended trading after the iPhone-maker reported its second fiscal-quarter earnings on Thursday, May 1. During the quarter, Apple said it was delaying the roll out of key AI features first announced at the company's developer conference held last year. It said that AI improvements to its voice assistant Siri have been delayed to 2026. 'We need more time to complete our work on these features so they meet our high quality bar,' Apple CEO Tim Cook said on an earnings call with analysts. On the trade war between US and China, Apple said it expects to take a $900-million hit to its costs for the current quarter due to the tariffs imposed by the Trump administration on China — assuming that no new tariffs are imposed or other such major changes take place. 'We will manage the company the way we always have with thoughtful and deliberate decisions, with a focus on investing for the long term and with dedication to innovation and the possibilities it creates. As we look ahead, we remain confident,' Cook said on the call. Importantly, he confirmed reports that 50 per cent of iPhones sold in the US are being imported from India, and most of its other products for the US are coming from Vietnam. These countries face lower tariffs as compared to China. However, Cook said that the 'vast majority' of Apple products for other countries are manufactured in China. The company posted quarterly revenue of $95.4 billion, up 5 per cent year-over-year, and $24.78 billion in quarterly profit, a four per cent increase from a year ago. Google Google parent Alphabet's stock rose by 1.7 per cent after it reported results for the first quarter of 2025 on Friday, April 24. The tech giant said it spent $17.20 billion in capital expenditures in the quarter, a 43 per cent jump from the same period a year earlier. It also reaffirmed its $75 billion outlay for the year, indicating that it will be ramping up capital spending to boost AI infrastructure this year. Alphabet's results also showed returns in Google's crucial ad business, downplaying any impact from global economic uncertainty and reassuring tech investors anxious about its investments in AI. Google's core ad business accounted for 75 per cent of its total revenue of $90.23 billion. It saw an 8.5 per cent increase to $66.89 billion in the quarter, beating analyst estimates of a 7.7 per cent rise. During the earnings call with investors, Alphabet said that it was too soon to calculate the total impact of tariffs on its ads business. 'The changes to de minimis exemption will obviously cause a slight headwind to our ads business in 2025, primarily from APAC (Asia Pacific)-based retailers,' Google's business chief, Philipp Schindler, said, referring to US President Donald Trump's decision to end a trade rule that allowed items worth up to $5 to enter the US from China and Hong Kong free of duties. 'We continued to see healthy growth and momentum across the business, including AI powering new features. In Search, we saw continued double digit revenue growth. AI Overviews is going very well with over 1.5 billion users per month, and we're excited by the early positive reaction to AI Mode. There's a lot more to come,' Google CEO Sundar Pichai said in a statement. The search giant posted earnings of $90.23 billion in revenue, a 12 per cent increase year over year. Alphabet reported a profit of $2.81 per share for the January-March quarter. These results were reported at a time Google is facing threats of a breakup of its core search and advertising businesses after losing two antitrust cases in the US. Amazon Amazon's shares fell more than two per cent in after-hours trading after the company announced its financial results for the first quarter of 2025 on Thursday, May 1. In the first fiscal quarter, Amazon reported that it spent more than $24 billion in capex, higher than the $14.92 billion spent in the same period in 2024. Most of the capex spending went towards the expansion of infrastructure for Amazon Web Services (AWS), its cloud computing arm. Companies are increasingly relying on AWS for agentic AI services. 'Before this generation of AI, we thought AWS had the chance to ultimately be a multihundred-billion dollar revenue run rate business. We now think it could be even larger,' Amazon CEO Andy Jassy said on Thursday's call with investors. 'If you believe your mission is to make customers' lives easier and better every day, and you believe that every customer experience will be reinvented with AI, you're going to invest very aggressively in AI, and that's what we're doing,' he further said. 'You can see that in the thousand-plus AI applications we're building across Amazon…. and you can see that in the building blocks AWS is constructing for external and internal builders to build their own AI solutions,' he added. Amazon reported strong AWS sales growth of $29.3 billion, up from 17 per cent, during the fiscal first quarter. Jassy also said that Amazon would do everything it could to keep prices low amid the US-China trade war. 'When there are uncertain environments, customers tend to choose the provider they trust most. Given our really broad selection, low pricing, and speedy delivery, we have emerged from these uncertain eras with more relative market segment share than we started, and better set up for the future,' he said. The company posted a nine per cent increase in revenue to $155.7 billion, up from $143.3 billion from the year-ago period. It reported net profit of $17.13 billion up from $10.43 billion in Q1 of 2024.
