April 25, 2024 • 5 mins
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Speaker 1 (00:01):
News when you wanted with Bloomberg News Now, I'm Brian
Curtis in Hong Kong. Meta Platforms reported revenue for the
latest quarter in line with estimates, but increased its spending
estimates for the year. It also projected second quarter sales
below expectations. The stock fell fifteen percent in late trading.
At the same time, Meta's report came as President Biden
(00:23):
signed a bill that would force TikTok to be sold
by its parent or face a ban. Angelo Zeno from
CFRA Research says a ban would help Meta expand its
user base.
Speaker 2 (00:34):
We also do have to see what happens with TikTok
here over the next year, so that could potentially help
their business improve engagement levels. They've been able to see
some improvement with reels kind of here over the last
couple of quarters, but when you look at some of
the gen z population there, it is all kind of TikTok.
It's snap out there.
Speaker 1 (00:52):
Meta said it's too early to assess the law's impact
on its business. Sk heinez has logged its fastest pace
of revenue expansions at least twenty ten. Heinex reported strong
sales of high end memory chips used to power AI applications.
Tom Kang at Counterpoint says he's expecting a record breaking
year for the company.
Speaker 3 (01:12):
We see more to come in the second, third, fourth
because HPM it's fully sold out for this year. As
soon as sk Heinex manufactures more, the clients will be
in line to get it. So we're thinking about sixty
one to sixty two trillion for the full year, and
the profit margins will be also very high. It will
be above twenty percent of our view, so about twenty
(01:35):
two percent profit margin for this year.
Speaker 1 (01:37):
That's Tom Kang. Sales at s k Heinex more than
doubled to nine billion dollars in the March quarter, beating expectations.
The company is planning to build a fourteen point six
billion dollar ship facility in South Korea to meet AI demand.
US Secretary of State Anthony Blincoln is set to begin
several days of very tense talks in China. Bloomberg's Join
(01:59):
Wong has more from Hong Kong.
Speaker 4 (02:01):
Officials say Lincoln will press Beijing on issues including china
support for Russia and industrial overcapacity. Also on the agenda
are Beijing's claims over Taiwan and activities in the South
China Sea, Lincoln will hold talks with senior Communist Party
officials in Shanghai today. He'll then head to Beijing for
a final day of meetings, including a possible face to
(02:22):
face with President Chijing Ping. The trip comes as new
US sanctions loom and just after President Biden called China xenophobic.
Our reporting suggests Lincoln is unlikely to walk away from
meetings this week with any big breakthroughs in Hong Kong
join Wang Bloomberg Radio.
Speaker 1 (02:39):
An Arizona grand jury has indicted Mark Meadows, Rudy Giuliani,
and the slew of other top Trump aids. This is
on felony charges related to alleged efforts to subvert Joe
Biden's victory in twenty twenty. The Washington Post says seven
attorneys and aids affiliated with Trump's presidential campaign are included,
(03:00):
so are eleven Arizona Republicans. They're accused of trying to
award the state's selectoral votes to Trump instead of Biden
after the twenty twenty pole. President Biden has signed a
ninety five billion dollar national security package. The law includes
a measure that could ban TikTok in the US by
next year. That's unless its Chinese owner, Bike Dance sells it.
(03:23):
Supporters say their goal is not to remove the video app.
TikTok Ceo show Chew is responding to that with a
TikTok of his own.
Speaker 5 (03:32):
Make no mistake, this is a ban, a ban on TikTok,
and a ban on you and your voice. Politicians may
say otherwise, but don't get confused. Many who sponsored the
bill admit a TikTok ban is the ultimate goal.
Speaker 1 (03:45):
Show Chow says the company will fight the measure in court.
The Arizona House has voted to repeal the state's eighteen
sixty four abortion law. Bloomberg's Ed Baxter has the story.
Speaker 6 (03:57):
The almost complete ban on abortion only to save the
mother's life could go into effect as early as June
eighth if it isn't repealed. Republicans have narrow majorities in
both chambers, but recent uproars have obviously changed some minds,
and so in the House. The state Senate could take
up the repeal vote next week. Two Republicans already say
(04:18):
they are supporting it. Governor Katie Hobbs has been urging
the repeal. Now this will add to the heat of
the issue nationally politically at Baxter Bloomberg Radio.
Speaker 1 (04:29):
Tomorrow, the US Supreme Court will hear arguments to determine
whether former presidents are immune from criminal prosecution for acts
they took while in office. The case will determine if
former President Trump could face a trial in federal court
that would be to face charges he incited the January
sixth Capitol riot. Trump argues the constitution gives presidents absolute
(04:52):
immunity from prosecution over official actions. Previously, two lower courts
ruled against Trump. Both ruled the he was seeking something
that could not be found in the Constitution. The case
is one of four prosecutions hanging over Trump. He has
also claimed presidential immunity in those cases, even though many
of the allegations involve alleged conduct when he was a
(05:14):
private citizen. That's news when you want it. With Bloomberg
News Now. I'm Brian Curtis. This is Bloomberg
News when you wanted with Bloomberg News Now, I'm Brian
Curtis in Hong Kong. Meta Platforms reported revenue for the
latest quarter in line with estimates, but increased its spending
estimates for the year. It also projected second quarter sales
below expectations. The stock fell fifteen percent in late trading.
At the same time, Meta's report came as President Biden
(00:23):
signed a bill that would force TikTok to be sold
by its parent or face a ban. Angelo Zeno from
CFRA Research says a ban would help Meta expand its
user base.
Speaker 2 (00:34):
We also do have to see what happens with TikTok
here over the next year, so that could potentially help
their business improve engagement levels. They've been able to see
some improvement with reels kind of here over the last
couple of quarters, but when you look at some of
the gen z population there, it is all kind of TikTok.
It's snap out there.
Speaker 1 (00:52):
Meta said it's too early to assess the law's impact
on its business. Sk heinez has logged its fastest pace
of revenue expansions at least twenty ten. Heinex reported strong
sales of high end memory chips used to power AI applications.
Tom Kang at Counterpoint says he's expecting a record breaking
year for the company.
Speaker 3 (01:12):
We see more to come in the second, third, fourth
because HPM it's fully sold out for this year. As
soon as sk Heinex manufactures more, the clients will be
in line to get it. So we're thinking about sixty
one to sixty two trillion for the full year, and
the profit margins will be also very high. It will
be above twenty percent of our view, so about twenty
(01:35):
two percent profit margin for this year.
Speaker 1 (01:37):
That's Tom Kang. Sales at s k Heinex more than
doubled to nine billion dollars in the March quarter, beating expectations.
The company is planning to build a fourteen point six
billion dollar ship facility in South Korea to meet AI demand.
US Secretary of State Anthony Blincoln is set to begin
several days of very tense talks in China. Bloomberg's Join
(01:59):
Wong has more from Hong Kong.
Speaker 4 (02:01):
Officials say Lincoln will press Beijing on issues including china
support for Russia and industrial overcapacity. Also on the agenda
are Beijing's claims over Taiwan and activities in the South
China Sea, Lincoln will hold talks with senior Communist Party
officials in Shanghai today. He'll then head to Beijing for
a final day of meetings, including a possible face to
(02:22):
face with President Chijing Ping. The trip comes as new
US sanctions loom and just after President Biden called China xenophobic.
Our reporting suggests Lincoln is unlikely to walk away from
meetings this week with any big breakthroughs in Hong Kong
join Wang Bloomberg Radio.
Speaker 1 (02:39):
An Arizona grand jury has indicted Mark Meadows, Rudy Giuliani,
and the slew of other top Trump aids. This is
on felony charges related to alleged efforts to subvert Joe
Biden's victory in twenty twenty. The Washington Post says seven
attorneys and aids affiliated with Trump's presidential campaign are included,
(03:00):
so are eleven Arizona Republicans. They're accused of trying to
award the state's selectoral votes to Trump instead of Biden
after the twenty twenty pole. President Biden has signed a
ninety five billion dollar national security package. The law includes
a measure that could ban TikTok in the US by
next year. That's unless its Chinese owner, Bike Dance sells it.
(03:23):
Supporters say their goal is not to remove the video app.
TikTok Ceo show Chew is responding to that with a
TikTok of his own.
Speaker 5 (03:32):
Make no mistake, this is a ban, a ban on TikTok,
and a ban on you and your voice. Politicians may
say otherwise, but don't get confused. Many who sponsored the
bill admit a TikTok ban is the ultimate goal.
Speaker 1 (03:45):
Show Chow says the company will fight the measure in court.
The Arizona House has voted to repeal the state's eighteen
sixty four abortion law. Bloomberg's Ed Baxter has the story.
Speaker 6 (03:57):
The almost complete ban on abortion only to save the
mother's life could go into effect as early as June
eighth if it isn't repealed. Republicans have narrow majorities in
both chambers, but recent uproars have obviously changed some minds,
and so in the House. The state Senate could take
up the repeal vote next week. Two Republicans already say
(04:18):
they are supporting it. Governor Katie Hobbs has been urging
the repeal. Now this will add to the heat of
the issue nationally politically at Baxter Bloomberg Radio.
Speaker 1 (04:29):
Tomorrow, the US Supreme Court will hear arguments to determine
whether former presidents are immune from criminal prosecution for acts
they took while in office. The case will determine if
former President Trump could face a trial in federal court
that would be to face charges he incited the January
sixth Capitol riot. Trump argues the constitution gives presidents absolute
(04:52):
immunity from prosecution over official actions. Previously, two lower courts
ruled against Trump. Both ruled the he was seeking something
that could not be found in the Constitution. The case
is one of four prosecutions hanging over Trump. He has
also claimed presidential immunity in those cases, even though many
of the allegations involve alleged conduct when he was a
(05:14):
private citizen. That's news when you want it. With Bloomberg
News Now. I'm Brian Curtis. This is Bloomberg
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