The deep dive
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Abu Dhabi’s got it goin’ on MENA
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Business is booming in Abu Dhabi this quarter!
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Abu Dhabi-listed Dana Gas’s net profit more than doubled compared to 2021’s first quarter. The natural gas company saw revenues increase from $23.95m last year to $54m, thanks to higher energy prices.
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Al Yah Satellite Communications Company (Yashat) similarly gained some wins. The Abu Dhabi-based company posted a 26% profit increase, from the same quarter in 2021, to hit $20m.
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Abu Dhabi’s investment holding companies are also seeing greens coming in. Newly-listed Alpha Dhabi Holding posted a net profit of $773m, a $27m jump from last year. Last but not least, investment management firm Waha Capital saw a 32% YoY increase in net profit.
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Why it matters
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Rising oil prices and strong investment picks across healthcare, real estate, construction, and industrial sectors have been winning factors for these companies.
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Slack gets company INTL
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Salesforce (CRM) is taking over companies in the name of its subsidiaries, namely popular work-communication software Slack. Though not all details of the acquisition have been released, Troops' integration into Slack has been confirmed.
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The American cloud-based software company announced its plan to acquire New York-based Troops.ai. The bot-based addition to Slack would help “customer-facing teams handle routine tasks and actions faster” to allow more time spent with customers and prospects.
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Why it matters
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Sales numbers matter no matter the industry, or economic cycle. And so, providing additional tools to support this process into already-popular software seems like a sound move for Salesforce.
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Ready, set, gaming earnings! INTL
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The gaming industry is in a split with this quarter’s reports.
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Roblox (RBLX)'s earnings have fallen below expectations as its bookings dropped 3% to $631.2m. Its stock dropped by 10% as a result, even though overall revenue increased to $537.1 million (a 39% increase YoY).
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In brighter news, popular Battle Royale creator Electronic Arts (EA) posted better-than-expected revenues. Banking off its Apex Legends, Sims 4, and EA Sports games like FIFA Ultimate Team, the California-based video game company hit $1.2b in revenues (a 4.5% increase). The console-based game franchise highlighted its wins against mobile-based, free-to-play games.
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Why it matters
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Who's winning the gaming industry? As demand grows, console makers, Sony and Nintendo warn of an impending chip shortage with “no end in sight”.
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What else you need to know
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- Peloton (PTON) shares are tumbling: The fitness-equipment maker has had to take a $740m loan after blowing through $757m last quarter.
- Netflix (NFLX) has given in: In response to its massive subscriber loss, the company will launch an ad-supported option this year, as well as fees for sharing passwords.
- Fox (FOX)'s revenues are up: The mass media company posted quarterly revenues of $3.4b (a 7% jump YoY), citing its distribution and advertising as drivers.
- Music sounds better with Warner Music Group (WMG): This quarter, the music group brought in $1.4b, a 10% increase from Q2 2021.
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What we’re listening to
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We're listening to Scott Galloway and Kara Swisher round up the "market madness" on this latest podcast episode of Pivot.
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