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This Week’s Earnings Stars

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Covid Earnings Stock Market

On Friday, all three major averages were punished. Most notably, the Dow plunged more than 400 points with the absence of another round of fiscal stimulus. Friday’s selloff placed stocks at their worst week since March. An encouraging rise in demand for products and services was offset by weak guidance from Big Tech, namely Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG, NASDAQ: GOOGL) and Facebook (NASDAQ: FB) which pulled all of tech down. But, this week could bring a piece of good news as it will answer some very important questions.

Can PayPal dominate the payment field?

Wall Street expects PayPal (NASDAQ: PYPL) to earn 94 cents per share on revenue of $5.43 billion, as opposed to the same quarter last year when earnings were 61 cents per share on revenue of $4.38 billion. The main question that PayPal will be asked to answer is whether it is poised for dominance in the new digital payments era. In October, PayPal entered the Bitcoin field as it introduced its “Crypto Currencies Hub” to U.S., besides Hawaii, as part of its strategy to expand into other payment options. Its CEO Dan Schulman defined a goal of 1 billion users transacting on PayPal on a daily basis.

Can Qualcomm continue its winning streak?

The chipmaker has recorded a strong streak as it exceeded estimates by 15.42%, on average during its latest two reports. Wall Street expects this to still be the case with a YoY increase in earnings due to higher revenues. Qualcom (NASDAQ: QCOM) will reports results for the quarter ended in September 2020 on November 4.

Can Alibaba insulate itself from political tensions and competitors?

The Chinese e-commerce giant is set to report its second-quarter earnings on November 5th. In its last reported quarter, Alibaba (NASDAQ: BABA) delivered an earnings surprise of 6.6% but its overall surprise history is even more impressive. It surpassed estimates in all the trailing four quarters, with an average surprise of 22.1% as it has been continuously devoted to add value both to its consumers and sellers. It enhanced its consumer segment, product enrichment, as well as platform innovations. This strategy is expected to have expanded the customer base and strengthened top-line growth, along with cloud computing. However, political tensions might have weighed on the company’s international growth.

Moreover, increasing competition from companies such as Amazon.com Inc. (NASDAQ: AMZN) and JD.com Inc (NASDAQ: JD) as well as deceleration of growth in the e-commerce market, both domestically and internationally, might have impacted its earnings in the soon-to-be-reported quarter.

Can Roku alleviate valuation concerns?

Despite consistently outperforming expectations, concerns remain about Roku’s (NASDAQ: ROKU) valuation despite the streaming player’s unique business model. Roku’s ad-driven streaming business is poised to sustain its growth as Apple’s (NASDAQ: AAPL) Apple TV+ and Disney’s (NYSE: DIS) Disney+, among others, have been added to its platform. On Thursday, Roku is expected to alleviate these concerns by demonstrating ad pricing power, and a sustainable strategy towards achieving profitability.

Can Peloton sprint by estimates?

Investors are wondering whether Peloton (NASDAQ: PTON) will manage to sprint by expectations yet again on November 5. Last quarter, it crushed Wall Street’s estimates for both the top and bottom lines, as the COVID-19 pandemic continued to provide a powerful catalyst for growth. While the market assumes Peloton is well-positioned to disrupt the fitness industry through its at-home connected fitness subscription platform, valuation concerns have emerged. Last week, its stock has dropped 10% last week and managed to offset most of its gains from its record Q2 results. But in 2020, its shares have gained 331% until October 23, whereas the market has returned only 8.9% over the same period. The maker of connected home-exercise equipment is heading into its 2021 fiscal first quarter on a good note.

The trifecta: presidential election, pandemic and fiscal stimulus

Aside from the COVID impact where there’s a surge in cases both in the US and the EU, with France and Germany already in their second lockdown this year, investors are worried about two more things: the outcome of the presidential election and the additional fiscal stimulus. And unfortunately, this week there is no hope that either of those three topics will have a positive outcome.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

BenzingaEditorial

News From the EV World

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EV news keeps on coming. After leading companies like Tesla (NASDAQ:TSLA), General Motors (NYSE:GM) and NIO (NASDAQ:NIO) now Subaru Corporation (OTC: FUJHY) has finally hopped on the EV train by officially releasing a few of teaser images of its first electric car that will be powered by the platform it has been co-developing with fellow Japanese automaker Toyota Motors (NYSE: TM). Renown tonneau cover designer and manufacturer that brought its revolutionary solar fusion TerraVis to the EV table, Worksport Ltd (OTC: WKSP) has announced this morning it entered pre-production and testing phase with TerraVis COR mobile energy storage system with which it’ll tap into a wider consumer market.

Subaru’s first EV

No pricing or specs have been released but the Solterra EV will be coming to the US, Canada, Europe, and Japan in 2022.  Like its automotive peers, the Japanese automaker will use its first electric vehicle as a clean slate to refresh the way it designs the interior of its vehicles. Solterra was created from two Latin words, “Sol” standing for the ‘Sun’ and “Terra” standing for the ‘Earth’ to represent the automaker’s commitment to deliver traditional SUV capabilities in a way that is in harmony with the environment, which does sound refreshingly harmonic for corporate naming conventions. Like other vehicles that will be built on this platform which Toyota calls the e-TNGA and Subaru calls e-Subaru, Subaru’s first EV will benefit from its expertise in creating good all-wheel drive systems and Toyota’s mastery in developing battery technology for its hybrids. Solterra certainly seems more pleasing to the eyes than “BZ4X,” the first SUV Toyota will build on this shared platform that is also due out next year.

Worksport’s TerraVis COR has entered the production prototype phase

After signing deals with Atlis Motor Vehicles and Hercules Electric Vehicles to configure its groundbreaking TerraVis™ system for their upcoming electric pickups and the company’s most recent news about the expansion of its manufacturing capacity and Private Label customer base, Worksport reported it has entered the pre-production and testing phase of its mobile energy storage system, TerraVis COR.

In the coming weeks, the company will soon launch a TerraVis™ website to provide more information on this revolutionary line. TerraVis COR™’s first pre-production prototype is expected to be ready during the early stages of the third quarter. It will be fully operational and is expected to reflect the final product that will be commercially available by the end of the year. However, extensive testing is required to receive certifications for it to become a commercially viable global product. This independent mobile energy system is the ideal integration of user-friendly simplicity with clever and multi-dimensional functionality. It is an extension to its TerraVis line that will allow the company to go beyond pickup trucks and tap into a wider consumer market, appealing to any everyday consumer who needs mobile power- and that is pretty much everyone.

Worksport is also in in the process of getting its uniquely designed sold through several large, automotive-focused, online retailers to expand its footprint nationally.  Simultaneously, discussions are being held with various distribution channels to get the company’s innovative branded products in many brick-and-mortar stores in the coming year as the company is working diligently towards becoming a household brand known for its unique offering of affordable leading-edge technology that enhances everyday lives.

New EV models are coming, the world’s first electric pickup will see the light of the day this year with exciting technology developments also on the way as after all, EVs are more about software than hardware.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Ride-hailing Seems To Be Making a Comeback But Drivers Seem Hesitant

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Last week, Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) showed they are seeing improvement in ride hailing that was strangled by the COVID-19 pandemic.

Uber was saved by its food delivery business

Uber’s first-quarter results come after it announced March was the best month in the company’s nearly 12-year history, as its mobility business reported the most bookings since the start of the pandemic and delivery demand exceeded driver supply.

Q1 figures

Revenue for the quarter came in at $2.9 billion which was below analysts’ estimates. Uber had to deal with a $600 million UK charge, which is merely a glimpse of the costs it could face if it were it is forced to treat its US gig workers as employees. This time, it had to settle with its more than 70,000 UK drivers. During the first quarter, Uber had 3.5 million active drivers and food-delivery workers on its platform, the majority of whom work in the United States.

Excluding that charge, Uber reported $3.5 billion in revenue, up 8 per cent YoY. As has been the case for most of the pandemic, its delivery division accounted for the bulk of sales, at $1.7 billion, a 230% increase from the first quarter of 2020. A one-off, $1.6 billion windfall from the sale of its self-driving division helped the company come within touching distance of a profitable quarter, recording a net loss of $108 million, compared with $2.9 billion in the same quarter a year ago.

Uber recorded $19.5 billion in gross bookings which is the total value of all transactions, marking a 24 per centincrease compared to the same period last year which was marked by the early days of the pandemic.

Uber’s preferred measure of performance and the one it promised to be profitable on by the end of the year, adjusted EBITDA, also came in ahead of analysts’ expectations, with a $359 million loss, 41 per cent better than a year ago.  Narrowing losses by nearly $100 million from the previous quarter, it is important to note this figure excludes one-time costs such as stock-based compensation.

Ride-hailing improvements

In April, Uber’s gross ride-share bookings in the US increased 5 per cent month on month. Also, executives shared data from two of its largest markets for rides and delivery, namely Sydney and New York, that revealed delivery gross bookings were still elevated even after reopenings, which boosted rideshare demand. Uber recorded 98 millionactive users, whether for rides or food which is a 5 per cent increase from the previous quarter but 5 per cent lower than the same period last year.

Incentives for drivers

In addition to distributing free personal protective equipment, Uber announced last month it would spend $250 million as a one-time stimulus to get drivers who are hesitant to ferry passengers over food back on the road.

Lyft’s first quarter results exceeded expectations

Lyft is handing out similar incentives as it will use its cut from elevated pricing to fund investments to bring back more drivers. But, unlike Uber, it managed to beat on the top and bottom lines and exceeded Wall Street’s rider expectations for its first quarter.

Purely ride-hailing company generated $609 million of revenue that resulted in a loss per share of 35 cents. After deducting $180.7 million of stock-based compensation and related payroll tax expenses, net loss for the quarter amounted to $427.3 million whereas net loss margin was 70.2%. One year ago, it amounted to 41.7%.

Adjusted EBITDA loss was $73 million whereas the adjusted EBITDA loss margin was 12%, compared to 8.9% in the same quarter in 2020 and 26.3% in the previous quarter, fourth quarter of 2020.

It is important to highlight that YoY comparisons don’t adequately show the company’s progress since Covid-19 pandemic took hold of the world and severely restricted travel. For example, revenue is down 36% YoY but it increased 7% from the fourth quarter.

Outlook

Lyft reaffirmed its expectation that it will reach sustained adjusted profits on an adjusted EBITDA basis by the third quarter of the year. It also issued guidance for its second quarter, with revenue expected in the range between $680 million and $700 million, which is a 12% to 15% increase quarter over quarter and YoY growth between 100% and 106%. Adjusted EBITDA loss is expected in the range between $35 million and $45 million.

Strategic move to advance the profitability timeline

Lyft sold off its self-driving car unit to a subsidiary of Toyota Motor (NYSE: TM), Woven Planet, for $550 million in cash. This deal is great news for its profitability timeline as it is expected to eliminate $100 million of annualized non-GAAP operating expenses on a net basis.

Outlook – driver supply shortage

Although recovery will take time, as Covid vaccines roll out, state restrictions are lifted, and people feel more comfortable returning to work or traveling, transit companies are slowly showing signs of recovering. Moreover, Uber is confident that its business will benefit from the complementary nature of two of its large core opportunities even in a post-pandemic world as it intertwined its ride-hailing app with its delivery business.

With a resurgence in users, both companies are facing a growing need for more drivers. Lyft executives said they expect issues around supply and demand to continue in the second quarter and ease in the third. Uber executives expect ride-hailing business to bounce back as vaccinations pick up but they also acknowledged the business isfacing the same imminent challenge: not enough drivers.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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Worksport Enters Pre-Production & Testing Phase with TerraVis COR: Mobile Energy Storage System

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WKSP

TORONTO, May 13, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is updating its investors, shareholders, and supporters about its ground-breaking TerraVis COR mobile energy storage system. The Company has completed the final designs for TerraVis COR. As a result of overwhelming international demand, Worksport will soon be launching a new TerraVis specific website that we will be providing more information about in the coming weeks.

TerraVis COR has entered the production prototype phase with the first pre-production prototype expected to be ready by early Q3, 2021. The prototype system(s) will be fully operational and is expected to mirror that which will be commercially available at the turn of the year, barring any drastic changes warranted from results of the complete testing process. Please note that this extensive testing is required to receive certifications that go beyond North American’s mandated requirements and will make TerraVis COR a commercially viable global product.

Worksport CEO Steven Rossi comments, “My team and I are delighted to be at the stage where we can showcase our TerraVis COR system. We believe the system is the ideal integration of user-friendly simplicity with clever, multi-dimensional, complex function, creating an intriguing, robust, practical, and mobile energy storage product for the everyday consumer. We believe the TerraVis COR system is going to be a truly unique product, the first of its kind. We expect that as the broader global markets experience this ultra-functional modular, portable, energy storage and deployment system, demand will be extraordinary.”

WKSPOne more development: Worksport is in in the process of getting its uniquely designed, branded products, sold through several large, automotive-focused, online retailers which is expected to expand the Company’s footprint on the national scale. At the same time, discussions are being held with various distribution channels to get Worksport’s innovative branded products in many brick-and-mortar stores in the coming year.

Rossi concluded, “Worksport is working diligently to become a household brand known for its unique combination of leading-edge technology with every-day use. The TerraVis COR system is huge step for the growth of this brand as it epitomizes the combination of sophistication and simplicity. We expect it to be a massive revenue stream, supplementing the solid foundation as the business journeys back to profitability and beyond.

Worksport will update shareholders on new Intellectual Property, TerraVis Pre-Order Site, and a global launch of the TerraVis COR soon, among other forthcoming updates.

To stay up-to-date on all the latest Worksport news, investors, shareholders, and supporters are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com and www.goterravis.com. Worksport will continue to update investors, shareholders, and supporters to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. as well as consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity. The modular, redefining Worksport TerraVis tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker – for work and play – to sustainably supply extra energy for those additional miles. Its allied TerraVis COR mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs. For more information, please visit www.worksport.com and www.goterravis.com.

Connect with Worksport: 

LinkedIn

Facebook

Twitter

Instagram

For additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd
T: 1-(888) 506-2013
E: investors@worksport.com

Forward-Looking Statements

The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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