edward7979的个人主页 - 老虎社区

edward7979

edward7979

speculative jnvestor

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2021-11-25

Taxi driver. Watch out

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2021-11-25

Overvalued stock zoom, the competitor will catch up.

Zoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote>

2021-11-25

I have already bought my share GLBE

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2021-11-25

Inflation is coming next year

The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>

2021-11-25

$WINDMILL GP(01850)$Pegasus fly high !!

2021-11-24

Xiaomi good quality smartphone

Xiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote>

2021-11-24

Made in Taiwan. Very good quality chips

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2021-11-24

Citibank is catching up

JPMorgan, Goldman Sachs Assigned Higher Capital Buffers<blockquote>摩根大通和高盛分配了更高的资本缓冲</blockquote>

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Watch out","listText":"Taxi driver. Watch out","text":"Taxi driver. Watch out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877023764","repostId":"1184244487","repostType":4,"isVote":1,"tweetType":1,"viewCount":2761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877023180,"gmtCreate":1637845923562,"gmtModify":1637845923562,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Overvalued stock zoom, the competitor will catch up.","listText":"Overvalued stock zoom, the competitor will catch up.","text":"Overvalued stock zoom, the competitor will catch up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877023180","repostId":"1190485804","repostType":4,"repost":{"id":"1190485804","kind":"news","pubTimestamp":1637827600,"share":"https://www.laohu8.com/m/news/1190485804?lang=zh_CN&edition=full","pubTime":"2021-11-25 16:06","market":"us","language":"en","title":"Zoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190485804","media":"Seeking Alpha","summary":"Summary\n\nZoom's revenue growth is entering a post-pandemic slump.\nGrowth in key customer groups is a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Zoom's revenue growth is entering a post-pandemic slump.</li>  <li>Growth in key customer groups is also slowing down.</li>  <li>Expenses are rising.</li>  <li>Zoom is still overvalued.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a48f07a7de30732bcfd17d0d67949f0\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>LeoPatrizi/E+ via Getty Images</span></p><p><blockquote><ul><li>Zoom的收入增长正在进入大流行后的低迷期。</li><li>关键客户群体的增长也在放缓。</li><li>费用在上升。</li><li>Zoom仍然被高估。</li></ul><p class=\"t-img-caption\"><span>LeoPatrizi/E+来自Getty Images</span></p></blockquote></p><p> Zoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!</p><p><blockquote>随着大流行收益期即将结束，Zoom Video通信公司（ZM）面临着为股东带来负回报的风险。Zoom第三季度的业绩表明，收入放缓的威胁是真实的，Zoom的股价仍然被高估！</blockquote></p><p> <b>A new normal: Slower revenue growth</b></p><p><blockquote><b>新常态：收入增长放缓</b></blockquote></p><p> Zoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.</p><p><blockquote>Zoom像很少有公司那样从COVID-19大流行中受益。这家视频聊天公司去年经历了前所未有的收入激增，因为企业关门，员工被迫在家工作。远程工作的兴起加速了数字化转型趋势，Zoom在许多公司与员工沟通方面发挥了关键作用。由于疫情，Zoom的收入在Q1'20和Q2'20之间翻了一番……并且在接下来的几个季度中，该业务对其视频会议服务的需求不断增强。第二季度，Zoom的通信平台在公司历史上首次创造了超过10亿美元的收入。第二季度收入同比增长54%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3432e12a7811f3478fba41c7bc4e75f3\" tg-width=\"1113\" tg-height=\"582\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Since the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...</p><p><blockquote>然而，自第二季度以来，销售增长一直在放缓。第三季度收入为$1.05 B，同比收入增长率仅为35%。Zoom在大流行期间因收入增长率加速而受到破坏，现在正面临增长大幅放缓……这已经对Zoom作为成长型股票的看法产生了影响。在公布第三季度财报后，Zoom股价昨天暴跌14.7%。一年价格回报率为（52）%...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404d0e70eebba8c76faed91a2c62cd21\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> What isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.</p><p><blockquote>对Zoom股价没有帮助的是，第四季度的前景表明收入增长持续放缓。22年第4季度的收入几乎不会环比增长，尽管它们将同比增长19%，达到$10.52 B左右。2022财年的前景强烈表明Zoom的收入增长率已经见顶……这为对Zoom的商业增长前景进行重大重新定价创造了理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9f8963d6bfaddf8f22dd59739d664cd\" tg-width=\"893\" tg-height=\"372\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Zoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.</p><p><blockquote>Zoom的客户——通常是拥有10名以上员工或LTM收入10万美元的大公司——继续使用该公司的视频聊天和会议产品。然而，最赚钱的客户群（收入贡献最高的客户群）的增长也在放缓。Zoom在第三季度拥有2,507名客户，年经常性收入超过10万美元……按此计算，客户群同比增长率为94%。第二季度，Zoom将这一客户类别增长了131%，自第一季度以来增长率稳步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d61c87f6ea3a5b9fec4dd9bfac46a5d3\" tg-width=\"981\" tg-height=\"545\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Improving customer monetization</b></p><p><blockquote><b>提高客户货币化</b></blockquote></p><p> Zoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.</p><p><blockquote>Zoom用一个名为净美元扩张率/NDER的数字来衡量其客户货币化。净美元扩张率衡量公司每个客户的内部收入增长，并表示从一个报告期到下一个报告期，现有客户在Zoom的视频会议平台上多花了多少钱。Zoom的NDER始终保持在130%以上，这意味着该公司的平均客户支出与去年同期相比增加了30%以上。高NDER意味着加强客户货币化，以及在客户保留和追加销售方面的成功。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d6fb78a690b0ec451e1f5c10d8862d\" tg-width=\"1159\" tg-height=\"532\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Expenses are rising</b></p><p><blockquote><b>费用在上涨</b></blockquote></p><p> Zoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&amp;D, S&amp;M and G&amp;A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.</p><p><blockquote>Zoom必须不断创新和扩展其产品套件，以让客户满意。但这要花很多钱。今年前九个月，所有费用组（R&amp;D、S&amp;M和G&amp;A）的费用都有所增加，如果费用增长快于销售额，利润率下降可能是收入放缓的结果。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47a289263f7337bd53def6903184bf02\" tg-width=\"750\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Zoom is still overvalued...</b></p><p><blockquote><b>Zoom仍然被高估...</b></blockquote></p><p> The worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.</p><p><blockquote>对于像Zoom这样的成长型公司来说，可能发生的最糟糕的事情是，它必须警告增长放缓，因为这会立即给估值带来压力。这就是这里正在发生的事情。22年第4季度令人失望的前景也表明，Zoom的收入预期一旦更新，将会下降。</blockquote></p><p> Despite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).</p><p><blockquote>尽管今年定价下降了39%，但这家视频聊天公司的增长前景仍被高估。Zoom预计今年和明年的收入分别为$4.08 B和$4.75 B。预计明年的收入增长率仅为16.43%。尽管增长急剧放缓，Zoom股价的市盈率仍为13（基于2023财年的预测）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d057d1b4e1f4d8a4413f80139e6bd8b\" tg-width=\"907\" tg-height=\"654\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with Zoom</b></p><p><blockquote><b>Zoom的风险</b></blockquote></p><p> Zoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in&nbsp;Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.</p><p><blockquote>Zoom正处于一个危急的境地：世界正在摆脱疫情，这给从数字化转型趋势和远程工作中受益匪浅的企业带来了挑战。新的COVID-19封锁令（例如刚刚在欧洲实施的封锁令）可能会再次加速Zoom的增长。从长远来看，COVID-19大流行即将结束，一旦世界完全恢复正常，Zoom的增长将如何存在相当大的不确定性。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!</p><p><blockquote>我不相信我们已经看到了大流行后调整的结束。收入放缓是一个真正的问题，Zoom尚未找到应对这种下降的方法。新产品的推出可能会暂时抵消收入增长的下降，但“新常态”可能是大流行后增长放缓的时期！</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-25 16:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Zoom's revenue growth is entering a post-pandemic slump.</li>  <li>Growth in key customer groups is also slowing down.</li>  <li>Expenses are rising.</li>  <li>Zoom is still overvalued.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a48f07a7de30732bcfd17d0d67949f0\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>LeoPatrizi/E+ via Getty Images</span></p><p><blockquote><ul><li>Zoom的收入增长正在进入大流行后的低迷期。</li><li>关键客户群体的增长也在放缓。</li><li>费用在上升。</li><li>Zoom仍然被高估。</li></ul><p class=\"t-img-caption\"><span>LeoPatrizi/E+来自Getty Images</span></p></blockquote></p><p> Zoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!</p><p><blockquote>随着大流行收益期即将结束，Zoom Video通信公司（ZM）面临着为股东带来负回报的风险。Zoom第三季度的业绩表明，收入放缓的威胁是真实的，Zoom的股价仍然被高估！</blockquote></p><p> <b>A new normal: Slower revenue growth</b></p><p><blockquote><b>新常态：收入增长放缓</b></blockquote></p><p> Zoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.</p><p><blockquote>Zoom像很少有公司那样从COVID-19大流行中受益。这家视频聊天公司去年经历了前所未有的收入激增，因为企业关门，员工被迫在家工作。远程工作的兴起加速了数字化转型趋势，Zoom在许多公司与员工沟通方面发挥了关键作用。由于疫情，Zoom的收入在Q1'20和Q2'20之间翻了一番……并且在接下来的几个季度中，该业务对其视频会议服务的需求不断增强。第二季度，Zoom的通信平台在公司历史上首次创造了超过10亿美元的收入。第二季度收入同比增长54%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3432e12a7811f3478fba41c7bc4e75f3\" tg-width=\"1113\" tg-height=\"582\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Since the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...</p><p><blockquote>然而，自第二季度以来，销售增长一直在放缓。第三季度收入为$1.05 B，同比收入增长率仅为35%。Zoom在大流行期间因收入增长率加速而受到破坏，现在正面临增长大幅放缓……这已经对Zoom作为成长型股票的看法产生了影响。在公布第三季度财报后，Zoom股价昨天暴跌14.7%。一年价格回报率为（52）%...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404d0e70eebba8c76faed91a2c62cd21\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> What isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.</p><p><blockquote>对Zoom股价没有帮助的是，第四季度的前景表明收入增长持续放缓。22年第4季度的收入几乎不会环比增长，尽管它们将同比增长19%，达到$10.52 B左右。2022财年的前景强烈表明Zoom的收入增长率已经见顶……这为对Zoom的商业增长前景进行重大重新定价创造了理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9f8963d6bfaddf8f22dd59739d664cd\" tg-width=\"893\" tg-height=\"372\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Zoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.</p><p><blockquote>Zoom的客户——通常是拥有10名以上员工或LTM收入10万美元的大公司——继续使用该公司的视频聊天和会议产品。然而，最赚钱的客户群（收入贡献最高的客户群）的增长也在放缓。Zoom在第三季度拥有2,507名客户，年经常性收入超过10万美元……按此计算，客户群同比增长率为94%。第二季度，Zoom将这一客户类别增长了131%，自第一季度以来增长率稳步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d61c87f6ea3a5b9fec4dd9bfac46a5d3\" tg-width=\"981\" tg-height=\"545\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Improving customer monetization</b></p><p><blockquote><b>提高客户货币化</b></blockquote></p><p> Zoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.</p><p><blockquote>Zoom用一个名为净美元扩张率/NDER的数字来衡量其客户货币化。净美元扩张率衡量公司每个客户的内部收入增长，并表示从一个报告期到下一个报告期，现有客户在Zoom的视频会议平台上多花了多少钱。Zoom的NDER始终保持在130%以上，这意味着该公司的平均客户支出与去年同期相比增加了30%以上。高NDER意味着加强客户货币化，以及在客户保留和追加销售方面的成功。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d6fb78a690b0ec451e1f5c10d8862d\" tg-width=\"1159\" tg-height=\"532\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Expenses are rising</b></p><p><blockquote><b>费用在上涨</b></blockquote></p><p> Zoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&amp;D, S&amp;M and G&amp;A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.</p><p><blockquote>Zoom必须不断创新和扩展其产品套件，以让客户满意。但这要花很多钱。今年前九个月，所有费用组（R&amp;D、S&amp;M和G&amp;A）的费用都有所增加，如果费用增长快于销售额，利润率下降可能是收入放缓的结果。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47a289263f7337bd53def6903184bf02\" tg-width=\"750\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Zoom is still overvalued...</b></p><p><blockquote><b>Zoom仍然被高估...</b></blockquote></p><p> The worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.</p><p><blockquote>对于像Zoom这样的成长型公司来说，可能发生的最糟糕的事情是，它必须警告增长放缓，因为这会立即给估值带来压力。这就是这里正在发生的事情。22年第4季度令人失望的前景也表明，Zoom的收入预期一旦更新，将会下降。</blockquote></p><p> Despite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).</p><p><blockquote>尽管今年定价下降了39%，但这家视频聊天公司的增长前景仍被高估。Zoom预计今年和明年的收入分别为$4.08 B和$4.75 B。预计明年的收入增长率仅为16.43%。尽管增长急剧放缓，Zoom股价的市盈率仍为13（基于2023财年的预测）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d057d1b4e1f4d8a4413f80139e6bd8b\" tg-width=\"907\" tg-height=\"654\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with Zoom</b></p><p><blockquote><b>Zoom的风险</b></blockquote></p><p> Zoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in&nbsp;Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.</p><p><blockquote>Zoom正处于一个危急的境地：世界正在摆脱疫情，这给从数字化转型趋势和远程工作中受益匪浅的企业带来了挑战。新的COVID-19封锁令（例如刚刚在欧洲实施的封锁令）可能会再次加速Zoom的增长。从长远来看，COVID-19大流行即将结束，一旦世界完全恢复正常，Zoom的增长将如何存在相当大的不确定性。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!</p><p><blockquote>我不相信我们已经看到了大流行后调整的结束。收入放缓是一个真正的问题，Zoom尚未找到应对这种下降的方法。新产品的推出可能会暂时抵消收入增长的下降，但“新常态”可能是大流行后增长放缓的时期！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471747-zoom-video-stock-q3-earnings-post-pandemic-slump\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://seekingalpha.com/article/4471747-zoom-video-stock-q3-earnings-post-pandemic-slump","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190485804","content_text":"Summary\n\nZoom's revenue growth is entering a post-pandemic slump.\nGrowth in key customer groups is also slowing down.\nExpenses are rising.\nZoom is still overvalued.\n\nLeoPatrizi/E+ via Getty Images\nZoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!\nA new normal: Slower revenue growth\nZoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.\nSource: Zoom\nSince the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...\nData by YCharts\nWhat isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.\nSource: Zoom\nZoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.\nSource: Zoom\nImproving customer monetization\nZoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.\nSource: Zoom\nExpenses are rising\nZoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&D, S&M and G&A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.\nSource: Zoom\nZoom is still overvalued...\nThe worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.\nDespite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).\nSource: Author\nRisks with Zoom\nZoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.\nFinal thoughts\nI don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":3787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877029708,"gmtCreate":1637845851403,"gmtModify":1637845851403,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"I have already bought my share GLBE","listText":"I have already bought my share GLBE","text":"I have already bought my share GLBE","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877029708","repostId":"2185354679","repostType":4,"isVote":1,"tweetType":1,"viewCount":2434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877029109,"gmtCreate":1637845689158,"gmtModify":1637845689158,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Inflation is coming next year&nbsp;","listText":"Inflation is coming next year&nbsp;","text":"Inflation is coming next year","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877029109","repostId":"1182200011","repostType":4,"repost":{"id":"1182200011","kind":"news","pubTimestamp":1637831082,"share":"https://www.laohu8.com/m/news/1182200011?lang=zh_CN&edition=full","pubTime":"2021-11-25 17:04","market":"us","language":"en","title":"The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182200011","media":"Barrons","summary":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates soo","content":"<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国债收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息，以应对通胀，通胀仍高于预期，因为消费者需求飙升，供应链难以满足需求。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，央行成员准备比此前预期更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始蔓延到公司债务和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，美国国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长而逃离公司债券并对利润造成压力。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致的是，对经济更为敏感的行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet的数据显示，标普500制造企业发行的十年期债券收益率比10年期国债高出1.08个百分点，较11月份最低水平时0.99个百分点的利差有所上升。能源行业公司债利差已从11月低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>新英格兰投资与退休集团财富顾问约翰·哈姆周三对《巴伦周刊》表示：“市场预计明年将加息一到两次，这就是为什么你会看到信用利差扩大。”</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过5%的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数较高点下跌0.1%、1.3%和1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信用利差继续扩大，痛苦可能会到来。“最终这将重新回到股市，”哈维说。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-25 17:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国债收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息，以应对通胀，通胀仍高于预期，因为消费者需求飙升，供应链难以满足需求。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，央行成员准备比此前预期更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始蔓延到公司债务和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，美国国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长而逃离公司债券并对利润造成压力。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致的是，对经济更为敏感的行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet的数据显示，标普500制造企业发行的十年期债券收益率比10年期国债高出1.08个百分点，较11月份最低水平时0.99个百分点的利差有所上升。能源行业公司债利差已从11月低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>新英格兰投资与退休集团财富顾问约翰·哈姆周三对《巴伦周刊》表示：“市场预计明年将加息一到两次，这就是为什么你会看到信用利差扩大。”</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过5%的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数较高点下跌0.1%、1.3%和1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信用利差继续扩大，痛苦可能会到来。“最终这将重新回到股市，”哈维说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1182200011","content_text":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.\nThe yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.\nIndeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.\nThat belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.\nConsistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.\n“The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments & Retirement Group, told Barron’s Wednesday.\nAlthough the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.\nBut the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877067155,"gmtCreate":1637845360604,"gmtModify":1637845360604,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01850\">$WINDMILL GP(01850)$</a>Pegasus fly high !!","listText":"<a href=\"https://laohu8.com/S/01850\">$WINDMILL GP(01850)$</a>Pegasus fly high !!","text":"$WINDMILL GP(01850)$Pegasus fly high !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877067155","isVote":1,"tweetType":1,"viewCount":4345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875797755,"gmtCreate":1637683914444,"gmtModify":1637683914444,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Xiaomi good quality smartphone","listText":"Xiaomi good quality smartphone","text":"Xiaomi good quality smartphone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875797755","repostId":"1100407650","repostType":4,"repost":{"id":"1100407650","kind":"news","pubTimestamp":1637663293,"share":"https://www.laohu8.com/m/news/1100407650?lang=zh_CN&edition=full","pubTime":"2021-11-23 18:28","market":"hk","language":"en","title":"Xiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100407650","media":"Reuters","summary":"SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smal","content":"<p>SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.</p><p><blockquote>路透上海11月23日-中国智能手机制造商小米公司(1810.HK)周二公布，受国内竞争对手Oppo和Vivo竞争加剧的影响，第三季度营收增长8.2%，增幅低于预期。</blockquote></p><p> Sales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.</p><p><blockquote>截至9月30日的三个月内，销售额增至780.6亿元人民币（合122.2亿美元）。Refinitiv数据显示，分析师此前预期为792.0亿元人民币。</blockquote></p><p> Profit slumped 84% to 788.6 million yuan.</p><p><blockquote>利润暴跌84%至7.886亿元。</blockquote></p><p> On an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.</p><p><blockquote>经调整后，小米盈利51.8亿元，基本符合分析师平均预期的50.9亿元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-23 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.</p><p><blockquote>路透上海11月23日-中国智能手机制造商小米公司(1810.HK)周二公布，受国内竞争对手Oppo和Vivo竞争加剧的影响，第三季度营收增长8.2%，增幅低于预期。</blockquote></p><p> Sales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.</p><p><blockquote>截至9月30日的三个月内，销售额增至780.6亿元人民币（合122.2亿美元）。Refinitiv数据显示，分析师此前预期为792.0亿元人民币。</blockquote></p><p> Profit slumped 84% to 788.6 million yuan.</p><p><blockquote>利润暴跌84%至7.886亿元。</blockquote></p><p> On an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.</p><p><blockquote>经调整后，小米盈利51.8亿元，基本符合分析师平均预期的50.9亿元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/media-telecom/xiaomi-q3-revenue-up-82-year-on-year-7806-bln-yuan-misses-estimtes-2021-11-23/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://www.reuters.com/business/media-telecom/xiaomi-q3-revenue-up-82-year-on-year-7806-bln-yuan-misses-estimtes-2021-11-23/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100407650","content_text":"SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.\nSales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.\nProfit slumped 84% to 788.6 million yuan.\nOn an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875794138,"gmtCreate":1637683774845,"gmtModify":1637705393956,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Made in Taiwan. Very good quality chips","listText":"Made in Taiwan. Very good quality chips","text":"Made in Taiwan. Very good quality chips","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875794138","repostId":"2185757384","repostType":4,"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875796912,"gmtCreate":1637683472869,"gmtModify":1637683472869,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Citibank is catching up","listText":"Citibank is catching up","text":"Citibank is catching up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875796912","repostId":"1111787545","repostType":4,"repost":{"id":"1111787545","kind":"news","pubTimestamp":1637677426,"share":"https://www.laohu8.com/m/news/1111787545?lang=zh_CN&edition=full","pubTime":"2021-11-23 22:23","market":"us","language":"en","title":"JPMorgan, Goldman Sachs Assigned Higher Capital Buffers<blockquote>摩根大通和高盛分配了更高的资本缓冲</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111787545","media":"WSJ","summary":"Global financial regulators boosted capital requirements for JPMorgan Chase & Co., Goldman Sachs Gro","content":"<p>Global financial regulators boosted capital requirements for JPMorgan Chase &amp; Co., Goldman Sachs&nbsp;Group Inc. and BNP Paribas SAunder rules intended to help avoid a repeat of the 2008 global financial crisis, in which the largest lenders were deemed too big to fail.</p><p><blockquote>全球金融监管机构提高了对摩根大通、高盛集团和法国巴黎银行的资本要求。桑德尔规则旨在帮助避免2008年全球金融危机重演，当时最大的银行被认为太大而不能倒。</blockquote></p><p> The Financial Stability Board in Basel, Switzerland, said the three banks would be required to set aside a further 0.5% of common equity Tier 1 capital under rules for the world’s largest lenders—the so-called global systemically important banks, of which there are currently 30. The higher requirements become effective in January 2023, the FSB said in a statement Tuesday.</p><p><blockquote>瑞士巴塞尔金融稳定委员会表示，根据针对全球最大银行（即所谓的全球系统重要性银行）的规则，这三家银行将被要求进一步留出0.5%的普通股一级资本，其中有30家。FSB周二在一份声明中表示，更高的要求将于2023年1月生效。</blockquote></p><p> The higher capital requirements won’t have an immediate impact on the U.S. banks, since the Federal Reserve already requires higher additional capital standards for the biggest banks. The FSB’s decisions on additional capital requirements come in the form of recommendations, which national regulators have vowed to follow.</p><p><blockquote>更高的资本要求不会对美国银行产生直接影响，因为美联储已经要求最大的银行更高的额外资本标准。金融稳定委员会关于额外资本要求的决定是以建议的形式做出的，各国监管机构发誓要遵循这些建议。</blockquote></p><p> The changes “largely reflect the effects of changes in underlying activity of banks,” the FSB said. Bank balance sheets swelled during the pandemic, a response to huge amounts of central bank stimulus and government spending. JPMorgan’s total assets grew by more than a quarter to $3.39 trillion in 2020, from $2.69 trillion the year before.</p><p><blockquote>金融稳定委员会表示，这些变化“很大程度上反映了银行基础活动变化的影响”。疫情期间，银行资产负债表膨胀，这是对央行巨额刺激和政府支出的回应。摩根大通的总资产从上年的2.69万亿美元增长了四分之一以上，达到2020年的3.39万亿美元。</blockquote></p><p> The FSB updates its list of biggest banks annually. JPMorgan, the largest U.S. bank, must have an additional capital buffer of 2.5%, becoming the only global lender with a requirement of this size. The aim of the buffer is to ensure that the biggest banks have enough loss-absorbing capacity for an orderly resolution if the bank fails.</p><p><blockquote>金融稳定委员会每年都会更新其最大银行名单。美国最大的银行摩根大通必须有2.5%的额外资本缓冲，成为唯一一家有这一规模要求的全球银行。缓冲的目的是确保最大的银行有足够的损失吸收能力，以便在银行倒闭时有序解决问题。</blockquote></p><p> A JPMorgan spokesperson said the bank already meets the requirement because the Federal Reserve has set it a higher surcharge of 3.5%.</p><p><blockquote>摩根大通发言人表示，该银行已经满足了这一要求，因为美联储为其设定了3.5%的更高附加费。</blockquote></p><p> The Federal Reserve has set Goldman Sachs a surcharge of 2.5%, higher than the FSB’s new requirement of 1.5%. Goldman Sachs declined to comment.</p><p><blockquote>美联储为高盛设定了2.5%的附加费，高于FSB 1.5%的新要求。高盛拒绝置评。</blockquote></p><p> BNP Paribas must have an additional capital buffer of 2%, joining Citigroup Inc. and HSBC Holdings PLC, which already have to meet that level. BNP Paribas declined to comment.</p><p><blockquote>法国巴黎银行必须拥有2%的额外资本缓冲，加入花旗集团和汇丰控股的行列，后者已经必须达到这一水平。法国巴黎银行拒绝置评。</blockquote></p><p> “Banks have headroom in their capital ratios to manage it,” said Richard Barnes, an analyst at S&amp;P Global Ratings.</p><p><blockquote>标准普尔全球评级分析师理查德·巴恩斯表示：“银行的资本比率有足够的空间来管理它。”</blockquote></p><p> The FSB’s secretariat is hosted by the Bank for International Settlements, a group owned by central banks around the world. After the rush of bank failures and bailouts in 2008 and 2009, regulators came together under the FSB to set minimum uniform standards for bank capital.</p><p><blockquote>金融稳定委员会的秘书处由国际清算银行主办，该银行是一个由世界各地央行拥有的集团。在2008年和2009年银行倒闭和救助热潮之后，监管机构在金融稳定委员会的领导下联合起来，为银行资本设定了最低统一标准。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan, Goldman Sachs Assigned Higher Capital Buffers<blockquote>摩根大通和高盛分配了更高的资本缓冲</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan, Goldman Sachs Assigned Higher Capital Buffers<blockquote>摩根大通和高盛分配了更高的资本缓冲</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-11-23 22:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Global financial regulators boosted capital requirements for JPMorgan Chase &amp; Co., Goldman Sachs&nbsp;Group Inc. and BNP Paribas SAunder rules intended to help avoid a repeat of the 2008 global financial crisis, in which the largest lenders were deemed too big to fail.</p><p><blockquote>全球金融监管机构提高了对摩根大通、高盛集团和法国巴黎银行的资本要求。桑德尔规则旨在帮助避免2008年全球金融危机重演，当时最大的银行被认为太大而不能倒。</blockquote></p><p> The Financial Stability Board in Basel, Switzerland, said the three banks would be required to set aside a further 0.5% of common equity Tier 1 capital under rules for the world’s largest lenders—the so-called global systemically important banks, of which there are currently 30. The higher requirements become effective in January 2023, the FSB said in a statement Tuesday.</p><p><blockquote>瑞士巴塞尔金融稳定委员会表示，根据针对全球最大银行（即所谓的全球系统重要性银行）的规则，这三家银行将被要求进一步留出0.5%的普通股一级资本，其中有30家。FSB周二在一份声明中表示，更高的要求将于2023年1月生效。</blockquote></p><p> The higher capital requirements won’t have an immediate impact on the U.S. banks, since the Federal Reserve already requires higher additional capital standards for the biggest banks. The FSB’s decisions on additional capital requirements come in the form of recommendations, which national regulators have vowed to follow.</p><p><blockquote>更高的资本要求不会对美国银行产生直接影响，因为美联储已经要求最大的银行更高的额外资本标准。金融稳定委员会关于额外资本要求的决定是以建议的形式做出的，各国监管机构发誓要遵循这些建议。</blockquote></p><p> The changes “largely reflect the effects of changes in underlying activity of banks,” the FSB said. Bank balance sheets swelled during the pandemic, a response to huge amounts of central bank stimulus and government spending. JPMorgan’s total assets grew by more than a quarter to $3.39 trillion in 2020, from $2.69 trillion the year before.</p><p><blockquote>金融稳定委员会表示，这些变化“很大程度上反映了银行基础活动变化的影响”。疫情期间，银行资产负债表膨胀，这是对央行巨额刺激和政府支出的回应。摩根大通的总资产从上年的2.69万亿美元增长了四分之一以上，达到2020年的3.39万亿美元。</blockquote></p><p> The FSB updates its list of biggest banks annually. JPMorgan, the largest U.S. bank, must have an additional capital buffer of 2.5%, becoming the only global lender with a requirement of this size. The aim of the buffer is to ensure that the biggest banks have enough loss-absorbing capacity for an orderly resolution if the bank fails.</p><p><blockquote>金融稳定委员会每年都会更新其最大银行名单。美国最大的银行摩根大通必须有2.5%的额外资本缓冲，成为唯一一家有这一规模要求的全球银行。缓冲的目的是确保最大的银行有足够的损失吸收能力，以便在银行倒闭时有序解决问题。</blockquote></p><p> A JPMorgan spokesperson said the bank already meets the requirement because the Federal Reserve has set it a higher surcharge of 3.5%.</p><p><blockquote>摩根大通发言人表示，该银行已经满足了这一要求，因为美联储为其设定了3.5%的更高附加费。</blockquote></p><p> The Federal Reserve has set Goldman Sachs a surcharge of 2.5%, higher than the FSB’s new requirement of 1.5%. Goldman Sachs declined to comment.</p><p><blockquote>美联储为高盛设定了2.5%的附加费，高于FSB 1.5%的新要求。高盛拒绝置评。</blockquote></p><p> BNP Paribas must have an additional capital buffer of 2%, joining Citigroup Inc. and HSBC Holdings PLC, which already have to meet that level. BNP Paribas declined to comment.</p><p><blockquote>法国巴黎银行必须拥有2%的额外资本缓冲，加入花旗集团和汇丰控股的行列，后者已经必须达到这一水平。法国巴黎银行拒绝置评。</blockquote></p><p> “Banks have headroom in their capital ratios to manage it,” said Richard Barnes, an analyst at S&amp;P Global Ratings.</p><p><blockquote>标准普尔全球评级分析师理查德·巴恩斯表示：“银行的资本比率有足够的空间来管理它。”</blockquote></p><p> The FSB’s secretariat is hosted by the Bank for International Settlements, a group owned by central banks around the world. After the rush of bank failures and bailouts in 2008 and 2009, regulators came together under the FSB to set minimum uniform standards for bank capital.</p><p><blockquote>金融稳定委员会的秘书处由国际清算银行主办，该银行是一个由世界各地央行拥有的集团。在2008年和2009年银行倒闭和救助热潮之后，监管机构在金融稳定委员会的领导下联合起来，为银行资本设定了最低统一标准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/jpmorgan-goldman-sachs-told-to-boost-capital-buffers-11637669426?siteid=yhoof2\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","GS":"高盛","BNPQY":"BNP Paribas"},"source_url":"https://www.wsj.com/articles/jpmorgan-goldman-sachs-told-to-boost-capital-buffers-11637669426?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111787545","content_text":"Global financial regulators boosted capital requirements for JPMorgan Chase & Co., Goldman Sachs Group Inc. and BNP Paribas SAunder rules intended to help avoid a repeat of the 2008 global financial crisis, in which the largest lenders were deemed too big to fail.\nThe Financial Stability Board in Basel, Switzerland, said the three banks would be required to set aside a further 0.5% of common equity Tier 1 capital under rules for the world’s largest lenders—the so-called global systemically important banks, of which there are currently 30. The higher requirements become effective in January 2023, the FSB said in a statement Tuesday.\nThe higher capital requirements won’t have an immediate impact on the U.S. banks, since the Federal Reserve already requires higher additional capital standards for the biggest banks. The FSB’s decisions on additional capital requirements come in the form of recommendations, which national regulators have vowed to follow.\nThe changes “largely reflect the effects of changes in underlying activity of banks,” the FSB said. Bank balance sheets swelled during the pandemic, a response to huge amounts of central bank stimulus and government spending. JPMorgan’s total assets grew by more than a quarter to $3.39 trillion in 2020, from $2.69 trillion the year before.\nThe FSB updates its list of biggest banks annually. JPMorgan, the largest U.S. bank, must have an additional capital buffer of 2.5%, becoming the only global lender with a requirement of this size. The aim of the buffer is to ensure that the biggest banks have enough loss-absorbing capacity for an orderly resolution if the bank fails.\nA JPMorgan spokesperson said the bank already meets the requirement because the Federal Reserve has set it a higher surcharge of 3.5%.\nThe Federal Reserve has set Goldman Sachs a surcharge of 2.5%, higher than the FSB’s new requirement of 1.5%. Goldman Sachs declined to comment.\nBNP Paribas must have an additional capital buffer of 2%, joining Citigroup Inc. and HSBC Holdings PLC, which already have to meet that level. BNP Paribas declined to comment.\n“Banks have headroom in their capital ratios to manage it,” said Richard Barnes, an analyst at S&P Global Ratings.\nThe FSB’s secretariat is hosted by the Bank for International Settlements, a group owned by central banks around the world. After the rush of bank failures and bailouts in 2008 and 2009, regulators came together under the FSB to set minimum uniform standards for bank capital.","news_type":1,"symbols_score_info":{"JPM":0.9,"BNPQY":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3081,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":877029708,"gmtCreate":1637845851403,"gmtModify":1637845851403,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"I have already bought my share GLBE","listText":"I have already bought my share GLBE","text":"I have already bought my share GLBE","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877029708","repostId":"2185354679","repostType":4,"isVote":1,"tweetType":1,"viewCount":2434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877023764,"gmtCreate":1637846060089,"gmtModify":1637846060089,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Taxi driver. Watch out","listText":"Taxi driver. Watch out","text":"Taxi driver. Watch out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877023764","repostId":"1184244487","repostType":4,"isVote":1,"tweetType":1,"viewCount":2761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877023180,"gmtCreate":1637845923562,"gmtModify":1637845923562,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Overvalued stock zoom, the competitor will catch up.","listText":"Overvalued stock zoom, the competitor will catch up.","text":"Overvalued stock zoom, the competitor will catch up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877023180","repostId":"1190485804","repostType":4,"repost":{"id":"1190485804","kind":"news","pubTimestamp":1637827600,"share":"https://www.laohu8.com/m/news/1190485804?lang=zh_CN&edition=full","pubTime":"2021-11-25 16:06","market":"us","language":"en","title":"Zoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190485804","media":"Seeking Alpha","summary":"Summary\n\nZoom's revenue growth is entering a post-pandemic slump.\nGrowth in key customer groups is a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Zoom's revenue growth is entering a post-pandemic slump.</li>  <li>Growth in key customer groups is also slowing down.</li>  <li>Expenses are rising.</li>  <li>Zoom is still overvalued.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a48f07a7de30732bcfd17d0d67949f0\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>LeoPatrizi/E+ via Getty Images</span></p><p><blockquote><ul><li>Zoom的收入增长正在进入大流行后的低迷期。</li><li>关键客户群体的增长也在放缓。</li><li>费用在上升。</li><li>Zoom仍然被高估。</li></ul><p class=\"t-img-caption\"><span>LeoPatrizi/E+来自Getty Images</span></p></blockquote></p><p> Zoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!</p><p><blockquote>随着大流行收益期即将结束，Zoom Video通信公司（ZM）面临着为股东带来负回报的风险。Zoom第三季度的业绩表明，收入放缓的威胁是真实的，Zoom的股价仍然被高估！</blockquote></p><p> <b>A new normal: Slower revenue growth</b></p><p><blockquote><b>新常态：收入增长放缓</b></blockquote></p><p> Zoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.</p><p><blockquote>Zoom像很少有公司那样从COVID-19大流行中受益。这家视频聊天公司去年经历了前所未有的收入激增，因为企业关门，员工被迫在家工作。远程工作的兴起加速了数字化转型趋势，Zoom在许多公司与员工沟通方面发挥了关键作用。由于疫情，Zoom的收入在Q1'20和Q2'20之间翻了一番……并且在接下来的几个季度中，该业务对其视频会议服务的需求不断增强。第二季度，Zoom的通信平台在公司历史上首次创造了超过10亿美元的收入。第二季度收入同比增长54%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3432e12a7811f3478fba41c7bc4e75f3\" tg-width=\"1113\" tg-height=\"582\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Since the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...</p><p><blockquote>然而，自第二季度以来，销售增长一直在放缓。第三季度收入为$1.05 B，同比收入增长率仅为35%。Zoom在大流行期间因收入增长率加速而受到破坏，现在正面临增长大幅放缓……这已经对Zoom作为成长型股票的看法产生了影响。在公布第三季度财报后，Zoom股价昨天暴跌14.7%。一年价格回报率为（52）%...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404d0e70eebba8c76faed91a2c62cd21\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> What isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.</p><p><blockquote>对Zoom股价没有帮助的是，第四季度的前景表明收入增长持续放缓。22年第4季度的收入几乎不会环比增长，尽管它们将同比增长19%，达到$10.52 B左右。2022财年的前景强烈表明Zoom的收入增长率已经见顶……这为对Zoom的商业增长前景进行重大重新定价创造了理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9f8963d6bfaddf8f22dd59739d664cd\" tg-width=\"893\" tg-height=\"372\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Zoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.</p><p><blockquote>Zoom的客户——通常是拥有10名以上员工或LTM收入10万美元的大公司——继续使用该公司的视频聊天和会议产品。然而，最赚钱的客户群（收入贡献最高的客户群）的增长也在放缓。Zoom在第三季度拥有2,507名客户，年经常性收入超过10万美元……按此计算，客户群同比增长率为94%。第二季度，Zoom将这一客户类别增长了131%，自第一季度以来增长率稳步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d61c87f6ea3a5b9fec4dd9bfac46a5d3\" tg-width=\"981\" tg-height=\"545\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Improving customer monetization</b></p><p><blockquote><b>提高客户货币化</b></blockquote></p><p> Zoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.</p><p><blockquote>Zoom用一个名为净美元扩张率/NDER的数字来衡量其客户货币化。净美元扩张率衡量公司每个客户的内部收入增长，并表示从一个报告期到下一个报告期，现有客户在Zoom的视频会议平台上多花了多少钱。Zoom的NDER始终保持在130%以上，这意味着该公司的平均客户支出与去年同期相比增加了30%以上。高NDER意味着加强客户货币化，以及在客户保留和追加销售方面的成功。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d6fb78a690b0ec451e1f5c10d8862d\" tg-width=\"1159\" tg-height=\"532\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Expenses are rising</b></p><p><blockquote><b>费用在上涨</b></blockquote></p><p> Zoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&amp;D, S&amp;M and G&amp;A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.</p><p><blockquote>Zoom必须不断创新和扩展其产品套件，以让客户满意。但这要花很多钱。今年前九个月，所有费用组（R&amp;D、S&amp;M和G&amp;A）的费用都有所增加，如果费用增长快于销售额，利润率下降可能是收入放缓的结果。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47a289263f7337bd53def6903184bf02\" tg-width=\"750\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Zoom is still overvalued...</b></p><p><blockquote><b>Zoom仍然被高估...</b></blockquote></p><p> The worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.</p><p><blockquote>对于像Zoom这样的成长型公司来说，可能发生的最糟糕的事情是，它必须警告增长放缓，因为这会立即给估值带来压力。这就是这里正在发生的事情。22年第4季度令人失望的前景也表明，Zoom的收入预期一旦更新，将会下降。</blockquote></p><p> Despite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).</p><p><blockquote>尽管今年定价下降了39%，但这家视频聊天公司的增长前景仍被高估。Zoom预计今年和明年的收入分别为$4.08 B和$4.75 B。预计明年的收入增长率仅为16.43%。尽管增长急剧放缓，Zoom股价的市盈率仍为13（基于2023财年的预测）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d057d1b4e1f4d8a4413f80139e6bd8b\" tg-width=\"907\" tg-height=\"654\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with Zoom</b></p><p><blockquote><b>Zoom的风险</b></blockquote></p><p> Zoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in&nbsp;Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.</p><p><blockquote>Zoom正处于一个危急的境地：世界正在摆脱疫情，这给从数字化转型趋势和远程工作中受益匪浅的企业带来了挑战。新的COVID-19封锁令（例如刚刚在欧洲实施的封锁令）可能会再次加速Zoom的增长。从长远来看，COVID-19大流行即将结束，一旦世界完全恢复正常，Zoom的增长将如何存在相当大的不确定性。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!</p><p><blockquote>我不相信我们已经看到了大流行后调整的结束。收入放缓是一个真正的问题，Zoom尚未找到应对这种下降的方法。新产品的推出可能会暂时抵消收入增长的下降，但“新常态”可能是大流行后增长放缓的时期！</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom Stock: The Pain Has Only Just Begun<blockquote>Zoom股票：痛苦才刚刚开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-25 16:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Zoom's revenue growth is entering a post-pandemic slump.</li>  <li>Growth in key customer groups is also slowing down.</li>  <li>Expenses are rising.</li>  <li>Zoom is still overvalued.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a48f07a7de30732bcfd17d0d67949f0\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>LeoPatrizi/E+ via Getty Images</span></p><p><blockquote><ul><li>Zoom的收入增长正在进入大流行后的低迷期。</li><li>关键客户群体的增长也在放缓。</li><li>费用在上升。</li><li>Zoom仍然被高估。</li></ul><p class=\"t-img-caption\"><span>LeoPatrizi/E+来自Getty Images</span></p></blockquote></p><p> Zoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!</p><p><blockquote>随着大流行收益期即将结束，Zoom Video通信公司（ZM）面临着为股东带来负回报的风险。Zoom第三季度的业绩表明，收入放缓的威胁是真实的，Zoom的股价仍然被高估！</blockquote></p><p> <b>A new normal: Slower revenue growth</b></p><p><blockquote><b>新常态：收入增长放缓</b></blockquote></p><p> Zoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.</p><p><blockquote>Zoom像很少有公司那样从COVID-19大流行中受益。这家视频聊天公司去年经历了前所未有的收入激增，因为企业关门，员工被迫在家工作。远程工作的兴起加速了数字化转型趋势，Zoom在许多公司与员工沟通方面发挥了关键作用。由于疫情，Zoom的收入在Q1'20和Q2'20之间翻了一番……并且在接下来的几个季度中，该业务对其视频会议服务的需求不断增强。第二季度，Zoom的通信平台在公司历史上首次创造了超过10亿美元的收入。第二季度收入同比增长54%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3432e12a7811f3478fba41c7bc4e75f3\" tg-width=\"1113\" tg-height=\"582\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Since the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...</p><p><blockquote>然而，自第二季度以来，销售增长一直在放缓。第三季度收入为$1.05 B，同比收入增长率仅为35%。Zoom在大流行期间因收入增长率加速而受到破坏，现在正面临增长大幅放缓……这已经对Zoom作为成长型股票的看法产生了影响。在公布第三季度财报后，Zoom股价昨天暴跌14.7%。一年价格回报率为（52）%...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404d0e70eebba8c76faed91a2c62cd21\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> What isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.</p><p><blockquote>对Zoom股价没有帮助的是，第四季度的前景表明收入增长持续放缓。22年第4季度的收入几乎不会环比增长，尽管它们将同比增长19%，达到$10.52 B左右。2022财年的前景强烈表明Zoom的收入增长率已经见顶……这为对Zoom的商业增长前景进行重大重新定价创造了理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9f8963d6bfaddf8f22dd59739d664cd\" tg-width=\"893\" tg-height=\"372\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> Zoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.</p><p><blockquote>Zoom的客户——通常是拥有10名以上员工或LTM收入10万美元的大公司——继续使用该公司的视频聊天和会议产品。然而，最赚钱的客户群（收入贡献最高的客户群）的增长也在放缓。Zoom在第三季度拥有2,507名客户，年经常性收入超过10万美元……按此计算，客户群同比增长率为94%。第二季度，Zoom将这一客户类别增长了131%，自第一季度以来增长率稳步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d61c87f6ea3a5b9fec4dd9bfac46a5d3\" tg-width=\"981\" tg-height=\"545\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Improving customer monetization</b></p><p><blockquote><b>提高客户货币化</b></blockquote></p><p> Zoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.</p><p><blockquote>Zoom用一个名为净美元扩张率/NDER的数字来衡量其客户货币化。净美元扩张率衡量公司每个客户的内部收入增长，并表示从一个报告期到下一个报告期，现有客户在Zoom的视频会议平台上多花了多少钱。Zoom的NDER始终保持在130%以上，这意味着该公司的平均客户支出与去年同期相比增加了30%以上。高NDER意味着加强客户货币化，以及在客户保留和追加销售方面的成功。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d6fb78a690b0ec451e1f5c10d8862d\" tg-width=\"1159\" tg-height=\"532\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Expenses are rising</b></p><p><blockquote><b>费用在上涨</b></blockquote></p><p> Zoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&amp;D, S&amp;M and G&amp;A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.</p><p><blockquote>Zoom必须不断创新和扩展其产品套件，以让客户满意。但这要花很多钱。今年前九个月，所有费用组（R&amp;D、S&amp;M和G&amp;A）的费用都有所增加，如果费用增长快于销售额，利润率下降可能是收入放缓的结果。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47a289263f7337bd53def6903184bf02\" tg-width=\"750\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Zoom</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Zoom</span></p></blockquote></p><p> <b>Zoom is still overvalued...</b></p><p><blockquote><b>Zoom仍然被高估...</b></blockquote></p><p> The worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.</p><p><blockquote>对于像Zoom这样的成长型公司来说，可能发生的最糟糕的事情是，它必须警告增长放缓，因为这会立即给估值带来压力。这就是这里正在发生的事情。22年第4季度令人失望的前景也表明，Zoom的收入预期一旦更新，将会下降。</blockquote></p><p> Despite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).</p><p><blockquote>尽管今年定价下降了39%，但这家视频聊天公司的增长前景仍被高估。Zoom预计今年和明年的收入分别为$4.08 B和$4.75 B。预计明年的收入增长率仅为16.43%。尽管增长急剧放缓，Zoom股价的市盈率仍为13（基于2023财年的预测）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d057d1b4e1f4d8a4413f80139e6bd8b\" tg-width=\"907\" tg-height=\"654\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with Zoom</b></p><p><blockquote><b>Zoom的风险</b></blockquote></p><p> Zoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in&nbsp;Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.</p><p><blockquote>Zoom正处于一个危急的境地：世界正在摆脱疫情，这给从数字化转型趋势和远程工作中受益匪浅的企业带来了挑战。新的COVID-19封锁令（例如刚刚在欧洲实施的封锁令）可能会再次加速Zoom的增长。从长远来看，COVID-19大流行即将结束，一旦世界完全恢复正常，Zoom的增长将如何存在相当大的不确定性。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!</p><p><blockquote>我不相信我们已经看到了大流行后调整的结束。收入放缓是一个真正的问题，Zoom尚未找到应对这种下降的方法。新产品的推出可能会暂时抵消收入增长的下降，但“新常态”可能是大流行后增长放缓的时期！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471747-zoom-video-stock-q3-earnings-post-pandemic-slump\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://seekingalpha.com/article/4471747-zoom-video-stock-q3-earnings-post-pandemic-slump","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190485804","content_text":"Summary\n\nZoom's revenue growth is entering a post-pandemic slump.\nGrowth in key customer groups is also slowing down.\nExpenses are rising.\nZoom is still overvalued.\n\nLeoPatrizi/E+ via Getty Images\nZoom Video Communications (ZM) is at risk of generating negative returns for shareholders as a period of pandemic gains is coming to an end. Zoom's third-quarter showed that the threat of a revenue slowdown is real and shares of Zoom are still overvalued!\nA new normal: Slower revenue growth\nZoom benefited from the COVID-19 pandemic like few companies did. The video chat company experienced an unprecedented revenue surge last year because businesses shut their doors and employees were forced to work from homes. The rise in remote working accelerated the digital transformation trend and Zoom played a key role for a lot of companies to communicate with their employees. Because of the pandemic, Zoom's revenues doubled between Q1'20 and Q2'20… and the business experienced strengthening demand for its video conferencing services in the quarters that followed. In the second-quarter, Zoom's communications platform generated more than $1.0B in revenues for the first time in the firm's history. Revenue growth in the second-quarter, year over year, was 54%.\nSource: Zoom\nSince the second-quarter, however, sales growth has been slowing down. Revenues in the third-quarter were $1.05B, showing a revenue growth rate of only 35% year over year. Zoom, spoiled with accelerating revenue growth rates during the pandemic, is now looking at a material deceleration of growth… and it already has an impact on Zoom's perception as a growth stock. Shares of Zoom cratered 14.7% yesterday, after presentation of the third-quarter earnings card. The one year price return is (52)%...\nData by YCharts\nWhat isn't helping shares of Zoom is that the outlook for the fourth-quarter indicates a continual slowdown in revenue growth. Revenues are barely going to grow quarter over quarter in Q4'22, although they will grow 19% year over year to around $1.052B. The outlook for FY 2022 strongly indicates that Zoom's revenue growth rates have peaked… which creates a justification for a material repricing of Zoom's commercial growth prospects.\nSource: Zoom\nZoom's customers- typically large companies with more than 10 employees or $100 thousand in LTM revenues- continue to use the firm's video chat and conferencing products. However, growth in the most lucrative customer group, those with the highest revenue contribution, is also slowing down. Zoom had 2,507 customers generating more than $100 thousand in annual recurring revenues in the third-quarter… which calculates to a customer group growth rate of 94% year over year. In the second-quarter, Zoom grew this customer category by 131% and growth rates have steadily declined since the first-quarter.\nSource: Zoom\nImproving customer monetization\nZoom measures its customer monetization with a figure called net dollar expansion rate/NDER. The net dollar expansion rate measures the firm's internal revenue growth on a per-customer basis and expresses how much more money existing customers spend on Zoom's video conferencing platform, from one reporting period to the next. Zoom's NDER has consistently remained above 130%, meaning the firm's average customer increased spending by more than 30% compared to the year-earlier period. A high NDER implies strengthening customer monetization, and success in customer retention and up-selling.\nSource: Zoom\nExpenses are rising\nZoom has to constantly innovate and expand its product suite to keep customers happy. But this costs a lot of money. Expenses in the first nine months of the year increased in all expense groups- R&D, S&M and G&A- and, if expenses grow faster than sales, margin declines could be a result of the revenue slowdown.\nSource: Zoom\nZoom is still overvalued...\nThe worst thing that can happen to a growth company like Zoom is that it has to warn of slowing growth because it immediately creates pressure on the valuation. This is what is happening here. The disappointing outlook for Q4'22 also indicates that revenue estimates for Zoom will fall once they get refreshed.\nDespite a 39% drop in pricing this year, the video chat firm's growth prospects are overvalued. Zoom is expected to generate revenues of $4.08B this year and $4.75B next year. The revenue growth rate for next year, implied by estimates, is just 16.43%. Despite the sharp slowdown in growth, shares of Zoom still trade at a P-S ratio of 13 (based off of FY 2023 estimates).\nSource: Author\nRisks with Zoom\nZoom is in a critical situation: The world is moving on from the pandemic and it poses a challenge for a business that heavily benefited from digital transformation trends and remote working. New COVID-19 lockdown orders, like the ones that were just implemented in Europe, could accelerate Zoom's growth again. Longer term, the COVID-19 pandemic is poised to come to an end and there is considerable uncertainty as to how Zoom's growth will look like once the world fully returns to normal.\nFinal thoughts\nI don't believe we have seen the end of this post-pandemic readjustment. The revenue slowdown is a real problem and Zoom has not found a recipe yet to counter this decline. New product roll-outs may counter the decline in revenue growth temporarily, but 'the new normal' will likely be a post-pandemic period of slower growth!","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":3787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877029109,"gmtCreate":1637845689158,"gmtModify":1637845689158,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Inflation is coming next year&nbsp;","listText":"Inflation is coming next year&nbsp;","text":"Inflation is coming next year","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877029109","repostId":"1182200011","repostType":4,"repost":{"id":"1182200011","kind":"news","pubTimestamp":1637831082,"share":"https://www.laohu8.com/m/news/1182200011?lang=zh_CN&edition=full","pubTime":"2021-11-25 17:04","market":"us","language":"en","title":"The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182200011","media":"Barrons","summary":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates soo","content":"<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国债收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息，以应对通胀，通胀仍高于预期，因为消费者需求飙升，供应链难以满足需求。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，央行成员准备比此前预期更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始蔓延到公司债务和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，美国国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长而逃离公司债券并对利润造成压力。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致的是，对经济更为敏感的行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet的数据显示，标普500制造企业发行的十年期债券收益率比10年期国债高出1.08个百分点，较11月份最低水平时0.99个百分点的利差有所上升。能源行业公司债利差已从11月低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>新英格兰投资与退休集团财富顾问约翰·哈姆周三对《巴伦周刊》表示：“市场预计明年将加息一到两次，这就是为什么你会看到信用利差扩大。”</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过5%的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数较高点下跌0.1%、1.3%和1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信用利差继续扩大，痛苦可能会到来。“最终这将重新回到股市，”哈维说。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-25 17:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国债收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息，以应对通胀，通胀仍高于预期，因为消费者需求飙升，供应链难以满足需求。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，央行成员准备比此前预期更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始蔓延到公司债务和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，美国国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长而逃离公司债券并对利润造成压力。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致的是，对经济更为敏感的行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet的数据显示，标普500制造企业发行的十年期债券收益率比10年期国债高出1.08个百分点，较11月份最低水平时0.99个百分点的利差有所上升。能源行业公司债利差已从11月低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>新英格兰投资与退休集团财富顾问约翰·哈姆周三对《巴伦周刊》表示：“市场预计明年将加息一到两次，这就是为什么你会看到信用利差扩大。”</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过5%的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数较高点下跌0.1%、1.3%和1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信用利差继续扩大，痛苦可能会到来。“最终这将重新回到股市，”哈维说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1182200011","content_text":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.\nThe yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.\nIndeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.\nThat belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.\nConsistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.\n“The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments & Retirement Group, told Barron’s Wednesday.\nAlthough the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.\nBut the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877067155,"gmtCreate":1637845360604,"gmtModify":1637845360604,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01850\">$WINDMILL GP(01850)$</a>Pegasus fly high !!","listText":"<a href=\"https://laohu8.com/S/01850\">$WINDMILL GP(01850)$</a>Pegasus fly high !!","text":"$WINDMILL GP(01850)$Pegasus fly high !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877067155","isVote":1,"tweetType":1,"viewCount":4345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875796912,"gmtCreate":1637683472869,"gmtModify":1637683472869,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Citibank is catching up","listText":"Citibank is catching up","text":"Citibank is catching up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875796912","repostId":"1111787545","repostType":4,"isVote":1,"tweetType":1,"viewCount":3081,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875797755,"gmtCreate":1637683914444,"gmtModify":1637683914444,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Xiaomi good quality smartphone","listText":"Xiaomi good quality smartphone","text":"Xiaomi good quality smartphone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875797755","repostId":"1100407650","repostType":4,"repost":{"id":"1100407650","kind":"news","pubTimestamp":1637663293,"share":"https://www.laohu8.com/m/news/1100407650?lang=zh_CN&edition=full","pubTime":"2021-11-23 18:28","market":"hk","language":"en","title":"Xiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100407650","media":"Reuters","summary":"SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smal","content":"<p>SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.</p><p><blockquote>路透上海11月23日-中国智能手机制造商小米公司(1810.HK)周二公布，受国内竞争对手Oppo和Vivo竞争加剧的影响，第三季度营收增长8.2%，增幅低于预期。</blockquote></p><p> Sales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.</p><p><blockquote>截至9月30日的三个月内，销售额增至780.6亿元人民币（合122.2亿美元）。Refinitiv数据显示，分析师此前预期为792.0亿元人民币。</blockquote></p><p> Profit slumped 84% to 788.6 million yuan.</p><p><blockquote>利润暴跌84%至7.886亿元。</blockquote></p><p> On an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.</p><p><blockquote>经调整后，小米盈利51.8亿元，基本符合分析师平均预期的50.9亿元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi revenue misses estimates as competition intensifies<blockquote>竞争加剧小米营收未达预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-23 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.</p><p><blockquote>路透上海11月23日-中国智能手机制造商小米公司(1810.HK)周二公布，受国内竞争对手Oppo和Vivo竞争加剧的影响，第三季度营收增长8.2%，增幅低于预期。</blockquote></p><p> Sales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.</p><p><blockquote>截至9月30日的三个月内，销售额增至780.6亿元人民币（合122.2亿美元）。Refinitiv数据显示，分析师此前预期为792.0亿元人民币。</blockquote></p><p> Profit slumped 84% to 788.6 million yuan.</p><p><blockquote>利润暴跌84%至7.886亿元。</blockquote></p><p> On an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.</p><p><blockquote>经调整后，小米盈利51.8亿元，基本符合分析师平均预期的50.9亿元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/media-telecom/xiaomi-q3-revenue-up-82-year-on-year-7806-bln-yuan-misses-estimtes-2021-11-23/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://www.reuters.com/business/media-telecom/xiaomi-q3-revenue-up-82-year-on-year-7806-bln-yuan-misses-estimtes-2021-11-23/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100407650","content_text":"SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp(1810.HK)on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.\nSales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.\nProfit slumped 84% to 788.6 million yuan.\nOn an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875794138,"gmtCreate":1637683774845,"gmtModify":1637705393956,"author":{"id":"4099720658890910","authorId":"4099720658890910","name":"edward7979","avatar":"https://static.tigerbbs.com/50e2f029ed58d4a9ca95241a9f4efbb1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099720658890910","idStr":"4099720658890910"},"themes":[],"htmlText":"Made in Taiwan. Very good quality chips","listText":"Made in Taiwan. Very good quality chips","text":"Made in Taiwan. Very good quality chips","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875794138","repostId":"2185757384","repostType":4,"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}