Ford’s Profit Falls

Despite a 6.3% rise in revenue to $47.8 billion, Ford missed profit expectations.

Warranty and recall costs reached $2.3 billion, impacting net income. Profits dropped to $1.83 billion, down from $1.92 billion a year ago. This quarter, warranty costs increased by $800 million.

Ford's combustion-engine unit lost $1.1 billion. The electric vehicle unit lost $1.14 billion, worsening from last year.

Ford's stock fell nearly 12% after hours. Analysts predicted 68 cents per share, but Ford earned only 47 cents.

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Housing Market Struggles in June

In June, US new home sales hit their lowest point in seven months. Sales dropped 0.6% to a rate of 617,000 units. Economists expected 640,000 units.

The decline follows a downward trend since November.

Meanwhile, trade deficit in goods narrowed by 2.5% in June. Exports grew by the same percentage, while imports rose by 0.7%.

GDP is expected to rise due to strong consumer spending in June. Experts predict a 2% annualized growth rate for the April-June quarter.

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AT&T Surpasses Expectations with Subscriber Growth Boost

In Q2, AT&T added 419,000 new wireless subscribers, surpassing analysts' expectations of 284,800.

AT&T's churn rate, showing the number of users leaving, stood at a low 0.70%.

However, total revenue fell below estimates at $29.8 billion. Mobility equipment revenue also declined by 8% in the quarter.

In Mexico, AT&T revenues grew by 14% to $1,103 million, and EBITDA rose by 22% compared to the previous year. The net addition of 177,000 customers brought their total to 22.6 million.

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NBA Signs New TV Deals with Amazon, NBC, and Disney

The NBA will end its 34-year partnership with TNT after the next season. The league rejected TNT’s bid in favor of deals with Amazon, NBC, and Disney.

These new contracts will last until the 2035-36 season. Amazon will pay $1.8 billion yearly for streaming rights to 66 regular-season games and all Play-In Tournament games.

NBC will pay $2.5 billion annually for broadcast rights to 100 regular-season games and the NBA All-Star game. Disney, which owns ESPN and ABC, will pay $2.6 billion per year to air 80 games per season and the NBA Finals.

TNT argues it matched Amazon’s offer and believes the NBA misinterpreted its contract rights.

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