Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Tuesday morning.
But first, here are the data points:
Australian Dollar ($A) (AUDUSD): 73.83 US cents
Dow Jones (DJI): down 0.1%
Oil (WTI): $US67.84 per barrel
Gold: $US1,225 per ounce
Australian Investing News
Making finance news, online advertising and software giant, Alphabet Inc (GOOGL), reported its second quarter results this morning revealing revenue of $US32.6 billion, up 26% year over year. Excluding the fine imposed by the European Union, Alphabet reported a quarterly profit of $US8.2 billion, or US11.75 cents per share. The result was ahead of analyst estimates of US9.64 cents per share, according to MarketWatch.
Closer to home and Kogan.com Ltd (ASX: KGN) released its unaudited final results for its 2018 financial year (FY18). The online retailer expects to report more than 40% growth in sales revenue and adjusted operating profits (EBITDA) of 90%. Kogan had nearly 1.4 million active customers at June 30th.
“Kogan.com finished the financial year with a strong quarter of continued growth, as we execute our long term strategy,” Kogan founder Ruslan Kogan said.
“We are excited about all the growth initiatives we are implementing, as we continue to make the most in-demand products and services more accessible and affordable for our customers.”
Iluka Resources Limited (ASX: ILU) released its quarterly report to the market showing year-to-date total mineral sands production down 17.5% but it achieved a 1.7% increase in mineral sands sales.
Shares of funds management business Pinnacle Investment Management Group Limited (ASX: PNI) entered a voluntary trading halt today as the company seeks to acquire 40% of Omega Global Investors and 35% of Metrics Credit Partners for up to $4 million and $46 million, respectively.
Pinnacle said it will raise $60 million from institutional investors by selling shares at $5.50. In addition, eligible smaller shareholders can subscribe for up to $15,000 of new shares, which could raise $10 million. The funds will in part be used to pay for the acquisitions and new growth initiatives.
