Elon Musk announced that SpaceX's Starlink, the internet satellite service, has achieved "breakeven cash flow". This news comes as a significant milestone for the company (SPACE, Financial), which competes with other satellite internet services like Viasat (VSAT, Financial), Amazon's (AMZN, Financial) Project Kuiper, and Globalstar (GSAT, Financial). Musk also mentioned that Starlink is now a "majority" of all active satellites and will have launched a majority of all satellites coming from Earth by next year.
Broadcom's (AVGO, Financial) CEO Hock Tan recently met with Chinese officials to discuss the company's planned $69 billion acquisition of VMware (VMW, Financial). While the final approval for the acquisition still rests with China's State Administration for Market Regulation, the meeting is seen as a positive step towards securing the deal.
Palantir Technologies (PLTR, Financial) saw its shares jump more than 17% after the company reported better-than-expected third-quarter results and issued a positive guidance. The company's CEO, Alex Karp, also announced that the stock is now eligible to join the S&P 500 index.
Paramount Global (PARA, Financial) reported a Q3 Non-GAAP EPS of $0.30, beating estimates by $0.20. The company's revenue grew by 3.0% year-over-year to $7.13B, driven by subscriber growth and pricing increases for Paramount+.
Shares of Organon (OGN, Financial) slumped after the company reported a quarterly revenue decline in its main women's health business. The company, which was spun off from Merck (MRK, Financial) in June 2021, saw its Q3 adjusted earnings per share miss estimates by 19 cents.
Shares of Crocs (CROX, Financial) tumbled after the company cut its full year revenue outlook due to significant weakness in its HeyDude brand. Despite this, the company's flagship Crocs footwear division saw solid Asia revenue growth and North America direct-to-consumer comparable sales were up.
First Majestic Silver (AG, Financial) reported a larger than expected Q3 adjusted loss and cut its dividend, causing its shares to fall by 15.1%. The company cited the temporary suspension of operations at Jerritt Canyon in Nevada and slightly lower production at its San Dimas and La Encantada mines in Mexico as reasons for the reduced revenues.
