Cochlear chief executive Dig Howitt told shareholders the hearing implant maker knows what it needs to do after a difficult year. The company's annual net profit fell 62 per cent to $147.3 million in the 2025/26 financial year. Sales revenue was flat at $2.3 billion, although implant device sales rose five per cent. Its share price has fallen by more than 50 per cent over the past year. Cochlear has kept its forecast for a modest rise in underlying net profit next year, and its shares closed down 3.4 per cent on Monday.
US share markets closed lower on Friday, with the Dow Jones Industrial Average falling 1.25 per cent to 52,209.16 points. Technology shares steadied to end a turbulent week for the AI trade. Investors are looking ahead to a busy run of company results, including from Alphabet, Microsoft and Amazon, whose spending plans will be closely watched. Oil prices rose after Houthi attacks in Saudi Arabia raised concern about energy supplies. The Federal Reserve is expected to keep interest rates steady on Wednesday, with investors watching for hints about a possible rate rise in December.
Spotify reported 788 million monthly active users and nearly €5 billion in revenue in its third quarter. Co-CEO Gustav Söderström told investors that AI agents could help the streaming service grow. He said listeners may ask an AI assistant to find music or podcasts rather than opening Spotify themselves. Spotify already works with Meta's Muse, ChatGPT and Claude. Söderström said Spotify uses its own systems to choose what to play, and does not send listener data to partners.
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Meta plans to create a new class of non-voting stock, to be distributed to existing shareholders as a dividend, to help fund its artificial intelligence push. Chief financial officer Susan Li said the shares would support capital raising, employee pay and acquisitions while preserving the voting power of existing Class A and B shareholders. The company reported third-quarter revenue of $64 billion, up 26 per cent, though costs and expenses rose 68 per cent. Chief executive Mark Zuckerberg said more than 10 million people in the United States and Canada had set up Muse personal agents within six weeks.
Global stocks edged higher as early earnings results pointed to strong profits for global firms. Investor sentiment was supported despite concerns about AI shares and bond market turbulence. Australian data centre operator NextDC lost nearly half its market value after sharply cutting revenue forecasts and pausing future developments. French bond yields rose sharply as widespread protests added pressure on the government. The oil price climbed back above $US110 a barrel, adding to negative sentiment across bond markets.
The Dow closed one per cent higher, outperforming the S&P 500, as healthcare stocks led Wall Street's gains and hit a record high. Technology was the biggest drag on the index. Investors appeared to shift money away from tech amid doubts about AI investments, according to one investment adviser. Netflix, Meta and Alphabet fell, while SpaceX shares rose after a strong quarterly profit. Oil prices also fell after touching a five-month high.
Chip and artificial intelligence-linked stocks led a rebound on Wall Street on Monday, lifting the tech-heavy Nasdaq Composite. The rally followed the sharpest weekly falls since late June, driven by concern that higher interest rates could slow spending on AI infrastructure. The Nasdaq rose 1.11 per cent, while the S&P 500 gained 0.42 per cent and the Dow Jones Industrial Average slipped 0.06 per cent. Analyst Michael James warned the market was far from out of the woods, with major technology earnings reports due in coming days.
The Nasdaq closed lower on Tuesday as chip stocks extended recent losses. The PHLX chip index fell 0.23 per cent, its fifth straight daily decline, after Broadcom chief executive Hock Tan compared some investment in the sector to casino gambling. Reports of technological advances by Chinese memory chip company CXMT added to competition concerns. Citigroup and Goldman Sachs both beat profit estimates, but their shares fell, while Wells Fargo and JPMorgan Chase also declined. Apple closed up 0.1 per cent after reaching an intraday record high.
The technology-heavy Nasdaq fell on Monday as oil prices rose nearly $US2 a barrel after deadly strikes on Riyadh's international airport. Investors turned their attention to bank earnings due early Tuesday and a busy week of economic data. The Dow rose while the S&P 500 barely fell. Technology stocks were the biggest laggards, with chip stocks falling 2.7 per cent. Traders increased their bets on a possible US interest rate rise this month.
US stocks closed higher on Wall Street, with all three major indexes gaining and logging weekly gains. Investors turned their attention to third-quarter earnings season and inflation data expected next week. The Dow rose 0.83 per cent, the S&P 500 gained 0.59 per cent and the Nasdaq rose 0.64 per cent. Telecom shares fell after SpaceX agreed to acquire a nationwide low-band spectrum portfolio, while Humana shares jumped 11.6 per cent. Apple slipped 1.1 per cent after a media report said it had told some suppliers to cut component production.
US stocks dipped as crude oil prices surged due to Middle East tensions and reduced US output, fueling inflation and rate-hike fears. The Nasdaq saw the steepest loss, with semiconductor stocks underperforming after a report suggested OpenAI's revenues were lower than expected. Oil prices rose following attacks in the Strait of Hormuz and hurricane-related output cuts, with WTI and Brent crude up 3.6 per cent and 4.1 per cent respectively. The S&P 500 and Nasdaq fell, while the Dow Jones rose slightly.
