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Nov 3, 2023 • 4 min read

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SBF Fraud Trial:

Yesterday, a jury found Sam Bankman-Fried, co-founder of FTX, guilty of fraud and money laundering. After a trial lasting a month where his former close associates testified against him, the jury, made up of nine women and three men, convicted him on multiple fraud and money laundering charges.
His actions resulted in one of the biggest financial frauds in history, with losses nearing $10 billion. This includes misusing customer funds for personal luxuries and political donations. The evidence presented during the five-week trial in Manhattan included testimonies from his former partner and colleagues, all painting him as the architect behind the fraudulent activities.
Despite his attempt to defend himself, Bankman-Fried’s own testimony, along with past interviews, was used to solidify his conviction. At the conclusion of the trial, U.S. District Court Judge Lewis Kaplan scheduled the sentencing of the convicted ex-CEO of FTX, Sam Bankman-Fried, for March 28, 2024.

Apple Earnings:

Apple announced on Thursday that its fourth fiscal quarter results exceeded analyst projections for sales and earnings per share, despite a continued decline in overall sales for the fourth consecutive quarter. Sales of all hardware, except for the iPhone, fell with significant reductions noted in iPad and Mac sales.
Despite this downturn in hardware, Apple's online services division saw an impressive 16% increase, which helped counterbalance the hardware slump. The company's financial performance in detail, compared to the LSEG (formerly Refinitiv) consensus estimates, included earnings of $1.46 per share against the expected $1.39, and revenue of $89.50 billion over the anticipated $89.28 billion.
Breaking it down by product, iPhone sales met expectations at $43.81 billion, but Mac and wearables fell short of predictions, with Mac bringing in $7.61 billion against an expected $8.63 billion, and wearables earning $9.32 billion versus the forecasted $9.43 billion. iPad revenue, however, surpassed expectations at $6.44 billion, as did services revenue with $22.31 billion against the predicted $21.35 billion.
Apple’s gross margin also exceeded expectations at 45.2%. Although Apple did not provide official guidance for the future, CFO Luca Maestri often shares insights during earnings calls. Analysts anticipate a potential rebound in Q4, with revenue estimates around $122.98 billion, which would signify a return to year-over-year growth during Apple’s most significant quarter.

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