HSBC profits nosedive
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 22 February 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
Nvidia’s net income soared nearly 800 per cent in the latest quarter compared to the same period in 2022, HSBC reported an 80 per cent drop in quarterly profit, and Boeing is replacing the executive in charge of manufacturing its 737 Max aircraft. Plus, Indonesia’s incoming president is creating concerns for the country’s democracy.
Mentioned in this podcast:
Nvidia declares AI ‘tipping point’ as quarterly revenues jump 265%
HSBC shares fall most since 2020 after profits plummet 80%
Boeing ousts head of 737 Max programme
What Prabowo Subianto’s presidential election win means for Indonesia
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, February 22nd, and this is your |
| 0:18.2 | FT news briefing. |
| 0:20.8 | Invidia had another stellar quarter and China is causing problems for |
| 0:26.2 | HSBC's bottom line. Plus Indonesia has picked a new president. Some people are |
| 0:32.4 | worried he'll hurt the country's |
| 0:34.0 | democracy. I'm Sonia Hudson in Frommark Filipino and here's the news you need to |
| 0:39.2 | start your day. people. Invidia had a crazy good fourth quarter. The chipmaker reported yesterday that its net income rose almost 800%. |
| 1:05.6 | Yeah, you heard that right. 800% compared to the same quarter in the previous year. |
| 1:11.4 | Invidia benefited from a spending frenzy on artificial intelligence. |
| 1:16.4 | Its chips are used to create the large language models for AI, so they're basically the |
| 1:21.2 | hottest commodity in Silicon Valley right now. |
| 1:24.0 | Investors were pretty happy about this. |
| 1:26.6 | The shares jumped 10% in after hours trading. And it's not the |
| 1:40.3 | H.S. B. C reported an 80% drop in profits last quarter. |
| 1:45.4 | The bank took a big hit in China at the end of last year and it's not the only Western lender that's struggling there. To tell us more about what's going on I'm |
| 1:49.5 | joined by the F.T's Asia Financial Correspondent, Kay Wiggins. Hey Kay. Hi Sonia. So Kate, this is a huge drop in profits. What happened? |
| 2:00.0 | Yeah, so for the fourth quarter of 2023, this is a massive decline. |
| 2:05.0 | Largely, what happened was that HSBC had to take this huge kind of $3 billion |
| 2:10.6 | in a Chinese state-backed bank called |
| 2:15.9 | Bank of Communications. |
... |
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