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Crocs stock soars as profits above expectations and the firm hikes its full-year forecast

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Crocs stock soars

Crocs stock jumped on Thursday after the retailer posted fiscal third-quarter earnings and revenue that surpassed analysts’ estimates, indicating that demand for the company’s footwear remained robust.

Crocs also boosted its full-year forecast, claiming that it has worked hard to mitigate the effects of the worldwide supply chain disruption. Despite the temporary closure of manufacturing facilities in Vietnam in recent months, the company claimed it had moved production and relied on air freight to transport items.

Its stock was recently up about 9%, with a year-to-date gain of more than 145 percent. On Wednesday, the stock had dropped roughly 5%.

Using a Refinitiv survey of analysts, here’s how Crocs did in the three months ended Sept. 30 compared to what analysts were expecting:

Adjusted earnings per share: $2.47 vs. $1.88 projected
$626 million in revenue vs. $610 million projected

Net income increased to $153.5 million, or $2.42 per share, from $61.9 million, or 91 cents per share, in the third quarter of last year. Excluding one-time items, the company earned $2.47 per share, much exceeding analysts’ expectations of $1.88.

Revenue increased by 73 percent to $626 million, up from $362 million the previous year. The $610 million target was surpassed.

Crocs reported a 60.4 percent increase in direct-to-consumer sales in the third quarter, while wholesale revenue increased by 88.2 percent. Digital sales increased by 68.9% year over year, accounting for 36.8% of overall sales, up from 37.7% a year before.

Crocs now expects revenue to climb between 62 percent and 65 percent from 2020 levels for the full year, compared to a previous range of 60 percent to 65 percent.

Sales should increase by more than 20% year over year in fiscal 2022, according to the company.

“Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business,” CEO Andrew Rees said in prepared remarks. “Despite the temporary disruptions, we expect 2022 revenues to grow … fueled by the strength of our brand and consumer demand globally.”

Find the full earnings press release from Crocs here.

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Auction of Wikipedia’s editor’s first computer and NFT is On

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Auction of Wikipedia's editor's first computer and NFT is On

Auction of Wikipedia’s editor’s first computer and NFT is On

The computer Jimmy Wales used to create Wikipedia is up for auction, along with an NFT commemorating his first change on the platform, auctioneers announced Friday.

Wales “used for development and research at the time of the website’s launch on January 15, 2001,” when the website launched on January 15, 2001, according to Christie’s, which is supervising the sale.

The second lot is for an NFT generated by Wales of Wikipedia’s debut onscreen image when he uploaded the first words, “Hello world,” according to Christie’s specialist Peter Klarnet.

The NFT will be presented in JPEG format and will allow the customer to edit the page, which can be “which can be reset with a timer to revert to its original state,” to its original state.

In addition to supporting WT.Social, the proceeds from the sale of the NFT will go to a range of nonprofits working in the free culture field, according to the Christie’s website.

Christie’s hopes to sell the two lots for hundreds of thousands of dollars, Klarnet added.

NFTs have become a staple of auction houses and the art market for some collectors and investors.

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore’s banking watchdog has halted a popular digital currency exchange over a crypto pension programme linked to South Korean boy band BTS.

Singapore’s decision to stop Bitget’s local activities comes as the city-state strives to become a worldwide cryptocurrency hub.

BTS’s agency Hybe threatened Bitget with legal action in October for the promotion of Army Coin, named after the group’s ardent fans BTS ARMY. Who made the coin is unknown.

“so they do not have to worry about surviving but instead let them do what they desire to do” the platform advertised Army Coin. Hybe stated the coin is unrelated to BTS.

The episode shows the difficulties regulators face in controlling the crypto business as regular investors accept digital currency.

Barcelona star Andrés Iniesta was criticised last week for promoting the world’s largest crypto exchange on Instagram.

Singapore, a financial and free-trading port, has been more open to technology than regional rivals Hong Kong and Tokyo.

The Monetary Authority of Singapore has awarded Binance, Ripple, and Coinbase licences to serve retail and institutional clients.

Bitget had been exempted until July, according to a source familiar with the case. Bitget and the MAS refused to elaborate on the basis for Bitget’s exclusion.

Bitget’s services were still available in Singapore until late November, when it promoted Army Coin and claimed MAS clearance on its website.

After being notified by the Financial Times, the company removed the MAS logo from its site and prevented Singaporeans from using its app or website. Bitget still claims US, Canadian, and Australian licences.

Army Coin has since been listed on CoinTiger, another Singapore-based cryptocurrency market. The coin “exists for the good of BTS” and will “truly support them financially”, according to CoinTiger.

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Munger wishes cryptocurrencies had never been developed

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Munger wishes cryptocurrencies had never been developed

Charlie Munger, a billionaire investor, is still not a big supporter of Bitcoin.

‘I wish they’d never been invented,’ Munger said at the Sohn conference in Sydney on Friday, according to the Australian Financial Review.

Asked if he had any admiration for China, Munger replied, “I think they made the right decision by simply banning them.”

The cryptocurrency market temporarily surpassed a market value of $3 trillion in November, and leading coins like bitcoin hit new highs this year, spurring a boom in interest in digital assets.

For the 97-year-old Berkshire Hathaway vice chairman, this position is nothing new. According to Munger, the Covid-19 pandemic made him loathe bitcoin even more in May at Berkshire’s annual shareholder meeting.

In response to the bitcoin success, he declared, “Of course I hate it.” Not only does it make kidnappers and extortionists so much easier to get their hands on your extra billions of billions of dollars, but I don’t enjoy just handing over your extra money to someone who just manufactured a new financial product out of thin air.

According to Munger, “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”

Munger, of course, would be opposed by bitcoin advocates. Some people feel that bitcoin can be utilised as a form of inflation protection because of its role as a store of value. According to these proponents, bitcoin is a safe and secure peer-to-peer currency.

Munger, on the other hand, has often slammed bitcoin for its volatility.

“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin,” Munger said at the annual shareholders meeting for the Daily Journal in February. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.”

According to Coin Metrics, Bitcoin is currently trading at $56,085, with a market value of more than $1 trillion.

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