News
Trends and Facts on Newspapers | State of the News Media
Newspapers are a critical part of the American news landscape, but they have been hit hard as more and more Americans consume news digitally. The industry’s financial fortunes and subscriber base have been in decline since the mid-2000s, and their website audience traffic has begun to decline as well. Explore the patterns and longitudinal data of U.S. newspapers below.
Audience
In 2022, estimated total U.S. daily newspaper circulation (print and digital combined) was 20.9 million for both weekday and Sunday, down 8% and 10% respectively from 2021.
Total estimated circulation of U.S. daily newspapers
Total circulation of U.S. daily newspapers
| 1940 | 41,132,000 | 32,371,000 | ||
| 1945 | 48,384,000 | 39,860,000 | ||
| 1946 | 50,928,000 | 43,665,000 | ||
| 1947 | 51,673,000 | 45,151,000 | ||
| 1948 | 52,285,000 | 46,308,000 | ||
| 1949 | 52,846,000 | 46,399,000 | ||
| 1950 | 53,829,000 | 46,582,000 | ||
| 1951 | 54,018,000 | 46,279,000 | ||
| 1952 | 53,951,000 | 46,210,000 | ||
| 1953 | 54,472,000 | 45,949,000 | ||
| 1954 | 55,072,000 | 46,176,000 | ||
| 1955 | 56,147,000 | 46,448,000 | ||
| 1956 | 57,102,000 | 47,162,000 | ||
| 1957 | 57,805,000 | 47,044,000 | ||
| 1958 | 57,418,000 | 46,955,000 | ||
| 1959 | 58,300,000 | 47,848,000 | ||
| 1960 | 58,882,000 | 47,699,000 | ||
| 1961 | 59,261,000 | 48,216,000 | ||
| 1962 | 59,849,000 | 48,888,000 | ||
| 1963 | 58,905,000 | 46,830,000 | ||
| 1964 | 60,412,000 | 48,383,000 | ||
| 1965 | 60,358,000 | 48,600,000 | ||
| 1966 | 61,397,000 | 49,282,000 | ||
| 1967 | 61,561,000 | 49,224,000 | ||
| 1968 | 62,535,000 | 49,693,000 | ||
| 1969 | 62,060,000 | 49,675,000 | ||
| 1970 | 62,108,000 | 49,217,000 | ||
| 1971 | 62,231,000 | 49,665,000 | ||
| 1972 | 62,510,000 | 50,001,000 | ||
| 1973 | 63,147,000 | 51,717,000 | ||
| 1974 | 61,877,000 | 51,679,000 | ||
| 1975 | 60,655,000 | 51,096,000 | ||
| 1976 | 60,977,000 | 51,565,000 | ||
| 1977 | 61,495,000 | 52,429,000 | ||
| 1978 | 61,990,000 | 53,990,000 | ||
| 1979 | 62,223,000 | 54,380,000 | ||
| 1980 | 62,202,000 | 54,676,000 | ||
| 1981 | 61,431,000 | 55,180,000 | ||
| 1982 | 62,487,000 | 56,261,000 | ||
| 1983 | 62,645,000 | 56,747,000 | ||
| 1984 | 63,340,000 | 57,574,000 | ||
| 1985 | 62,766,000 | 58,826,000 | ||
| 1986 | 62,502,000 | 58,925,000 | ||
| 1987 | 62,826,000 | 60,112,000 | ||
| 1988 | 62,695,000 | 61,474,000 | ||
| 1989 | 62,649,000 | 62,008,000 | ||
| 1990 | 62,328,000 | 62,635,000 | ||
| 1991 | 60,687,000 | 62,068,000 | ||
| 1992 | 60,164,000 | 62,160,000 | ||
| 1993 | 59,812,000 | 62,566,000 | ||
| 1994 | 59,305,000 | 62,295,000 | ||
| 1995 | 58,193,000 | 61,229,000 | ||
| 1996 | 56,983,000 | 60,798,000 | ||
| 1997 | 56,728,000 | 60,486,000 | ||
| 1998 | 56,182,000 | 60,066,000 | ||
| 1999 | 55,979,000 | 59,894,000 | ||
| 2000 | 55,773,000 | 59,421,000 | ||
| 2001 | 55,578,000 | 59,090,000 | ||
| 2002 | 55,186,000 | 58,780,000 | ||
| 2003 | 55,185,000 | 58,495,000 | ||
| 2004 | 54,626,000 | 57,754,000 | ||
| 2005 | 53,345,000 | 55,270,000 | ||
| 2006 | 52,329,000 | 53,179,000 | ||
| 2007 | 50,742,000 | 51,246,000 | ||
| 2008 | 48,597,000 | 49,115,000 | ||
| 2009 | 45,653,000 | 46,164,000 | ||
| 2010 | — | — | ||
| 2011 | 44,421,000 | 48,510,000 | ||
| 2012 | 43,433,000 | 44,821,000 | ||
| 2013 | 40,712,000 | 43,292,000 | ||
| 2014 | 40,420,000 | 42,751,000 | ||
| 2015 | 37,711,860 | 40,955,458 | ||
| 2016 | 34,657,199 | 37,801,888 | ||
| 2017 | 30,948,419 | 33,971,695 | ||
| 2018 | 28,554,137 | 30,817,351 | ||
| 2019 | 25,952,584 | 27,389,866 | ||
| 2020 | 24,299,333 | 25,785,036 | ||
| 2021 | 22,697,243 | 23,351,326 | ||
| 2022 | 20,943,023 | 20,943,889 |
Note: To determine totals for 2015 onward, researchers analyzed the year-over-year change in total weekday and Sunday circulation using AAM data and applied these percent changes to the previous year’s total. Only those daily U.S. newspapers that report to AAM are included. Affiliated publications are not included in the analysis. Weekday circulation only includes those publications reporting a Monday-Friday average. Comparisons are either between the three-month averages for the period ending Dec. 31 of the given year and the same period of the previous year (2015-2019), the six-month period ending Sept. 30 and the three-month period ending Sept. 30 of the previous year (2020), or the six-month period ending Sept. 30 of the given year and the same period of the previous year (2021-2022).
Source: Editor & Publisher (through 2014); estimate based on Pew Research Center analysis of Alliance for Audited Media data (2015-2022).
PEW RESEARCH CENTER
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(Note that the Alliance for Audited Media (AAM), the source of this circulation data and the group that audits the circulation figures of many of the largest North American newspapers and other publications, changed their reporting period in 2020 from a three-month period to a six-month period. Additional details about how the circulation estimate is calculated can be found in the methodological note below.)
Within this total circulation figure, weekday print circulation decreased 13% and Sunday print circulation decreased 16% from the previous year.
Digital circulation is more difficult to gauge. Using only the AAM data, digital circulation in 2022 is projected to have remained relatively stable. But three of the highest-circulation daily papers in the U.S. – The New York Times, The Wall Street Journal and The Washington Post – have in recent years not fully reported their digital circulation to AAM. The Times and the Journal provide data on digital subscriptions in publicly available reports, but since this is not the same as circulation and may not be counted under the same rules used by AAM, these independently produced figures cannot easily be merged with the AAM data. If these independently produced figures were included with the AAM data in both 2021 and 2022, weekday digital circulation would have risen sharply, by 22%.
Estimated newspaper circulation using two different data sources
Total weekday circulation of U.S. daily newspapers using data from …
| 2016 | 34,657,199 | 34,657,199 |
| 2017 | 30,948,419 | 33,291,558 |
| 2018 | 28,554,137 | 32,961,320 |
| 2019 | 25,952,584 | 32,359,455 |
| 2020 | 24,299,333 | 35,644,533 |
| 2021 | 22,697,243 | 38,216,679 |
| 2022 | 20,943,023 | 42,972,898 |
Note: Researchers analyzed the year-over-year change in total weekday circulation using AAM data and applied these percent changes to the previous year’s total. Only those daily U.S. newspapers that report to AAM are included. Affiliated publications are not included in the analysis. Weekday circulation only includes those publications reporting a Monday-Friday average. Comparisons are either between the three-month averages for the period ending Dec. 31 of the given year and the same period of the previous year (2016-2019), the six-month period ending Sept. 30 and the three-month period ending Sept. 30 of the previous year (2020), or the six-month period ending Sept. 30 of the given year and the same period of the previous year (2021-2022).
Source: Estimate based on Pew Research Center analysis of Alliance for Audited Media data and subscription data from SEC filings and audited reports.
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The addition of these figures also changes the overall picture for combined print and digital circulation. Before 2020, including these subscription numbers with the AAM circulation data would not have changed the overall circulation picture, as total circulation would still decline. From 2020 onward, however, including the Times’ and the Journal’s digital subscribers reverses the trend. In 2022, total weekday circulation would rise by 12% – not fall by 8%, as is the case when looking strictly at the AAM data. For comparison, the chart above shows estimated total weekday circulation using just the AAM data and when the digital subscriber numbers from the Times and Journal are included over the past seven years. For more details on how this affects our estimates and conclusions, read this post from 2020 on our Decoded blog.
Unique visitors of newspaper websites
Average monthly unique visitors to the top 50 U.S. newspapers by circulation
| 2014 | 8,233,544 |
| 2015 | 9,709,071 |
| 2016 | 11,734,536 |
| 2017 | 11,527,744 |
| 2018 | 11,600,124 |
| 2019 | 12,149,197 |
| 2020 | 13,866,542 |
| 2021 | 11,119,111 |
| 2022 | 8,839,848 |
Note: For each year, the average traffic for each website for October/November/December was calculated; the data point represents the overall average of those numbers. Analysis is of the top 49 newspapers by average Sunday circulation for Q3 2015-2019 and the six-month period ending Sept. 30 for 2020 onward, according to Alliance for Audited Media data, with the addition of The Wall Street Journal. For each newspaper, the Comscore entity matching its homepage URL was analyzed.
Source: Comscore Media Metrix® Multi-Platform, US, Unique Visitors, October-December 2014-2022.
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Gauging digital audience for the entire newspaper industry is difficult since many daily newspapers do not receive enough traffic to their websites to be measured by Comscore, the data source relied on here. Thus, the figures offered above reflect the top 50 U.S. daily newspapers based on circulation. In the fourth quarter of 2022, there were an average 8.8 million monthly unique visitors (across all devices) for these top 50 newspapers. This is down 20% from 2021, which itself was a 20% decrease from 2020.
(The list of top 50 papers is based on Sunday circulation but includes The Wall Street Journal, which does not report Sunday circulation to AAM. It also includes The Washington Post and The New York Times, which make the top 50 even though they do not fully report their digital circulation to AAM. For more details and the full list of newspapers, read our methodology.)
Visit duration of newspaper websites
Average minutes per visit for the top 50 U.S. newspapers by circulation
| 2014 | 2.59 |
| 2015 | 2.59 |
| 2016 | 2.45 |
| 2017 | 2.44 |
| 2018 | 2.32 |
| 2019 | 2.10 |
| 2020 | 1.82 |
| 2021 | 1.56 |
| 2022 | 1.48 |
Note: For each year, the average minutes per visit for each website for October/November/December was calculated; the data point represents the overall average of those numbers. Analysis is of the top 49 newspapers by average Sunday circulation for Q3 2015-2019 and the six-month period ending Sept. 30 for 2020 onward, according to Alliance for Audited Media data, with the addition of The Wall Street Journal. For each newspaper, the Comscore entity matching its homepage URL was analyzed.
Source: Comscore Media Metrix® Multi-Platform, US, Average Minutes Per Visit, October-December 2014-2022.
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Average minutes per visit for the top 50 U.S. daily newspapers, based on circulation, was just under 1 minute and 30 seconds in Q4 2022. This represents a 43% decline from when we first began tracking this in Q4 2014, when the average minutes per visit was just over 2 minutes and 30 seconds.
Economics
The total estimated advertising revenue for the newspaper industry in 2022 was $9.8 billion, based on the Center’s analysis of financial statements for publicly traded newspaper companies. This is down 5% from 2021, a slight drop. Total estimated circulation revenue was $11.6 billion, compared with $11.5 billion in 2020.
Estimated advertising and circulation revenue of the newspaper industry
Total revenue of U.S. newspapers (in U.S. dollars)
| 1956 | 3,223,000,000 | 1,344,492,000 | ||
| 1957 | 3,268,000,000 | 1,373,464,000 | ||
| 1958 | 3,176,000,000 | 1,459,013,000 | ||
| 1959 | 3,526,000,000 | 1,549,576,000 | ||
| 1960 | 3,681,000,000 | 1,604,228,000 | ||
| 1961 | 3,601,000,000 | 1,684,319,000 | ||
| 1962 | 3,659,000,000 | 1,819,840,000 | ||
| 1963 | 3,780,000,000 | 1,901,820,000 | ||
| 1964 | 4,120,000,000 | 1,983,809,000 | ||
| 1965 | 4,426,000,000 | 2,023,090,000 | ||
| 1966 | 4,865,000,000 | 2,109,050,000 | ||
| 1967 | 4,910,000,000 | 2,180,242,000 | ||
| 1968 | 5,232,000,000 | 2,288,215,000 | ||
| 1969 | 5,714,000,000 | 2,425,446,000 | ||
| 1970 | 5,704,000,000 | 2,634,402,000 | ||
| 1971 | 6,167,000,000 | 2,833,320,000 | ||
| 1972 | 6,939,000,000 | 2,929,233,000 | ||
| 1973 | 7,481,000,000 | 3,037,820,000 | ||
| 1974 | 7,842,000,000 | 3,581,733,000 | ||
| 1975 | 8,234,000,000 | 3,921,515,000 | ||
| 1976 | 9,618,000,000 | 4,087,303,000 | ||
| 1977 | 10,751,000,000 | 4,310,236,000 | ||
| 1978 | 12,213,000,000 | 4,534,779,000 | ||
| 1979 | 13,863,000,000 | 4,950,542,000 | ||
| 1980 | 14,794,000,000 | 5,469,589,000 | ||
| 1981 | 16,527,000,000 | 6,206,141,000 | ||
| 1982 | 17,694,000,000 | 6,656,661,000 | ||
| 1983 | 20,581,000,000 | 7,044,098,000 | ||
| 1984 | 23,522,000,000 | 7,368,158,000 | ||
| 1985 | 25,170,000,000 | 7,659,297,000 | ||
| 1986 | 26,990,000,000 | 8,052,148,000 | ||
| 1987 | 29,412,000,000 | 8,399,032,000 | ||
| 1988 | 31,197,000,000 | 8,046,287,000 | ||
| 1989 | 32,368,000,000 | 8,370,324,000 | ||
| 1990 | 32,280,000,000 | |||
| 1991 | 30,349,000,000 | 8,697,679,000 | ||
| 1992 | 30,639,000,000 | 9,163,534,000 | ||
| 1993 | 31,869,000,000 | 9,193,802,000 | ||
| 1994 | 34,109,000,000 | 9,443,217,000 | ||
| 1995 | 36,092,000,000 | 9,720,186,000 | ||
| 1996 | 38,075,000,000 | 9,969,240,000 | ||
| 1997 | 41,330,000,000 | 10,065,642,000 | ||
| 1998 | 43,925,000,000 | 10,266,955,000 | ||
| 1999 | 46,289,000,000 | 10,472,294,000 | ||
| 2000 | 48,670,000,000 | 10,540,643,000 | ||
| 2001 | 44,305,000,000 | 10,783,078,000 | ||
| 2002 | 44,102,000,000 | 11,025,896,000 | ||
| 2003 | 46,156,000,000 | 11,224,362,000 | ||
| 2004 | 48,244,000,000 | 10,988,651,000 | ||
| 2005 | 49,435,000,000 | 10,746,901,000 | ||
| 2006 | 49,275,402,572 | 10,548,344,000 | ||
| 2007 | 45,375,000,000 | 10,294,920,096 | ||
| 2008 | 37,848,257,630 | 10,086,956,940 | ||
| 2009 | 27,564,000,000 | 10,066,783,026 | ||
| 2010 | 25,837,698,822 | 10,049,360,689 | ||
| 2011 | 27,078,473,864 | 9,989,064,525 | ||
| 2012 | 25,316,461,215 | 10,448,561,493 | ||
| 2013 | 23,587,097,435 | 10,641,662,892 | ||
| 2014 | 22,077,809,951 | 10,744,324,061 | ||
| 2015 | 20,362,238,293 | 10,870,292,720 | ||
| 2016 | 18,274,943,567 | 10,910,460,499 | ||
| 2017 | 16,476,453,084 | 11,211,011,020 | ||
| 2018 | 14,346,024,182 | 10,995,341,920 | ||
| 2019 | 12,864,064,241 | 11,016,643,128 | ||
| 2020 | 9,601,389,155 | 11,053,729,516 | ||
| 2021 | 10,264,430,205 | 11,524,949,565 | ||
| 2022 | 9,760,830,024 | 11,606,129,049 |
Source: News Media Alliance, formerly Newspaper Association of America (through 2012); Pew Research Center analysis of year-end SEC filings of publicly traded newspaper companies (2013-2022).
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In the chart above, data through 2012 comes from the trade group formerly known as the Newspaper Association of America (NAA), now known as the News Media Alliance (NMA). Data from 2013 onward is based on the Center’s analysis of financial statements from publicly traded U.S. newspaper companies, which in 2022 numbered four and accounted for about 300 U.S. daily newspapers, from large national papers to midsize metro dailies and local papers.
From 2013 onward, the year-over-year percentage change in advertising and circulation revenue for these companies is calculated and then applied to the previous year’s revenue totals as reported by the NMA/NAA. In testing this method, changes from 2006 through 2012 generally matched those as reported by the NMA/NAA; for more details, read our 2016 report.
Share of newspaper advertising revenue coming from digital advertising
% of newspaper companies’ advertising revenue coming from digital advertising
| 2011 | 17% |
| 2012 | 19% |
| 2013 | 20% |
| 2014 | 21% |
| 2015 | 25% |
| 2016 | 29% |
| 2017 | 31% |
| 2018 | 35% |
| 2019 | 35% |
| 2020 | 39% |
| 2021 | 45% |
| 2022 | 48% |
Source: Pew Research Center analysis of year-end SEC filings for publicly traded newspaper companies that break out digital advertising revenue for each year.
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Digital advertising accounted for 48% of newspaper advertising revenue in 2022, based on this analysis of publicly traded newspaper companies. This follows a steady increase from 17% in 2011, the first year it was possible to perform this analysis.
Methodological note
In this fact sheet, circulation data through 2014 is from Editor & Publisher, which was published on the website of the News Media Alliance (NMA), known at the time as the Newspaper Association of America (NAA). The NMA no longer supplies this data, so the Center determined the year-over-year change in total circulation for those daily U.S. newspapers that report to the Alliance for Audited Media and meet certain criteria. This percentage change was then applied to the total circulation from the prior year – thus the use of the term “estimated total circulation.” This technique is also used to create the revenue estimates, using the financial statements of publicly traded newspaper companies as the data source.
Find out more
This fact sheet was compiled by Research Assistants Sarah Naseer and Christopher St. Aubin.
Read the methodology.
Pew Research Center is a subsidiary of The Pew Charitable Trusts, its primary funder. This is the latest report in Pew Research Center’s ongoing investigation of the state of news, information and journalism in the digital age, a research program funded by The Pew Charitable Trusts, with generous support from the John S. and James L. Knight Foundation.
Find more in-depth explorations of U.S. newspapers by following the links below:
- After increasing in 2020, layoffs at large U.S. newspapers and digital news sites declined in 2021, Oct. 13, 2022
- News Platform Fact Sheet, Sept. 20, 2022
- Local Newspapers Fact Sheet, May 26, 2022
- U.S. newsroom employment has fallen 26% since 2008, July 13, 2021
- A third of large U.S. newspapers experienced layoffs in 2020, more than in 2019, May 21, 2021
- Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives, Oct. 29, 2020
- Nearly 2,800 newspaper companies received paycheck protection loans, and most were under $150K, Oct. 29, 2020
- Americans’ main sources for political news vary by party and age, April 1, 2020
- Black and white Democrats differ in their media diets, assessments of primaries, March 11, 2020
- Fast facts about the newspaper industry’s financial struggles as McClatchy files for bankruptcy, Feb. 14, 2020
- U.S. Media Polarization and the 2020 Election: A Nation Divided, Jan. 24, 2020
- For Local News, Americans Embrace Digital but Still Want Strong Community Connection, March 26, 2019
- What are the local news dynamics in your city?, March 26, 2019
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
-
Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
-
Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
-
Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
-
Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
|
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
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Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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