Streetbeat News

SOCL

Global X Social Media ETF

http://www.globalxfunds.com/funds/socl/

Industry

Asset Management - Global

The fund will invest at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the underlying index. The underlying index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. The fund is non-diversified.

Open

N/A

Mkt cap

N/A

Volume

N/A

High

N/A

P/E Ratio

N/A

52-wk high

N/A

Low

N/A

Div yield

N/A

52-wk low

N/A

Baidu Inc. (NASDAQ:BIDU) shares are trading higher in premarket after unveiling an upgraded AI model, Ernie 4.0 Turbo. The new model aims to compete with international counterparts and is part of Baidu's strategy to stay competitive in China's AI market. The company also announced enhancements to its PaddlePaddle AI ecosystem. OpenAI's exit from China presents an opportunity for Baidu and other domestic AI firms like Alibaba Group Holding Ltd. (NYSE:BABA) to attract new users. Investors can gain exposure to Baidu via Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Global X Social Media ETF (NASDAQ:SOCL).

Portfolio Pulse from Shivani Kumaresan

June 28, 2024 | 2:40 pm

Snap Inc (NYSE:SNAP) is investing in AI and machine learning to enhance Snapchat, aiming to make the app more engaging. CEO Evan Spiegel has organized senior machine learning experts to strategize on achieving state-of-the-art advancements. This follows years of revamping Snapchat’s advertising business, which is now showing positive results. Snap reported quarterly sales of $1.195 billion, up 21% year-on-year, and quarterly earnings of $0.03, beating analyst estimates. Snap stock gained 66% in the last 12 months. Investors can gain exposure to the stock via Global X Social Media ETF (NASDAQ:SOCL) and Advisor Managed Portfolios Trenchless Fund ETF (NYSE:RVER).

Portfolio Pulse from Anusuya Lahiri

May 20, 2024 | 4:18 pm

Baidu, Inc. (NASDAQ: BIDU) reported better-than-expected Q1 2024 earnings, with revenue and EPS beating analyst estimates. Baidu's Core revenue and AI Cloud business showed growth, while revenue from IQIYI, Inc. (NASDAQ: IQ) decreased but still beat expectations. Baidu's stock has lost 17% over the last year but traded higher by 2.03% in the premarket session.

Portfolio Pulse from Anusuya Lahiri

May 16, 2024 | 12:34 pm

Daniel Ek, Spotify's co-founder, sold 650,000 shares for about $179 million, still holding a 7% stake. Spotify's stock has risen 267% since late 2022. Ek plans to invest $1 billion in European tech and climate startups. Spotify reported a Q1 2024 revenue of $3.95 billion, a 20% increase year-on-year, with an EPS of $1.05, beating consensus. Analysts are optimistic about Spotify's revenue growth and profitability. Spotify shares are part of the Global X Social Media ETF (SOCL) and ProShares On-Demand ETF (OND).

Portfolio Pulse from Anusuya Lahiri

April 29, 2024 | 3:00 pm

Snap Inc. (NYSE:SNAP) shares surged over 25% in premarket trading following the announcement of its first-quarter financial results, which exceeded analyst expectations. The company reported earnings of 3 cents per share against an expected loss of 5 cents per share, with adjusted EBITDA of $46 million, up from $1 million the previous year. Quarterly sales reached $1.195 billion, surpassing estimates by 6.74% and marking a 20.88% increase year-over-year. Snap also reported a 10% increase in daily active users to 422 million and introduced new tools and features. The company anticipates Q2 revenues between $1.225 billion and $1.255 billion, expecting daily active users to grow to approximately 431 million. Investors can also gain exposure to SNAP through the Global X Social Media ETF (NASDAQ:SOCL) and Fidelity Disruptive Communications ETF (NASDAQ:FDCF).

Portfolio Pulse from Nabaparna Bhattacharya

April 26, 2024 | 11:29 am

Spotify Technology SA reported Q1 2024 revenue of $3.95 billion, up 20% YOY, surpassing consensus estimates. EPS was $1.05, beating the $0.70 consensus. Analysts from J.P. Morgan, Piper Sandler, and Goldman Sachs provided positive outlooks, with J.P. Morgan raising its price target to $365. Spotify's gross margin strength, podcast improvements, and advertising gains were highlighted. The company remains confident in achieving its medium-term financial targets. Analysts expect continued revenue growth and profitability increases. Spotify stock is part of the Global X Social Media ETF and ProShares On-Demand ETF.

Portfolio Pulse from Anusuya Lahiri

April 24, 2024 | 7:34 pm

Spotify Technology SA (NYSE:SPOT) reported a 20% year-on-year revenue growth for Q1 2024, reaching €3.64 billion ($3.95 billion), surpassing the consensus of $3.85 billion. EPS was €0.97 ($1.05), beating the consensus of $0.70. Premium revenue and subscribers grew by 20% and 14% respectively, with ARPU increasing by 5%. However, total MAUs of 615 million fell short of guidance by 3 million. The company cited moderated marketing activity and recent layoffs as factors. Ad-supported MAUs and revenue saw significant growth. Gross margin improvements were noted across the board, with operating income hitting a new quarterly high of €168 million. Spotify expects Q2 revenue of €3.8 billion and 631 million MAUs. SPOT shares rose 8.27% in premarket trading. Investors can also gain exposure through Global X Social Media ETF (NASDAQ:SOCL) and ProShares On-Demand ETF (NYSE:OND).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 12:33 pm

As the U.S. bill aiming to ban TikTok nears a vote, stocks of Meta Platforms Inc (META), Snap Inc (SNAP), and Global X Social Media ETF (SOCL) have seen increases. The bill, which could force TikTok's parent company ByteDance to divest its U.S. operations, has been fast-tracked through Congress. The potential ban has sparked criticism from influencers and small businesses reliant on TikTok, while ByteDance has invested heavily in lobbying against the legislation. The bill's passage could lead to significant legal battles, with implications for U.S.-China relations and the social media landscape.

Portfolio Pulse from Natan Ponieman

April 18, 2024 | 7:23 pm

Keybanc analyst Justin Patterson maintained Spotify Technology SA (NYSE:SPOT) with an Overweight rating and raised the price target from $300 to $350, anticipating a surge in subscriber base and revenue per user. Patterson expects Spotify's 2024 revenue to be €15.4 billion and 2025 revenue to be €18.0 billion, with a slight increase in ARPU growth. He introduced a 2026 revenue forecast of €20.6 billion with an operating profit of €2.2 billion. The price target increase reflects higher revenue and profitability forecasts, with comparisons made to Netflix Inc's (NASDAQ:NFLX) EV/S multiple expansion. Spotify's stock has gained 130% in the last 12 months, and investors can also gain exposure through Global X Social Media ETF (NASDAQ:SOCL) and ProShares On-Demand ETF (NYSE:OND).

Portfolio Pulse from Anusuya Lahiri

April 12, 2024 | 5:32 pm

Florida's new law bans social media use for children under 14 and requires ID checks for all users, impacting companies like Meta (META) and Snap (SNAP), and tech ETFs such as SOCL, XLC, FENY, and LTL. The law, effective Jan. 1, 2025, aims to combat addiction and mental health issues among teens. Critics argue it infringes on First Amendment rights and necessitates invasive data collection. NetChoice, representing Big Tech, is expected to challenge the law.

Portfolio Pulse from Natan Ponieman

March 25, 2024 | 8:01 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.