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Mortgage Interest Rates Today, April 30, 2024 | Rates Are Staying Put For Now
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
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Average 30-year mortgage rates continue to hover around 7% after spiking up earlier this month, according to Zillow data. Until we get some data showing that inflation is slowing, mortgage rates are unlikely to go down.
After decelerating substantially in 2022 and 2023, inflation has been sticky so far this year. Because of this, investors have pushed back their expectations of a Federal Reserve rate cut. Until inflation comes down further and the Fed is able to start lowering the federal funds rate, mortgage rates will probably remain near their current levels.
Though investors were initially pricing in as many as six cuts in 2024, we may now only get one or two cuts total by the end of the year. Investors expect that the first Fed cut will come in September, according to the CME FedWatch Tool.
This means we could see mortgage rates improve somewhat as we approach fall. But it really depends on how the latest data shakes out. If inflation stagnates, rates won't drop. They could even tick up further.
Mortgage Rates Today
Mortgage Refinance Rates Today
Mortgage Calculator
Use our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments.
By plugging in different term lengths and interest rates, you'll see how your monthly payment could change.
Mortgage Rate Projection for 2024
Mortgage rates increased dramatically for most of 2023, though they started trending back down in the final months of the year. As the economy continues to normalize this year, rates should come down even further.
In the last 12 months, the Consumer Price Index rose by 3.5%, a significant slowdown compared to when it peaked at 9.1% in 2022. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of the best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
We aren't likely to see home prices drop anytime soon thanks to extremely limited supply. In fact, they'll likely rise this year as mortgage rates drop.
Fannie Mae researchers expect prices to increase 4.8% in 2024, while the Mortgage Bankers Association expects a 4.1% increase in 2024.
Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices. But prices aren't currently expected to increase as much as they have in recent years.
Fixed-Rate vs. Adjustable-Rate Mortgage Pros and Cons
Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.
So how do you choose between a fixed-rate vs. adjustable-rate mortgage?
ARMs typically start with lower rates than fixed-rate mortgages, but ARM rates can go up once your initial introductory period is over. If you plan on moving or refinancing before the rate adjusts, an ARM could be a good deal. But keep in mind that a change in circumstances could prevent you from doing these things, so it's a good idea to think about whether your budget could handle a higher monthly payment.
Fixed-rate mortgage are a good choice for borrowers who want stability, since your monthly principal and interest payments won't change throughout the life of the loan (though your mortgage payment could increase if your taxes or insurance go up).
But in exchange for this stability, you'll take on a higher rate. This might seem like a bad deal right now, but if rates increase further down the road, you might be glad to have a rate locked in. And if rates trend down, you may be able to refinance to snag a lower rate
How Does an Adjustable-Rate Mortgage Work?
Adjustable-rate mortgages start with an introductory period where your rate will remain fixed for a certain period of time. Once that period is up, it will begin to adjust periodically — typically once per year or once every six months.
How much your rate will change depends on the index that the ARM uses and the margin set by the lender. Lenders choose the index that their ARMs use, and this rate can trend up or down depending on current market conditions.
The margin is the amount of interest a lender charges on top of the index. You should shop around with multiple lenders to see which one offers the lowest margin.
ARMs also come with limits on how much they can change and how high they can go. For example, an ARM might be limited to a 2% increase or decrease every time it adjusts, with a maximum rate of 8%.
Stock market today: futures slip ahead of Amazon earnings and a key Fed update
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US stock futures retreated on Tuesday as Wall Street awaited key earnings reports and a Fed update. Amazon, Eli Lilly, McDonald's, and Starbucks are among the companies set to report earnings later. The Fed will weigh in on inflation and the outlook for interest rates on Wednesday.Stocks drifted lower in premarket trading on Tuesday as investors held their breath for marquee earnings reports and a critical update from the Federal Reserve.
S&P 500 and Dow Jones Industrial Average futures were down 0.1% shortly after 5.30 a.m. ET, while Nasdaq 100 futures traded marginally lower.
The key 10-year Treasury yield rose by about 0.2% to 4.64%. The US Dollar Index — which tracks the buck's value against a basket of foreign currencies — advanced 0.3% to 105.9 points.
The Fed is scheduled to begin its two-day meeting later. In January, the central bank was widely expected to cut interest rates significantly this year as inflation appeared to be normalizing. However, stubborn price growth has tempered Wall Street's hopes of a rate cut in the months ahead.
"We are preparing to hear Jerome Powell ask for more patience and for more time to abate inflation," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, in a morning note.
"If that's the case, we could see a further meltdown in Fed rate cut expectations. The next stop is no rate cut in 2024, which would be a cold shower for the bulls," she added.
While companies' financial reports have broadly beaten expectations this earnings season, stocks could suffer if the Fed sounds the alarm on inflation and says it's eyeing further rate increases.
"If the Fed expectations turn undesirably hawkish, we could see the equity rally stall," Ozkardeskaya said.
Amazon, Eli Lilly, Coca-Cola, McDonald's, and Starbucks are all expected to report earnings later. The key data releases include an update to the S&P Case-Shiller home price index and new consumer confidence figures.
The more you earn, the harder it is to find a job right now
Getty Images; Alyssa Powell/BI
Over the past year or so, pretty much everyone who's looked for a job has told me the same thing: The job market is brutal right now. They've applied to dozens if not hundreds of openings, only to get one or two callbacks. No one's hiring, they tell me. I've never seen it this bad.
Listening to them, you'd think we were in the middle of a recession. But the confusing thing is we're nowhere close to one. Unemployment is near a five-decade low. The economy is adding hundreds of thousands of jobs each month. Wages are growing faster than inflation. By all the standard measures, the job market is doing just fine. So why am I hearing such a different story from people on the ground?
The dissonance finally started to make sense to me when Vanguard, the investment-management company, released its latest report on hiring. By looking at the enrollment and contribution rates of its 401(k) retirement plans, Vanguard is able to calculate a national hiring rate broken down by income level. And what the numbers show is a two-tier job market — one divided between a blue-collar boom and a white-collar recession.
Among Vanguard's lowest earners — those who make less than $55,000 — the hiring rate has held up well. At 1.5%, it's still above pre-pandemic levels. But among those who make more than $96,000? It's pretty depressing. Hiring has slowed to a dismal 0.5%, less than half the peak it reached in mid-2022. Excluding the dip in the early months of the pandemic, that's the worst it's been since 2014. If you make a six-figure salary, it really is a bad time to be looking for a job.
Elon Musk says he picked Tesla robotaxi's August 8 launch date because it's a lucky number in China
Tayfun Coskun/Anadolu via Getty Images
Tesla is set to launch its robotaxi on August 8, 2024.The date, Elon Musk says, was chosen partly because it is a "lucky number in China."Musk's interest in China isn't surprising considering its major influence on Tesla's fortunes.Tesla CEO Elon Musk might've been hoping for some much-needed good fortune when he picked the robotaxi's projected August 8 launch date.
"I did partly pick it because 8/8 is a lucky number in China!" Musk told X user Michel de Guilhermier on Monday. This was after the latter pointed out the date's significance in Chinese culture.
The date, Musk added, was also chosen because it is the birthday of his triplets. Musk fathered the triplets — Kai, Saxon, and Damian — with his first wife, Justine Musk.
I did partly pick it because 8/8 is a lucky number in China! Also, the birthday of my triplets, who are now 17.
— Elon Musk (@elonmusk) April 30, 2024The number eight is seen as an auspicious digit in Chinese culture. This is because it has a similar pronunciation to the Chinese word for wealth and prosperity. When China hosted the Olympics in 2008, they opened the games officially at 8 p.m., on August 8.
Musk's interest in Chinese culture isn't that surprising if one considers the huge impact China has on Tesla's fortunes.
The Asian giant has become an increasingly important part of Tesla's operations. In April 2023, Musk unveiled plans for a new battery factory in Shanghai, per a report from China's state-run Xinhua News Agency.
With Tesla's growing troubles over sluggish sales and declining revenue, the Chinese market is now of vital importance to the company's survival and growth.
Musk also received a critical lifeline from China over the weekend, when officials gave their in-principle approval for Tesla to roll out its Full Self-Driving technology in the country, Bloomberg reported on Monday citing an individual familiar with the matter.
The billionaire swung the deal during an unexpected trip to China after canceling an earlier planned trip to India. While in China, Musk met several Chinese officials, including the country's second-highest-ranking politician, Li Qiang.
Musk's warmth toward China, however, does not extend to his rivals there.
Last week, Tesla reduced the price of is Model 3, S, X, and Y by 14,000 yuan, or about $1,930. Musk's company has been waging a price war amid heightened competition from Chinese automakers like BYD and Li Auto.
"The Chinese car companies are the most competitive car companies in the world," Musk said of his competitors during Tesla's earnings call in January.
"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," he continued.
Representatives for Tesla didn't immediately respond to a request for comment from BI sent outside regular business hours.
I left my VP role at 25 to build a startup. Leaving security and a steady paycheck behind was hard, but I have no regrets.
Courtesy of HelloData.ai
Timothy Gamble left his VP role at Walker & Dunlop to cofound HelloData.ai in 2022.Gamble's decision was driven by a desire for continual growth and the opportunity to innovate in AI.Despite earning less, Gamble is happy with his decision to leave his 9-5.This as-told-to essay is based on a conversation with Timothy Gamble, a 26-year-old cofounder at HelloData.ai based in Washington, DC. It's been edited for length and clarity.
I'm a cofounder and the head of data engineering at HelloData.ai, which uses real-time data on more than 25 million multifamily units nationwide to suggest the most relevant comparable properties and analyze real-estate assets.
My career kicked off in 2016 at Enodo, a real-estate analytics company, as a freshman in college with just a few months of computer science under my belt. I gathered and normalized real-estate data, but my role quickly expanded, and I was soon in charge of the data infrastructure that processed billions of real-estate data points daily.
By the time I graduated, Enodo was approached with an acquisition offer, which was accepted. I then joined Walker & Dunlop, a provider of financing services to owners of commercial real estate, as a lead data engineer in February 2019.
I played a key role in incorporating Enodo's technology into Walker & Dunlop's data-driven products. In August 2021, I was promoted to VP of data engineering.
From the outside, it might've looked like I had it all, but inside, something was missing
Although I enjoyed the stability of my role, I reached a point where I felt my growth had plateaued, and I wanted to get back into the startup scene.
At the end of 2022, I quit to cofound HelloData.ai with Nico Lassaux, head of machine learning, and Marc Rutzen, CEO.
Nico left W&D one year before me, but we kept in touch. When I left W&D, we decided it made sense to start a real-estate AI company since we both had an entrepreneurial spirit, strong engineering backgrounds, and real-estate domain expertise.
We started with six separate ideas before moving forward with HelloData.ai. Marc kept in touch with us and decided to join our venture.
Leaving a stable job and cofounding HelloData.ai wasn't a quick decision
Deciding to leave my stable job took a year of wrestling with questions, especially from my family. Security, prestige, and a steady paycheck — why trade those for the unknowns of a startup?
There was no one answer, but I had several realizations I couldn't ignore. First, I craved the startup energy. The constant challenges and rush of innovation lit a fire in me. My job was comfortable, but I missed the adrenaline of pushing boundaries and overcoming hurdles.
Then there was my role at W&D, which had shifted from creating to maintaining. Building new systems and implementing fresh ideas were the activities that fueled my passion. I needed to be challenged, and the corporate ladder didn't offer that kind of growth. Managing a bigger team or getting a "senior" title was less appealing than the chance to learn and innovate in a rapidly changing field.
Finally, there was AI. It was starting to sweep across industries, and I didn't want to be a bystander.
Deciding to leave my VP role was scary but the fear of complacency and the prospect of looking back with regret for not pursuing my passions were far greater motivators.
I knew I needed to challenge myself to grow
Walking away from a role that may seem perfectly set up for you, especially when it feels like golden handcuffs, requires a deep understanding of what you value most. For me, it was about continual growth and not wanting to get left behind as the pace of engineering, especially in AI, began to accelerate.
Don't shy away from the discomfort of leaving security behind. In that discomfort, you'll find the most significant opportunities for growth and innovation. Trust in your ability to navigate the unknown, and remember that the skills and resilience you build through this process are invaluable assets.
I'm now earning less than I was before, but that's because we're reinvesting all profits back into the business. We're very proud to be bootstrapped yet profitable and continue to grow.
I've learned a lot as an entrepreneur
I've made plenty of mistakes in my career, but my most recent one was in January when I built a system and unexpectedly racked up over $5,000 in computing costs.
The issue was resolved after editing a few lines of code, but it showed me just how important it is to forecast what a new system will cost before deploying it.
If I were to distill one piece of concrete advice for people itching to leave their corporate jobs, it would be this: embrace the challenge of leaving a comfortable position not as a loss, but as a critical step toward personal and professional growth.
McKinsey tried to boost the morale of senior staff by blasting Eminem and Bob Marley at an internal event, report says
Kevin Kane / Getty Images
McKinsey & Co. held an internal event to rally partners amid a challenging year, Bloomberg reports.The event was soundtracked by Bob Marley, Eminem, and a 1990s cult British classic. Like many major consulting firms, McKinsey has announced layoffs as demand for its services has fallen.The management consulting giant McKinsey has turned to the music of Eminem and Bob Marley to try to pump up its disgruntled partners, according to a report from Bloomberg.
The firm, which has faced a challenging eighteen months, held an event earlier in April in Copenhagen for around 750 senior partners, the report said.
During the event, Bob Sternfels, global managing partner at McKinsey, reportedly admitted that the last 18 months had been challenging but said that 2024 was looking better for the firm.
According to a source who spoke to Bloomberg, McKinsey was at a "turn the page" moment, Sternfels announced at the event.
To accompany the positive message hits by the American rapper Eminem and singer Bob Marley were played during the night, Bloomberg reported.
Also on the playlist was 1997 cult hit "Tubthumping" by British band Chumbawamba, famed for its chorus: "I get knocked down, but I get up again. You are never gonna keep me down."
McKinsey global managing partner, Bob Sternfels, makes a statement to the US Senate on the firm's work with Saudi Arabia, February 2024.Screenshot from C-SPAN
McKinsey is not alone in facing difficulties. Major consulting firms across the board are seeing waning demand for their services. After pandemic-era hiring sprees, the slowdown has left staff numbers at many firms bloated.
In April, McKinsey gave some 3,000 staffers poor performance ratings, which are internally known as "concerns." Employees who receive a "concern" generally have about three months to improve their performance, or they will be "counseled to leave."
The company has also announced hundreds of redundancies and layoffs in its technology and other divisions. Recent efforts to cut headcount have included offers for nine months' worth of pay and career-coaching services.
"The irony of my time at McKinsey is that they're constantly giving right-sizing advice to their clients but completely miss the mark themselves," one former employee previously told Business Insider.
But McKinsey partners have reportedly been unhappy with how leadership has handled the role reductions, people familiar with the matter told Bloomberg.
Sternfels appeared to address their grievances, reportedly telling the audience, "I hope we shout out. I hope we engage. I hope we wrestle with stuff together."
Alongside redundancies, McKinsey is also facing a criminal investigation.
Last week, it was reported that the US Department of Justice was conducting an investigation into McKinsey's role in the US opioid epidemic.
Two days later, a former partner filed a lawsuit against the firm, accusing it of defamation and scapegoating him for its work with opioid manufacturers like Purdue Pharma. The suit seeks damages from McKinsey and Sternfels.
McKinsey did not immediately respond to a request for comment from BI.
Saudi Arabia will 'downscale' some Vision 2030 projects like Neom amid 'challenges,' minister says
WEF
Saudi Arabia's Neom project secured a $2.7 billion credit line from local lenders. The Saudi finance minister said the kingdom was "very pleased" with progress on Vision 203 goals. He said "challenges" meant adjustments would be made to some aspects as required.Saudi Arabia is trying to counter reports that its Neom project is struggling.
Finance minister Mohammed Al Jadaan told a World Economic Forum meeting in Riyadh on Sunday that the kingdom was "very pleased" with the progress made in its Vision 2030 plan, of which Neom is the centerpiece.
While he said 87% of the targets in the ambitious plan were on track, "challenges" meant adjustments would be made to some aspects as required.
"We don't have ego, we will change course, we will adjust, we will extend some of the projects, we will downscale some of the projects, we will accelerate other projects," the minister said during a session on global economic growth.
His comments came as Neom announced a new revolving credit facility worth 10 billion riyals ($2.7 billion) — from local lenders.
Officials said in a press release that the credit line will support Neom's short-term financing requirements, including the development of Trojena, The Line, and the luxury island destination Sindalah.
Neom's CEO, Nadhmi Al-Nasr, said: "This new credit facility, backed by Saudi Arabia's leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program."
Neom did not immediately respond to a request for comment from Business Insider.
Recent reports have indicated that Saudi Arabia may be struggling to realize some of the ambitious projects included in Saudi Crown Prince Mohammed bin Salman's Vision 2030 plan.
Earlier this month, Bloomberg reported that Saudi Arabia had reduced estimates for the number of people expected to live in The Line. That decision had led to at least one contractor starting to lay off workers employed on the site, according to the report.
The Wall Street Journal reported in February that Saudi had also started borrowing to help fund Neom and other Vision 2030 megaprojects.
Musk's visit to China was a much-needed win for both sides — and a snub to India
REUTERS/Aly Song
Elon Musk just made a quick trip to China, where he met with senior officials and struck a deal.The Beijing visit comes as trade tensions have ratcheted up between China and the US, including over EVs.And Musk notably skipped a recent visit to India, underscoring how important China is for Tesla.Elon Musk's two-day trip to Beijing looks like a mutually-beneficial win for Tesla and for China — and a snub for India.
The tech billionaire made his second trip to China in less than a year. He left on Monday after meeting with senior officials including Premier Li Qiang, China's second-highest-ranking politician, to discuss the rollout of Tesla's Full Self-Driving technology in the world's biggest auto market.
China's search engine giant Baidu agreed to grant Tesla access to its mapping license so Tesla can collect data on China's roads, Reuters reported. And Tesla's vehicles cleared a key hurdle with a Chinese data security regulator on Monday.
That's a big step for Tesla toward launching FSD in the country, a potential revenue booster just as the company wraps up one of its most tumultuous months. Tesla's stock is down 23% year to date.
In April, Tesla reported disappointing first-quarter deliveries, went through a messy 10% global layoff, recalled nearly 4,000 Cybertrucks because of faulty accelerators, and cut prices — a move reciprocated by Chinese EV rivals, who cut theirs even further.
Tesla has 1.6 million cars in China, representing a huge potential market for FSD. Other carmakers could also pay to license the technology.
Wedbush analyst Dan Ives told the Financial Times that the FSD approval in China was a "watershed moment" for Tesla. The company's huge valuation — hundreds of billions of dollars more than other automakers — hinges on autonomous technology, Ives said.
Local regulators may keep a particularly close eye on Tesla's software. In January, the company had to recall all of its cars in China made from 2014 to 2023 to fix problems with its Autopilot feature and locks. Both problems could be fixed with a free software update.
A win for China and a slight for India
Musk has long been eager to make nice with China, sometimes with antics that would raise eyebrows for other CEOs.
To celebrate a new Shanghai factory in 2020, he performed what a BI reporter at the time deemed a "dad-dance striptease." On the hundredth anniversary of the Communist Party in 2021, he tweeted fawning praise of the country.
China, for its part, has given him a royal welcome on past trips. His May 2023 trip included a 16-course meal with a battery executive and a storm of local social media praise.
As Tesla expands in China, the country must balance its desire to work with the US juggernaut with its inclination to protect local giants, like BYD. In the first quarter, Chinese automakers' profit jumped 32% from a year ago, per statistics released Saturday.
Musk needs China — but China also needs Musk, as a sign that the country is open for business with high-profile US companies.
Trade tensions between China and the US have ratcheted up in the last year amid US concerns about Chinese manufacturing and data security.
Janet Yellen, the US treasury secretary, and Antony Blinken, the secretary of state, visited China in the past month. They warned of Chinese companies undercutting other manufacturers through overproduction, including in electric vehicle and battery production.
China has ramped up EV production, a major threat to Tesla. BYD beat Tesla as the best-selling EV maker last year, and Musk said in January that Chinese EVs would "pretty much demolish" other American carmakers if allowed to enter the US.
Tesla's work in China may help the country court foreign investment. Businesses have been scared off by government crackdowns — including raids on top global firms like Bain — and by roiling property and stock markets. This year, weakened consumer demand has hit companies from Gucci to Apple, which have built big businesses as Chinese consumers' disposable income has risen.
While Musk made time for this quick trip to Beijing, he skipped a planned trip to India earlier this month to meet Prime Minister Narendra Modi. Musk's visit was going to include an announcement about Tesla entering India, Reuters reported.
"Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk posted on X.
A key Tesla executive who was helping to lead the company's entrance into India left this month, Reuters reported.
Musk's India visit would have been a win for Modi, who is seeking to boost India's status as a manufacturing hub, especially as businesses leave China.
Elon Musk isn't even close to being done with his 'absolutely hard core' slashing of Tesla's headcount
Beata Zawrzel/NurPhoto via Getty Images
The layoffs at Tesla aren't over yet, says Tesla CEO Elon Musk.On Monday, he announced the departure of two senior executives and the axing of their divisions.Tesla, Musk said, needs to be "absolutely hard core about headcount and cost reduction."Tesla CEO Elon Musk says the EV giant is not done with laying people off.
The billionaire announced the departure of two senior executives — Tesla's senior director for charging infrastructure, Rebecca Tinucci, as well as its director for vehicle programs and new products, Daniel Ho — in an email to staff on Monday.
The email, obtained by The Information, noted that both Tinucci's and Ho's divisions would be dissolved, with only a few employees getting reassigned. Around 500 people from Tinucci's division will lose their jobs, The Information reported, citing Musk's email.
Tesla's public policy team will also be dissolved, Musk said. Tesla's vice president of public policy and business development, Rohan Patel, announced his departure earlier on April 15.
And Musk expects more job cuts to come.
Musk said that come 10 a.m. ET on Tuesday, he'll start asking for resignation letters from Tesla executives who retain "more than three people who don't obviously pass the excellent, necessary and trustworthy test."
"Hopefully these actions are making it clear that we need to be absolutely hard core about headcount and cost reduction," Musk said in his email.
Representatives for Tesla didn't immediately respond to a request for comment from BI sent outside regular business hours.
The wave of layoffs are occurring at a rough time for the company, which has been struggling with sluggish sales and heightened competition from Chinese rivals like BYD.
On April 23, Tesla told investors in an earnings call that its quarterly revenue had plunged by 9% year-over-year, its biggest revenue drop since 2012. Earlier this month, Tesla said it had delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the last quarter.
Musk had announced Tesla's first round of mass layoffs for this year on April 14, which reduced Tesla's workforce by more than 10%. The company employed more than 140,000 staff before the layoffs.
Paramount axed its CEO, then held a bizarre earnings call where it played the 'Mission: Impossible' theme song over and over and refused to take questions
Jason Mendez via Getty Images
Paramount held a nearly 9-minute-long earnings call on Monday.No questions were taken and the call ended with the Mission: Impossible theme being played on loop.The company announced the departure of its president and CEO Bob Bakish before the call.Paramount executives didn't take any questions during the company's earnings call on Monday, and ended up blasting the Mission: Impossible theme music on loop to their investors instead.
The entertainment studio's first quarterly earnings call of the year took place after Paramount announced the ouster of its president and CEO Bob Bakish.
Bakish has been replaced by what Paramount calls an "Office of the CEO" committee. This panel is formed by three executives — CBS chief George Cheeks, Showtime/MTV Entertainment president and CEO Chris McCarthy, and Paramount Pictures and Nickelodeon Nickelodeon head Brian Robbins.
However, investors who were hoping to learn more about the leadership changes during Paramount's earnings call were left hanging. The earnings call ran for only 8 minutes and 50 seconds, and the executives in attendance weren't open to taking questions.
"We will not be taking questions following our prepared remarks," Jaime Morris, Paramount's executive vice president for investor relations, said on Monday. "The main purpose of today's call is to provide you with the information regarding our first quarter of 2024's performance."
The call then ended with Paramount playing the theme song to the studio's hit franchise Mission: Impossible over and over again, according to accounts from the Financial Times' Anna Nicolaou, Puck's Matthew Belloni, and IGN's Alex Stedman.
The bizarre earnings call on Monday comes at a troubling time for Paramount. The studio, which produced hit films like "Top Gun: Maverick" and the "Transformers" franchise, has been grappling with increased competition from rivals like the streaming giant Netflix.
Paramount's majority shareholder and board chair Shari Redstone has been circling on a merger deal with David Ellison's Skydance Media, the Financial Times reported last month.
David Ellison, the son of Oracle founder Larry Ellison, has been eyeing the studio for some time. There's also been some speculation amongst industry insiders that the sale could allow Paramount to use Oracle's technology to boost its entertainment offerings.
Representatives for Paramount didn't immediately respond to requests for comment from BI sent outside regular business hours.
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