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ArcelorMittal idles its Ukraine plant after missile strikes

The steelmaker booked an $852 million impairment after halting operations at Kryvyi Rih, even as group earnings improved from a year ago.

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3 moves

Lakshmi MittalEarningsIndustrialsMTAI read · ▼ War costs catch up

ArcelorMittal idles Ukraine plant, books $852M charge

The move

ArcelorMittal reported third-quarter 2026 EBITDA of $2.023 billion, up from $1.508 billion a year earlier, but swung to a net loss of $391 million attributable to equity holders, in a Nov. 5 earnings release. The loss followed an $852 million impairment and $293 million in exceptional charges tied to idling its Kryvyi Rih steel plant in Ukraine, which the company said on Sept. 25 it could no longer safely and sustainably operate after repeated missile strikes. Adjusted net income was $868 million and adjusted basic EPS was $1.15. Group steel shipments fell to 13.0 million tonnes from 13.6 million tonnes a year earlier. Shares fell 3.31% on Nov. 5.

Why it matters

The war in Ukraine has now forced out a steelmaker that had kept Kryvyi Rih running through more than three years of conflict, a sign of how much the security situation has deteriorated for industrial operators there.

The bear case

The impairment is a one-time, non-cash charge tied to a single plant; underlying group EBITDA actually improved from a year ago on higher per-tonne margins.

What to watch

Whether ArcelorMittal can safely resume any operations at Kryvyi Rih, which it says it is keeping on a asset-preservation footing rather than closing for good.

Source · ArcelorMittalRead original ↗Report an error

Masayoshi SonEarningsAI & techARMAI read · ▼ Licensing outruns royalties

Arm's licensing jumps 50%, but royalty growth lags

The move

Arm Holdings, majority owned by Masayoshi Son's SoftBank, reported fiscal second-quarter revenue of $1.443 billion, up 27% year over year, in a Nov. 4 earnings release. License and other revenue rose 50% to $773 million, while royalty revenue, which depends on how many chips using Arm's designs actually ship, rose 8% to $670 million. Non-GAAP diluted EPS was $0.52, up from $0.39 a year earlier. Arm guided to third-quarter revenue of $1.54 billion, plus or minus $50 million. Shares fell 5.28% on Nov. 4.

Why it matters

The gap between fast-growing licensing revenue and slower royalty growth suggests demand for Arm's AI and data-center chip designs is real, but the payoff that comes once those chips actually ship in volume is still some way off.

The bear case

A 27% overall revenue gain, with license revenue up 50%, is still a strong quarter by most companies' standards, and licensing revenue is naturally lumpier from one quarter to the next.

What to watch

Whether royalty revenue accelerates as new data-center and AI chip designs now in the licensing pipeline move into volume production.

Source · Arm HoldingsRead original ↗Report an error

Robert PeraEarningsAI & techUIAI read · ▲ Steady demand, no AI hype

Ubiquiti posts record quarter, shares jump 15%

The move

Ubiquiti, the wireless-networking company founded and run by Robert Pera, reported fiscal first-quarter revenue of $1,026.2 million in a Nov. 6 earnings release, up 40% from $733.8 million a year earlier. Enterprise Technology revenue, its largest segment, was $941.3 million. GAAP diluted EPS was $5.29, up from $3.43, and gross margin was 47.3%. The board approved a $1.00-per-share quarterly dividend, payable Nov. 23. Shares rose 15.29% on Nov. 6.

Why it matters

The jump shows steady demand from the businesses and service providers that buy Ubiquiti's networking gear, a contrast with the sharper swings this week in AI-linked chip and data-center stocks.

The bear case

Ubiquiti is a far smaller, more concentrated business than its chip-sector peers, so one strong quarter can move its results more than it would for a larger company.

What to watch

Whether revenue growth holds up once Ubiquiti is compared against this now-higher quarter rather than last year's softer one.

Source · UbiquitiRead original ↗Report an error

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What to watch

Whether ArcelorMittal can resume any operations at Kryvyi Rih.Arm's third-quarter guidance of $1.54 billion, plus or minus $50 million, and whether royalty growth picks up.Ubiquiti's next quarter, now up against a tougher year-over-year comparison.

If you run a business, not a fund

A strong headline number doesn't always mean a strong quarter: Arm's revenue grew 27%, but investors focused on the slower 8% growth in royalties, the part of the business tied to actual shipments rather than signed licenses.A one-time charge can swamp an otherwise good quarter: ArcelorMittal's underlying earnings improved, but a single impairment tied to a war-zone plant pushed the headline result to a loss.Scale cuts both ways: Ubiquiti's smaller, more concentrated business let one strong quarter move its stock far more than a similar beat would move a much larger company.