Business
AI Momentum Fuels Bullish Outlook Despite Valuation Risks
SANTA CLARA, Calif. — Advanced Micro Devices Inc. shares have delivered strong gains in 2026, but the question of whether to buy, sell or hold the semiconductor giant remains a hot debate on Wall Street as the company rides the artificial intelligence wave while facing steep competition and elevated valuations.

AFP
As of late April 2026, AMD trades around $300–$350 per share after a volatile but ultimately rewarding start to the year. Analysts maintain a consensus Moderate Buy to Strong Buy rating, with an average 12-month price target near $290–$296. While some forecasts see limited near-term upside from current levels, longer-term bulls point to significant growth potential in data center and AI GPUs.
The bull case centers on AMD’s expanding role in the AI infrastructure boom. Data Center revenue has surged, driven by EPYC server CPUs and Instinct MI series accelerators. Management has expressed confidence in capturing meaningful share from Nvidia in inference workloads and custom AI solutions. Partnerships with major hyperscalers and strong demand for Ryzen AI PC processors further support growth projections.
CEO Lisa Su has described 2025 as a defining year, with expectations of continued acceleration into 2026. Analysts project Data Center revenue could grow substantially, potentially pushing overall company revenue higher. The upcoming Q1 2026 earnings on May 5 will be closely watched for updates on MI300 and next-generation MI350 shipments.
Several Wall Street firms have raised price targets in recent months, with optimistic calls reaching $345–$380 based on AMD’s ability to scale AI GPU production and benefit from broader AI adoption. The consensus among roughly 40 analysts shows strong Buy leanings, with no Sell ratings in many aggregations.
Bears, however, caution that AMD remains a distant No. 2 in the high-end AI GPU market. Nvidia’s dominance in CUDA software creates a significant moat, and execution risks around new product ramps persist. Valuation concerns are also prominent — forward price-to-earnings multiples sit above historical averages, leaving less margin of safety if growth slows.
Some analysts recommend a Hold or cautious approach until clearer evidence of market share gains materializes. Macro risks, including potential slowdowns in AI spending or geopolitical tensions affecting chip exports, add another layer of uncertainty.
For investors considering a position in 2026, the case for buying rests on AMD’s competitive positioning in multiple high-growth segments. Beyond AI accelerators, the company benefits from strength in gaming consoles, PC processors and embedded solutions. Long-term forecasts suggest AMD could sustain robust revenue and earnings growth if it executes well on its roadmap.
Risk-tolerant growth investors may find current levels attractive for long-term holding, especially on any pullbacks. Those with shorter horizons or lower risk tolerance might prefer waiting for better entry points or allocating to more established AI leaders. Diversification remains key given the sector’s volatility.
Institutional ownership remains high, and retail interest continues strong following recent product launches and AI optimism. Options activity shows bullish sentiment overall, though implied volatility reflects ongoing uncertainty.
AMD’s trajectory in 2026 will likely hinge on several key factors: successful ramp of next-generation AI products, continued data center momentum, and broader market conditions for semiconductors. Positive Q1 results and forward guidance could catalyze further upside, while any misses or softening demand might trigger pullbacks.
The company’s history of innovation under Su gives many investors confidence. From a niche player challenging Intel in CPUs to a serious contender in AI, AMD has repeatedly exceeded expectations. Yet the stock’s rapid run in recent years means new buyers must weigh the potential for continued growth against the risk of valuation compression.
Ultimately, whether to buy or sell AMD in 2026 depends on individual circumstances. Growth-oriented investors comfortable with technology volatility generally see it as a Buy for long-term portfolios. More conservative investors may opt to Hold existing positions or wait for clearer signals from upcoming earnings and product cycles.
As the AI supercycle evolves, AMD stands as one of the more compelling ways to gain exposure beyond the dominant leader. With solid fundamentals, strong analyst support and multiple growth avenues, the company offers an intriguing opportunity — tempered by the need for disciplined execution in a highly competitive landscape.
Investors should monitor Q1 results closely and consider broader market trends. For those positioned for the long haul, AMD’s story in 2026 could continue rewarding patience and conviction in the semiconductor recovery and AI transformation.
Business
When Is The Right Time For A Startup To Adopt Customer Support Voice AI?
Voice AI has become impossible to ignore. Demos sound smooth. Vendors promise round-the-clock coverage, lower payroll costs, and instant scalability. For a startup watching cash flow and juggling support tickets at midnight, the pitch feels persuasive.
The problem lies in timing.
Early-stage companies often chase automation before they understand their own customers. Founders see rising inquiry volume and assume software will solve the strain. In reality, automation magnifies whatever systems already exist. If workflows are messy, knowledge bases incomplete, and messaging inconsistent, voice AI will simply deliver confusion at scale.
The right time to adopt customer support voice AI depends less on hype and more on operational maturity.
Understanding What Voice AI Actually Does
Voice AI systems answer calls, interpret spoken language, access internal systems, and respond in real time. Some handle simple routing. Others complete transactions, verify identities, or resolve billing questions.
Modern tools rely on natural language processing and speech recognition models trained on massive datasets. Platforms such as OpenAI, Google, and Amazon power many of the speech and language capabilities behind commercial voice assistants.
However, raw intelligence does not equal business readiness. A startup must supply accurate data, structured workflows, and defined policies. Without those elements, the system struggles to deliver reliable answers.
Voice AI excels at repetition and pattern recognition. It performs poorly when policies shift weekly or when edge cases dominate conversations.
Volume As A Trigger, But Not The Only One
Call volume often triggers interest in automation. When support agents handle hundreds of repetitive inquiries about password resets, shipping updates, or appointment confirmations, automation becomes practical.
Yet volume alone should not drive the decision.
A startup might receive 200 calls per week, but if each call involves complex troubleshooting or emotional nuance, automation may create more friction than relief. On the other hand, a smaller number of highly repetitive calls could justify deployment sooner.
The key lies in analyzing call types. If at least 40 to 60 percent of interactions follow predictable scripts with limited variation, voice AI can absorb meaningful load. Without that repetition, return on investment weakens.
Product Stability Matters More Than Growth Hype
Startups pivot. Pricing changes. Features launch and disappear. Policies evolve as the business experiments with market fit.
Voice AI requires consistency. It needs stable documentation and defined responses. Training a system on rules that change every month forces continuous retraining and monitoring.
The right time emerges after product stability improves. When support teams no longer rewrite macros every week, automation becomes sustainable.
If churn remains high due to unclear onboarding or unresolved product bugs, voice AI will not solve the root cause. It may even amplify dissatisfaction by delivering polished but unhelpful answers.
Customer Expectations And Brand Positioning
Some startups build brands around high-touch service. Early customers expect direct access to founders or dedicated representatives. Replacing that connection with automation too soon can erode trust.
Other startups position themselves as efficient, tech-forward platforms. Their customers may welcome automated support if it resolves issues quickly.
Brand identity influences timing. A fintech startup handling sensitive financial data must weigh trust and compliance carefully. A logistics platform fielding routine tracking requests may prioritize speed over personalization.
The right moment arrives when automation aligns with brand promise rather than contradicting it.
Internal Support Maturity
Before adopting voice AI, a startup should demonstrate strong manual support operations. That includes:
- Clear documentation of frequent issues
- Defined escalation paths
- Consistent quality assurance processes
- Reliable data tracking
If agents cannot resolve issues consistently, an automated system will struggle even more.
Support teams often discover inefficiencies only after scaling manually. Patterns emerge. Scripts improve. Knowledge bases expand. These refinements provide the training material voice AI depends on.
Deploying automation before these systems mature risks embedding confusion into code.
Financial Signals And Cost Structure
Voice AI promises cost savings, but implementation requires investment. Licensing fees, integration costs, ongoing monitoring, and potential customization add up.
A startup operating on thin margins must calculate whether automation reduces overall cost per contact. If hiring two additional support agents costs less than implementing and maintaining voice AI, delaying adoption may make sense.
However, when call volume spikes seasonally or unpredictably, automation offers flexibility without long-term payroll commitments. In those cases, the financial case strengthens.
The timing often coincides with the first significant support hiring wave. Leaders must decide whether to scale headcount or introduce automation to absorb routine inquiries.
Data Readiness And Integration Capabilities
Voice AI depends on accurate, accessible data. It must connect to customer accounts, order systems, appointment scheduling tools, or billing platforms.
If internal systems remain fragmented or undocumented, integration becomes complex. Startups that invest early in structured databases and clean APIs position themselves for smoother automation later.
Companies already using customer relationship management platforms such as Salesforce or HubSpot may find integration more straightforward. Those relying on spreadsheets and manual tracking face additional hurdles.
The right time arrives when infrastructure supports real-time data retrieval and secure authentication.
Regulatory And Compliance Considerations
Voice AI interacts directly with customers. In regulated industries such as healthcare or finance, compliance requirements shape deployment timelines.
Identity verification protocols must function reliably. Data privacy laws require careful handling of recorded conversations and personal information.
A startup still defining its compliance framework should stabilize those processes before introducing automation. Otherwise, legal risk increases.
Compliance readiness often marks a turning point. Once legal and security teams establish clear guidelines, voice AI can operate within structured boundaries.
The Customer Experience Threshold
Adopting voice AI should improve customer experience, not merely reduce cost. Measuring satisfaction before implementation helps determine readiness.
If average wait times exceed acceptable limits, automation may relieve pressure. If customers complain about repetitive hold music and delayed callbacks, a well-designed voice assistant can deliver faster responses.
However, if customers already report confusion about policies or inconsistent answers, automation may worsen frustration.
The threshold appears when automation can genuinely enhance speed and clarity without sacrificing empathy where it matters.
Testing Before Full Deployment
Startups rarely need to flip a switch across all channels. Limited pilots provide insight.
Begin with a narrow use case. For example, automate appointment confirmations or shipping status updates. Monitor resolution rates, error frequency, and customer sentiment.
Gradual expansion reduces risk. It allows teams to refine prompts, adjust workflows, and identify edge cases before scaling broadly.
The right time often emerges during pilot success. When data shows reliable performance and customers respond positively, expansion becomes logical.
Human Oversight And Hybrid Models
Voice AI works best alongside human agents. A hybrid model routes complex cases to trained staff while automation handles predictable tasks.
Startups should adopt voice AI when they can maintain human oversight. Supervisors must review interactions, correct errors, and update knowledge bases regularly.
Without oversight, small inaccuracies compound over time.
The right moment arrives when leadership commits to continuous monitoring rather than treating automation as a set-and-forget solution.
Cultural Readiness Within The Team
Internal resistance can derail automation efforts. Support teams may fear replacement. Product teams may hesitate to commit development resources.
Leadership must communicate clearly that voice AI augments human effort rather than eliminates it entirely. Transparency builds trust.
When support staff recognize that automation removes repetitive strain and allows focus on complex cases, adoption proceeds more smoothly.
Cultural readiness often signals operational readiness. If teams align around shared goals, implementation accelerates.
Competitive Pressure And Market Signals
In some industries, competitors already deploy voice AI successfully. Customers begin expecting instant automated responses. Falling behind may create perception gaps.
Still, chasing competitors without internal readiness rarely ends well.
The right time balances competitive awareness with internal capability. Observing industry adoption can inform strategy, but execution must match organizational maturity.
Avoiding The Hype Cycle Trap
Voice AI attracts headlines and investor interest. Startups sometimes adopt it to signal innovation rather than solve specific problems.
This approach rarely sustains value.
Technology should serve defined objectives. When automation addresses clear bottlenecks, its impact becomes measurable. When deployed for optics, results often disappoint.
The right time aligns with operational need rather than marketing narrative.
A Practical Readiness Framework
Several indicators suggest a startup stands ready for customer support voice AI:
- Support volume contains high repetition
- Product and policies remain stable
- Infrastructure supports secure integrations
- Compliance processes function reliably
- Manual workflows operate efficiently
- Leadership commits to monitoring and iteration
When these conditions converge, automation strengthens rather than destabilizes operations.
If multiple elements remain unresolved, patience may prove wiser.
Growth Stages And Strategic Timing
Early seed-stage startups often rely on direct founder involvement in support. This stage builds insight into customer pain points. Automating too early removes that feedback loop.
Series A or B companies typically experience scaling pressure. Support demand rises faster than hiring capacity. At this point, structured processes begin to solidify. Voice AI adoption often fits naturally here.
Later-stage startups approaching enterprise contracts may require 24 hour coverage across time zones. Automation provides consistent baseline service without multiplying payroll costs.
Timing correlates with growth stage, but maturity matters more than funding milestones.
The Consequences Of Waiting Too Long
Delaying automation indefinitely carries its own risks. Support teams can become overwhelmed. Response times lengthen. Burnout increases turnover.
As volume grows, manual scaling becomes expensive and inefficient. Retrofitting automation into chaotic systems later proves more complex.
The right time avoids both extremes. Neither premature automation nor perpetual delay serves the business.
Closing Perspective
Voice AI represents a powerful tool for startups navigating growth. Its effectiveness depends on readiness across operations, culture, data infrastructure, and customer expectations.
Adoption makes sense when repetition dominates support volume, workflows operate smoothly, and leadership commits to continuous oversight. It falters when used to mask instability or compensate for unresolved product issues.
Timing rarely announces itself dramatically. It emerges through careful evaluation of systems, customer feedback, and financial realities.
Startups that approach voice AI strategically gain leverage without sacrificing quality. Those that rush or resist without reflection risk missed opportunity or unnecessary disruption.
The decision demands discipline rather than excitement. When operational foundations stand firm and customer experience stands to improve, the moment has likely arrived.
Business
4 ways to shore up South Asian coastal communities against climate change
Marginalized South Asian communities, particularly coastal dwellers in Pakistan, the Maldives, and Bangladesh’s GBM delta, face critical climate change risks. Rising sea levels and extreme weather events like Pakistan’s monsoon floods threaten livelihoods and homes, forcing displacement and profession changes.
Key Challenges
- High vulnerability: Coastal communities in Pakistan, Bangladesh, and the Maldives face severe risks from flooding and rising sea levels.
- Pakistan: Monster monsoons and rising seas have displaced millions, forcing farmers to switch to fishing.
- Bangladesh: The Ganges-Brahmaputra-Meghna delta and Sundarbans mangrove forest are under threat, with Dhaka absorbing thousands of climate refugees daily.
- Maldives: Rising seas could make the island nation disappear by 2100.
South Asian coastal communities are disappearing at alarming rates due to climate change. Solutions require a mix of nature-based restoration, resilient infrastructure, planned relocation, and innovative engineering to safeguard livelihoods and cultures.
The Maldives, an archipelago nation, is at risk of disappearing entirely. Solutions include mangrove restoration for coastal protection, building raised homes to mitigate floods, relocating communities to climate-resilient cities, and constructing artificial islands like Hulhumalé in the Maldives. These adaptations are vital to protect vulnerable populations from an existential threat.
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Business
Justice Department drops criminal probe of Fed chair Powell, likely clearing way for Warsh
U.S. Attorney for the District of Columbia Jeannine Pirro said on X on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinize them instead.
The move could lead to a swift confirmation vote by the Senate for Warsh, a former top Fed official whom President Donald Trump, a Republican, nominated in January to replace Powell. Powell’s term as chair ends May 15. Sen. Thom Tillis, a North Carolina Republican, had said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation.
With the investigation completed, the leadership transition at the world’s leading central bank may proceed quickly. Republicans praised Warsh during a Tuesday hearing even as Democrats questioned his independence from Trump, the lack of transparency around some of his financial holdings, and what they said was his flip-flopping on interest rates. Still, Trump’s previous appointment to the Fed’s board of governors, Stephen Miran, was approved by the full Senate just 13 days after his nomination.
The investigation was among several undertaken by the Justice Department into Trump’s perceived adversaries. For months it had failed to gain traction as prosecutors struggled to articulate a basis to suspect criminal conduct.
A prosecutor handling the case conceded at a closed-door court hearing in March that the government hadn’t yet found any evidence of a crime, and a judge subsequently quashed subpoenas issued to the Federal Reserve. The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Powell of a crime. Boasberg branded prosecutors’ justification for the subpoenas as “thin and unsubstantiated.”
More recently, prosecutors made an unannounced visit to a construction site at the Fed’s headquarters but were turned away, drawing a rebuke from a defense attorney in the case who called the maneuver “not appropriate.”Warsh said during the Senate hearing Tuesday that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.
“The president never once asked me to commit to any particular interest rate decision, period,” Kevin Warsh, a former top Fed official, said under questioning by the Senate Banking Committee. “Nor would I ever agree to do so if he had. … I will be an independent actor if confirmed as chair of the Federal Reserve.”
Warsh’s comments came just hours after Trump, in an interview on CNBC, was asked if he would be disappointed if Warsh didn’t immediately cut rates and responded, “I would.”
The decision to abandon the investigation represents a rare pullback for a Justice Department that over the last year has moved aggressively, albeit unsuccessfully, to prosecute public figures the president does not like.
Robert Hur, an attorney for the Federal Reserve Board of Governors, didn’t immediately respond Friday to an email seeking comment.
Business
Firefly Aerospace: Future Looks More Certain Than Before (NASDAQ:FLY)
I write about stocks I’m personally interested in adding to my portfolio. I’m not a professional advisor, but I study business and economics and analyze markets full-time. My writing is meant for both complete beginners — I avoid unnecessary complexity — and advanced readers, as I always aim to offer a distinct and well-reasoned perspective.I also run a YouTube Channel called “The Market Monkeys” and break some of the stocks there as well.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
FDA fast-tracks psychedelic drug research following Trump order
FILE PHOTO: Psilocybin or “magic mushrooms” are seen in an undated photo provided by the U.S. Drug Enforcement Agency in Washington, May 7, 2019.
DEA | Reuters
The U.S. Food and Drug Administration on Friday announced a series of measures aimed at accelerating the development of psychedelic treatments for serious mental illness.
That comes after President Donald Trump signed an executive order on Saturday directing federal health agencies to expand access to emerging therapies.
The move marks a significant shift toward supporting psychedelic-based medicines for conditions such as treatment-resistant depression, post-traumatic stress disorder and other substance use disorders, the FDA said.
“Under President Trump’s leadership, we are accelerating the research, approval and responsible access to promising mental health treatments,” Robert F. Kennedy Jr., secretary of the U.S. Department of Health and Human Services, said in the release. “The FDA will prioritize therapies with Breakthrough Therapy designation, where early evidence shows meaningful improvement.”
As part of the announcement, the FDA said it would issue national priority vouchers to companies studying psilocybin for depression and methylone for PTSD.
The agency also cleared an early-stage clinical trial for noribogaine hydrochloride, a derivative of ibogaine, as a potential treatment for alcohol use disorder. This is the first time a compound like it has been authorized for study in the U.S. and for human trial.
“These medications have the potential to address the nation’s mental health crisis,” FDA Commissioner Marty Makary said in the announcement. “It is critical that their development is grounded in sound science and rigorous clinical evidence.”
The FDA said allowing these studies to proceed does not mean the drugs are approved or proven safe and effective. Officials said data with be closely monitored as research advances.
“If they are approved, they will be approved with certain conditions. These are not the medications you get a prescription for and pick up at a pharmacy,” Makary told CNBC.
Makary went on to say decisions on some of these therapies could come as soon as this summer or fall.
The fast turnaround time for drug approvals has been a priority for the Trump administration, which dropped the decades-old standard of requiring two clinical trials for standard drug reviews earlier this year. The new policies have come with some criticism, as industry experts have warned about potential issues with a faster timetable.
With Friday’s psychedelic announcement, the Trump administration also said pricing remains an important consideration in fast-tracking trials.
“We have very openly said that affordability is an important part of a medication’s effectiveness on a population level,” Makary said. “Lowering drug prices is one of the top priorities in this administration, and it’s something we think about in every decision, including how we prioritize the vouchers.”
The announcement also follows the Trump administration saying it would ease restrictions on state-licensed medical cannabis operators.
Business
Primis Financial Corp. (FRST) Q1 2026 Earnings Call Transcript
Operator
Ladies and gentlemen, thank you for standing by. My name is Colby, and I’ll be your conference operator today. At this time, I would like to welcome you to the Primis Financial Corp. First Quarter Earnings Call. [Operator Instructions]
I will now turn the call over to Matthew Switzer. You may begin.
Matthew Switzer
Executive VP & CFO
Good morning, and thank you for joining us for Primis Financial Corp.’s 2026 First Quarter Webcast and Conference Call.
Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.
Further discussion of the company’s risk factors and other important information regarding our forward-looking statements are part of our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has also been posted to the Investor Relations section of our corporate site, primisbank.com. We undertake no obligation to update or revise forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events or changes to future operating results over time.
In addition, some of the financial measures that we may discuss this morning are non-GAAP financial measures. How a non-GAAP measure relates to the most comparable GAAP measure will be discussed when the non-GAAP measures used, if not readily apparent.
I
Business
How Much Should Companies Spend on Branded Gifts?
This is a question that tends to induce bouts of anxiety and even fierce debate between different departments within the business. Without question, branded gifts have a value beyond their actual cost and they are a great way of getting your brand in front of people, but how much should you spend to achieve this aim?
It’s not easy to give a definitive answer about how much to spend on branded gifts. This is because every business will have a different size of budget in mind, and even a different mindset about what represents good value for money.
Certain branded gifts, such as mugs with logo, are often cost-effective solutions as you won’t have to spend huge sums of your marketing budget to see a positive return on your investment. To get a bit of clarity on the subject, here’s some key points to consider.
Understand why you are spending the money
A good starting point would be to appreciate why you are spending money on branded gifts and what you want to achieve from your investment in this proven marketing tool.
Ultimately, you are looking to try and build strong relationships with your customers and keep your name in their mindset when they are making purchasing decisions. Corporate gifts are a great way of achieving those aims as they help encourage a sense of loyalty and appreciation.
When you give someone a branded gift it helps them to feel valued. Even a relatively modest outlay on something like branded mugs or pens can really help strengthen that bond. How do you quantify that sort of response to your gift?
Instead of looking at the pure cost of a branded gift that you are going to use to promote your business it’s wise to also make an allowance for the benefits it delivers as well.
Finding the right balance
There can often be a fine dividing line between spending too much on corporate gifting, or too little. Neither scenario is good, for many reasons.
If you try to cut corners and end up with something that looks too cheap, it sends out the wrong message about your business and the recipient won’t feel that valued either. On the other hand, if your gift is too extravagant, it can lead someone to think that you must be making too much money out of them to be able to afford to spend so lavishly.
As you can see, it’s a fine balancing act to get it just right. A good approach would be to look at branded gifts that are of a good quality but also serve a useful or practical purpose, which makes them more likely to be well received.
A good example of this would be if you gave someone a good quality branded coffee mug. They are likely to use it on a regular basis, so you get a positive brand association, and it won’t have blown a huge hole in your overall marketing budget.
All things considered, rather than simply focusing on price to decide how much you spend you should also consider how well your branded gift will be received by the person you give it to.
Business
Earnings call transcript: First Western Financial beats Q1 2026 EPS estimates

Earnings call transcript: First Western Financial beats Q1 2026 EPS estimates
Business
The Procter & Gamble Company (PG) Q3 2026 Earnings Call Transcript
Conference Call Participants
Stephen Robert Powers – Deutsche Bank AG, Research Division
Dara Mohsenian – Morgan Stanley, Research Division
Lauren Lieberman – Barclays Bank PLC, Research Division
Peter Grom – UBS Investment Bank, Research Division
Peter Galbo – BofA Securities, Research Division
Christopher Carey – Wells Fargo Securities, LLC, Research Division
Robert Ottenstein – Evercore ISI Institutional Equities, Research Division
Kevin Grundy – BNP Paribas, Research Division
Filippo Falorni – Citigroup Inc., Research Division
Bonnie Herzog – Goldman Sachs Group, Inc., Research Division
Kaumil Gajrawala – Jefferies LLC, Research Division
Andrea Teixeira – JPMorgan Chase & Co, Research Division
Olivia Tong Cheang – Raymond James & Associates, Inc., Research Division
Robert Moskow – TD Cowen, Research Division
Edward Lewis – Rothschild & Co Redburn, Research Division
Michael Lavery – Piper Sandler & Co., Research Division
Presentation
Operator
Good morning, and welcome to Procter & Gamble’s quarter end conference call. Today’s event is being recorded for replay. This discussion will include a number of forward-looking statements.
If you will refer to P&G’s most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company’s actual results to differ materially from these projections.
As required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.
Now I will turn the call over to P&G’s Chief Financial Officer, Andre Schulten.
Andre Schulten
Chief Financial Officer
Good morning, everyone. Joining me on the call today are John Chevalier
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