AUSTIN, Texas , Dec. 9, 2024 /PRNewswire/ -- Oracle Corporation (NYSE: ORCL) today announced fiscal 2025 Q2 results. Total quarterly revenues were up 9% year-over-year, in both USD and constant currency, to $14.1 billion . Cloud services and license support revenues were up 12% year-over-year, in both USD and constant currency, to $10.8 billion . Cloud license and on-premise license revenues were up 1% in USD and up 3% in constant currency, to $1.2 billion . Q2 GAAP operating income was $4.2 billion . Non-GAAP operating income was $6.1 billion , up 10% in both USD and constant currency. GAAP operating margin was 30%, and non-GAAP operating margin was 43%. GAAP net income was $3.2 billion . Non-GAAP net income was $4.2 billion , up 12% in both USD and constant currency. Q2 GAAP earnings per share was $1.10 , up 24% in USD and up 23% in constant currency, while non-GAAP earnings per share was $1.47 , up 10% in both USD and constant currency. Short-term deferred revenues were $9.4 billion . Over the last twelve months, operating cash flow was $20.3 billion and free cash flow was $9.5 billion . "Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors," said Oracle CEO, Safra Catz . "Growth in the AI segment of our Infrastructure business was extraordinary—GPU consumption was up 336% in the quarter—and we delivered the world's largest and fastest AI SuperComputer scaling up to 65,000 NVIDIA H200 GPUs. With our remaining performance obligation (RPO) up 50% to $97 billion , we believe our already impressive growth rates will continue to climb even higher. This fiscal year, total Oracle Cloud revenue should top $25 billion ." "Oracle Cloud Infrastructure trains several of the world's most important generative AI models because we are faster and less expensive than other clouds," said Oracle Chairman and CTO, Larry Ellison . "And we just signed an agreement with Meta—for them to use Oracle's AI Cloud Infrastructure—and collaborate with Oracle on the development of AI Agents based on Meta's Llama models. The Oracle Cloud trains dozens of specialized AI models and embeds hundreds of AI Agents in cloud applications. For example, Oracle's AI Agents automate drug design, image and genomic analysis for cancer diagnostics, audio updates to electronic health records for patient care, satellite image analysis to predict and improve agricultural output, fraud and money laundering detection, dual-factor biometric computer logins, and real time video weapons detection in schools. Oracle trained AI models and AI Agents will improve the rate of scientific discovery, economic development and corporate growth throughout the world. The scale of the opportunity is unimaginable." The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 9, 2025 , with a payment date of January 23, 2025 . Earnings Conference Call and Webcast Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/ . About Oracle Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com . Trademarks Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing. "Safe Harbor" Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including the expectations for converting the Remaining Performance Obligations to revenue, future total Oracle Cloud revenue this fiscal year and the scale of opportunity for Oracle trained AI models and AI Agents, are "forward-looking statements" and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services, including our AI products; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; our ability to secure data center capacity; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/ . All information set forth in this press release is current as of December 9, 2024 . Oracle undertakes no duty to update any statement in light of new information or future events. ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three Months Ended November 30, % Increase % Increase (Decrease) % of % of (Decrease) in Constant 2024 Revenues 2023 Revenues in US $ Currency (1) REVENUES Cloud services and license support $ 10,806 77 % $ 9,639 74 % 12 % 12 % Cloud license and on-premise license 1,195 9 % 1,178 9 % 1 % 3 % Hardware 728 5 % 756 6 % (4 %) (3 %) Services 1,330 9 % 1,368 11 % (3 %) (3 %) Total revenues 14,059 100 % 12,941 100 % 9 % 9 % OPERATING EXPENSES Cloud services and license support 2,746 19 % 2,274 17 % 21 % 21 % Hardware 172 1 % 213 2 % (20 %) (19 %) Services 1,167 8 % 1,253 10 % (7 %) (7 %) Sales and marketing 2,190 16 % 2,093 16 % 5 % 5 % Research and development 2,471 18 % 2,226 17 % 11 % 11 % General and administrative 387 3 % 375 3 % 3 % 3 % Amortization of intangible assets 591 4 % 755 6 % (22 %) (22 %) Acquisition related and other 31 0 % 47 0 % (34 %) (33 %) Restructuring 84 1 % 83 1 % 0 % 1 % Total operating expenses 9,839 70 % 9,319 72 % 6 % 6 % OPERATING INCOME 4,220 30 % 3,622 28 % 17 % 16 % Interest expense (866) (6 %) (888) (7 %) (3 %) (3 %) Non-operating income (expenses), net 36 0 % (14) 0 % * * INCOME BEFORE INCOME TAXES 3,390 24 % 2,720 21 % 25 % 24 % Provision for income taxes 239 2 % 217 2 % 11 % 10 % NET INCOME $ 3,151 22 % $ 2,503 19 % 26 % 26 % EARNINGS PER SHARE: Basic $ 1.13 $ 0.91 Diluted $ 1.10 $ 0.89 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,790 2,746 Diluted 2,869 2,817 (1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the three months ended November 30, 2024 compared with the corresponding prior year period increased our operating income by 1 percentage point. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Three Months Ended November 30, % Increase (Decrease) in US $ % Increase (Decrease) in Constant Currency (2) 2024 2024 2023 2023 GAAP Non-GAAP GAAP Non-GAAP GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP TOTAL REVENUES $ 14,059 $ - $ 14,059 $ 12,941 $ - $ 12,941 9 % 9 % 9 % 9 % TOTAL OPERATING EXPENSES $ 9,839 $ (1,876) $ 7,963 $ 9,319 $ (1,914) $ 7,405 6 % 8 % 6 % 8 % Stock-based compensation (3)
Coupang's Growth Story Persists Amid South Korean Market Unrest
Pa. lawmakers signal priorities in new legislative session
Mayor Eric Adams and Deputy Mayor for Public Safety Chauncey Parker announced a pilot program Monday that strategically targets high-crime streets in a multi-agency effort to address longstanding needs and problems. The program, dubbed Every Block Counts, was launched in October with a specific focus on residential blocks within two NYPD precincts known for having the highest number of violent crimes, in particular shootings, over the past five years. The pilot program targets five blocks within the 46th Precinct in the Bronx— which covers the neighborhoods of Fordham, University Heights, Mount Hope and Morris Heights—and several streets in Brooklyn’s 73rd precinct, which covers Brownsville and Ocean Hill. The blocks in the Bronx include Morris Avenue, Elm Place and Walton Avenue; meanwhile the program covers Bristol Street, Christopher Avenue, Dumont Avenue, Lott Avenue and Mother Gaston Boulevard in Brooklyn. The program coordinates efforts among various city agencies, including police, fire, parks, sanitation, transportation, buildings, health and more. In the announcement, Adams pointed to results achieved thus far, including zero shootings in the two targeted areas over the past 56 days, as well as the completion of 111 out of 146 quality-of-life problems identified by the communities. The 46th precinct has seen a rise in shootings and murders since last year, according to NYPD CompStat data. In 2023, there were 42 shooting incidents, 53 shooting victims and 13 murders in the 46th precinct. So far this year, there have been 49 shooting incidents, 64 shooting victims and 25 murders. ‘Remarkable’ progress The mayor spoke from Bean Morris Community Garden near Morris Avenue and Grand Concourse — named for resident Carrie Cuthbertson’s son Devon, nicknamed Bean, who was shot and killed nearby in 2019 at age 24. Cuthbertson, who said she has long been active in her community, has now become a “Block CEO” with Every Block Counts, acting as a liaison between the community and city agencies. As part of the program, she has been working with fellow residents on a list of neighborhood safety and quality of life concerns. Recent progress under the program has been tangible to her and her neighbors, she said. “For the first time in years, we saw rapid improvement. The transformation was nothing short of remarkable,” said Cuthbertson. A Halloween event with treats for hundreds of neighborhood kids, funded by donations, was a recent example of how the community has united and improved, she said. “ Our streets are now clean, graffiti is gone, trash is picked up, and the area feels brighter and more inviting. Most importantly, we feel safer.” Council Member Pierina Sanchez, whose district office is nearby, said she has experienced ducking bullets in the area while pregnant with her first child. Just 4% of the city’s blocks are the site of almost all shootings, she said, and the program acknowledges that “ the 4-6 [Precinct] is different than the rest of the City of New York.” While Sanchez said she does not always agree with Adams, she applauded the pilot program, calling it an example of “partnership despite differences and progress despite obstacles.” Assembly Member Yudelka Tapia recalled the alarming shooting deaths in September of three people within blocks of each other in the Burnside area. Since the launch of Every Block Counts, she said she has not received any emergency calls from the precinct captain. “This fight is for us to have, and let’s do it, let’s win it,” she said. The mayor said given these early positive results across the 10 focus blocks of the pilot, he plans to expand Every Block Counts to more locations. Adams, who has expressed frustration at the lingering perception of a rise in crime in the city, said the program is part of the comprehensive effort to address both crime and quality-of-life concerns, and his office issued a new report on various initiatives aimed at decreasing crime throughout the city. Reach Emily Swanson at eswanson@schnepsmedia.com or (646) 717-0015. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimesFirst-of-its-kind single-asset, single-borrower ("SASB") transaction validates flexible apartment properties as an institutional asset class LOS ANGELES , Dec. 11, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the completion of a landmark $525 million refinancing on behalf of ICONIQ Capital and Sentral: a first-of-its-kind single-asset, single-borrower CMBS loan to refinance flexible apartment properties. Newmark Co-President of Debt & Structured Finance Jonathan Firestone and Vice Chairman Bill Fishel arranged the financing, which was provided by Deutsche Bank and Goldman Sachs. The transaction is tied to a portfolio of six apartment properties totaling 1,790 units in vibrant urban markets. Sentral operates each asset in the portfolio, including approximately 25% of the units under a "flexible living" strategy in which units are fully furnished and made available for short- or mid-length stays. Terms of the financing include wide latitude for flexible management and various lengths of stay to optimize property performance. The six-building portfolio includes Sentral Union Station in Denver , Sentral Michigan Avenue in Chicago , Sentral SoBro in Nashville , Sentral Wynwood in Miami , Sentral East Austin 1614 and Sentral East Austin 1630. "This is a milestone transaction representing a significant validation of the flexible living model as an institutional asset class," said Firestone. "ICONIQ's SASB issuance is an endorsement of its innovative approach and Sentral's track record among debt underwriters and investors, including some of the largest and most sophisticated CMBS investors in the world." Sentral was created in 2019 to deliver flexibility to consumers and allow them to live on their own terms in high-quality multifamily assets in the most dynamic cities across the country. As the operator of the six properties included in this transaction, the company has developed a track record of strong results that have outperformed results from traditional apartment operations. Sentral now manages over 10,000 units in a third party capacity on behalf of ICONIQ and other institutional owners. Roman Speron , President of Sentral, said, "While furnished short- and mid-term rentals are relatively new to the Class A multifamily sector, consumer demand has been strong for many years. Sentral provides a way to capture this demand, manage and optimize results for institutional apartment owners and enhance satisfaction for long-term residents too." "ICONIQ's SASB transaction, and the pricing transparency that it provides, affirms that Sentral's flexible apartment assets are treated very similarly to traditional apartment buildings from a capital markets perspective," said Fishel. "Over time, we expect flexible apartment assets to be valued in line with traditional apartment assets given the consistent increased yield premiums the Sentral platform is able to generate relative to traditional apartments." Gibson Dunn and Latham & Watkins also advised on the transaction. About Sentral Sentral is the leading Class-A multifamily property management company that drives Net Operating Income for owners through differentiated operating capabilities. The company provides full-cycle property and asset management services on over $4 billion in multifamily assets for a growing list of institutional owners, nationwide. Sentral delivers flexible living services, authentic local experiences, premium amenities, community connection for residents and guests, and a tech-enabled platform that enhances operational efficiency. Sentral is backed by world-class firms in technology, hospitality, and real estate, including ICONIQ Capital, Highgate Hotels, and Ascendant Capital Partners. The company is headquartered in San Francisco and Denver . To learn more, visit Sentral.com or follow @SentralLife. About ICONIQ Capital ICONIQ Capital is a global investment firm elevated by an extraordinary community. With over $80B assets under management, we seek to build resilient investment portfolios, partner with inspired entrepreneurs transforming industries, manage our clients' lives and legacies, and create uncommon opportunities across sectors and society. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024 , Newmark generated revenues of approximately $2.6 billion . As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark . Discussion of Forward-Looking Statements about Newmark Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: https://www.prnewswire.com/news-releases/newmark-arranges-525-million-refinancing-for-flexible-living-apartment-portfolio-operated-by-sentral-302329434.html SOURCE Newmark Group, Inc.
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Unocoin Exchange Lists Morpheus' MOR As Part of Wider AI EmbraceJust about everyone dreams about cars they wish they could own, and there’s no better time than the holidays to make a list of vehicles you’d love to have in your driveway. The car pros at Edmunds rounded up five of their favorite dream-worthy vehicles. But rather than just list the most outlandish and expensive exotics, they focused on highlighting models that are expensive but not so pricey that it’d be completely unrealistic for you to own one one day. The vehicles are ordered in ascending order of price and include destination fees. Read this article for free: Already have an account? To continue reading, please subscribe: * Just about everyone dreams about cars they wish they could own, and there’s no better time than the holidays to make a list of vehicles you’d love to have in your driveway. The car pros at Edmunds rounded up five of their favorite dream-worthy vehicles. But rather than just list the most outlandish and expensive exotics, they focused on highlighting models that are expensive but not so pricey that it’d be completely unrealistic for you to own one one day. The vehicles are ordered in ascending order of price and include destination fees. Read unlimited articles for free today: Already have an account? Just about everyone dreams about cars they wish they could own, and there’s no better time than the holidays to make a list of vehicles you’d love to have in your driveway. The car pros at Edmunds rounded up five of their favorite dream-worthy vehicles. But rather than just list the most outlandish and expensive exotics, they focused on highlighting models that are expensive but not so pricey that it’d be completely unrealistic for you to own one one day. The vehicles are ordered in ascending order of price and include destination fees. Ford F-150 Raptor R Off-road trucks look fantastic and are extremely capable. What truck enthusiast wouldn’t have one topping their wish list? The king of the hill for 2025 is the F-150 Raptor R. The regular Raptor is already impressive, and the R takes it to the next level with a bonkers 720-horsepower supercharged 5.2-liter V8 engine, upgraded Fox dual-value shock absorbers, and massive 37-inch all-terrain tires. An R-specific grille and hood are also part of the R’s upgrades. Thankfully, the Raptor R isn’t all bark and bite. It also has plenty of features to make it a livable truck for daily driving. Standard features include leather upholstery, cooling front seats, a premium sound system, and a surround-view camera to help make this big truck easier to park. Starting Price: $112,825 Mercedes-Benz S-Class Few sedans can match the Mercedes-Benz S-Class for opulence, luxury and prestige. This grand sedan showcases nearly every luxury, technology and performance innovation that Mercedes-Benz has concocted. Everything you touch inside is likely covered in leather, heated, or bathed in disco-worthy ambient light. A novel could be written about all of the S-Class’ luxury and comfort features, but one of the most notable is the E-Active Body Control system. It scans the road surface ahead and adjusts the suspension to deliver the best ride possible. The S-Class also boasts an extensive list of advanced safety features and has an augmented reality head-up display that projects images that appear to float in front of the car. For the ultimate S-Class, get the 791-horsepower AMG S 63 E Performance model. Starting Price: $118,900 Chevrolet Corvette ZR1 Who needs a European exotic car when the Corvette ZR1 is just as capable? A sports car fanatic’s wish list wouldn’t be right without the ZR1. The new Corvette hit a record-setting top speed of 233 mph, making it the fastest car ever built by an American automaker and the fastest current production car priced under $1 million, according to Chevrolet. The top speed record was possible thanks to the ZR1’s turbocharged 5.5-liter V8 engine that cranks out a staggering 1,064 horsepower. Its carbon-fiber aero package kept it glued to the track by generating over 1,200 pounds of downforce at top speed. Chevrolet also says the ZR1 can accelerate through the quarter mile in less than 10 seconds. We expect the Corvette ZR1 to go on sale in early 2025. Estimated starting price: $150,000 Cadillac Escalade-V Does your wish list include a big and powerful SUV? If it does, the Escalade-V should top it. The big Caddy roars like a muscle car thanks to its supercharged 6.2-liter V8 that churns out 682 horsepower and helps it hit 60 mph in just 4.4 seconds. The Escalade-V also boasts enormous 24-inch wheels and large Brembo brakes that help bring the three-ton SUV to a stop. But the Escalade-V isn’t only about brute power. It also has three rows of seating, plenty of cargo space and offers impressive tech like Super Cruise, a hands-free highway driving system, and an enormous 55-inch curved display that spans the dashboard. Starting Price: $161,990 Lucid Air Sapphire What if we told you there was a car that could outpace almost anything on a drag strip, keep up with high-end sports cars on a racetrack, and be comfortable enough for daily errands? Well, if that sounds amazing, add the Air Sapphire to your dream list. The Air Sapphire is a high-performance electric luxury sedan made by Lucid, an electric vehicle startup. It’s one of the most powerful production cars in the world, producing an astonishing 1,234 horsepower from its three electric motors. Lucid says it has a top speed of 205 mph and can rocket to 60 mph in a mind-numbing 1.9 seconds. You can adjust the vehicle’s setting for exceptional track performance or simply provide a comfortable ride around town. Starting price: $250,500 Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Edmunds says Even if you can’t afford any of these vehicles, you can still picture one sitting in your driveway or imagine yourself cruising around town in it. And who knows, maybe holiday magic will give you the opportunity to own one in the future. ____ This story was provided to The Associated Press by the automotive website Edmunds. Michael Cantu is a contributor at Edmunds. Advertisement Advertisement
The Vancouver Canucks continued their homestand on Tuesday night with a 4-3 overtime loss to the St. Louis Blues in Thatcher Demko's first game since April. Vancouver put up a strong effort in the loss, but couldn't find a way to finish it off in overtime as Dylan Holloway picked up his tenth goal of the season for St. Louis. After the game, Rick Tocchet met with the media, as he always does, but this time seemed pretty irritated with a question regarding Swedish forward Elias Pettersson. Rick Tocchet irked by question from Farhan Lalji about Elias Pettersson During his post-game media conference, Vancouver Canucks head coach Rick Tocchet was asked about Elias Pettersson and how he was able to elevate his game in the absence of J.T. Miller. He added, 'I don't know what else to say. You guys are obsessed with Petey huh? It's Petey, Petey, Petey every game.' When Farhan Lalji mentions about Elias Pettersson's salary and the expectation that comes with making that much money, Rick Tocchet replied with: Dan Riccio of Canucks Central believes that questions will remain until Elias Pettersson hits his full stride, especially when he has just three goals at five-on-five. Pettersson has turned a corner in the last month and is nearly a point-per-game player, registering 26 (eight goals, 18 assists) in 27 games. While Elias Pettersson might not be scoring at the rate you'd expect at five-on-five, he'll get there, but it might be a struggle to record his fourth-straight 30+ goal season. This article first appeared on Canucks Daily and was syndicated with permission.Robert F. Kennedy Jr.'s defection to Donald Trump and the Republicans comes after years of criticism the former Democrat laid at Trump's feet. Kennedy, whom Trump has nominated to be the next U.S. health secretary, has previously called the president-elect a "bully" and a "terrible president" and described his early political rise as "scary." In a video that was widely shared online this week, amid widespread discussion of Trump's cabinet picks, commentators claimed that Kennedy had disparaged Trump's supporters too, saying he called them "belligerent idiots," "outright Nazis," and "bootlickers." The Claim A post on X, formerly Twitter , by user Republicans against Trump, posted on November 21, 2024, viewed 3.9 million times, said: "[siren emoji] CNN has uncovered an audio in which RFK Jr scorched Trump and his supporters, calling them "belligerent idiots," "outright Nazis," "cowards," and "bootlickers." The post included audio in which Kennedy said: "One of the things that you write so beautifully, and your stuff is so fun to read, but you write about Trump, quote, 'The way that you build a truly vicious nationalist movement is to wed a relatively small core of belligerent idiots to a much larger group of opportunists and spineless fellow travelers whose primary function is to turn a blind eye to things.'" The Facts CNN did not report that Kennedy said those words about Trump supporters himself, and Kennedy did not do so either. CNN reported earlier this week that the recording was taken from a March 2016 episode of the Ring of Fire radio show, during which Kennedy praisingly repeated the words of journalist Matt Taibbi. "'We may not have that many outright Nazis in America, but we have plenty of cowards and bootlickers, and once those fleshy dominoes start tumbling into the Trump camp, the game is up,'" Kennedy quoted. As was said in the clip, Kennedy doesn't resist or challenge Taibbi's words, calling them "beautifully" written and "fun to read." The passage itself doesn't outright call Trump supporters "belligerent idiots" but strongly connects them to that insult. Importantly, these weren't Kennedy's words, although his praise of the passage suggests he, at the very least, sympathized with its sentiment. "Like many Americans, I allowed myself to believe the mainstream media's distorted, dystopian portrait of President Trump," Kennedy said in a statement sent to Newsweek by the Trump-Vance transition team. "I no longer hold this belief and now regret having made those statements. President Trump has a tremendous vision for our country that will not only make our country healthy again but will lower the cost of living for all Americans, stop endless wars, protect free speech, secure our Southern border, and make our country great again. "I am proud to serve in President Trump's administration." As reported in October 2024 by The New York Times, Kennedy has ridiculed Trump for many years, including during his run as a candidate in the 2024 race, calling him a "terrible president" who would not be "capable of meeting the expectations and fulfilling the promises that he raises with his rhetoric." In a Newsweek op-ed from 2018 , Kennedy, who was a Democrat at the time, said that Trump's "presidency has not just discredited our nation, but the entire American experiment in self government." Trump was not kind to Kennedy prior to his dropping out of the 2024 race, either. Kennedy ran against Trump as a Democrat, then an independent, before ending his campaign in August and endorsing the president-elect. In a post on his social media platform Truth Social in late May, Trump called Kennedy "one of the most Liberal Lunatics ever to run for office," adding that he is "a Phony Radical Left fool whose poll numbers are TERRIBLE, and getting worse." The Ruling Needs Context. According to a CNN report, the audio recording of RFK Jr. is from 2016 and was of Kennedy reading a passage written by journalist Matt Taibbi. While these weren't his words, Kennedy repeated them in praise. FACT CHECK BY Newsweek's Fact Check team