revenue

PVH (PVH 1.09%), the owner of Calvin Klein and Tommy Hilfiger, reported its fiscal second quarter earnings on August 26, 2025. The Q2 FY2025 results featured better-than-expected revenue (GAAP) and earnings (non-GAAP), but gross margin declined in Q2 FY2025 compared to the prior year. Non-GAAP EPS of $2.52 for Q2 FY2025 exceeded guidance of $1.85–$2.00, although it fell short of last year’s $3.01. Total revenue (GAAP) for Q2 FY2025 was $2.17 billion, up 4% in the second quarter of 2025 compared to the same period last year and above expectations for a “low single digit” revenue increase in Q2 FY2025. Overall, the quarter delivered sales outperformance and showed core brand resilience but also highlighted persistent cost, margin, and inventory challenges.

Source: Analyst estimates provided by FactSet. Management expectations based on management’s guidance, as provided in Q1 2025 earnings report.

Business Overview and Recent Priorities

PVH is a global apparel company known primarily for its Calvin Klein and Tommy Hilfiger brands. It operates in over 40 countries through wholesale, retail, and digital platforms, with its core offering being branded clothing and accessories. Together, Calvin Klein and Tommy Hilfiger accounted for more than 90% of PVH’s revenue in FY2024, reflecting their central importance.

Recent business focus has centered on strengthening its core brand positioning, expanding digital commerce offerings, and bringing more product categories in-house rather than licensing them out. Within this strategy, success depends on steady demand for branded products, investment in marketing and innovation, a balanced global footprint, and supply-chain resilience. The ability to manage costs while maintaining brand value and adapting to shifting consumer behavior is crucial for PVH’s longer-term growth.

Quarterly Developments and Performance Drivers

In Q2 FY2025, PVH posted GAAP revenue growth above expectations, led by both Calvin Klein and Tommy Hilfiger. Tommy Hilfiger generated $1,135.9 million in sales in Q2 FY2025, up 3.9% year over year (GAAP). Calvin Klein delivered $980 million in revenue (GAAP) for Q2 FY2025, rising 5.3%. The Americas region was a particularly strong driver, with 11% revenue growth in Q2 FY2025, attributed mainly to wholesale and from moving previously licensed women’s categories in-house in Q2 FY2025, which shifted revenue streams and timing. Europe, the Middle East, and Africa (EMEA) saw a smaller gain of 3.4% in Q2 FY2025 (GAAP), but on a constant-currency (non-GAAP) basis, it was down 3% in Q2 FY2025. Asia-Pacific region revenue fell 1% year over year in Q2 FY2025 (GAAP), mainly due to continued pressure in China and a soft wholesale market.

Direct-to-consumer (DTC) channels, including the company’s own stores and e-commerce platforms, recorded 3.7% revenue growth in Q2 FY2025. However, when excluding exchange rate effects, DTC was flat. Digital commerce specifically was up 3% in Q2 FY2025, but also flat in constant currency, indicating that digital sales are not yet outpacing the overall market or translating brand engagement into rapid growth.

Gross margin, the percentage of sales remaining after accounting for production and sourcing costs, declined from 60.1% in the prior year period to 57.7% in Q2 FY2025 on a GAAP basis. Management attributed this decline in Q2 FY2025 to several factors, including promotional discounting, cost pressures from higher tariffs on goods imported into the U.S, and the impact of bringing previously licensed women’s categories in-house. These in-house transitions typically generate more reported revenue but often at a lower margin at the outset. Additional sources of margin impact in Q2 FY2025 included an unfavorable mix between wholesale and retail channels, increased freight costs, and some incremental discounting to customers as a result of Calvin Klein delivery delays.

Inventories at the end of Q2 FY2025 were up 13% from the prior year. Management described this build as mostly strategic, aiming to ensure better availability of “core” product categories, especially moving into the next quarter. This can aid sales if demand holds, but it also introduces risk if the market stalls and excess stock leads to heavier discounting. Licensing revenue—money earned from letting other companies use PVH’s brands—declined 3% year over year in Q2 FY2025 as women’s product lines shifted from licensing to direct management. No significant new acquisitions or licensing expansions were announced during the quarter.

In terms of product lines, Calvin Klein’s best performance was in underwear and fashion denim, with management highlighting product innovation and new marketing campaigns featuring celebrity talent like Bad Bunny. Tommy Hilfiger focused on summer campaigns including collaborations with major sports events and teams, such as the F1® The Movie and the US SailGP racing team. Both major brands benefited from targeted investment in product innovation and broad marketing engagement, though the company did not break out detailed sales growth numbers for specific sub-categories beyond the main brands.

The ongoing transition of product categories from licensed to in-house models as part of the branded strategy had notable financial effects. While this contributed to higher reported revenue in Q2 FY2025, it initially pressured gross margins and reduced licensing income. The company also continues to face increased U.S. tariffs, which are expected to produce a $1.15 per share drag on FY2025 non-GAAP earnings per share, up from previous projections of $1.05. Ongoing operational initiatives are aimed at mitigating these cost pressures, but full offset has yet to be realized.

Looking Ahead: Management Guidance and Key Issues

Management updated full-year revenue guidance for FY2025 to “increase slightly to up low single digits,” an improvement from previous forecasts of “flat to increase slightly.” The outlook for full-year non-GAAP operating margin held steady at about 8.5% for FY2025, a significant step down from last year’s 10.0% non-GAAP margin. Full-year non-GAAP earnings per share guidance for FY2025 was reaffirmed at $10.75–$11.00, compared to $11.74 (non-GAAP) last year, and continues to reflect substantial tariff-related and margin headwinds. Q3 FY2025 is projected to see flat to modest revenue growth and non-GAAP EPS between $2.35 and $2.50, compared to $3.03 in Q3 FY2024.

Investors and observers will want to track whether inventory build translates into improved sales or heavier future markdowns, as well as any recovery in Asia-Pacific performance. Additional focus areas include the ability to maintain brand health, especially as elevated promotional activity persists and margin recovery efforts continue. Management flagged continued cost pressures, especially from tariffs and promotional activity, while reiterating its focus on digital and brand-building initiatives. No dividend is currently paid on PVH shares.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

A fight over taxes consumers pay for cannabis products has prompted a standoff between unusual adversaries: child-care advocates and the legal weed industry.

On July 1, California’s cannabis excise tax increased from 15% to 19% as part of a political deal struck in 2022 to help stabilize the fledgling legal market. But the industry now says the increase is untenable as it faces a sharp decline in revenue and unfair competition from the growing illicit market.

An industry-sponsored bill moving through the Legislature — and already passed by the Assembly — would eliminate the tax increase and lower the rate back to 15% for the next six years. This would reduce by $180 million annually the tax revenue that the state contributes toward law enforcement, child care, services for at-risk youth and environmental cleanup.

The losses include about $81 million annually that would have specifically funded additional subsidized child-care slots for about 8,000 children from low-income families.

“They are choosing the cannabis industry over children and youth,” said Mary Ignatius, executive director of Parent Voices California, which represents parents receiving state subsidies to help pay for child care.

Child care faces setbacks

The tension over taxes for legal weed versus child care — both industries in crisis — highlights the inherent pitfalls of funding important social services with “sin taxes,” whether it’s alcohol, weed or tobacco — funding that experts say is often unstable and unsustainable.

Engage with our community-funded journalism as we delve into child care, transitional kindergarten, health and other issues affecting children from birth through age 5.

The measure’s next stop is the Senate. All bills in the Legislature must be passed by Sept. 12, and the governor must sign them by Oct. 12.

“We can both support the legal cannabis industry and protect child care. If the measure reaches the governor’s desk and is signed into law, we will work with the Legislature to ensure there are no cuts to child care due to this policy change,” said Diana Crofts-Pelayo, a spokesperson for Gov. Gavin Newsom.

But it’s unclear where money to backfill the losses would come from, as the state grapples with declining finances and federal funding cuts.

The money from cannabis taxes represents a fraction of California’s $7-billion annual child care budget. But as federal cuts to social services for low-income families, including Head Start, continue, any potential loss creates a sense of panic among child care advocates who say California ought to be shoring up revenue options right now — not reducing them.

“Every single dollar needs to remain in the programs that are serving our children and families. What may seem like a small amount to some is everything for advocates who are fighting for it,” said Ignatius.

The past decade has been a time of progress for child care advocates, as the state rebuilt a child care industry decimated by cuts during the Great Recession. California has more than doubled spending on child care since the recession low, added about 150,000 new subsidized child care slots, eliminated the fees paid by families, increased pay for child care workers and added a new public school grade level for 4-year-olds.

But despite these efforts to bolster the market, California’s child care industry still suffers from low pay for workers, unaffordable costs for families, and a shortage of spaces for infants and toddlers.

The waiting list for subsidized child care slots is still so long that some parents have taken to calling it the “no hope list,” said Ignatius. Those who join the list know they could wait years before a spot opens up, and by that time their child may already be in kindergarten or beyond.

Jim Keddy, who serves on an advisory committee to help determine what programs the tax will finance, opposes the proposed reduction.

“If you don’t work to promote and hold on to a funding stream for children, someone eventually takes it from you,” said Keddy, who is also executive director of Youth Forward, a youth advocacy organization.

The cannabis industry, however, argues that while the causes the tax supports may be worthwhile, market conditions are so abysmal that it cannot weather an increase.

Legal cannabis industry struggles to remain afloat

“It is sad that the cannabis industry is being pit against social programs, childhood programs and educational programs,” said Jerred Kiloh, president of United Cannabis Business Assn. and owner of the Higher Path dispensary in Sherman Oaks. “The reality is, if our legal industry keeps declining, then so does their tax revenue.”

In 2022, when the cannabis industry agreed to increase the excise tax, quarterly cannabis sales were at their peak. The agreement offered the new industry temporary relief by eliminating the cultivation tax passed by voters under Proposition 64, the 2016 initiative that legalized cannabis. In exchange, state regulators would be able to increase the excise tax after three years to make the change revenue neutral.

But since then, sales have plunged to their lowest levels in five years, due in part to the growing illicit market that is siphoning off sales from legal dispensaries.

In L.A., Kiloh said that between state and local taxes, his legal dispensary customers end up paying 47% in taxes on their purchase. But if they shopped instead at any of the thousands of stores in L.A. selling cannabis products without a license, they could avoid state and local cannabis taxes entirely.

“A 30% increase in an excise tax that is already egregious is just kind of the breaking point for a lot of consumers,” said Kiloh.

Even before the excise tax hike went into effect, just 40% of the cannabis consumed in California was obtained from the legal market, according to the California Department of Cannabis Control.

The measure to drop the excise tax, AB564, received widespread support from Assembly members, including stalwart supporters of early childhood education like Assembly Majority Leader Cecilia Aguiar-Curry (D-Winters), chair of the Legislative Women’s Caucus.

“Revenues from legal sales of cannabis are already dropping and if we keep raising the tax they’ll drop even more. That penalizes cannabis businesses who are doing the right thing and working within the legal market. And, it makes illegal sales from cartels and criminals more competitive,” she said in a statement. “We need to fund our kids’ education through the State General Fund, but if we want to supplement education and youth programs, cannabis tax dollars will only exist if we steady the legal market and go after those illegal operators.”

How reliable are sin taxes?

Lucy Dadayan, a researcher who studies sin taxes at the Tax Policy Center, a nonpartisan think tank based in Washington, D.C., said the California predicament reflects a larger problem with sin taxes.

If a sin tax is successful and consumption drops — as it has with tobacco — “the tax base shrinks. And in the case of cannabis, there’s the added wrinkle that a high tax rate can push consumers back into the illicit market, which also reduces revenue,” she said.

This is not the first time services for the state’s youngest children have been affected by reductions in a sin tax.

In 1998, California voters slapped cigarettes with a hefty surcharge to pressure smokers to give up their habit. The state used the money to fund “First 5” organizations in every county, which are dedicated to improving the health and well-being of young children and their families. But the less people smoked over time, the less money was available for early childhood programs, and the First 5 system now finds itself confronting an existential crisis as it faces a rapidly declining revenue source.

Meanwhile, the critical social services like child care that come to depend on sin taxes tend to get more and more expensive, creating a “mismatch” in the tax structure versus the need, said Dadayan.

“In the short term, these taxes can raise a lot of money and help build public support for legalization or regulation. But in the long term, they can leave important programs vulnerable because of shifting consumption patterns,” she said.

This article is part of The Times’ early childhood education initiative, focusing on the learning and development of California children from birth to age 5. For more information about the initiative and its philanthropic funders, go to latimes.com/earlyed.

The Federal Trade Commission accused a shadowy group of flooding Ticketmaster with fake accounts to purchase and resell tickets to concerts by Taylor Swift, Bruce Springsteen and other top artists.

The FTC alleged that between Nov. 1, 2022, and Dec. 30, 2023, a core group of three individuals used a network of sites such as Totaltickets, TotallyTix and Front Rose Tix to purchase at least 379,776 tickets from Ticketmaster, spending nearly $57 million. The complaint states they then resold those tickets on secondary marketplaces for nearly $64 million.

The trio allegedly used software to mask IP addresses, purloined credit cards and SIM cards to create fake Ticketmaster accounts. They also enlisted friends and family to create Ticketmaster Verified Fan accounts, giving small sign-up bonuses and kickbacks for creating new accounts.

The FTC alleges that the group made $1.2 million from flipping tickets to Taylor Swift’s record-breaking Eras Tour in 2023 alone. According to the complaint, at a Las Vegas Taylor Swift concert, “Defendants used 49 different accounts to purchase 273 tickets to Taylor Swift’s March 25, 2023, concert at Allegiant Stadium, dramatically exceeding The Eras Tour’s 2023 six-ticket limit. Defendants then marked up and resold these tickets, netting $119,227.21 in revenue.”

For one Bruce Springsteen show at MetLife Stadium on Sept. 1, 2023, “Defendants used 277 different accounts to purchase 1,530 tickets, dramatically exceeding Springsteen and the E Street Band’s four-ticket limit. Defendants marked up and resold these tickets, netting $20,900.84 in revenue.”

The FTC alleges their actions are a violation of the Better Online Ticket Sales Act. Representatives for Ticketmaster parent firm Live Nation did not immediately return a request for comment.

While Ticketmaster is not accused of any wrongdoing in the complaint, Swift famously lambasted Ticketmaster after the Eras Tour on-sale fiasco in which many fans were locked out of opportunities to buy tickets and saw seats instantly snapped up and placed on resale markets at many times the face value.

“There are a multitude of reasons why people had such a hard time trying to get tickets and I’m trying to figure out how this situation can be improved moving forward,” she wrote in a 2022 social media post. “I’m not going to make excuses for anyone because we asked them multiple times if they could handle this kind of demand and we were assured they could.”

“It really pisses me off that a lot of [fans] feel like they went through several bear attacks to get them,” Swift added.

The incident prompted rowdy hearings in Congress and a federal antitrust lawsuit against Ticketmaster and Live Nation. Although Ticketmaster is not targeted in the complaint, the FTC does include a slide that it says is from a 2018 presentation deck, where Ticketmaster warns of “Serious negative economic impact if we move to 8 ticket limit across the board.” In March, President Trump issued an executive order to combat fraudulent ticket reselling practices.

Aug. 15 (UPI) — Applied Materials’ stock price slumped by double digits on Friday after the semiconductor equipment maker reported a projected decline in revenue amid tariff worries in China.

On the Standard and Poor’s 500 index, the company’s stock decreased 11% at the opening bell and was trading at $162.09, down 13.87%, at 2 p.m. Entering trading, Applied Materials was up more than 15% for the year. The stock reached $199.29 on July 15 with the record $235.99 in April 2024.

The company, based in Santa Clara, Calif., reported the sixth consecutive quarter of revenue growth, including $7.3 billion in the third quarter, but foresees a weaker situation in the next quarter. They initially projected $6.7 billion in revenue for the quarter.

“We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and non-linear demand from leading-edge customers given market concentration and fab timing,” Brice Hill, senior vice president and CFO at Applied Materials, said. “We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships.”

CEO Gary Dickerson, during an earnings call with analysts, said the current macroeconomic situation and trade issues have fueled “increasing uncertainty and lower visibility,” mainly within its business in China.

In addition, he said their forecast does not account for pending export license applications and a substantial backlog of products.

Dickerson noted the easing of spending from customers, with Chinese clients cutting spending after increasing equipment manufacturing in the region.

President Donald Trump has proposed a 100% tariff on semiconductors and possibly a 300% rate. Exempt companies would be those with manufacturing facilities in the United States.

Applied Materials doesn’t make chips, and instead supplies equipment, services and software used by the makers of the chips. The company’s largest plant for logistics and logistics is in Austin, Texas.

On Monday, Trump extended a tariff pause until Nov. 10 on products sent to the United States from China. Originally, he threatened 145% duty, but it was later lowered to 30% plus the baseline tariffs imposed on nearly all U.S. trading partners. The baseline remains in effect.

In June, Trump announced a trade agreement with China over rare earth minerals. Under the deal, China would export rare earth minerals to the United States with both countries reducing their tariffs for 90 days. Rare earth minerals fuel energy sources for mobile devices and electric vehicles.

Despite uncertainty, Applied Equipment in its report wrote that “we remain very confident in the longer-term growth opportunities for the semiconductor industry and Applied Materials.

The company’s adjusted earnings of $2.11 per quarter was short of the $2.39 expected by LSEG.

Net income hit $1.78 billion, or $2.22 per share. One year ago, it was $1.71 billion, or $2.05 per share.

The gross margin was 48.8% compared with 47.3% one year ago, and the operating margin was 30.6% vs. 28.7% in 2024.

The company specializes in materials engineering solutions for semiconductors, flat panel displays and solar photovoltaic industries. The company’s revenue in semiconductor equipment is No. 1 in the world, followed by the Dutch company ASML.

Sales at all three Applied Materials units rose: Semiconductor Systems at $5.43 billion, Applied Global Services at $1.60 billion and and Display t a$263 million.

The company’s market capitalization is $151.06 billion. It was founded in 1967 as a startup.

Aug. 11 (UPI) — U.S. chip makers Nvidia and Advanced Micro Devices inked an “unprecedented” deal in which they will pay 15% of their sales to China to the U.S. treasury in exchange for export licenses to ship their advanced H20 and MI308 semiconductors.

The administration of U.S. President Donald Trump has begun issuing licenses to both companies to supply the AI chips to China, sources and officials told the BBC and the Financial Times on Sunday, after Nvidia CEO Jensen Huang met with Trump last week.

The arrangements came two months after Trump reversed an earlier decision banning Nvidia from exporting its H20 chip to China, with the Santa Clara, Calif., firm moving to cut the deal because the Commerce Department’s Bureau of Industry and Security had not issued the expected licenses.

Nvidia developed the H20 chip specifically for the Chinese market after the administration of President Joe Biden imposed sweeping export controls on advanced chips for AI in 2023. Before Trump’s ban, analysts estimated Nvidia would ship 1.5 million H20s this year, worth $23 billion.

AMD, which is also headquartered in Santa Clara, did not immediately comment on the development, but Nvidia said it always adhered to U.S. regulations when it came to exporting and warned of the risk of the U.S. losing its first-mover advantage.

“We follow rules the U.S. government sets for our participation in worldwide markets. While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide.”

Saying the development was without precedent, Forrester Vice President Charlie Dai said it demonstrated very elevated market access costs in a climate of rising tensions in global trade, generating “substantial financial pressure and strategic uncertainty for tech vendors.”

The deal, which takes to a new level Trump’s tactic of using trade restrictions to pressure multinationals to invest in the United States or shift manufacturing there, has attracted criticism from security experts who called the H20, in particular, a “potent accelerator” of Chinese AI that would help its military and erode the United States’ lead in the technology.

“If you have a 15% payment, it doesn’t somehow eliminate the national security issue. You either have a national security problem or you don’t,” said Deborah Elms, trade policy head at the Hinrich Foundation, a think tank.

BIS officials have also raised concerns along with 20 security experts who wrote Commerce Secretary Howard Lutnick asking him not to authorize licenses to export the H20.

“Chips optimized for AI inference will not simply power consumer products or factory logistics; they will enable autonomous weapons systems, intelligence surveillance platforms and rapid advances in battlefield decision-making,” the letter said.

Nvidia earlier dismissed the claims regarding China’s military and that the H20 would help Chinese AI to leap forward.

But Liza Tobin, China expert and National Security Council member in the first Trump administration, warned against monetizing the transfer of dual-use technology.

“Being must be gloating to see Washington turn export licenses into revenue streams. What’s next — letting Lockheed Martin sell F-35s to China for a 15% commission,” she told the FT.

Chip giants Nvidia and AMD have agreed to pay the US government 15% of their semiconductor sales in China, the BBC has been told by a source close to the matter.

The agreement is part of a deal to secure export licences to the world’s second biggest economy.

“We follow rules the US government sets for our participation in worldwide markets. While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide,” Nvidia told the BBC.

AMD did not immediately respond to a request for comment.

In a statement to the BBC, Nvidia also said: “America cannot repeat 5G and lose telecommunication leadership. America’s [artificial intelligence] tech stack can be the world’s standard if we race.”

Under the agreement, Nvidia will pay 15% of its revenues from H20 chip sales in China to the US government, while AMD will give the same percentage from its MI308 chip revenues, which was first reported by the Financial Times.

Washington has previously banned the sale of Nvidia’s H20 chips to Beijing over security concerns, although the firm recently announced that this would be reversed.

The H20 chip was developed specifically for the Chinese market after US export restrictions were imposed by the Biden administration in 2023. Its sale was effectively banned by the Trump administration in April this year.

Nvidia’s chief executive Jensen Huang has spent months lobbying both sides for a resumption of sales of the chips in China. He reportedly met US President Donald Trump last week.

The resumption of chip sales to China comes as trade tensions between Beijing and Washington have been easing.

Beijing has relaxed controls on rare earth exports, while the US has lifted restrictions on chip design software firms operating in China.

In May, the world’s two biggest economies agreed to a 90-day truce in their tariffs war.

Since then, top trade officials from both sides have met on a number of occasions, although an agreement to extend the tariffs pause has not yet been confirmed ahead of a 12 August deadline.

As part of his tariffs policy, Trump has put pressure on major companies to make more investments in the US.

Last week, Apple said it would invest another $100bn (£74.4bn) in the country, adding to a previous pledge to spend $500bn in the US over the next four years.

In June, memory chip maker Micron Technology said its planned US investments will total $200bn. That includes construction of a new manufacturing facility in Idaho.

Nvidia itself has announced plans to build AI servers in the US worth up to $500bn, pledging to build the first AI supercomputers that are entirely American-made.

Commerce Secretary Howard Lutnick forecasts the revenue increase even as Trump announces higher pharma and semiconductor chip levies, which have yet to kick in.

The United States expects to bring in at least $50bn a month from tariffs as higher levies on imports from dozens of countries begin to kick in.

US Commerce Secretary Howard Lutnick on Thursday outlined the forecasted revenue, an increase of $20bn from last month, when tariffs brought in $30bn.

“And then you’re going to get the semiconductors, you’re going to get pharmaceuticals, you’re going to get all sorts of additional tariff money coming in,” Lutnick said in an interview with Fox Business Network.

US President Donald Trump’s higher tariffs on imports from dozens of countries took effect on Thursday, raising the average US import duty to its highest in a century, with countries facing tariffs of 10 percent to 50 percent.

Trump on Wednesday also announced plans to levy a tariff of about 100 percent on imported semiconductor chips unless manufacturers commit to producing in the US, as well as a small tariff on pharmaceutical imports that would rise to 250 percent over time.

Details of those sectoral tariffs are expected in the coming weeks after the Commerce Department completes investigations into the impact of those imports on US national security.

Lutnick told Fox Business Network that companies could win exemptions from the expected semiconductor tariff if they filed plans to build plants in the US, and those plans were overseen by an auditor.

“[Trump’s] objective is to get semiconductor manufacturing done here,” he said, predicting that the initiative would result in some $1 trillion in investment to bolster domestic manufacturing.

Other exemptions have already been agreed, including with the European Union, which said its agreement to accept a 15 percent tariff on most EU exports includes chips, and with Japan, which has said the US agreed not to give it a worse rate than other countries.

The push to boost domestic chip manufacturing is not new.

The US Congress created a $52.7bn semiconductor manufacturing and research subsidy programme in 2022 under former President Joe Biden, and all five leading-edge semiconductor firms agreed last year to locate chip factories in the US.

Last year, the Commerce Department said the US produced about 12 percent of semiconductor chips globally, down from 40 percent in 1990.

Lutnick, asked about separate talks under way with China on extending a tariff truce that is due to end on August 12, said he felt an agreement was possible.

“I think we’re going to leave that to the trade team and to the president to make those decisions,” he said. “It feels likely that they’re going to come to an agreement and extend that for another 90 days, but I’ll leave it to that team.”

Continued growth in streaming subscriptions and strong domestic tourism to its theme parks propelled Walt Disney Co.’s fiscal third quarter earnings, even as its theatrical results dipped, the company said Wednesday.

The Burbank media and entertainment giant reported $23.7 billion in revenue for the three-month period that ended June 28, up 2% compared with the same quarter a year earlier. Earnings before taxes totaled $3.2 billion, 4% higher than a year ago . Earnings per share were $2.92, up from $1.43 last year.

“We are pleased with our creative success and financial performance,” Disney Chief Executive Bob Iger said in a statement. “With ambitious plans ahead for all our businesses, we’re not done building, and we are excited for Disney’s future.”

The company’s entertainment division, which includes its studios, Disney+, Hulu and linear television business, reported $10.7 billion in revenue, 1% higher than a year earlier. Its operating income, however, totaled $1 billion, down 15% compared with the previous year. That was the result of lower results in content sales and licensing, which includes theatrical distribution, and linear television.

Disney’s content sales and licensing unit reported revenue of $2.3 billion, up 7% compared with a year ago , but recorded a loss of $21 million in operating income. The company attributed that to lower theatrical distribution results during the third quarter of this year, when it released Disney and Pixar’s original animated film “Elio,” which struggled at the box office, as well as Marvel Studios’ “Thunderbolts*,” which received strong critical reviews but had a middling commercial performance.

The earnings only captured part of the theatrical results for the live-action adaptation of “Lilo & Stitch,” which would go on to gross $1 billion in global box office revenue. The quarterly earnings were also negatively impacted by the comparison to last year’s “Inside Out 2” box office performance.

Disney’s linear networks including ABC and the Disney Channel continued to struggle, reporting revenue of $2.3 billion, down 15% compared with last year. Operating income fell 28% to $697 million. Part of that decline was due to the lower international results stemming from the company’s Star India merger.

Still, Disney’s streaming business saw gains during the third quarter, posting a 6% increase in revenue to $6.2 billion and operating income of $346 million, compared with a loss of $19 million a year earlier.

The company now has 183 million Disney+ and Hulu subscriptions.

Disney’s theme parks also boosted revenues, despite concerns about a drop-off in international tourism to the U.S. fueled by trade tensions. The experiences division, which includes the Disney theme parks, cruise line and Aulani resort and spa in Hawaii, reported revenue of $9.1 billion, up 8% compared with the previous year. Operating income rose 13% to $2.5 billion.

Disney said visitors spent more at the parks during the third quarter, and that its domestic parks and experiences operating income increased 22% to $1.7 billion.

Disney’s sports unit, which includes ESPN, reported revenue of $4.3 billion, down 5%, due to higher programming and production costs for the NBA and college sports rights and the lack of NHL Stanley Cup Finals rights, which Disney has every other year. Operating income was $1 billion, up 29% from last year.

So, what’d ya get?

Revenue sharing payments started flowing into UCLA football players’ PayPal accounts this week, leading to the inevitable sidling up to teammates for quiet comparisons … or not.

“We try not to,” linebacker Isaiah Chisom said when asked if players discussed how much money they’re making. “Obviously, I mean, people know how much some people are getting, but, you know, at the end of the day, we all came here for one reason, and that’s to play football and the extra money or whatever we get is just extra, it’s not making anybody play harder.”

While UCLA athletic director Martin Jarmond would not divulge the specifics of his school’s revenue-sharing plan, it’s believed that the football team was allotted roughly 75% of the $20.5 million in payments — or about $15.375 million — which is in line with the suggested formula as part of the House settlement with the NCAA. That would break down to $146,428 per player if divided evenly among the 105 players on the roster, though coach DeShaun Foster said his staff divvied up the money based on talent evaluations.

Does that mean new quarterback Nico Iamaleava, the highly coveted transfer from Tennessee, is the team’s highest-paid player? Nobody will know unless Iamaleava wants them to.

“We haven’t put anything out publicly like that for the other players to see,” Foster said of divulging payment amounts. “So if they wanted to share that, they can.”

The lack of transparency about revenue sharing across the country will lead to guesswork and assumptions about who’s making what. Chisom acknowledged the importance of ensuring that the presumed revenue sharing discrepancies didn’t disrupt team chemistry.

“It definitely can expose a team or bring up a team,” Chisom said. “It really just depends on the people you have on the roster. But I think the coaches did a great job of bringing in the right type of character and people who want to play football and are excited to play in California in the Rose Bowl.”

Foster said players were taught about financial literacy to give them information about the importance of saving money and the tax implications of their new windfall.

But the quaint notion that revenue sharing would level the playing field for UCLA with teams whose name, image and likeness collectives were generating several multiples of what the Bruins were before the House settlement has long been discarded.

“They’re just going to find ways to do it under the table,” Foster said of the powerhouse programs sustaining their financial edge. “It is what it is. We’re just going to control what we can control. We have our salary cap. We’re gonna do the best that we can do with that, and allocate it to our players the way that we want to, and you know, whatever everybody else does, that’s what they do. They’re just gonna find other ways to do what they’ve been doing.”

A cloak-and-dagger camp

First impressions of UCLA’s football training camp?

Iamaleava looked good getting off the bus in a light blue hoodie, black sweatpants and a black do-rag.

The offense’s black uniforms with blue numbers looked spiffy.

The weather in Costa Mesa has been close to perfect.

Oh, you wanted some insight into how the Bruins look on the field? That’s been much harder to gauge.

Daily media viewing sessions have been limited to 25 minutes of mostly stretching, individual drills and special teams work, leaving almost everything else to the imagination.

One early takeaway has been that defensive linemen Keanu Williams and Gary Smith III look fully recovered from their respective injuries. Williams made one quick burst that appeared to please defensive line coach Jethro Franklin, who unleashed an excited expletive.

Iamaleava’s arm has looked strong and accurate in throwing drills, but it’s been impossible to determine how well he’s mastered the offense given the viewing limitations.

The punters appear promising. Will Karroll and Lennox Miller, a pair of newcomers with Australian roots, were regularly booming punts some 50 yards.

Foster said he’s happy that his team features better depth in Year 2, leading to more competition because some backups could be good enough to supplant the presumed starters.

“It’s not just ‘I’m the guy,’ ” Foster said of having multiple players worthy of starting at various positions, “so it just feels that there’s more guys that can push a starter.”

A singular vision

JonJon Vaughns quit the UCLA baseball team to focus on football.

(Courtesy of UCLA Athletics)

JonJon Vaughns is all in on pigskin.

The UCLA linebacker’s decision to redshirt last season after playing in the first four games, combined with a choice to stop playing outfield after four seasons on the school’s baseball team, provided him with nearly a full year of football prep.

He can see and feel the difference, no longer having to work his way back into football shape after having missed spring practice while playing baseball.

“It was hard, just getting back in shape, running straight, not having those muscles from football early on,” Vaughns said, “and then, and then I don’t get those muscles until like midseason, so it’d be too late. But now it’s like, I got them, let’s use them, you know?”

As luck would have it, the timing of Vaughns’ decision to quit baseball was not ideal — UCLA made it back to the College World Series for the first time since 2013.

“I wanted to be there with the guys and coach [John] Savage, and I even texted [Savage] before [the Series], like, ‘Hey, wish I was there,’ you know?” Vaughns said. “But seeing them doing what they did this year was amazing to see.”

Looking a bit sturdier at 6 feet 1 and 225 pounds after having completed his first series of spring football practices, Vaughns said his weight is actually about the same after gaining 10 pounds of muscle and losing an accompanying amount of fat.

Having started 11 games in his first five seasons with the football team, Vaughns could move into a full-time starting role in his final football season. His ability to play both strong-side and weak-side linebacker gives him the versatility to fill a variety of spots and make the biggest influence of his career on a defense that needs playmakers.

Another softball title

Megan Faraimo during her days with UCLA.

(Alonzo Adams / Associated Press)

UCLA’s 12 NCAA softball championships lead all college programs — no one else is in double figures — so it should come as no surprise that three Bruins alums were crucial members of the first champion in the new Athletes Unlimited Softball League.

While helping the Talons sweep the Bandits, two games to none, in the championship series, Megan Faraimo pitched the seventh inning of Game 1 and collected the save with two strikeouts; Sharlize Palacios reached base four times in the series and ranked top five on the team in hits and total bases; and Maya Brady reached base safely twice in Game 1 and scored the team’s third and final run.

Competing as part of a barnstorming four-team, 24-game debut season that was completed in 12 cities and drew 20 sellouts, the Talons had several other UCLA connections. Lisa Fernandez was the team’s general manager, Kirk Walker the associate head coach and Will Oldham an assistant coach.

The AUSL plans to become a city-based league in 2026.

Opinion time

We had an influx of new subscribers after last week’s newsletter, so we are holding over the Mount Rushmore voting for one more week.

To recap, we’re wondering which four coaches or players would you put on your Mount Rushmore of UCLA football? Email your list of four to [email protected] and we’ll post the results in a future UCLA Unlocked. Everyone is entitled to their opinion, of course, but anyone who doesn’t list coach Terry Donahue should be denied entry to the Rose Bowl.

Remember when?

Speaking of Donahue, his final season opener as UCLA’s coach in 1995 was one of his more memorable ones.

The No. 15 Bruins welcomed No. 12 Miami to the Rose Bowl and proceeded to hand the Hurricanes a 31-8 whipping. You can watch the game here.

Left tackle Jonathan Ogden led a powerful offensive line that opened massive holes for running back Karim Abdul-Jabbar, who ran 29 times for 180 yards in 102-degree heat. The game was also notable in that it marked the debut of freshman quarterback Cade McNown, who completed both passes he threw in relief while starter Ryan Fien was sidelined by a concussion.

It was a high point in an up-and-down season that ended with a 51-30 loss to Kansas in the Aloha Bowl and the Bruins needing a new coach after Donahue announced that he was retiring after 20 seasons before becoming a college football analyst with CBS.

In case you missed it

UCLA’s Tino Sunseri vying to make child’s play out of winning with new quarterback

They’re happy campers as UCLA opens training sessions in cool, breezy Costa Mesa

Can UCLA sustain its buzz? Five questions Bruins must address going into training camp

Have something Bruin?

Do you have a comment or something you’d like to see in a future UCLA newsletter? Email me at [email protected], and follow me on Twitter @latbbolch. To get this newsletter in your inbox, click here.

The victims may be dead, but NBC’s “Dateline” is going live.

NBC News announced Tuesday that the cast of its popular long-running true crime newsmagazine will gather onstage Sept. 28 at the Pinnacle, a new music venue in Nashville.

Ticket-holding fans will see correspondents Josh Mankiewicz, Blayne Alexander, Keith Morrison, Dennis Murphy, Andrea Canning and anchor Lester Holt in panel discussions and Q&A sessions. There will also be criminal justice experts on hand for onstage demonstrations.

The Nashville session — which will also commemorate the 3,000th episode of the program first launched in 1992 — will be a test run, according to Liz Cole, senior executive producer for “Dateline.” A strong turnout could lead to more dates and become additional source of revenue for the program. (NBC News has not revealed prices for tickets, which go on sale Aug. 5.)

“We realized that the anniversary was coming up, and it’s such a big number we wanted to do something special to mark the occasion,” Cole said in an interview. “This seemed like a great way to experiment with the format and go out and meet with our ‘Dateline’ community in real life.”

The television news audiences are shrinking as viewers move from traditional appointment viewing to on-demand streaming. But on-air personalities, whether they are covering politics or true crime, have devoted fans willing to pay to see them up close.

The revenue news shows can generate from live events is probably limited as journalists and anchors need the time to report stories or prepare a nightly program, making it challenging to book lengthy tours. (The “Dateline” correspondents are frequently on the road for their stories.)

“It’s quite an accomplishment getting everyone in one place at one time,” Mankiewicz said in a recent interview. “That usually only happens here when we’re taking the team picture or we’re kicking off the new season.”

Networks with well-known franchises are looking for ways to expand their reach beyond the viewers tuning in each day. Every little bit helps. “Dateline” has been doing it with podcasts — one of which will carry an audio version of the Nashville show — which have attracted younger viewers who don’t watch on TV as often. Podcast versions of “Dateline” TV episodes regularly populate the Apple rankings.

But live events can help create a deeper connection with viewers, as other outlets have discovered.

MSNBC, which will soon be leaving the NBC News family to be a part of the Comcast spin-off company Versant, sold out a 4,000-seat venue in Brooklyn last year for its first “MSNBC Live” gathering.

“MSNBC Live 25” will return in October with a top ticket price of $1,086.05 for an evening session at the Manhattan Center’s Hammerstein Ballroom in New York. The price includes an orchestra seat and a VIP dinner event with hosts Rachel Maddow, Jen Psaki and Stephanie Ruhle in conversation with special guests.

Conservative-leaning Fox News has tapped into its loyal audience annually with its Patriot Awards show that features Sean Hannity and other anchors honoring citizens who “dedicate themselves to their communities with inspirational acts of courage and patriotism.”

A Fox News representative said the event, which is streamed on the network’s Fox Nation site, has sold out every year since its inception in 2019. In the fall last year, the program honored President Trump at the 2,242-seat Tilles Center in Long Island, N.Y., where the top ticket price was $669.

In March, NewsNation anchor Chris Cuomo joined ESPN commentator Stephen A. Smith and former Fox News star Bill O’Reilly for an event billed as “Three Americans Live.” The trio regularly debate on Cuomo’s prime-time program for the Nexstar-owned news channel. No further dates have been booked since their one appearance in Westbury, N.Y.

Cole has seen evidence that the “Dateline” crew can draw a crowd on their own. The correspondents are a top attraction when they appear at CrimeCon, an annual gathering of true crime fanatics.

Many of those fans drive hours from around the country for the weekend event, which will be held in Denver later this year. The $1,800 Platinum VIP level tickets are sold out. (The dress code is “respectful casual” to discourage cosplaying.)

“I love the viewers because they always have questions and observations that I was not expecting, and I see that every year at CrimeCon,” Mankiewicz said. “I also experience it regularly at America’s airports, and I’m expecting that in Nashville.”

Analysts expect a turnaround in future quarters as the automaker bets on robotaxi expansions.

Tesla has reported its biggest decline in quarterly revenue in more than a decade as CEO Elon Musk’s political activity weighs on the electric carmaker brand’s reputation.

Revenue fell to $22.5bn for the April-June quarter from $25.5bn a year earlier, according to its earnings report, which Tesla released after the closing bell on Wall Street. Analysts on average were expecting revenue of $22.74bn, according to data compiled by LSEG.

Revenue from car sales declined by 16 percent. Tesla attributed the revenue dip to a decline in vehicle deliveries. Earlier this month, it reported a 14 percent decline in car deliveries in the second quarter.

Investors are worried about whether Musk will be able to give enough time and attention to Tesla after he locked horns with United States President Donald Trump by forming a new political party this month. Weeks earlier, he had promised that he would cut back on government work and focus on his companies.

Musk’s connections to the Trump administration and layoffs across the US government when he headed the Department of Government Efficiency weighed on its US reputation. Meanwhile, the billionaire’s endorsements of the far-right AfD party in Germany have affected the brand’s reputation in Europe.

A series of high-profile executive exits, including last month of a longtime Musk confidant who oversaw sales and manufacturing in North America and Europe, is also adding to the concerns.

The company reported a second straight quarterly revenue drop, despite rolling out a much-awaited refreshed version of its best-selling Model Y SUV that investors had hoped would rekindle demand.

Much of the company’s trillion-dollar valuation hangs on its bet on its robotaxi service – a small trial of which started in Austin, Texas, last month – and developing humanoid robots. On Wednesday, Bloomberg News reported that Tesla has been in talks with the state of Nevada about introducing robotaxi services there.

Analysts believe that this will keep the automaker on pace for growth in future quarters.

“We are at a ‘positive crossroads’ in the Tesla story: Musk is laser focused as CEO, Robotaxi/autonomous expansion has begun, demand stabilisation has begun especially in China, and Tesla is about to embark on an aggressive AI-focused strategy that, we believe, will include owning a significant piece of xAI,” Dan Ives, an analyst at the financial services company Wedbush Securities, said in a note provided to Al Jazeera.

xAI is Musk’s AI firm which also makes the chatbot Grok.

“While near-term and this quarter the numbers are nothing to write home about, we believe investors are instead focused on the AI future at Tesla, with a motivated Musk back driving Tesla’s future,” Ives said.

Tesla’s stock closed the trading day in positive territory, up by 0.1, but has tumbled in after-hours trading, down by 0.3 percent.

ATLANTA — In 2021, Times columnist Bill Plaschke incurred the wrath of Atlanta by blaspheming the entertainment district surrounding the Braves’ ballpark as a “sterile shopping mall.” The district, called The Battery, prefers the grand descriptor of “the South’s preeminent lifestyle destination.”

Let’s take a walk around The Battery, so you can understand why it could become one of the flash points in the coming holy war between owners and players.

If you leave the ballpark through the right-field gates, you are in The Battery. You’ll see a plaza in front of you, and around you places to ride a mechanical bull, go bowling, navigate an escape room or take in a concert.

You can eat, drink, shop, dance, stay in a hotel. You can live here, in apartments above the storefronts. You can work here, in office towers housing corporate giants.

“To create an environment where you can spend eight, nine hours at The Battery and the field, and still feel like you have all the time in the world, I think they’ve done a wonderful job building this place,” Dodgers and former Braves All-Star first baseman Freddie Freeman said.

The Braves built all this, not only to lure fans to come early and stay late on game days but to make money from the property 365 days a year rather than 81. On that front, it is a spectacular success: Nine million people come here each year, and the Braves generated $67 million in revenue from The Battery last year.

This, according to major league officials, is the template for the modern team. The Angels had planned a ballpark village twice as large as The Battery. Imagine what the Dodgers could build, and how much revenue they could generate, on property twice as large as the Angel Stadium site.

And, speaking of revenue, Rob Manfred has something he likes to say to players about it. The MLB commissioner spoke at the Braves’ Investor Day last month and said he tells players that their share of the sport’s revenue has dropped from 63% in 2002 to 47% today.

Baseball is the only major sport in America without a salary cap system, in which owners agree to spend a designated percentage of revenue on player salaries.

“If we had made a deal 10 years ago to share 50-50, you would’ve made $2.5 billion more than you made,” Manfred said he has told players, in comments first reported by Sports Business Journal.

The players and their union rolled their collective eyes at those comments. It is no secret that many owners want a salary cap, and the cost certainty that comes with it.

“It’s all tactics,” Dodgers All-Star catcher Will Smith said. “It’s all early negotiating stuff.”

Said Arizona Diamondbacks All-Star outfielder Corbin Carroll: “Owners don’t want to put money in our pockets. For them to emphasize how we need this so much, there’s a reason for that.”

Tony Clark, the union’s executive director, said the revenue numbers the league shares with the union are not consistent with Manfred’s statements. And, when you consider a percentage of revenue, you have to define what counts as revenue: What goes into the pool to be shared with players?

Tony Clark, executive director of the MLB players’ union.

(Brynn Anderson / Associated Press)

So let’s go back to The Battery, and to the revenue opportunities that such ballpark villages create for teams.

A report released in April by Klutch Sports, the Los Angeles-based agency, called such villages “the sports industry’s $100+ billion growth engine,” particularly as media revenue wanes. Within the pitch to team owners: Those villages “generate attractive financial returns that stand outside of league revenue sharing requirements.”

Translation: You can make all these millions without sharing any of it with the players.

The Braves are building here because the team plays here. That is the new issue looming over the next round of collective bargaining: If a team builds around its ballpark, should that revenue be shared with players?

“Oh yeah,” Athletics All-Star designated hitter Brent Rooker said. “Revenue is just any dollar that teams bring in that ultimately could be turned around and used to put a better product on the field. It’s got to include tickets, TV, concessions, all the things around the stadium. It’s got to include all of it.”

Is the money a team makes from renting office space outside the ballpark really relevant to the team?

Here’s what Braves president and chief executive Derek Schiller told ESPN about The Battery: “You’ve got a whole other set of revenues from the real estate development that can then be deployed for the baseball team.”

I asked Clark whether, if negotiations turn to the possibility of revenue sharing along the lines Manfred discussed, the money from ballpark villages needs to be part of the conversation.

“Yes,” Clark said.

He declined to elaborate. Understand this about Clark: He can filibuster a yes or no question into a 45-second monologue without actually answering yes or no. That he would say a clear “yes” and nothing else leaves no doubt about his position.

If the players do ask that owners share revenue from such ballpark villages, the response would be predictable: First, we share baseball revenue from baseball operations, and real estate developments are not baseball operations. Second, if you want to share in the revenue, you can share in the risk too, by helping to fund construction of the ballpark village, say, or by assuming some of the losses when a tenant drops its lease and leaves storefronts or office buildings unoccupied.

Said Carroll: “I think that’s a conversation that won’t need to happen, because it won’t get to that point. A salary cap is a nonstarter from the union’s perspective.”

Enjoy the All-Star Game Tuesday, because this summer is one of relative peace. The collective bargaining agreement expires after next season, which means the rhetoric between players and owners ought to be flying this time next year. If the owners insist on pushing a salary cap, a lockout almost certainly would follow.

And, if the owners push revenue sharing, The Battery could provide the push for the players’ pushback.

As college athletic departments across the country brace for a new era of sharing revenue directly with their athletes, USC is eliminating a dozen jobs in its athletic department in an effort to reduce costs in the wake of the House vs. NCAA settlement.

Six athletics employees were told late last week that their roles in the department had been eliminated, a person familiar with the decision not authorized to disucss it publicly told The Times. The most senior among them was Paul Perrier, an executive senior associate athletic director, who spent two six-year stints at USC working under three different athletic directors.

Six other vacant roles have also since been eliminated, the person said.

USC is planning to share the maximum of $20.5 million with its athletes that’s permitted by the settlement in 2025, the vast majority of which will go to the football program. That’s no small expenditure — especially for a university in the midst of serious financial issues.

USC, like other schools, continues to explore other revenue streams to help pay for the costs associated with this new landscape of college athletics. USC recently signed a 15-year multimedia rights deal with Learfield that should help ease some of the burden of revenue sharing. Last season, the school sold ad space in the Coliseum end zone to DirecTV.

Some schools have opted to cut sports, in an attempt to reduce costs. But USC has yet to choose that route. Instead, athletic director Jennifer Cohen announced last month that USC would invest revenue-sharing dollars, in some form or fashion, with all 23 of the school’s athletics programs.

It’s been just 18 days since Inter Milan played its last game, losing to Paris Saint-Germain in the UEFA Champions League final. But a lot has happened since then.

The team parted ways with manager Simone Inzaghi, who led it to two European finals in three seasons, and replaced him with Cristian Chivu. It temporarily lost the services of forward Mehdi Taremi, who had returned to his native Iran earlier this month and became stranded there when Israeli attacks closed the airspace over much of the Mideast.

Then the rest of the second-best club in Europe traveled 6,000 miles from Milan to Los Angeles, where it opened the FIFA Club World Cup on Tuesday in a 1-1 draw with Mexican club Monterrey before an announced crowd of 40,311 at the Rose Bowl.

“We’re trying to focus. And it’s not easy every day, I’m not going to lie,” said forward Marcus Thuram, whose 18 goals in all competition was second on the team this season. “But it’s part of what we do, we love what we do and we’ll continue doing what we do.”

Only doing what they do has become far more complicated and exhausting in recent years as the competition schedule for both club and country has expanded.

Thuram’s father, Lilian, was widely regarded as one of the best defenders of his era during an 18-year career that saw him win two Serie A titles, a European championship and play in two World Cup finals, winning one. But he appeared in 46 or more club matches in a season just four times before retiring in 2008.

His 27-year-old son has done that in each of the past two seasons. And if Inter makes it to the final of the Club World Cup, he’ll wind up playing 55 games in 11 months. That doesn’t count his 10 appearances for the French national team since last June.

Inter Milan’s Marcus Thuram stands on the field during a loss to Paris Saint-Germain in the UEFA Champions League final on May 31.

(Luca Bruno / Associated Press)

“We were prepared for that at the beginning of the season. It’s not like they announced that at the end of the season,” Thuram, who came off the bench early in the second half Tuesday, said of the Club World Cup. “We knew it was going to be a long season.”

But how long is too long? In their ravenous quest for revenue, soccer clubs, leagues and governing bodies have crowded the calendar with invented competitions that have drained both fans’ bank accounts and players’ energy levels.

The Club World Cup is a perfect example. Although the tournament has been around since 2000, before this summer it never had more than eight teams and was held at one site during a 10-day break in the European season. This year it’s expanded into a 32-team, monthlong competition that will be played in 11 cities spread across a continent.

If Inter Milan makes it to next month’s final, its players will have just a couple of weeks off before reporting to training camp for the next Serie A season, which opens Aug. 23. With the World Cup also expanding next summer, national team players such as Thuram could play more than 70 games in 44 weeks and more than 120 games over two seasons.

That’s clearly unsustainable.

“A serious dialogue is needed between FIFA, UEFA, leagues, clubs and players to redesign an international calendar that protects the health of players and maintains the quality of games,” said Giuseppe Marotta, chairman and chief executive officer of Inter Milan. “With the introduction of the new Champions League format and the new Club World Cup, the workload on teams and players has clearly increased significantly.”

Yet clubs such as Inter Milan, Paris Saint-Germain (which played 58 games this season) and Manchester City (57 games) are drawn to the extra competitions for the same reason as the organizers who put them on: the money. The Club World Cup, now the largest and most ambitious global club tournament in history, is also the most lucrative, with a prize-money purse of $1 billion. The winner could take home $125 million, more than PSG got for winning the Champions League.

But it was forced into a gap in the schedule that really didn’t exist before.

“It’s undeniable that this event, positioned between two different seasons, is forcing us to do extra work and rethink what the traditional summer periods looks like for a football club,” Marotta said. “However these competitions also represent a huge opportunity in terms of visibility and revenue, often exceeding that of traditional competitions.”

The Club World Cup allows teams to face rivals from other continents, expanding their international following and generating additional revenue streams by planting the team’s flag in new markets and introducing its players to new fans.

“The goal is to tell the American public who we are and what values have always guided us,” Marotta said.

“It’s not about proving how good we are,” he added of the tournament. “It’s about contributing to the development of global football.”

To accommodate it, Marotta said, changes will have to be made. For example Italy’s Serie A could compact from 20 to 18 teams, the same as in the German Bundesliga and France’s Ligue 1. That would mean four fewer league games per year; not a dramatic reduction, but a start.

Inter Milan’s Lautaro Martinez, left, and Monterrey’s Victor Guzman battle for control of the ball during Tuesday’s FIFA Club World Cup match at the Rose Bowl.

(Gregory Bull / Associated Press)

Until that happens, Thuram said the players will continue doing what they do for as long as they can do it.

“It’s about doing everything every day to prepare your body for these extreme games and extreme competition. Because soccer at the highest level is extreme for the body. It’s tough,” he said. “But we have a lot of coaches, we have chefs, we have everything that is set up for us perfectly.”

As for the game, Milan dominated statistically, controlling the ball for more than 55 of the 90 minutes and outshooting Monterrey 15-9. But it couldn’t make that advantage count.

All the scoring came in a 20-minute span of the first half with the ageless Sergio Ramos putting Monterrey in front with a header in the 25th minute and Lautaro Martinez pulling that back for Milan three minutes before the intermission.