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Top U.S. mall operator Simon faces pandemic pain

(Reuters) – Surging COVID-19 infections in big states like California, Texas and Florida are scaring shoppers away from newly reopened malls, dealing a blow to an industry that was on the ropes even before the pandemic began. Simon Property Group (SPG.N), the ... More »

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Saudi Aramco’s profit plunges, sees signs of oil market recovery

DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $... More »

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Ferrari trims full-year outlook after second-quarter earnings skid

MILAN (Reuters) – Luxury carmaker Ferrari (RACE.MI) trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions due to the coronavirus pandemic. The company known as the ‘Prancing Horse’ ... More »

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Qualtrics float would be ‘win-win’ proposition: SAP CEO

BERLIN (Reuters) – SAP’s (SAPG.DE) plans to float online sentiment tracking business Qualtrics would be a “win-win” proposition, CEO Christian Klein said on Monday, as the business software group confirmed its second quarter results and guidance. SAP would ret... More »

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SAP picked by Moderna to help distribute COVID-19 vaccine candidate

BERLIN (Reuters) – Business software group SAP (SAPG.DE) has been selected by Moderna (MRNA.O) to help distribute the potential COVID-19 vaccine that the U.S. pharmaceuticals company is developing, CEO Christian Klein said on Monday. “Moderna just selected SAP... More »

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Hasbro profit misses as production delays weigh on board game sales

(Reuters) – Hasbro Inc (HAS.O) missed analysts’ estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic crimped the toymaker’s efforts to cash in on strong demand for its board games. The company’s shares, w... More »

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Albertsons’ same-store sales surge on grocery delivery demand

(Reuters) – U.S. grocer Albertsons Cos Inc ACI.N on Monday reported a 26.5% rise in same-store sales in its first quarter as a publicly listed company, driven by demand for home deliveries of groceries during the COVID-19 pandemic. The company’s shares, which ... More »

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Mitsubishi Motors’ full-year profit slumps 89%

TOKYO (Reuters) – Mitsubishi Motors Corp (7211.T) on Tuesday posted an 89% drop in annual operating profit in the year ended March as the Japanese automaker took a hit from falling vehicle sales as the coronavirus pandemic takes its toll on global demand for c... More »

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Trading spike helps Julius Baer beat forecasts in January to April

ZURICH (Reuters) – A spike in trading volumes boosted margins for wealth manager Julius Baer (BAER.S) in the first four months of the year, even though markets slid and a strong Swiss franc ate into assets under management. Baer attributed a 16% rise in gross ... More »

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Baidu sees robust quarter as China’s economy reopens

(Reuters) – Chinese search engine giant Baidu Inc forecast second-quarter revenue above expectations on Monday, as businesses reopen in the world’s second-largest economy after strict lockdowns to curb the spread of the coronavirus. Baidu’s U.S.-listed shares ... More »

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Toyota expects profit to drop 80% this year as virus saps car sales

TOKYO (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it expects profit to drop 80% to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel coronavirus which has sapped global demand for vehicles. Global automaker... More »

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Logitech sales surge as working from home boosts demand

(Reuters) – Logitech International (LOGN.S) reported a 13.6% rise in quarterly sales on Tuesday as more people used its computer products while working from home due to the coronavirus crisis. Logitech said demand accelerated in the three months to the end of ... More »

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After the triumph of Animal Crossing, a thin pipeline for Nintendo

TOKYO (Reuters) – The runaway success of Nintendo Co Ltd’s (7974.T) island life simulator Animal Crossing: New Horizons has overshadowed an uncomfortable fact for fans of the Switch console – it lacks upcoming titles. Nintendo on Thursday said Animal Crossing,... More »

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Ferrari slowed by coronavirus, but not driven off course

MILAN (Reuters) – Luxury sports car maker Ferrari (RACE.MI) still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Form... More »

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Adidas misses forecasts with 93% profit plunge, warns on sales

BERLIN (Reuters) – Adidas (ADSGn.DE) reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores. F... More »

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Bayer more stringent in glyphosate settlement talks due to downturn

FRANKFURT (Reuters) – German drugs and pesticides company Bayer said the economic downturn has prompted it to take a tougher stance in talks to settle claims its glyphosate-based weedkillers cause cancer, even as its earnings rose. The pandemic has significant... More »

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IBM sees shift in client spend priorities, withdraws annual forecast

(Reuters) – International Business Machines Corp’s (IBM.N) clients have shifted priorities toward saving capital in recent weeks because of COVID-19, hitting software sales in particular, new Chief Executive Officer Arvind Krishna said as the company withdrew ... More »

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India’s Infosys suspends FY revenue forecast on coronavirus blow

BENGALURU (Reuters) – India’s Infosys suspended its full-year 2021 revenue forecast on Monday, joining its software outsourcing rivals in flagging a hit to its business as the coronavirus pandemic freezes client activity in the United States and Europe. Infosy... More »

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China’s Geely warns of virus headwind after 35% 2019 profit drop

BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) on Monday said 2020 may be “amongst the most difficult years” in its history, as pressure stemming from the coronavirus pandemic on production and sales is likely to persist in the near future... More »

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Coronavirus expected to hurt U.S. earnings harder and longer

NEW YORK (Reuters) – The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict. Wall Street strategists have been slashing forecasts as the impact from the virus is set to be felt far further than the first quart... More »

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RBC to launch U.S. consumer bank betting on wealthy clients

(Reuters) – Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit tha... More »

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SAP in three-year cloud partnership with Microsoft

BERLIN (Reuters) – Business software group SAP said on Monday it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud. The partnership, called “Embrace”, will help clients to run opera... More »

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Phase-out of Airbus, Boeing jets hits FACC’s operating profit

VIENNA (Reuters) – Plane parts maker FACC’s (FACC.VI) operating profit fell 6% in the second quarter as it produced fewer components for the Airbus (AIR.PA) A380 and Boeing (BA.N) 737NG jets being phased out and start-up costs for new cabin interiors bit. Chin... More »

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Trump-backed Republican wins special congressional election in…

WASHINGTON (Reuters) – Republican Dan Bishop won a special U.S. congressional election in North Carolina, the Associated Press said on Tuesday, saving a longtime stronghold for President Donald Trump’s party and turning back a strong Democratic challenge. With... More »

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Airbnb records 30% growth rate in first-quarter on booking…

(Reuters) – Airbnb Inc recorded $9.4 billion in total booking value in the first quarter, up 31% from the year-ago quarter, a source familiar with the matter said on Friday, a key number that could help pull in investors as the home-sharing company plans its f... More »

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No Lyft for Uber shares after results fall short

(Reuters) – Shares of Uber Inc fell 10% in early trading on Friday after the ride-hailing service missed most Wall Street targets in its quarterly earnings report, in sharp contrast to upbeat numbers from U.S. rival Lyft Inc a day earlier. None of the Wall Str... More »

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Manulife profit beats on strength in Asia unit

(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking t... More »

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Sports Direct delays results as House of Fraser deal backfires

LONDON (Reuters) – British retailer Sports Direct (SPD.L) has delayed publishing its annual results, warning problems integrating its purchase of House of Fraser stores and increased scrutiny of its accounts could affect the financial guidance it gave in Decem... More »

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Norway’s Telenor warns on second quarter profit after error at…

OSLO (Reuters) – Norwegian telecoms group Telenor (TEL.OL) said its second-quarter earnings would take a hit from “errors” discovered at Grameenphone GRAE.DH, its Bangladeshi telecoms division. “Grameenphone has discovered some erroneous omissions with regards... More »

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Norway’s Adevinta says new French digital tax may hit earnings

OSLO (Reuters) – Online advertising group Adevinta said the newly introduced digital tax in France lacked clarity but would likely hit the Norwegian company’s earnings as it posted second-quarter earnings roughly in line with expectations. France’s Senate gave... More »

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Daimler warns on 2019 profit outlook as diesel issues bite

FRANKFURT (Reuters) – Daimler cut its 2019 earnings outlook on Sunday after lifting provisions for issues related to its diesel vehicles by hundreds of millions of euros, sending its shares lower on Monday. Group earnings before interest and tax this year are ... More »

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Huawei first-quarter revenue grows 39 percent to $27 billion amid…

HONG KONG (Reuters) – Huawei Technologies said on Monday its first-quarter revenue jumped 39 percent to 179.7 billion yuan ($26.81 billion), in the Chinese technology firm’s first-ever quarterly results. The Shenzhen-based firm, the world’s biggest telecoms eq... More »

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Netflix forecast misses Wall Street view, shares dip

(Reuters) – Netflix Inc (NFLX.O) forecast first-quarter revenue slightly below Wall Street estimates on Thursday, even after a record quarter for new customers, sending shares of the world’s largest streaming service down 4 percent in after-hours trading. Inve... More »

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LG Electronics sees 80 percent drop in fourth-quarter profit-…

SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations. The world’s second-biggest television s... More »

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BMW says faces currency, tariff and raw material headwinds in 2019

FRANKFURT (Reuters) – BMW (BMWG.DE) expects headwinds from rising currency and commodities prices to reach a mid to high triple-digit million euro amount in 2019, Chief Financial Officer Nicolas Peter said in a statement on Monday. BMW still aims to reach an o... More »

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Halliburton revenue beats on strong North American activity

(Reuters) – Oilfield services provider Halliburton Co (HAL.N) on Monday reported a 24 percent increase in quarterly revenue, narrowly beating analysts’ estimates, as higher oil prices sparked a surge in U.S. crude production activity. Halliburton has benefited... More »

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India’s TCS first-quarter profit rises 24 percent, beats estimates

(Reuters) – India’s biggest software services exporter, Tata Consultancy Services Ltd, posted a better-than-expected rise of about 24 percent in first-quarter net profit, helped by strong growth in its banking, financial services and insurance division. The Mu... More »

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LG Electronics says second-quarter profit likely up 16.1 percent,…

SEOUL (Reuters) – South Korea’s LG Electronics Inc on Friday said operating profit likely rose 16.1 percent in April-June, albeit weighed down by higher marketing expenses for new products in its TV, smartphone and appliance divisions, analysts said. The world... More »

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Samsung Electronics profit growth slows on smartphone weakness

SEOUL (Reuters) – South Korean tech giant Samsung Electronics Co Ltd (005930.KS) estimated on Friday earnings grew at the slowest pace in more than a year in the second quarter, as analysts said weak smartphone sales likely offset record high chip earnings. Sa... More »

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Toshiba says memory chip unit sale to boost annual profit by a third

TOKYO (Reuters) – Japan’s Toshiba Corp said it expects net income to jump 33 percent this financial year thanks to profits from the planned $18 billion sale of its memory chip unit. Net profit for the struggling conglomerate is likely to grow to 1.07 trillion ... More »

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HSBC boosts investments in growth push, unveils $2 billion share…

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC’s (HSBA.L) new chief executive sought to cheer investors with a share buyback of up to $2 billion, even as the bank reported on Friday an unexpected 4 percent drop in first-quarter pre-tax profit due to a surge in... More »

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GoPro sells more cameras on ad push, driving revenue beat

(Reuters) – Action-camera maker GoPro Inc’s first-quarter revenue beat expectations and it reported a smaller-than-expected loss on Thursday, benefiting from aggressive marketing of its cameras and controlling expenses. The company recently exited its Karma dr... More »

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Sony expects 8.8 percent annual profit drop as strong yen slows…

TOKYO (Reuters) – Sony Corp said on Friday it expects operating profit to fall 8.8 percent in the financial year through March 2019 as a stronger yen eats into profits from the image sensor business. The electronics and entertainment firm forecast profit to fa... More »

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Intel soars after brighter forecast for data centers, memory

(Reuters) – Intel Corp (INTC.O) beat earnings expectations for the first quarter and raised its full-year revenue and profit forecasts on Thursday, driven by the biggest-ever quarterly jump in its data center business and small-but-steady growth in its persona... More »

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Vertex Pharma profit tops estimates on strong launch of new CF drug

(Reuters) – Vertex Pharmaceuticals Inc topped analysts’ forecasts for quarterly profit on Thursday, led by stronger-than expected sales of its latest cystic fibrosis drug as well as double-digit growth in sales of older treatments. Boston-based Vertex, like ot... More »

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AbbVie’s beat fueled by demand for Humira, Hep C drugs

(Reuters) – AbbVie Inc reported a better-than-expected quarterly profit on Thursday, on higher sales of its rheumatoid arthritis treatment Humira and its Hepatitis C drugs, leading the company to raise its full-year earnings forecast. The company’s shares, whi... More »

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Credit Suisse delivers best quarter since Thiam’s revamp

ZURICH (Reuters) – Credit Suisse delivered its best quarterly results on Wednesday since Chief Executive Tidjane Thiam launched his restructuring plan for Switzerland’s second-biggest bank in 2016, driven by its wealth management business. After 6.6 billion Sw... More »

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BofA profit beats estimates on higher interest rates, loan growth

(Reuters) – Bank of America (BAC.N) reported a 34 percent rise in first-quarter profit on Monday, topping Wall Street estimates, as the lender benefited from higher interest rates and growth in loans and deposits. Revenue rose at three of BofA’s four major bus... More »

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Doubts over U.S. bank capital payouts may cloud strong earnings

NEW YORK (Reuters) – Quirks in the new U.S. tax code are sowing doubts over how much big banks can boost dividends and stock buybacks this year, threatening to take the shine off what are likely to be strong quarterly profits. Changes in how companies can meas... More »

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Trump tax cut fuels record profit for Buffett’s Berkshire

FILE PHOTO: Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska, U.S., May 2, 2015. REUTERS/Rick Wilking/File Photo (Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday reported a record ... More »

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Nippon Steel worries about U.S. trade action, yen’s surge

FILE PHOTO: A logo of Nippon Steel & Sumitomo Metal Corp is pictured outside its headquarters in Tokyo November 9, 2012. REUTERS/Yuriko Nakao/File Photo TOKYO (Reuters) – Nippon Steel & Sumitomo Metal Corp (5401.T), Japan’s biggest steelmaker, is worried that ... More »

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Campbell Soup organic sales fall as customer dispute continues

FILE PHOTO: FILE PHOTO: Cans of Campbell’s Soup are stocked on a shelf at a grocery store in Phoenix, Arizona, February 22, 2010. REUTERS/Joshua Lott/File Photo/File Photo (Reuters) – Campbell Soup Co (CPB.N) on Friday reported a 2 percent drop in organic net ... More »

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Coca-Cola sales beat as consumers drink more vitamin water, coffee

Bottles of Coca-Cola are seen at a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018. REUTERS/Regis Duvignau (Reuters) – Coca-Cola Co (KO.N) reported better-than-expected quarterly profit and sales on Friday as it sold more teas, c... More »

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Tractor maker Deere reports 23 percent jump in first-quarter revs

The leaping deer trademark logo is seen on a sign outside a John Deere dealership in Taylor, Texas, U.S., February 16, 2017. REUTERS/Mohammad Khursheed (Reuters) – U.S. farm equipment maker Deere & Co (DE.N) on Friday reported a 23 percent jump in first-quarte... More »

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Kraft Heinz quarterly profit, sales miss estimates

FILE PHOTO: A Heinz Ketchup bottle and a bottle of Kraft parmesan cheese are displayed in a grocery store in New York March 25, 2015. REUTERS/Eduardo Munoz (Reuters) – Kraft Heinz Co’s (KHC.O) quarterly profit and sales missed analysts’ estimates on Friday, hu... More »

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Amazon stock market value on verge of eclipsing Microsoft

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo (Reuters) – Amazon.com Inc’s shares surged on Friday, pushing its stock market value above $700 ... More »

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Daimler open to alliances, partial listing of mobility services

Dieter Zetsche, CEO of Mercedes car maker Daimler AG speaks during the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 12, 2017. REUTERS/Kai Pfaffenbach FRANKFURT (Reuters) – Car and truck maker Daimler on Friday said it was open to considering a br... More »

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Deutsche Bank reports third consecutive annual loss

Deutsche Bank building before the bank’s annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski FRANKFURT (Reuters) – Deutsche Bank on Friday posted its third consecutive annual loss in 2017, taking a hit from challenging market... More »

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Deutsche Bank lowers 2018 cost-cutting aim on delayed divestitures

Deutsche Bank CEO John Cryan poses before the bank’s annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski FRANKFURT (Reuters) – Deutsche Bank expects its costs to decline by only 4 percent to 23 billion euros ($28.8 billion) t... More »

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Apple’s user base grows, but analysts probe for more detail

FILE PHOTO: An Apple Store staff shows Apple’s new iPhones X after they go on sale at the Apple Store in Regents Street, London, Britain, November 3, 2017. REUTERS/Peter Nicholls/File Photo (Reuters) – In its quarterly earnings report on Thursday, Apple Inc ga... More »

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Time Warner beats estimates on HBO growth

FILE PHOTO – Ticker and trading information for media conglomerate Time Warner Inc. is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2016. REUTERS/Brendan McDermid/File Photo (Re... More »

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Western Digital’s strong forecast eases fears of fading chip boom

FILE PHOTO: A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo (Reuters) – Western Digital Corp (WDC.O) gave strong profit forecasts for the current quarter and the full ye... More »

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Starbucks disappoints after holiday drink sales lose steam

FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015. REUTERS/Lucy Nicholson/File Photo (Reuters) – Starbucks Corp (SBUX.O) on Thursday warned that 2018 global cafe sales grow... More »

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Intuitive Surgical sees thinner profit margins in 2018, shares fall

The view of what a surgeon would see is shown with a three-dimensional image on a da Vinci Xi Surgical System made by Intuitive Surgical during a demonstrated of the surgery robot at the Palomar Medical Center in Escondido, California December 3, 2014. REUTERS... More »

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Morgan Stanley raises targets, but Wall Street wants more

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File Photo (Reuters) – Morgan Stanley raised key profitability and efficiency targets on... More »