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Walmart reports strong 4Q sales, announces some wage hikes
New York (AFP) - Walmart reported another round of strong sales Thursday amid the coronavirus pandemic as it announced significant investments in higher employee wages and technology for growing e-commerce demand. The retail giant, which has become a one-stop shop for many consumers during the pandemic, said the new investments will bolster delivery and curbside pickup programs connected to e-commerce and lift wages for some 425,000 US workers. But shares fell sharply on the announcements, which included a disappointing fourth-quarter loss and a forecast for slower US sales growth and slightly...
AFP
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Walmart reports strong 4Q sales, announces some wage hikes
New York (AFP) - Walmart reported another round of strong sales Thursday amid the coronavirus pandemic as it announced significant investments on higher employee wages and technology for growing e-commerce demand. The retail giant, which has become a one-stop shop for many consumers during the pandemic, said the new investments will bolster delivery and curbside pickup programs connected to e-commerce and lift wages for some 425,000 US workers. Shares fell sharply on the announcements, which included a forecast for slower US sales growth and slightly lower profits in the coming year. "Our busi...
AFP
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GM reports higher profits, sees limited hit from chip shortage
New York (AFP) - Strong US demand for trucks and SUVs boosted General Motors' fourth-quarter profits and the company on Wednesday projected higher earnings despite up to a $2 billion hit from the global semiconductor shortage. The results capped a rollercoaster year for GM and other US automakers that were forced to shut down plants last spring due to the coronavirus pandemic, resulting in a massive hit to second-quarter sales. But GM saw a surprisingly hot market in the second half of the year. Carmakers now are dealing with another unexpected problem in the wake of Covid-19: a global shortag...
AFP
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Coca-Cola hit from Covid-19 offset by cost cuts
New York (AFP) - The resurgence of the coronavirus again weighed on Coca-Cola's quarterly results released Wednesday as the beverage giant expressed confidence it would prevail in a potentially costly US tax dispute. Coca-Cola suffered an "incremental" sales hit in December and through early February due to rising Covid-19 cases in key markets. However, the company managed to report better-than-expected profits due to cost-cutting measures that included a restructuring that will trim 2,200 jobs worldwide. Coca-Cola has also reduced spending on marketing during the pandemic, executives said. ...
AFP
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GM reports higher profits, sees limited hit from chip shortage
New York (AFP) - Strong demand for large autos in the United States boosted General Motors' fourth-quarter profits as the big automaker projected Wednesday higher 2021 operating earnings despite a global semiconductor supply shortage. GM reported fourth-quarter profits of $2.8 billion, compared with a loss of $194 million in the year-ago period. Revenues rose 21.7 percent to $37.5 billion. The results capped a rollercoaster year for GM and other US automakers, which were forced to shut down plants in the spring due to the coronavirus. The company suffered a big loss in the second quarter, but ...
AFP
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Twitter sees jump in user base amid US election turmoil
San Francisco (AFP) - Twitter said Tuesday its user base jumped to 192 million in the quarter marked by US presidential election turmoil and a battle against misinformation. Ranks of "monetizable" daily active Twitter users rose 27 percent from a year earlier during the fourth quarter, which ended just days before former president Donald Trump was booted from the service. And the one-to-many messaging platform that was used relentlessly by Trump has been growing at an above average pace after his high-profile eviction, Twitter chief executive Jack Dorsey said on an earnings call. "We are platf...
AFP
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Twitter sees jump in user base amid US election turmoil
San Francisco (AFP) - Twitter said Tuesday its user base jumped to 192 million in the quarter marked by US presidential election turmoil and a battle against misinformation. Ranks of "monetizable" daily active Twitter users rose 27 percent from a year earlier during the fourth quarter, which ended just days before former president Donald Trump was booted from the service. Chief executive Jack Dorsey said the San Francisco platform remained focused on "promoting healthier conversations for those who use our service." Twitter and Facebook suspended Trump in early January over posts accused of in...
AFP
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Jeff Bezos to step down as Amazon CEO
Washington (AFP) - Amazon founder Jeff Bezos said Tuesday he would stand aside later this year as chief executive of the company he built from a startup into one of the world's most valuable firms. The world's richest person based on his Amazon stake, Bezos said he will transition to the role of executive chair in the third quarter, handing over the CEO role to Andy Jassy, who heads Amazon Web Services. The news came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 percent to $125.6 billion -- as pandemic lockdowns caused onlin...
AFP
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Pandemic lifestyle delivers earnings boon for Amazon, Google
San Francisco (AFP) - Pandemic-driven lifestyle changes that have put the internet at the center of seemingly everything proved a financial boon for Amazon and Google in the final three months of last year. Google-parent Alphabet and the Seattle-based e-commerce colossus reported large earnings Tuesday on thriving internet advertising and the booming market for online shopping. "We are proud that people continue to choose Google's products to stay informed connected and comforted during uncertain times," chief executive Sundar Pichai said on an earnings call with analysts. Alphabet said its qu...
AFP
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Alphabet profit rockets, fueled by Google ads
San Francisco (AFP) - Google parent Alphabet on Tuesday reported that its quarterly profit rocketed some 50 percent to $15.2 billion at the end of last year as its digital ad business thrived. Alphabet revenue in the final three months of last year hit nearly $57 billion, compared with $46 billion in the same period in 2019, according to the internet titan. The strong quarter "was driven by Search and YouTube, as consumer and business activity recovered from earlier in the year," Alphabet chief financial officer Ruth Porat said in the earnings release. Google is among the technology titans tha...
AFP
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