earnings
New York (United States) (AFP) - Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts. Much lower sales of Covid-19 vaccine Comirnaty and therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenues to $14.9 billion compared with the year-ago period. Profits were $3.1 billion, down 44 percent. The drugmaker pointed to increased sales of oncology products, in part driven by the acquisition of Seagen, which was completed in December. Other produ...
AFP
San Francisco (AFP) - E-commerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived. Amazon shares were up about one percent in after-market trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved. "It was a good start to the year across the business," Amazon chief executive Andy Jassy said in an earnings release. The Seattle-based company reported $10.4 billion in profit on revenue of $143.3 billion, compared with a profit of $3.2 billion...
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New York (AFP) - Starbucks reported lower profits on falling sales on Tuesday as the coffee giant pointed to weakening consumer sentiment and lackluster conditions in China as factors behind an earnings miss. The performance "did not meet our expectations," said Chief Executive Laxman Narasimhan, who also noted a wave of severe weather in the United States as a driver of the tepid results. "We continue to feel the impact of a more cautious consumer, particularly with our more occasional customer and a deteriorating economic outlook has weighed on customer traffic and impact sales broadly acro...
AFP
New York (AFP) - McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future. While the boycott is not "getting worse," Chief Executive Chris Kempczinski does not have a timeframe for a return to normal conditions. "We're not expecting to see any meaningful improvement in the impact... until the war is over," he told analysts on a conference call. Sales of McDonald's were dented after its Israel franchise in October announced it had given thousands of free meals to the Israeli a...
AFP
New York (AFP) - ExxonMobil and Chevron both reported a dip in profits Friday on lower refining margins and natural gas prices, but ExxonMobil's big takeover appears on track to close before Chevron's. ExxonMobil, which had targeted the second quarter to complete a $60 billion takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago period. Similar results from Chevron showed how the petroleum sector, while off its peak, remains highly profitable, enabling billions of dollars in shareholder payouts. While commodity prices for ...
AFP
New York (AFP) - Caterpillar reported a jump in profits Thursday as strong pricing for industrial machinery made up for lower volumes, enabling record shareholder payouts. Executives expect the benefit of the price increases -- which were implemented in the second half of 2023 -- to continue but "moderate" as the year progresses, said Chief Financial officer Andrew Bonfield on a conference call with analysts. The company sees costs as "broadly flattish" for the year, with lower freight expenses compensating for increases elsewhere, Bonfield said. Caterpillar, which manufactures and sells equip...
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New York (AFP) - American Airlines reported a quarterly loss Thursday on an uptick in labor and other operating costs as the carrier confirmed its full-year financial forecast. The big US airline lost $312 million in the first quarter even as revenues rose 3.1 percent to $12.6 billion. Executives pointed to a recovery in business travel as a positive sign. But operating expenses jumped 6.9 percent. Categories with significant increases included salaries, wages and benefits; and maintenance, materials and repairs. Labor has been tight throughout the US aviation industry, leading to broad-based ...
AFP
San Francisco (AFP) - Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street. The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion. "We estimate that more than 3.2 billion people use at least one of our apps each day and we're seeing healthy growth in the US," Zuckerberg, who is also CEO, told analysts on an investor cal...
AFP
New York (AFP) - Troubled aviation giant Boeing reported a first-quarter loss of $343 million on Wednesday, reflecting recent safety troubles that have slowed production and deliveries. Boeing said it tempered production in the 737 program following a January near-catastrophic incident on an Alaska Airlines jet that has sparked heavy scrutiny from Washington and among Boeing's airline customers. "Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Chief Executive Dave Calhoun, who will step down at the end of 2...
AFP
New York (AFP) - Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure." But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for. The resul...
AFP
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