Tyson Foods Inc. widely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork. The results sent the U.S. meatpacker’s shares down more than 5 percent in premarket trade. A year earlier Tyson’s profits had…
Tyson Foods Misses Profit Estimates as Lower Beef Prices Bite; Shares Fall
Deutsche Bank CEO Won’t Rule Out Job Cuts
FRANKFURT—Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows. Sewing, who heads Germany’s top lender that reaches from New York to Sydney, said the bank was looking to reduce…
Shell 2022 Profit More Than Doubles to Record $40 Billion
LONDON—Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices allowed it to hand shareholders unprecedented returns. The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week…
Meta Stuns Street With Lower Costs, Big Buyback, Upbeat Sales
Meta Platforms Inc.’s stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the “Year of Efficiency.” The parent of Instagram and Facebook, which has fallen on hard times amid a broad post-pandemic slump in digital ads, is focused on improving its…
Spotify Shares Jump on Bullish Outlook as More Users Tune In
STOCKHOLM/LOS ANGELES—Spotify Technology SA told investors Tuesday it would tighten spending and work to become efficient after a year of investments in technology and content. Chief Executive Daniel Ek said the “macro environment” changed dramatically over the course of last year, setting the stage for belt-tightening. “In hindsight, I probably got a little carried away…
GM Quarterly Profit Jumps 16 Percent as Sales Rebound Late in 2022
DETROIT—Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16 percent over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according…
Marathon Petroleum Beats Profit Estimates on High Demand, Tight Supplies
Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…
Exxon Smashes Western Oil Majors’ Earnings Record With $56 Billion Profit for 2022
HOUSTON—Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring…
Pfizer Forecasts Weak 2023 Sales of COVID-19 Products
Pfizer Inc. on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The company’s shares fell 3.1 percent to $42.22 before the bell. The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this…
Fashion Retailer H&M’s Profits Tumble as Costs Bite
STOCKHOLM—Fashion retailer H&M’s profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers. The world’s second-biggest fashion chain, which raised some prices, will continue with this pricing strategy even though it will not fully compensate for the higher costs,…
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