Bank of America Corp beat analysts’ estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit from its investment banking business. Executives at the second-largest U.S. bank painted an overall positive outlook for consumer spending going forward, saying that despite decades-high inflation, spending continues to grow, albeit…
JPMorgan Suspends Buybacks, Warns on Global Economy as Profit Slumps
JPMorgan Chase & Co’s Jamie Dimon struck a cautious note on the global economy as America’s largest bank reported a worse-than-expected 28 percent fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession. The chief executive also stressed the need to build capital reserves due to increasing requirements from…
Walmart Profit Falls Short, Cuts Outlook, Hit by Higher Fuel and Labor Costs
Walmart Inc. reported a 25 percent drop in quarterly earnings and cut its full-year profit outlook on Tuesday as rising costs of fuel and labor hurt its bottom line while shoppers squeezed by decades-high inflation moved to buy lower-margin basics. Shares of the retailer fell nearly 10 percent in morning trading, its biggest one day…
Hasbro Misses Profit Estimates, Warns of $100 Million Russia Hit
April 20, 2022
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Toymaker Hasbro Inc. on Tuesday missed Wall Street estimates for quarterly profit and warned of a potential revenue hit of about $100 million this year due to Russia’s invasion of Ukraine. Hasbro’s shares fell 2 percent to $81.80 in low-volume premarket trading as a jump in freight and raw material costs bit into the company’s…
Bank of America Executives Bullish After Profit Beat
April 19, 2022
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Bank of America Corp. provided a bullish outlook after reporting a smaller-than-expected 13 percent fall in first-quarter profit on Monday, as growth in consumer lending overshadowed a decline in global dealmaking. Chief Executive Brian Moynihan said Bank of America customers had spent at the highest level ever recorded for the first quarter, representing a double-digit…
Samsung Electronics Q1 Profit Tops Market Expectations on Solid Chip Demand
SEOUL—Samsung Electronics Co. Ltd. reported on Thursday an estimated 50 percent jump in quarterly operating earnings to post its highest first-quarter profit since 2018, beating expectations as solid demand underpinned prices for memory chips. Earnings at the world’s largest memory chip and smartphone maker were also supported by brisk smartphone sales in the quarter, along…
Berkshire Hathaway Profit Swells to Record, Extends Buybacks
Warren Buffett’s Berkshire Hathaway Inc. on Saturday said fourth-quarter profit swelled, boosted by gains in many of its businesses and common stock investments such as Apple Inc., and said annual earnings reached a record high. Berkshire also signaled renewed confidence in its own stock, repurchasing $6.9 billion in the quarter, and boosting total buybacks in…
Schindler Warns on Profit, China, After Q4 Earnings Fall
February 18, 2022
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Schindler warned of lower profit in 2022 and contraction in its China business due to construction delays and other issues after the maker of elevators and escalators posted lower quarterly earnings. The Swiss firm expects a “significant” profitability drop of around 20 percent for the first half of the year, Chief Financial Officer Urs Scheidegger…
Uber 2024 Profit Forecast Falls Short of Expectations, Shares Drop
Uber Technologies Inc laid out a $5 billion operating profit for 2024 that fell short of analyst estimates, sending its shares down 4 percent on Thursday, even as the ride-hailing company revealed several strategies to boost ridership and bring down costs. The forecast is below the $5.7 billion analysts expect for 2024, according to Refinitiv…
Exxon Posts Biggest Profit in 7 Years on High Oil Prices
February 2, 2022
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HOUSTON—Exxon Mobil Corp. on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the rise in oil prices, with the…
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