STOCKHOLM—Swedish fashion group H&M drew a line under the pandemic on Friday, reporting a bigger than expected jump in quarterly profit and hiking investments with the aim of doubling sales by 2030. Shares in the world’s second-biggest clothing retailer leapt 5 percent in early trade after it said it would double investments in 2022 to…
Dealmaking Helps Deutsche Bank Land Biggest Profit in a Decade
FRANKFURT—Deutsche Bank delivered its most profitable year in a decade on the back of a dealmaking bonanza, strengthening Chief Executive Christian Sewing’s hand as he fine tunes a new strategy and tackles costly competition for talent. Analysts had forecast a fourth quarter loss and shares in Germany’s largest bank rose by more than 5 percent…
Nasdaq Profit Beats Estimates on IPO Rush, Investment Products Demand
January 27, 2022
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Nasdaq Inc. on Wednesday reported a nearly 16 percent jump in fourth-quarter profit that topped Wall Street estimates, buoyed by the frenetic pace of U.S. initial public offerings and strong demand for its investment-related products. Technology, healthcare and financial technology companies led the IPO rush during the quarter, that included the stellar debut of Rivian…
LG Display Clocks 18 Percent Revenue Growth in Q4; Steep Decline in TV Panel Prices Hit Profit
LG Display Co. Ltd. reported fourth-quarter FY21 revenue growth of 18 percent year-on-year to KRW 8.81 trillion. The ASP rose 2 percent Y/Y to $806. The display area shipment rose 8 percent Y/Y to 9.4 M m². The capacity rose 7.4 percent Y/Y to 11.6 M m². The gross margin contracted 360 bps to 14.9 percent….
American Airlines Sees Returning to Profitability in March, Warns of Higher Costs
American Airlines Group Inc. on Thursday forecast returning to profitability in March, after reporting a smaller fourth-quarter loss, but said cost pressures would remain elevated this year due to the Omicron coronavirus variant-induced turmoil. The Texas-based carrier said ticket sales are still not back to pre-Omicron levels, but they are recovering “quickly” after dropping off…
Morgan Stanley Outperforms Rivals With Profit Beat
Morgan Stanley reported fourth-quarter profit which beat market expectations, outperforming rivals as its focus on advising wealth clients bore fruit, sending its shares up as much as 3.7 percent on Wednesday. The Wall Street investment bank also benefited from a boom in global dealmaking and keeping expenses in check at a time when its peers…
Goldman Sachs Profit Misses Estimates on Weak Equity Trading
Goldman Sachs Group Inc.’s profit fell nearly 13 percent and missed expectations on Tuesday as a less volatile equity market hurt trading business and dampened a bumper year for deals, sending the shares of Wall Street’s premier investment bank down 4 percent. Bank earnings have been hurt this quarter by weak trading volumes as the…
Wells Fargo Beats Profit Estimates on Uptick in Loan Demand, Cost Cuts
January 16, 2022
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Wells Fargo & Co. on Friday beat analysts’ estimates for fourth-quarter profit as a rebound in U.S. economic growth encouraged more customers to take loans and the bank kept a tight lid on costs. Profit jumped 86 percent to $5.8 billion, or $1.38 per share, flattered by a $943 million gain from the sale of…
Samsung Electronics Q4 Profit Jumps on Server Chip Demand, Foundry Margins
SEOUL—Samsung Electronics Co. Ltd. said on Friday its fourth-quarter operating profit likely jumped 52 percent on-year to its highest for the quarter in four years, helped by solid demand for server memory chips and higher margins in chip contract manufacturing. The world’s largest memory chip and smartphone maker estimated October–December profit at 13.8 trillion won…
Swiss National Bank Increases Annual Profit as Stock Markets Boom
ZURICH—The Swiss National Bank (SNB) expects to make a profit of around 26 billion Swiss francs ($28.22 billion) for 2021, the central bank said in its provisional results on Friday, as booming stock markets throughout the year added billions to the value of its foreign currency investments. The SNB made a profit of just under…
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