Miner issues: Fortescue Metals chief steps down after three-year low in profits August 28, 2023 The boss of Fortescue Metals has resigned just six months after taking the top job, with the iron ore miner posting a steep decline in profits.
Exxon delivers record first-quarter profit on higher output April 28, 2023 Exxon Mobil reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates.
Moderna investors left disappointed by vaccine maker’s subdued sales forecast despite strong fourth quarter February 23, 2023 Moderna has reaffirmed annual sales forecast of $5bn (£4.1bn) for its Covid-19 vaccines despite its fourth-quarter sales exceeding estimates, on expectations of lower demand for the shots in the fourth year of the pandemic. Sales of the vaccine, Moderna’s sole commercial product, were expected to fall sharply this year from $18.4bn in 2022 as most people [...]
H&M to trim costs by £160m after profit dented by Russia exit September 29, 2022 H&M has said it is looking to slash costs to the tune of £160m after posting weaker than expected quarterly profit. The second largest apparel retailer saw its share price sink by almost four per cent on Thursday afternoon, after revealing a cost-cutting blitz in its third quarter results. For the June-August period, pre-tax profit [...]
Dealmaking drought set to continue amid recession fears June 26, 2022 A dealmaking drought is set to continue this year as firms batten down the hatches for a prolonged period of rampant inflation and stock market turbulence, analysts have warned.
McDonald’s revenue growth to moderate as menu prices ease July 27, 2023 McDonald’s said on Thursday that revenue growth was expected to moderate in the second half of the year as signs of easing inflation prompt the burger giant to temper menu prices. Shares of the company were, however, up 1.5 per cent in morning trading after the burger chain posted better-than-expected quarterly profit and sales as [...]
Gold miner Newcrest backs $17.8bn takeover offer from rival Newmont May 15, 2023 Australian gold miner Newcrest Mining Ltd said on Monday it would back Newmont Corp’s A$26.2 billion ($17.8 billion) takeover offer in one of the world’s largest buyouts so far this year. The deal, subject to approval from shareholders of both companies and other regulatory hurdles, would lift Newmont’s gold output to nearly double its nearest [...]
Driving success: Uber eyes profitability as airport and office journeys fuel post-pandemic rideshare demand February 8, 2023 Uber said it had set its sights on delivering profits this year after 2022’s surge in demand for airport and office rides helped the company rebound from pandemic lows. Dara Khosrowshahi, chief executive of Uber, said the company was now focused on achieving profitability on a GAAP basis this year. Khosrowshahi said: “The pandemic’s impact on [...]
JP Morgan tops quarter estimates whilst Morgan Stanley misses the mark October 14, 2022 JP Morgan reported a less-than-feared 17 per cent fall in third-quarter profit this afternoon, while Morgan Stanley posts a revenue plunge. JP Morgan’s adjusted profit was $3.36 per share, above analysts’ average estimate of $2.88, according to Refinitiv data. JP Morgan chief Jamie Dimon said that consumers in the US were continuing to spend despite [...]
Europe increasingly reliant on LNG as it aims to stave off winter supply crunch July 17, 2023 Europe will once again be highly dependent on LNG to meet its demand needs this winter, warns the International Energy Agency.