Tag: Financial performance
Free breadsticks and reasons for hope at Olive Garden
The company that runs the Olive Garden chain is raising pay for its workers and handing out one-time bonuses, a sign of optimism from...
GameStop lost $215 million in fiscal year; online sales gain
GameStop, the video game retailer at the center of a social-media driven investment frenzy, said it lost $215 million in the 12 months ended...
Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion,...
Founders of California fecal matter-testing company indicted
SAN FRANCISCO (AP) — Two Silicon Valley entrepreneurs who founded a biotech company that tested fecal matter are accused of bilking their investors and...
FedEx’s profit nearly triples as online shopping grows
NEW YORK (AP) — FedEx said Thursday that its profit nearly tripled in its most recent quarter, despite winter weather that hobbled some of...
Port operator DP World sees 2020 profits drop 29% amid virus
DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World announced Thursday its profits slid 29% in 2020 from the previous year to...
Texas company behind huge electricity bills seeks bankruptcy
The company that drew attention after sending huge electricity bills to customers after last month’s blackout-causing winter storm in Texas has filed for bankruptcy...
BMW remained profitable in 2020 with strong second half
FRANKFURT, Germany (AP) — German luxury automaker BMW says net profit fell 23% last year to 3.86 billion euros ($4.62 billion) as the pandemic...
Homebound children drive surge in Lego sales
COPENHAGEN, Denmark (AP) — Sales of Lego sets surged last year as more children stayed home during global pandemic lockdowns - and parents bought...
SEC suing AT&T for telling analysts nonpublic information
The Securities and Exchange Commission is suing AT&T and three of its investor relations executives for telling Wall Street analysts about the telecom giant's...
Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer
AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy and will enter...
Stellantis CEO says 4th largest carmaker to be disruptive
MILAN (AP) — Stellantis CEO Carlos Tavares on Wednesday said the new car company formed from the merger of Fiat Chrysler Automobiles and PSA...
Target powers through a pandemic; 2020 sales growth explodes
NEW YORK (AP) — Target will plow $4 billion into its business each year for the next several years to redo its stores, add...
Hertz eyes bankruptcy exit through $4.2 billion stake sale
In a deal to jettison itself from under bankruptcy protection, Hertz said Tuesday that it may sell a controlling stake in the company to...
Zoom posts big quarter even as subscriber growth slows
SAN RAMON, Calif. (AP) — Zoom’s astronomical growth is tapering off along with the pandemic, raising questions about whether the videoconferencing service’s immense popularity...
Texas power company seeks bankruptcy protection after storm
The largest and oldest power cooperative in Texas is filing for bankruptcy protection, citing last month’s winter storm that left millions without power, and...
Texas top utility regulator quits in fallout over blackouts
AUSTIN, Texas (AP) — Texas' top utilities regulator resigned Monday in the widening fallout from blackouts triggered by an unusually heavy and widespread winter...
Volkswagen weathers pandemic with $10.7 billion profit
FRANKFURT, Germany (AP) — Volkswagen said Friday it made better than expected profit of 8.8 billion euros ($10.7 billion) after tax in 2020 despite...
BA parent company books huge loss, pushes for digital passes
LONDON (AP) — The parent company of British Airways and Iberia on Friday said it lost 6.9 billion euros ($8.3 billion) last year as...
Airbnb reports huge loss in first time out as public company
Home-sharing site Airbnb posted a $3.9 billion loss in the fourth quarter of 2020 as it suffered from the pandemic downturn in travel and...
DoorDash’s sales triple in Q4, but 2021 could see slowdown
Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent...
Buffett’s right-hand man says US stock market is overvalued
OMAHA, Neb. (AP) — Investor Warren Buffett's right-hand man says the U.S. stock market is overvalued, but he doesn't know when the bubble will...
Macy’s closes out a tough year with hope for 2021
NEW YORK (AP) — Macy's is looking ahead to a year of recovery and rebuilding from the pandemic as the iconic department store chain...
Bankruptcy judge refuses to halt Weinstein Co. plan
WILMINGTON, Del. (AP) — The Delaware judge presiding over the Weinstein Co. bankruptcy has rejected a request by four women who have accused disgraced...
Cost controls, luxury sales help Daimler weather pandemic
FRANKFURT, Germany (AP) — Car and truck maker Daimler increased its profits by 48% to 4.0 billion euros ($4.8 billion) in 2020 thanks to...
Walmart sales still surging, but a chill may be on the way
NEW YORK (AP) — Walmart is raising wages for 425,000 of its 1.5 million U.S. workers and is investing $14 billion this year to...
British bank Barclays resumes dividends despite profit fall
LONDON (AP) — British banking firm Barclays is resuming dividend payouts despite reporting a big drop in profits last year after it set aside...
Air France-KLM plunges to huge loss in pandemic-hit year
PARIS (AP) — Air France-KLM plunged to a 7.1 billion euro ($8.5 billion) loss in 2020 as the global pandemic grounded planes and halted...
US retail sales jumps 5.3%, thanks to $600 stimulus checks
NEW YORK (AP) — Those $600 stimulus checks got Americans shopping again.
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Online sales soar in 4th quarter for retailer Ahold Delhaize
THE HAGUE, Netherlands (AP) — Online sales at retailer Ahold Delhaize soared nearly 72% in the final quarter of 2020, the company said Wednesday,...
CVS posts strong Q4 numbers, but pandemic weighs on results
CVS Health easily beat fourth-quarter expectations as revenue from COVID-19 testing and prescription growth helped counter hits from an ongoing global pandemic.
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Disney 1Q profit falls but beats expectations due to Disney+
NEW YORK (AP) — The Walt Disney Co.'s net income fell sharply in its most-recent quarter, as the coronavirus pandemic still weighs heavily on...
Uber’s 4Q loss narrows, raising hopes for pandemic recovery
SAN RAMON, Calif. (AP) — Uber’s whittled its losses at the end of a topsy-turvy year that forced the ride-hailing service to rely more...
GM 2020 profit drops, but it makes $6.43B despite pandemic
DETROIT (AP) — General Motors' profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures...
Resurgent virus slows recovery at Coca-Cola
A resurgent coronavirus slowed Coca-Cola’s recovery in the fourth quarter, and the company said the slump has continued into this year.
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World’s biggest shipper reports rebound in business
COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, on Wednesday reported a sharp rise in earnings for the fourth quarter,...
Brewer Heineken to cut 8,000 jobs after pandemic losses
THE HAGUE, Netherlands (AP) — Dutch beer brewer Heineken said Wednesday it plans to cut 8,000 staff, nearly 10% of its global workforce, as...
Toyota profits up amid solid recovery from pandemic fallout
TOKYO (AP) — Toyota reported a 50% jump in its October to December profit Wednesday, underlining a solid recovery at the Japanese automaker from...
Attorneys challenge Weinstein Co. bankruptcy plan approval
DOVER, Del. (AP) — Four women who have accused disgraced film mogul Harvey Weinstein of sexual misconduct are appealing a Delaware judge’s approval of...
Online grocery shopping drives up sales at Ocado
LONDON (AP) — Ocado, one of the biggest internet-only grocery retailers, said Tuesday that sales rose 35% during the last fiscal year as the...
Nissan stays in red ink amid pandemic, Japan criminal trial
TOKYO (AP) — Japanese automaker Nissan reported Tuesday losses for the fiscal third quarter, as its sales were hit by the coronavirus pandemic and...
Japan automaker Honda’s profit rises despite pandemic damage
TOKYO (AP) — Honda reported Tuesday its fiscal third quarter profit more than doubled to 284 billion yen ($2.7 billion) despite the coronavirus pandemic...
Profit at Japan’s SoftBank zooms on lucrative investments
TOKYO (AP) — Japanese telecommunications and technology conglomerate Softbank Group Corp. reported Monday a whopping 1.17 trillion yen ($11 billion) profit for the October-December...
Ford loses $1.28B in 2020, raises electric vehicle spending
DETROIT (AP) — Ford Motor Co. lost $1.28 billion last year as it dealt with a huge restructuring, a costly recall and a decline...
Longtime Merck CEO, minority advocate Ken Frazier to retire
Longtime Merck executive Ken Frazier, whose leadership helped bring the drugmaker one of the most lucrative medicines in history and who is one of...
UnitedHealth names former Glaxo CEO Witty to lead company
UnitedHealth Group is promoting former GlaxoSmithKline leader Sir Andrew Witty to become the health insurance provider’s next CEO immediately.
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Nokia profit dips as it sees challenges in US market for 5G
HELSINKI (AP) — The Finnish telecommunications networks provider Nokia on Thursday reported a smaller than expected drop in profit in the fourth-quarter while it...
Deutsche Bank makes profit on cost cuts, trading income
FRANKFURT, Germany (AP) — Deutsche Bank made a profit of 624 million euros ($748 million) during the pandemic year 2020 as bond trading revenues...
Sony booming on hit ‘Demon Slayer,’ headed to record profit
TOKYO (AP) — Sony Corp.’s its fiscal third quarter profit jumped 62%, positioning the Japanese entertainment and electronics giant for a record annual profit...
Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
DALLAS (AP) — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil...
Online shopping surge delivers record revenue for UPS
NEW YORK (AP) — A surge in online shopping helped UPS post record revenue during the last three months of 2020, the company said...
Pfizer swings to small profit as vaccines begin to roll out
Pfizer, the first company to get U.S. emergency use authorization for a COVID-19 vaccine, swung to a small profit in the fourth quarter as...
Ferrari earnings rise as production bounces back
MILAN (AP) — Ferrari reported Tuesday a 58% jump in fourth-quarter earnings as production and deliveries picked up after the brutal initial lockdown earlier...
Nintendo profits soar as people play games during pandemic
TOKYO (AP) — Nintendo Co. reported Monday that its profit for the first three fiscal quarters nearly doubled as people around the world stayed...
Hungarian cafe mulls civil disobedience to avoid bankruptcy
BUDAPEST, Hungary (AP) — The owners of a family-run cafe in a leafy district of Hungary's capital had planned to engage in a bold...
Troubled Chinese conglomerate missing up to $15 billion
BEIJING (AP) — Companies that are part of HNA Group, a Chinese conglomerate that says creditors want it declared bankrupt after a global acquisition...
Caterpillar 4Q sales slip, but results top Wall Street
Caterpillar’s fourth-quarter sales dropped 15% as an unchecked pandemic continued to sap demand for big machinery, but the damage was not as bad as...
China’s HNA Group says creditors want it declared bankrupt
BEIJING (AP) — HNA Group, a debt-burdened Chinese airline operator that faced opposition in Washington to its attempt to buy a Wall Street hedge...
Airlines close books on rotten 2020 and so far, 2021 is grim
DALLAS (AP) — Just how bad was 2020 for the airline industry? The six biggest U.S. airlines lost $34 billion, and Southwest suffered its...
McDonald’s US sales strong in Q4, but COVID drags elsewhere
McDonald's is back on track in the U.S. and other key markets but still seeing a sales drag from coronavirus restrictions in other parts...
Samsung reports profit jump driven by strong chip demand
SEOUL, South Korea (AP) — Samsung Electronics Co. said Thursday its operating profit for the last quarter rose by more than 26% as it...
Tesla posts 1st annual profit but misses analysts’ estimates
Riding a sales surge amid a global pandemic, Tesla Inc. on Wednesday reported that it posted its first annual net profit in 2020.
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Facebook Q4 results soar; Zuckerberg hits Apple over privacy
Facebook capped a tumultuous 2020 with soaring earnings in the final quarter, but the company forecast challenges in 2021 that include a coming privacy...
Without Adelson, Las Vegas Sands posts $299 million loss
LAS VEGAS (AP) — Las Vegas Sands Corp. posted a fourth-quarter loss of $299 million, after reporting a profit in the same period a...
Boeing posts $8.4 billion loss on weaker demand for planes
Boeing closed out its worst year ever financially by losing $8.4 billion in the fourth quarter as the pandemic has undercut demand for planes,...
Asian shares mixed following lackluster day on Wall Street
Asian stocks were mixed on Wednesday after a lackluster session on Wall Street.
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Microsoft keeps chugging as pandemic continues
As the pandemic raged through the U.S., Microsoft's business continued chugging ahead and beat Wall Street expectations for the last three months of 2020,...
Starbucks’ recovery, solid in China, still slow in the US
Starbucks’ recovery slowed at the end of last year as U.S. coronavirus cases mounted, but the coffee titan says it’s confident its U.S. business...
Judge OKs Weinstein bankruptcy plan with $17M for victims
DOVER, Del. (AP) — A Delaware judge has approved a revised Weinstein Co. bankruptcy plan that provides about $35 million for creditors, with roughly...
J&J 4Q sales rise despite pandemic, but charges cut profits
A big jump in prescription drug sales boosted fourth-quarter sales at Johnson & Johnson, but profits dove 57% due to higher research spending and...
Chipmaker Intel Corp. blames internal error on data leak
BOSTON (AP) — The computer chipmaker Intel Corp. on Friday blamed an internal error for a data leak that prompted it to release a...
Mixed finish on Wall Street as worldwide rally takes a pause
Wall Street tapped the brakes on its recent record-setting rally Friday with a mixed finish for the major stock indexes, though the S&P 500...
CSX profit slips in 4Q but railroad hauls 4% more freight
OMAHA, Neb. (AP) — CSX railroad reported relatively flat fourth-quarter earnings even though it hauled 4% more freight as the economy continued to rebound...
United Airlines shares lose altitude after weak 1Q forecast
United Airlines officials said Thursday that travel will recover from the pandemic, but they just don’t know when, and investors appeared to punish the...
Union Pacific delivered 3% more freight as economy recovered
OMAHA, Neb. (AP) — Union Pacific's fourth-quarter profit chugged ahead as shipping volume improved for the first time since before the coronavirus pandemic slowed...
Asian shares rise on optimism for more stimulus from Biden
TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street.
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UnitedHealth overcomes pandemic hit and tops 4Q expectations
UnitedHealth’s fourth-quarter earnings tumbled as costs from COVID-19 hit the health insurance provider, but results still easily beat expectations.
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Morgan Stanley profits rise 48%, helped by strong markets
CHARLOTTE, N.C. (AP) — Morgan Stanley saw its fourth-quarter profits surge 48% from a year earlier, as the Wall Street bank benefited from the...
Bank of America 4Q profit falls 18% on lower interest rates
CHARLOTTE, N.C. (AP) — Bank of America’s fourth-quarter profits fell 18% from a year ago, as lower interest rates weighed down its results. However...
NRA declares bankruptcy, plans to incorporate in Texas
AUSTIN, Texas (AP) — The National Rifle Association announced Friday it has filed for bankruptcy protection and will seek to incorporate the nation’s most...
Wells Fargo 4Q profit rose 4%, tops Street estimates
SILVER SPRING, Md. (AP) — Wells Fargo had its best quarter of 2020 as its profit rose 4% in the fourth quarter of a...
U.S. retail sales fell in December for 3rd straight month
NEW YORK (AP) — Retail sales fell for a third straight month as a surge in virus cases kept people away from stores during...
Citigroup 4Q profit down 7%, revenue drops by 10%
CHARLOTTE, N.C. (AP) — Banking conglomerate Citigroup said its fourth quarter profits fell by 7%, but like its competitor JPMorgan Chase, the bank saw...
A $12 billion loss for 2020, Delta is cautious in early 2021
Delta Air Lines closed the books on a disastrous 2020 with a comparatively small fourth-quarter loss, and executives expect a few more rocky months...
Volkswagen sold 9.3 million cars in pandemic year, down 15%
FRANKFURT, Germany (AP) — German automaker Volkswagen said its global sales fell 15.2% during 2020 due to the COVID-19 pandemic but showed significant recovery...
China’s 2020 auto sales fall for third year amid coronavirus
BEIJING (AP) — China’s sales of SUVs, minivans and sedans fell for a third year in 2020 as the coronavirus hurt already weak demand...
Stocks slip as Wall Street takes a breather after 4-day run
Stocks pulled back on Wall Street Monday as markets around the world paused following record-setting runs.
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Walgreens tops fiscal 1Q forecasts as it fights pandemic hit
Walgreens Boots Alliance lost $308 million in its first fiscal quarter due to a big charge tied to its ownership stake in the drug...
Late sales rebound helps US automakers avoid 2020 disaster
DETROIT (AP) — Sales of new vehicles in the U.S. fell 14.6% last year, but a second-half rebound from a coronavirus-related plunge in the...
US factories grew in December at fastest pace since mid-2018
WASHINGTON (AP) — American factories grew in December at the fastest pace in more than two years as manufacturing continued to weather the pandemic...
Tesla’s annual sales up 36% but comes short of delivery goal
NEW YORK (AP) — Tesla's annual sales rose 36%, but the electric car company came short of its annual goal to deliver 500,000 vehicles.
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Holiday sales tick up as shoppers invest in their homes
NEW YORK (AP) — Retail sales increased a modest 3% during a longer holiday season this year, as homebound shoppers spent more on furnishing...
AP: Tight supplies for virus gear cost US states billions
Ray Bellia had a good business before the coronavirus pandemic. He topped $4 million in annual sales from his New Hampshire store that specialized...
AP: States spent over $7B competing for early virus supplies
Ray Bellia had a good business before the coronavirus pandemic. He topped $4 million in annual sales from his New Hampshire store that specialized...
Demand for deliveries pushes FedEx 2Q profit to $1.2 billion
FedEx Corp. more than doubled its profit in the latest quarter, as holiday packages were being stuffed into delivery trucks alongside everyday goods that...
Lilly lays out 2021 expectations, gene therapy acquisition
Shares of Eli Lilly climbed Tuesday after the drugmaker laid out a better-than-expected revenue forecast and plans to buy a young company developing a...
Virus resurgence hits H&M sales, cuts promising recovery
STOCKHOLM (AP) — Swedish fashion retailer H&M says its sales fell 10% in the fourth quarter as the second wave of the COVID-19 pandemic...
Malaysia’s Top Glove reaps record profit, sees strong demand
KUALA LUMPUR, Malaysia (AP) — Malaysia's Top Glove Corp., the world's largest rubber glove maker, said Wednesday it expects a shortage of gloves over...
Dutch government pledges new support to virus-hit businesses
THE HAGUE, Netherlands (AP) — The Dutch government on Wednesday beefed up its financial support by 3.7 billion euros ($4.5 billion) for businesses slammed...
Scandinavian Airlines: slow return to travel despite vaccine
STOCKHOLM (AP) — Scandinavian Airlines says the outlook for travel in 2021 remains bleak and a recovery in flight traffic from the pandemic will...