News

Corporate Earnings

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PayPal Holdings Inc reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes.

PayPal's quarterly performance builds on an equally strong 2020 for the company, which also saw record levels of payment volumes.


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Volkswagen, Europe's largest car maker, raised its operating margin target for 2021 on Thursday, pointing to stronger demand for more profitable cars in the first three months of the year.

The group now expects its operating profit margin to be 5.5-7.0% this year, versus a previous forecast for 5.0-6.5%, with vehicle deliveries and sales each up by more than a fifth.


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Private-equity firm KKR & Co Inc said on Tuesday its first-quarter after-tax distributable earnings surged 63% year-on-year, driven by growth in its capital markets business and public market holdings.

After-tax distributable earnings (DE) – the cash used for paying dividends to shareholders – rose to $660.2 million from $406.3 million in the previous year. That translated to DE per share of 75 cents, which exceeded the average Wall Street analyst estimate of 63 cents, according to financial data provider Refinitiv.


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Industrial materials maker DuPont raised its full-year profit and revenue forecasts and breezed past first-quarter expectations on Tuesday, boosted by demand from chip companies as well as a recovery in automobile markets.

The company, which makes everything from brake fluid to fabric used in protective garments, is benefiting from a recovery in demand from the COVID-19 pandemic-led slump as economies reopen and costs cuts it implemented last year to cope with the fallout of the health crisis.


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Chevron Corp's first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.

Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.


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Restaurant Brands International Inc beat quarterly revenue estimates on Friday, as a reopening U.S. economy and government stimulus checks boosted spending at the company's Burger King chain.

After a year of ordering in, more Americans have started to go back to restaurants as a $1,400 stimulus payment from the government in March boosted spending, while the rollout of COVID-19 vaccines lifted consumer confidence.


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Amazon.com Inc, one of the biggest winners of the pandemic, posted record profits on Thursday and signaled that consumers would keep spending in a growing U.S. economy and converts to online shopping are not likely to leave.

Since the start of the coronavirus outbreak, shoppers have relied increasingly on Amazon for delivery of home staples, and the company sees this trend continuing post-pandemic, particularly for groceries.


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HSBC Holdings PLC beat quarterly profit forecasts and released $400 million it had set aside to cover bad loans caused by the pandemic, as rapid vaccine rollouts in the United States and Britain raise hopes for an economic recovery.

Europe's biggest bank by assets cautioned, however, that high levels of uncertainty meant it was keeping the bulk of the $3 billion it set aside a year ago to cover potential bad debts.


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BP’s profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.

The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate.


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Nomura Holdings Inc reported on Tuesday a $2.3 billion hit from the collapse of U.S. investment fund Archegos, causing it to log its biggest quarterly net loss since the 2008 global financial crisis.

Japan's biggest brokerage and investment bank said while it expects to book a further $570 million in charges related to Archegos this financial year and would be beefing up its risk controls, it saw the debacle as an isolated incident.