Corporate Earnings

Reuters | |

(Reuters) - The New York Times reported better-than-expected results on Thursday as revenue from digital-only sign-ups surpassed print subscription revenue for the first time in a quarter dominated by news related to the COVID-19 pandemic and the U.S. presidential election.

The company hit the milestone after years of focus on online subscriptions for its news, crossword and cooking products to offset an industry-wide decline in print readership and fickle advertising revenues.

New York Times said it added 393,000 paid digital-only subscribers during the quarter. Of this, 275,000 subscribed for its digital news product, while the remaining were for its cooking, games and audio products.

Reuters | |

ArcelorMittal, the world’s largest steelmaker, reported third-quarter core profit above expectations on Thursday as the easing of COVID-19 lockdowns led to improved demand in all regions.

The company, which makes around 5% of the world’s steel, said core profit (EBITDA) fell 15% from a year earlier to $901 million, compared with an average expectation of $838 million in a company-compiled poll.

CEO Lakshmi Mittal said in a statement that steel markets had recovered from a very challenging second quarter, with particular improvement in profits in Brazil and its unit grouping South Africa, Kazakhstan and Ukraine.

Reuters | |

Bayer is facing a double hit from a higher legal bill for claims relating to weedkiller Roundup as well as 9.25 billion euros ($10.82 billion) in impairments on agriculture businesses, much of it related to its Monsanto deal.

The company said the write-downs, driven by weaker demand from farmers due to low biofuel prices, plus an increase of about $750 million in the costs of settlement terms with U.S. plaintiffs over Roundup, resulted in a loss before interest and tax of 9.4 billion euros in the third quarter.

Reuters | |

Saudi Arabian state oil giant Aramco on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.

Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on energy demand and the long-term shift away from fossil fuels.

Oil prices have recovered only slightly since tumbling to their lowest in almost two decades in March, prompting Aramco and other majors such as Shell and BP Plc to slash capital expenditure this year and next.

Reuters | |

Thomson Reuters Corp said its third quarter revenue rose on gains in its legal and corporates divisions, as cost cuts helped lift its 2020 free cash flow outlook.

The news and information company said Tuesday’s results gave it “increasing confidence” for its full-year financial forecast, but that the course of the COVID-19 pandemic could change this.

Thomson Reuters, which owns Reuters News, said in a statement that its quarterly revenue rose 2% to $1.44 billion, while its operating profit rose 21% to $318 million.

Reuters | |

HONG KONG (Reuters) - China’s Lenovo Group, the world’s biggest PC maker, posted a better than expected quarterly profit on Tuesday and said it is continuing to benefit from “new normal” remote working after COVID-19.

Lenovo reported a 53% jump in net profit for the quarter ended September to $310 million, beating an average $224 million estimate of eight analysts, according to Refinitiv data.

Reuters | |

(Reuters) - PayPal Holdings Inc beat Wall Street estimates for quarterly revenue and profit on Monday, boosted by a surge in digital payments as COVID-19 lockdowns worldwide drove more businesses online, but it forecast current-quarter profit below expectations.

Shares of the digital payments processor fell more than 6% in extended trade.

For the fourth quarter, PayPal expects adjusted profit to grow in a range of 17% to 18%, below analysts’ estimated growth of about 24%, according to IBES data from Refinitiv.

David Nelson, CFA CMT | |

After a promising start, October ended in the red on the heels of a Washington failure to deliver a fiscal stimulus embraced by both economists and Federal Reserve Chair Jay Powell. A record 33% annualized GDP print for the third quarter doesn't mask the fact that, despite a significant economic recovery underway, America needs another bridge loan. We still have too many unemployed and even more underemployed as some companies are forced to lay off part of their work force. Close proximity busines...

Reuters | |

(Reuters) - Clorox Co reported its strongest quarterly sales growth in more than two decades on Monday and raised its full-year revenue forecast as coronavirus-driven hygiene needs escalated demand for everything from disinfectants to water filters.

Americans are using more of its Glad trash bags and installing water filtration devices to keep their homes clean during the health crisis. They are also grilling often as they eat less outside, helping Clorox double its sales of charcoal.

“Clorox just reported its best quarter since the start of the COVID-19 pandemic, which is saying a lot given how strong demand has been for its products throughout,” Barclays analysts wrote in a note.

AP News | |

Wall Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March.

The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. Sharp drops in big technology stocks drove much of the selling, reflecting worries that expectations built too high for some of the market’s biggest stars, including Apple and Amazon. Investors have bid up shares in those and other Big Tech companies this year, anticipating they would deliver strong profits, but their latest results and uncertain outlooks left traders wanting.