Corporate Earnings

Reuters | |

HOUSTON (Reuters) - Exxon Mobil Corp posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices.

The largest U.S. oil producer by volume said it will cut its capital spending for 2021 to between $16 billion to $19 billion from a planned $23 billion this year. It has spent about $16.5 billion this year on new projects.

It also said it was reassessing its natural gas holdings in North America and could take impairments on assets with a book value of as much as $25 billion to $30 billion - but only if it changes its long-term development plans. It is evaluating those assets this quarter, which include properties it added with its 2010 purchase of XTO Energy, a deal worth roughly $30 billion at the time.

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(Reuters) - Apple Inc’s announcement Thursday that iPhone sales were weaker than expected sent shares down 4% even as the tech company’s revenue and profit did better than Wall Street expected thanks to booming Mac and AirPods sales.

Investors expected lower revenue from the Cupertino, California company’s bestselling product after delays left loyal fans clasping wallets shut while waiting weeks longer than usual to upgrade. But the hold-back was even worse than analyst had expected, with iPhone sales dropping 20.7% to $26.4 billion.

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(Reuters) - Twitter Inc on Thursday added fewer users than Wall Street had expected and said expenses would accelerate in the current quarter, sending its shares tumbling 13%.

Shares of Twitter fell to $45.23 in after-market trading.

The San Francisco-based social media company said it had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv. The figure stood at 186 million in the previous quarter.

AP News | |

U.S. stocks shook off an early slide and closed broadly higher Thursday as the market steadied after its worst drop in more than four months.

The S&P 500 rose 1.2%, bouncing back from a drop of 0.3% in the early going. Traders welcomed encouraging data on the pace of layoffs and how powerfully the economy rebounded during the summer from its coronavirus-induced coma. Economists warn big challenges still lie ahead, though. The S&P 500 was coming off a 3.5% tumble Wednesday on worries the worsening pandemic will drag down the economy and corporate profits again.

A strong rebound in technology sector stocks helped power the rally ahead of widely anticipated quarterly report cards from Facebook, Amazon and Google’s parent company. The three Big Tech companies each reported results after the close of regular trading that topped Wall Street’s expectations.

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(Reuters) - Facebook Inc beat analysts’ estimates for quarterly revenue on Thursday, as more businesses used its digital advertising tools during a pandemic-induced surge in online traffic.

Revenue growth at Facebook, the world’s second-biggest seller of online ads after Alphabet Inc’s Google, has been growing despite an unprecedented advertising boycott and a coronavirus-triggered recession.

A July advertising boycott, which drew the support of major advertisers including Unilever, Starbucks Corp and Coca-Cola Co, sought to pressure Facebook to take more action against hate speech.

Reuters | |

OAKLAND, Calif./BENGALURU (Reuters) - Google parent Alphabet Inc returned to sales growth in the third quarter as businesses initially hobbled by the coronavirus pandemic resumed advertising with the internet's biggest supplier of ads, the tech giant said on Thursday.

Wall Street had expected a rebound from Alphabet because the company said in July that advertiser spending was inching back following a March plummet due to lockdowns. Google competitors Snap Inc and Microsoft Corp also reported third quarter revenue ahead of expectations in recent days.

Reuters | | Inc's third-quarter revenue beat Wall Street estimates on Thursday and the e-commerce giant forecast holiday-quarter sales above expectations, as the COVID-19 pandemic pushed more people to shop for groceries and other essential items on its online platform.

Amazon’s cloud services also saw strong demand as companies switched to virtual offices to curb the spread of the pandemic. Revenue from Amazon Web Services (AWS) surged 29% to $11.60 billi...

AP News | |

German automaker Volkswagen said Thursday it returned to profit in the third quarter thanks to cost discipline and a rebound in global sales markets led by China after the lifting of the severe restrictions on activity in the early phase of the pandemic.

After-tax profit was 2.75 billion euros ($3.23 billion), down 31% from 3.99 billion euros for the same July-September quarter a year ago, pre-COVID-19, but far better than the 1.53 billion euro ...

Reuters | |

(Reuters) - Yum Brands Inc posted a smaller-than-expected drop in comparable sales and beat profit estimates on Thursday, helped by strong online sales at its Taco Bell chain as COVID-19 pandemic fears kept customers at home.

Yum Chief Executive Officer David Gibbs said online sales in the third quarter surged by over a billion dollars to $4 billion from a year earlier, setting a new quarterly record.

“Drive-thru demand skyrocketed this quarter as Taco Bell served over 30 million more cars.”

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DuPont forecast annual profit above expectations on Thursday as a tight check on costs and a recovery in the automotive industry, one of its biggest markets, helped the i...