News

Corporate Earnings

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Comcast Corp on Thursday reported better-than-expected third-quarter revenue, as strong sign-ups for broadband offset pandemic-related weakness in its theme park and filmed entertainment businesses.

The media giant gained 633,000 broadband subscribers in the quarter, beating analysts’ average estimate of 534,000 net additions, according to research firm FactSet.

Comcast has taken a financial hit from the pandemic, whi...


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Amgen Inc on Wednesday said its third-quarter adjusted profit rose 17% due to stronger sales of drugs including the osteoporosis treatment Prolia and recently-acquired psoriasis medication Otezla.

The higher-than-expected results were partially offset by lower drug prices and the effects of the COVID-19 pandemic.

The biotechnology company said that more patients had resumed interacting with their doctors in the th...


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DETROIT (Reuters) - Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, sending shares up nearly 6% in after-hours trading.

Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.

Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected.

The company said it anticipates better-than-expected fourth-quarter earnings before interest and taxes of between break-even and a $500 million loss, as well as “positive full-year 2020 adjusted EBIT.”


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Visa Inc missed Wall Street estimates for fourth quarter profit on Wednesday, as high unemployment due to the coronavirus-induced recession continued to weigh on consumer spending.

The payments processor said total spending decreased 10% on a constant dollar basis, and the number of processed transactions tumbled 13% from a year earlier.

Cross-border volume slid 47% as the continuing global pandemic continued to hurt trav...


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United Parcel Service Inc's quarterly profit beat expectations on Wednesday, but shares sank 5.5% as investors fretted over a margin squeeze from pandemic-fueled e-commerce deliveries.

The results from the world's largest delivery firm arrived as UPS, FedEx Corp and other major package carriers get an early start to a holiday shipping rush that is certain to stress networks already running at near capacity.

“While we expect this holiday season to have its challenges, we are ready to deliver a successful peak,” Chief Executive Officer Carol Tomé said on a conference call with analysts.


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General Electric Co on Wednesday unexpectedly reported a quarterly profit and a positive cash flow on the back of cost cuts and improvements in its power and renewable energy businesses, sending its shares 10% higher.

The Boston-based industrial conglomerate reported a free cash flow of $514 million from industrial operations in the third quarter, compared with an outflow of $2.1 billion in the previous quarter and Refinitiv’s average analyst estimate of an outflow of ...


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Britain’s GSK said on Wednesday it expects full-year adjusted earnings to come in at the lower end of its forecast as the COVID-19 pandemic disrupts vaccination rates, especially for its blockbuster shingles vaccine.

Shingrix, the biggest driver of sales growth last year, saw its quarterly revenue fall 30% from a year earlier to 374 million pounds, coming in 18.5% below market expectations.

The drugmaker said the COVID-19 pandemic has impacted ...


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Boeing Co reported its fourth straight quarterly loss on Wednesday as the coronavirus pandemic and 737 MAX grounding hurt sales, while reaffirming its expectation that U.S. deliveries of the jet would resume before year-end.

The U.S. planemaker also said it was sticking with the deeply reduced twin-aisle production rates announced in July, as well as the goal to hit a build rate of 31 narrowbodies monthly in ea...


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Blackstone Group LP said on Wednesday third-quarter distributable earnings rose 9% year-on-year, as the world's largest manager of alternative assets such as private equity and real estate took advantage of a rise in corporate valuations to cash out on some of its leverage buyout investments.

Distributable earnings - the cash available for paying dividends to shareholders - totaled $772 million, up from $710 million a year earlier...


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(Reuters) - Mastercard Inc’s quarterly profit missed analyst estimates on Wednesday as the COVID-19 pandemic led to a slowdown in global travel and related spending, sending the payment processor’s shares more than 4% lower.

The pandemic has forced companies to lay off workers by the millions, hurting their spending power, and the hit to air travel has also taken a toll on cross-border card transaction volumes.

Mastercard reported a 36% drop in cross-border volume on a local currency basis in the reported quarter. Gross dollar volume, the dollar value of transactions processed, rose 1% to $1.6 trillion.