A group of leading German travel start-ups appealed to U.S. tech giant Google on Thursday to offer them easier terms on paying for advertising to help them ride out the coronavirus pandemic that has devastated their business.
Airlines, one of the hardest hit sectors by the pandemic, can expect little from the upcoming summer season, usually a popular travel time, as people remain wary of traveling due to fears of catching coronavirus. The U.S. airline swung to a net loss of $2.24 billion, or $5.26 per share, for the first quarter ended March 31, compared with a profit of $185 million, or 41 cents per share, a year earlier. Excluding items, American Airlines posted a loss of $2.65 per share, below analyst’s estimates of a loss of $2.33, according to IBES data from Refinitiv. …read more […]
U.S. oil and gas company ConocoPhillips reported a 58% plunge in adjusted quarterly profit on Thursday, weighed down by lower output and an unprecedented plunge in crude prices.
Crude prices have collapsed in the past six weeks as the coronavirus outbreak hit demand and a price war broke out between Russia and Saudi Arabia, prompting companies to slash spending and curb output. Production excluding Libya for the first quarter was 1.28 million barrels of oil equivalent (BOE) per day, a decrease of 40,000 barrels of oil equivalent per day from the same period a year ago. ConocoPhillips said the total realized price per barrel was $38.81 in the quarter compared with $50.59 a year ago. …read more […]
Comcast Corp on Thursday reported its best quarter of broadband net additions in 12 years, but revenue fell shy of Wall Street’s estimate as the coronavirus pandemic hurt advertising.
In the first quarter, Comcast gained 477,000 broadband subscribers, beating analysts’ average estimate of 364,000 net additions, according to research firm FactSet. Comcast experienced a spike in broadband use and a shift in usage patterns as schools and offices closed because of the coronavirus outbreak. Video losses in the first quarter were steeper than expected as the trend toward “cord-cutting” continues. …read more […]
Twitter Inc on Thursday said that its ads sales had slightly rebounded in Asia after a plunge due to the coronavirus outbreak and that it had accelerated work on tools to attract key advertisers, becoming the latest tech company to report a lighter blow from the pandemic than forecast.
McDonald’s Corp reported a 16.7% slide in quarterly profit on Thursday as most of its restaurants across the globe limited their services to deliveries and take-aways to halt the spread of the coronavirus pandemic.
Dan Digre, head of MISCO Speakers, was on edge before the coronavirus outbreak hit the global economy. Payment of hundreds of thousands of dollars in Chinese tariffs had wiped out the profit and dwindled the cash balance of the Minnesota-based loudspeaker maker.
McDonald’s reported revenue and earnings that contracted in the first quarter compared to last year amid the COVID-19 pandemic. …read more […]
Rivals UnitedHealth Group Inc , Anthem Inc and Humana Inc also reaffirmed their profit estimates for 2020, even as they warned of higher costs from resumption in elective surgeries deferred due to the COVID-19 pandemic. While health insurers benefit from the deferred health care in the first half of the year, the gains could be short lived, depending on how quickly the virus outbreak subsides and the healthcare business returns to something close to normal, according to a Reuters analysis. Cigna said it continues to expect 2020 adjusted income from operations to be between $18 and …read more […]
A Note From Andy: Today’s essay is something special. I recently wrote the words below for the latest edition of my monthly financial newsletter, Manward Letter. Several folks asked me to share it with the readers of this column. It’s an interesting tale, with an important message. It could keep you out of trouble… or from embarrassing yourself in front of a fighter pilot.
Fear makes us do dumb things.
That’s why I chuckled when I heard the news that a 64-year-old Frenchman accidentally shot himself out of a fighter jet recently.
It’s a good tale. It ties directly to what I wrote …read more […]
Shareholder support for Credit Suisse Chairman Urs Rohner dropped to its lowest level ever on Thursday, as Rohner told the Swiss bank’s annual meeting that its search for his successor was well under way.
Lufthansa and unions representing much of its staff told the German government that their joint top priorities were to maintain the airline’s competitiveness after the coronavirus crisis and preserve as many jobs as possible.
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