Reuters US Business

By Natalia Siniawski (Reuters) -Brazilian brewer Ambev on Thursday reported a 15.2% decline in second-quarter net profit, narrowly missing market forecasts. The subsidiary of Belgium’s Anheuser-Busch InBev posted profit of 2.60 billion reais ($540.34 million), below the 2.68 billion reais average estimate of analysts polled by Refinitiv. Revenue rose 20% from the same period a …

Brazil’s Ambev Q2 net profit falls 15%, misses estimates Read More »

OSLO (Reuters) -Sweden’s Volvo Cars on Thursday reported a 21% rise in car sales in July from a year earlier, selling 54,165 vehicles, the company’s 11th consecutive month of year-over-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, a rise of 18% compared with the same period of 2022, led …

Volvo Cars sales up 21% year-on-year in July Read More »

SANTIAGO (Reuters) – LATAM Airlines posted a second-quarter net profit of $145.25 million on Wednesday, reversing the year-ago loss of $523.2 million following its exit from bankruptcy in November. The Santiago-based airline saw second-quarter revenues rise 21% to $2.63 billion, with revenues from its commercial business growing and those from its cargo unit shrinking. The …

LATAM Airlines reverses year-ago Q2 loss with $145 million profit Read More »

(Reuters) – Nutrien, the world’s biggest fertilizer producer, missed market estimates for quarterly profit on Wednesday, as falling prices dented its margins. The company added that it is indefinitely pausing the ramp-up of its annual potash production capability to 18 million tonnes in response to market conditions. Potash prices have eased following the resumption of …

Fertilizer maker Nutrien misses profit estimates on weak prices Read More »

By Nate Raymond BOSTON (Reuters) – The fight over the status of Uber Technologies and Lyft ride-share drivers entered a new phase on Wednesday, as an industry-backed group and a labor union proposed letting Massachusetts voters decide whether their workers in the state should be treated as independent contractors or allowed to unionize. Flexibility and …

Labor, industry gear up for dueling Massachusetts gig worker ballot measures Read More »

(Reuters) -Canada’s Shopify beat second-quarter revenue expectations on Wednesday, helped by new signups and price increases across its services. Merchants and businesses are turning to Shopify, which offers tools to create and manage online store-fronts, as retail spending picks up on signs of stabilizing macroeconomic conditions. The company is also benefiting from its wide gamut …

Shopify revenue beats estimates on higher prices, more signups Read More »

By Valerie Insinna and Abhijith Ganapavaram (Reuters) -Shares of Spirit AeroSystems plummeted 27% on Wednesday after the aerospace manufacturer disclosed $105 million in losses on Boeing and Airbus aircraft production and forecast a bleak cash flow picture for the rest of the year. The outlook stunned analysts, who grilled executives about how the company planned …

Spirit AeroSystems plunges 27% after bleak cash-flow outlook shocks investors Read More »

(Reuters) – Equinix forecast third-quarter revenue below market estimates on Wednesday, a sign that demand for data centers was slowing as businesses curtail spending in an uncertain economy. Shares of the company fell more than 2% in extended trading, having risen by nearly a fourth so far this year. Equinix said it expects revenue of …

Equinix projects quarterly revenue below estimates, shares slip Read More »

(Reuters) -PayPal Holdings missed its estimate for second-quarter operating margin on Wednesday, casting a pall over resilient consumer spending trends, sending the payments firm’s shares down nearly 8% in extended trading. Underwhelming margins at PayPal have been worrying analysts in recent quarters. The company’s low-margin business products have grown strongly, while growth in its branded …

PayPal’s underwhelming margin eclipses gains from upbeat consumer spending Read More »

(Reuters) -Occidental Petroleum missed second-quarter profit expectations due to slide in oil and gas prices, sending the shares of the U.S. producer down about 3% in extended trading on Wednesday. The company’s average realized price for oil fell to $73.59 per barrel for the April-June quarter from $107.72 a year ago. Oil and gas prices …

Occidental Petroleum profit misses estimates on lower energy prices Read More »