Reuters US Business

(Reuters) – Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday, as the company grapples with weak demand for smartphones and a supply glut. Smartphone shipments dropped 18.3% in the quarter ended Dec. 31 marking the largest ever quarterly slump, according to data from research firm IDC, as even the holiday …

Qualcomm forecasts earnings below expectations as smartphone demand worsens Read More »

By Michael Erman and Sriparna Roy (Reuters) – Gilead Sciences Inc on Thursday reported a higher-than-expected fourth-quarter profit driven by strong demand for its HIV and cancer drugs, while COVID-19 antiviral Veklury had sales that were double Wall Street estimates. The U.S. biotech company said adjusted profit rose to $1.67 per share, ahead of analyst …

Gilead profit beats Street expectations on COVID and HIV sales Read More »

By Ludwig Burger BASEL (Reuters) – Roche warned of a decline in 2023 earnings, as revenue growth from new drugs, including its haemophilia treatment and multiple sclerosis drug, would not make up for a steep demand drop for COVID-19 treatments and diagnostic testing. Sales and core earnings per share were expected to decrease at a …

Roche flags 2023 earnings decline on slump in COVID products Read More »

(Reuters) – Goldman Sachs on Thursday revised its forecast for emerging market equities upwards as it sees the developing world benefiting from the reopening of China’s borders, improving European growth prospects and softening U.S. inflation. The investment bank sees MSCI’s index of emerging market shares hitting 1,150 over the next 12 months, representing a near-10% …

Goldman Sachs raises emerging markets equities forecast Read More »

BERLIN (Reuters) – Mercedes-Benz Group said on Thursday that Kevin Binder, currently head of Finance & Controlling Mercedes-Benz Vans, will become chief financial officer of Daimler Greater China Ltd. on May 1, succeeding Olaf Schick. (Writing by Miranda Murray, editing by Rachel More)

By Douglas Gillison and David Shepardson WASHINGTON (Reuters) -President Joe Biden on Wednesday unveiled fresh efforts to slash credit card late fees and drive down the prices that Apple Inc and Google parent Alphabet Inc charge on mobile app stores. The move is part of a larger policy drive to promote competition in consumer markets, …

Biden moves to slash U.S. credit card fees, app charges Read More »

By Anirban Sen (Reuters) – AMC Entertainment Holdings Inc, the movie theater operator that became a “meme stock” during the COVID-19 pandemic, has come up with an unusual way to win shareholder approval for stock sales that would raise cash, according to a regulatory filing and six corporate finance experts who reviewed it. AMC raised …

Analysis-AMC sets unusual shareholder vote for meme stock sale approval Read More »

(Reuters) – MetLife Inc reported a 33% drop in fourth-quarter adjusted profit on Wednesday as a global market rout hurt the U.S. insurer’s investment returns. The company posted adjusted profit of $1.2 billion, or $1.55 per share, for the three months ended Dec. 31, compared with $1.8 billion, or $2.17 per share, a year earlier. …

MetLife fourth-quarter profit falls 33% Read More »

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise “ongoing increases” in borrowing costs as part of its still unresolved battle against inflation. “Inflation has eased somewhat but remains elevated,” the U.S. central bank …

Fed delivers small rate hike, still anticipates ‘ongoing increases’ Read More »

(Reuters) -Meta Platforms Inc on Wednesday forecast first-quarter revenue above Wall Street estimates, signaling a rebound in demand for digital ads after months of weak sales. The parent of Instagram and Facebook forecast revenue between $26 billion and $28.5 billion, compared with analysts’ average estimates of $27.14 billion, according to IBES data from Refinitiv. Meta …

Meta forecasts upbeat first-quarter revenue, shares rise Read More »