Big Tech stole the spotlight in earnings reported after
Thursday's closing bell, as Alphabet, Apple, Amazon and Facebook
shattered Wall Street's expectations with combined total profits
near $30 billion, although Google's advertising revenue fell for
the first time.
The search-engine giant posted a $2.6 billion drop in
advertising for the second-quarter from a year earlier, as some of
Google's biggest advertisers, including travel companies and
consumer brands, cut back on spending in the face of economic
uncertainty. In all, Google's parent, Alphabet Inc., reported
advertising revenue of $29.9 billion for the three months through
Apple exceeded expectations, reporting an 11% increase in
quarterly sales from a year earlier behind strong demand for apps
and work-from-home devices, as well as a slight uptick in its
Amazon.com Inc. said sales and profits soared in the second
quarter as shoppers inundated the company's site with orders and
employees working from home around the world drove growth in its
Facebook Inc. powered through the throes of the pandemic, as the
social-media giant posted higher revenue thanks to increased
engagement from users.
Earlier in the day, makers of household staples and snack foods
reported strong sales.
Earnings reported after the bell, at a glance:
Electronic Arts Inc.: The videogame maker reported first-quarter
earnings and revenue that beat Wall Street expectations on the
strength of new game releases and increased player engagement
during the pandemic. The company also said it saw tens of millions
more new players.
Expedia Group Inc.: The online-travel agency said its gross
bookings fell 90% to $2.71 billion for the second quarter as it
missed out on the normally lucrative summer travel season due to
the Covid-19 pandemic, leading the company to swing to a loss.
Ford Motor Co.: The auto maker reported a narrower-than-expected
adjusted loss in the second quarter, with sales halved in
comparison with a year ago but in line with Wall Street
MGM Resorts International: The company posted a 91% decline in
quarterly revenue, the latest casino operator to reveal the
continuing financial blow of pandemic shutdowns and curtailed
global travel on the gambling industry.
Shake Shack Inc.: The burger chain reported comparable sales
dropped 49% in its second quarter that ended June 24. It said it
would start opening restaurants with drive-throughs, a sign of the
heightened importance of that pickup option amid the Covid-19
Stryker Corp.: The medical-technology company swung to a loss in
the fiscal second quarter as the its sales were dented by the
postponement of deferrable medical procedures amid measures to
contain the spread of the coronavirus.
United States Steel Corp.: The company swung to a loss for the
second quarter as total shipments dropped with automotive
manufacturers and other customers pulling back on orders as the
coronavirus shut down the economy. It also said it incurred costs
as it idled a major portion of its steelmaking operations.
Xilinx Inc.: The company posted lower profit and sales in the
fiscal first quarter due in part to a ban on sales of certain
products to customers based or with operations in China like Huawei
Technologies Co., and Covid-19-related business disruptions weighed
on its top and bottom lines.
World Wrestling Entertainment: The live-event producer said that
its second-quarter net profit rose as it cut costs and adapted to
the coronavirus pandemic.
Earnings reported earlier Thursday:
Procter & Gamble Co., the maker of household staples from
Tide detergent to Charmin toilet paper, posted its strongest annual
sales gain since 2006 as the pandemic kept the world's consumers at
home and vigilant about cleaning.
Kellogg Co. reaped gains amid heightened demand for a number of
its products, which include Cheez-It snacks, cereals and
Morningstar Farms meatless food. The company raised its financial
forecast for the year.
Keurig Dr Pepper Inc. reported a second-quarter profit as
consumer behavior during the pandemic led to higher sales.
Nestle SA said first-half net profit rose but it experienced
slower growth in the majority of its core markets in the second
quarter due to the pandemic.
Kraft Heinz Co., however, wrote down the value of Oscar Mayer,
Maxwell House and several other of its well-known brands,
reflecting the challenges for the food maker despite strong sales
in recent months amid the pandemic.
The pandemic pummeled British banks as many companies struggled
to reopen and individuals reduced spending and deferred payments on
loans. The industry is also grappling with Brexit and the
increasing likelihood of negative interest rates.
Lloyds Banking Group PLC, Barclays PLC and the U.K. unit of
Banco Santander SA increased loan-loss charges in the three months
ended June, compared with a year ago.
Lloyds, the U.K.'s largest retail bank, reported an unexpected
swing to a pretax loss for the first half of 2020 and said its
outlook remains highly uncertain.
Write to Shayna Sebold at email@example.com and Rose Manzo
(END) Dow Jones Newswires
July 30, 2020 18:34 ET (22:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Grafico Azioni Lloyds Banking (LSE:LLOY)
Da Ott 2020 a Nov 2020
Grafico Azioni Lloyds Banking (LSE:LLOY)
Da Nov 2019 a Nov 2020