Companies & CEOs
LVMH net profit grows by 17% in 2022 - 01/27/2023
The net profit of French Louis Vuitton Moet Hennessy (LVMH) grew to €14.084 billion by the end of 2022, up 17%. According to a press release from the corporation, a record was set in many of its divisions last year. The company's net financial debt reduced by 4% to €9.201 billion, and revenue increased 23% to €79.184 billion, according to the statement. The majority of the income was generated...
Microsoft reports drop in net profit - 01/25/2023
Microsoft Corp., a global leader in information technology, reported that its net income for the first half of its fiscal year 2022–2023, which finished on December 31, 2022, fell by 13.5 percent from the prior year to $33.981 billion. For the period, diluted earnings per share were $4.54 as opposed to $5.19 from the prior year. Half-year total revenue increased 6% from the prior period to...
Apple to increase production share in India - 01/23/2023
Apple intends to boost its production share in India by 25%, according to the chairman of the Indian Ministry of Commerce. The country's trade minister Piyush Goyal declared that Apple Inc. intends to manufacture up to 25% of its products in India, up from the existing range of 5–7%. “Apple is yet another success story, according to Piyush Goyal. They currently manufacture 5 to 7 percent of...
Intel Head tells about new location for chips factory - 01/20/2023
By the end of the year, the business will decide where to build a semiconductor facility, according to Intel CEO Gelsinger. The location of the company's new chip facility is being evaluated in a number of nations, according to Intel CEO Pat Gelsinger, who spoke to the Italian newspaper Corriere della Sera. The decision must be taken by the end of the year. Giorgia Meloni, the prime minister...
Ericsson's adjusted operating profit falls in Q4 - 01/20/2023
Ericsson of Sweden's underlying earnings for the fourth quarter were below estimates, which is happening for the third consecutive quarter. 5G equipment sales are declining in high-margin markets like the United States. The adjusted operating profit for the quarter at Ericsson, excluding restructuring costs, decreased from SEK 12.8 billion to SEK 9.3 billion ($902 million). According to...
Microsoft confirms layoff of 10,000 employees - 01/19/2023
Microsoft stated that it has validated media rumors about its plans to lay off 10,000 staff. "Microsoft Corporation informed its staff on January 18, 2023, of a number of steps it is taking in response to the macroeconomic environment and shifting customer priorities. As part of these measures, the workforce will be reduced by about 10,000 workers by the end of the third quarter of fiscal 2023,"...
Amazon becomes the world’s most expensive brand, surpasses Apple - 01/18/2023
Despite losing $51 billion in value from last year's ranking, one of the biggest online merchants in the world, Amazon, was named the most expensive brand in the Brand Finance Global 500. The former top, Apple, has seen even greater price declines. The press release stated that despite a 15% decline in brand value from $350.3 billion to $299.3 billion, Amazon "regained its title as the world's...
Equinor postpones restart of Norway oil platform - 01/17/2023
According to Reuters, which cited the company’s spokesman, Equinor has delayed start of a second technological platform at its Johan Sverdrup oilfield in Norway due to equipment faults and repairs being in progress. Equinor itself notes that equipment issues are currently delaying the start of production at technological platform number 2. The company made no time estimates for the repairs....
Volkswagen to expand offering in Chinese electric car market - 01/17/2023
Volkswagen intends to increase the range of automobiles it offers in China. The vibrant and agile market, according to Ralf Brandstätter, head of the Chinese business, is "a gigantic fitness center for the industry." Volkswagen has long held a monopoly over the market for internal combustion engines in China, but it is now trailing rivals in the market for electric vehicles, most notably BYD,...
Johnson & Johnson cuts production of COVID-19 vaccines - 01/16/2023
The Wall Street Journal claimed, citing sources, that American manufacturer Johnson & Johnson is reducing production of its coronavirus vaccines in the face of declining demand. The article also states that Johnson & Johnson filed an arbitration demand against Merck in relation with the two firms' vaccine collaborations in October 2022, citing papers to support its claim. Merck filed...
