Companies & CEOs
Alibaba's net profit falls for the financial year - 05/27/2022
Alibaba's net profit for fiscal year 2021-2022, which ended March 31, fell by 67 percent to $7.427 billion, according to the company’s press statement. For the period, diluted earnings per ordinary share were $0.45, down from $1.02 a year earlier. Meanwhile, Alibaba's revenue was $134.567 billion, up 19% from the previous fiscal year. The corporation lost $2.562 billion in the fourth quarter of...
JP Morgan expects $1 billion loss from its digital bank - 05/25/2022
U.S. bank JPMorgan Chase forecasts that their all-digital bank, which opened recently, will be unprofitable in the coming years. According to Sanoke Viswanathan, JPMorgan's head of worldwide retail growth, stated by the Financial Times, the bank will lose $450 million in 2022 and another $450 million "in the next several years." According to the CEO, the virtual bank would not start making money...
U.S. baby formula manufacturer apologizes for product shortages - 05/23/2022
Robert Ford, the CEO of Abbott, has apologized to American families for the newborn formula shortfall. The shortage emerged after the company was forced to return a big batch of products after regulatory regulators suspected the production line was infected with harmful bacteria. "We apologize to every family that was let down because we aggravated the nation's newborn formula crisis when we...
Walmart's net profit falls in Q1 - 05/18/2022
Walmart's consolidated net profit fell 24.8 percent year over year to $2.054 billion in the first quarter of fiscal year 2022-2023 (ending 30 April), according to a press statement. Walmart reported $0.75 diluted earnings per share, down from $0.97 a year ago. In the reporting period, Walmart's revenue increased 2.3 percent year over year to $140.288 billion. Analysts expected $138.8 billion in...
Renault may start producing electric cars with Nissan and Mitsubishi - 05/17/2022
The potential of forming a distinct electric car firm within the framework of an alliance with Japanese carmakers Nissan Motor and Mitsubishi Motors has not been ruled out by Jean-Dominique Senard, head of French car manufacturer Renault. "I am confident that this is the greatest way to add value to our alliance," Senard commented on the possibility of spinning off electric car production into a...
Saudi Aramco posts record first-quarter profit - 05/16/2022
Saudi Aramco, the world's largest oil producer, stated that its net profit grew by 82 percent year on year to a record $39.5 billion in the first quarter of 2021. According to the firm, "Aramco earned a record quarterly net profit of $39.5 billion, up 82 percent from the first quarter of 2021." Higher oil prices and sales volumes, as well as greater refining profits, were the key contributors...
Siemens net profit falls by 23% in first half of financial year - 05/12/2022
Siemens AG reported a 23 percent drop in net profit for the first half of fiscal year 2021-2022, which ended on March 31, to €3.01 billion, according to the company’s statement. The diluted earnings per share for the reporting period were €3.29, down from €4.49 in the previous financial year's first half. Year on year, revenue increased by 17% to €33.537 billion. Net profit for the second...
US Congress demands data on Russian government debt transactions from JPMorgan and Goldman - 05/11/2022
US congressmen have demanded that JPMorgan and Goldman Sachs provide lists of clients trading Russian bonds. US congressmen have demanded that US banks JPMorgan Chase and Goldman Sachs provide information on clients trading Russian bonds in order to find out whether Wall Street is profiting from Russia's invasion in Ukraine, Bloomberg reported. Corresponding letters to JPMorgan chief executive...
Shares of US largest cryptocurrency exchange plummet after quarterly results report - 05/11/2022
Shares in Coinbase, the largest cryptocurrency exchange in the US, plummeted more than 15%. The company reported a decline in the number of active users and trading volume. Shares of the largest US cryptocurrency exchange Coinbase fell 12.6% by the close of trading on 10 May and continued to fall outside of trading. The price per paper fell from $72.99 to $61.55. The fall began after Coinbase...
Ford to sell part of its shares in electric car maker Rivian - 05/09/2022
Ford will sell 8 million shares in electric car maker Rivian after its stock gets out of the lockup this Sunday, May 8, sources told CNBC. Ford Motor will sell 8 million of its shares in electric car maker Rivian Automotive, CNBC reported, citing sources. The stock is set to expire on Sunday, May 8, a lock-up period in which it cannot be sold. According to CNBC, Goldman Sachs will arrange the...
