(Bloomberg) -- Tencent Holdings Ltd.’s revenue beat expectations after Covid-19 lockdowns propelled gaming sales to their fastest pace of growth since 2017, helping offset shrinking ad budgets and a record Chinese economic contraction.The WeChat operator’s revenue rose 26% to 108.1 billion yuan ($15.2 billion) after online gaming sales leapt 31% during the coronavirus-stricken March quarter. Shares in major shareholder Naspers Ltd. and the entity that holds its internet assets, Prosus NV, rose to a record.The numbers underscore how Tencent’s among the more resilient of China’s internet giants thanks to its bread-and-butter gaming division, which rode an upswell of spending from homebound players in the world’s largest gaming arena. But the company warned those gains could peter out as China returned to normality and went back to work, while global macro uncertainty may continue to depress spending by corporations on online advertising.“We expect in-game consumption activities to largely normalise as people return...
Avianca Holdings had known since late March that the Colombian airline's cash pile would only cover a few months of expenses while its entire fleet sat grounded because of aggressive anti-coronavirus lockdowns. In those conditions, Sunday's bankruptcy filing was hardly a surprise. What was surprising was the absence of one key stakeholder: the Colombian government....
Stock futures reversed course during the overnight session and rose Wednesday, as traders awaited commentary from Federal Reserve Chair Jerome Powell later in the morning....
The 3M (MMM) board of directors have declared a dividend on the company’s common stock of $1.47 per share for the second quarter of 2020.The dividend is payable June 12, 2020, to shareholders of record at the close of business on May 22, 2020.Respirator-maker 3M has paid dividends to its shareholders without interruption for more than 100 years.As of March 31, 2020, 3M had 575,196,371 common shares outstanding and 73,417 shareholders of record.The company recently withdrew financial guidance for 2020, halted buybacks, cut capex, and reaffirmed its commitment to prioritize the dividend.3M also revealed that it aims to double its production of N95 respirators to 2 billion by year-end to meet the escalating global demand.“We are mindful of the fact that 3M is one of the highest-quality Multi-Industry companies, as defined by our Investment Framework, with a coveted spot among the illustrious Primes” commented RBC Capital analyst Deane Dray on April 28.“That said,...
