Whether you are a mega-cap or small fry, COVID-19 doesn’t care. Verizon (VZ), the US’s largest wireless carrier, reported earnings last Friday, with mixed results on account of the pandemic’s impact.Revenue fell 1.6% year-over-year to $31.6 billion, although Q1 Non-GAAP EPS of $1.26 beat estimates by $0.04.With 70% of its stores shut down resulting in weak customer activity, equipment sales were down by 19% year-over-year. Verizon also lost 68,000 postpaid phone subscribers during the first quarter, compared to 44,000 in last year’s same period.The decline in consumers was partly offset by adding new business customers. But the stagnant economy, growing unemployment figures and shelter in place measures, along with the sharp reduction in new consumer wireless accounts, were cited by the company as the reasons behind taking its full-year revenue guidance off the table and modifying profit outlook for the rest of the year. The company forecasts full-year adjusted earnings-per-share growth...
(Bloomberg) -- Boeing Co. soared after executives outlined a road map to survive the worst downturn in aviation history, and assured investors that the company has the means to make it through. If all goes to plan, the aerospace titan will be generating cash again by next year.The U.S. planemaker is shrinking its workforce by about 10%, or about 16,000 jobs, to conserve cash. Work will slow in its factories, with 787 Dreamliner output cut for a third time in successive quarters. Boeing expects to restart production of the grounded 737 Max this quarter at a gradual pace as key customers like Southwest Airlines Co. curb growth ambitions.The unprecedented collapse in air travel spurred by the Covid-19 outbreak is forcing Boeing into a fight for its life as passenger totals plunge 95% in the U.S. alone. Addressing investors’ worst fears, Chief Executive Officer Dave Calhoun and Greg Smith, his top lieutenant,...
New California rules increase the percentage of electric-truck sales targets across all vehicle categories, from ¾-ton pickups to Class 8 trucks, starting in 2024. ...
New California rules increase the percentage of electric-truck sales targets across all vehicle categories, from ¾-ton pickups to Class 8 trucks, starting in 2024. ...
(Bloomberg) -- Oil advanced a second day in Asia on early signs that demand is starting to recover while producers curb output to counter a global glut.Futures in New York rose as much as 6%, after surging 22% on Wednesday. U.S. gasoline stocks fell by 3.67 million barrels compared to an estimated build of 2.49 million, the U.S. Energy Information Administration said Wednesday. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels a day, the most since May.The discount on crude for June delivery relative to July, a structure known as contango, tightened to as little as $3.28 a barrel on Wednesday, after blowing out to as wide as $7.69 Tuesday as major index funds ditched the front month.The EIA also reported a smaller-than-expected 8.99 million-barrel increase in national crude stockpiles and a 3.64 million-barrel build at Cushing, Oklahoma, the delivery point for futures.Prospects for an easing in the...
