) on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up.
“There ... is the reality that the pricing is staying stronger for longer than anybody anticipated,” said Tim Piechowski, portfolio manager at ACR Alpine Capital Research in St. Louis, which owns GM shares. While the company started 2024 strong, CEO Mary Barra still has two large challenges ahead: turning around GM’s shrinking sales in China, and salvaging Cruise, its robotaxi unit.
Spotify invested over a billion euros to build up its podcast business, including spending hundreds of millions for popular shows such as the “The Joe Rogan Experience.”The company’s quarterly revenue rose 20 per cent to 3.64 billion euros, beating estimates of 3.61 billion euros.
The business has been benefiting from a surge in demand for after-market services as a strong rebound in travel and a shortage of aircraft due to production and engine issues has forced carriers to keep older jets in the air for longer. The company’s biotechnology segment, which provides equipment for the development and delivery of biological medicines, posted sales of US$1.52-billion, compared to a forecast of US$1.47-billion.
Shares of the company, which is considered a bellwether for the arms sector, rose in Tuesday trading. It had forecast full-year net sales of US$68.5-billion to US$70-billion and a profit of US$25.65 and US$26.35 per share. Consumers across Europe, Asia Pacific and China shelled out money for PepsiCo’s pricey sodas and chips, while customers in the U.S. cut back on the products due to strained budgets.
The company also maintained its fiscal 2024 forecasts of organic sales growth of 4 per cent and core profit of US$8.15 per share. “This is going to be another year of price-led revenue growth even though pricing has come down,” Wedbush analyst Gerald Pascarelli saidThe world’s biggest parcel delivery firm also is grappling with higher labor costs tied to its new Teamsters contract. In January said it would cut 12,000 non-union jobs as part of a bid to slash US$1-billion in costs this year.
It reported an adjusted operating margin of 8 per cent for the quarter, down from about 11.1 per cent last year. The company earlier said this quarter’s margin would be its lowest in 2024, with business conditions improving in the second half.) trimmed its annual revenue forecast on Tuesday after reporting lukewarm first-quarter revenue due to bloated capacity in Latin America, sending its shares down.
JetBlue now expects fiscal 2024 revenue to decline in the low-single-digit percentage range, compared with its prior forecast for revenue to be roughly flat. Analysts had expected full-year revenue to dip very marginally to US$9.61-billion, according to LSEG data. The mining giant said its quarterly production of copper rose to 1.1 billion pounds from 965 million pounds a year earlier, helped by a 49-per-cent jump in output from its Indonesia operations.
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