Facebook reported glowing results, as first-quarter revenue rose a better-than-projected 26 percent on the strength of its advertising business. Microsoft topped estimates too, raking in $30.6 billion in revenue thanks to a flurry of cloud-computing deals. The results were less rosy at Tesla. While the carmaker reaffirmed its delivery guidance for the year, it lost $2.90 a share for the period, missing estimates for a loss of $1.30.
Goldman Guilty Plea for 1MDB?Goldman Sachs may have to plead guilty to a crime to settle a U.S. probe into its dealings with 1MDB, the FT reported. Prosecutors recommended the penalty to senior Justice Department officials, who may opt for a less-onerous punishment, it said. The bank has blamed rogue employees for its malfeasance in Malaysia, and a spokesman said charging the institution criminally wasn’t warranted.
Oil Rally Hits a Wall After Surprise Supply SurgeOil futures ended a two-day rally that had pushed prices to their highest since October due to a surprisingly big jump in U.S. crude inventories. The build was tempered somewhat by the 10th consecutive drawdown for gasoline supplies and a ramp-up in refinery activity. “The market is trying to find its footing and make sense of the heightened geopolitical uncertainty,” said Brian Kessens, a managing director at money manager Tortoise.
Both Sides Claim Victory in IndonesiaA week after Indonesia’s election, the nation remains deeply divided with both candidates continuing to claim victory, prompting the authorities to warn against public displays of discord. President Joko Widodo and challenger Prabowo Subianto both say they’ve won even though a dozen unofficial quick counts showed Jokowi, as Widodo is known, beating his rival by a margin of almost 10 percentage points.
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Business Maverick: Cartoon Friday: Rico
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