- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
CMSD | -0.16% | 24.89 | $ | |
SCS | -1.98% | 12.62 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSC | -0.16% | 24.74 | $ | |
NGG | -2.7% | 66.97 | $ | |
BCC | -0.9% | 138.29 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
AZN | -2.12% | 77.93 | $ | |
JRI | -0.6% | 13.3 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
VOD | -0.52% | 9.69 | $ | |
RELX | -1.46% | 46.61 | $ | |
BCE | -1.77% | 33.84 | $ | |
BP | 0.28% | 32.46 | $ | |
BTI | -2.45% | 35.11 | $ |
Amazon tops expectations as quarterly sales climb
E-commerce colossus Amazon on Thursday reported that its sales in the recently ended quarter grew more than expected despite inflation and other economic turmoil.
Amazon sales topped $121 billion in the quarter, but the company logged a loss of $2 billion dollars as it continued to work to rein in costs -- but its shares still jumped 10 percent in after-hours trading.
A crowded period of earnings from the world's biggest tech firms has mostly disappointed, but investors have seemed relieved the news was not worse.
Recession fears, a strong dollar, shrinking advertising budgets and inflation -- tech companies' pandemic-era booms have now tipped into a downturn.
Microsoft and Facebook-owner Meta both cited the harm to their business from a strong dollar, with the social media giant pointing to the greenback's role in the firm's first year-on-year revenue decline since going public in 2012.
In addition to the generally bumpy economic times, firms such as Netflix and Meta are fighting fierce competition from rivals -- and both reported losing some ground.
Meta lost about two million monthly users between quarters, and Netflix shed nearly a million paying customers, which was less than expected.
Yet Netflix stock is up about a percent in the past five days, with investors potentially hopeful after the firm projected a coming rebound in subscribers.
Markets seemed similarly assuaged despite Google parent Alphabet missing on revenue and profit.
The Silicon Valley giant's bad news was not unexpected, as the flow of online ad dollars that fuels the company's fortunes has slowed as inflation, war and other troubles vex the overall economy.
"Still, with its tremendous market share in search advertising, Google is relatively well positioned to weather the rough waters that lie ahead," said analyst Evelyn Mitchell.
As advertisers have tightened their belts, and Apple's privacy changes have bitten into firms' sales of costly but highly targeted ads, the damage was uneven.
Meta's income has taken a beating, and with a share price that has lost about half its value since February, it's clear that investors are still wary about the company's future.
Analysts noted Meta's reported 14 percent drop in average price per ad was a steep change coming on top of the first quarter, when ad prices dipped 8 percent.
"The good news, if we can call it that, is that its competitors in digital advertising are also experiencing a slowdown," said analyst Debra Aho Williamson.
Snapchat's parent firm, for example, reported that its loss in the recently ended quarter nearly tripled to $422 million despite revenue increasing 13 percent under conditions "more challenging" than expected.
"We are not satisfied with the results we are delivering, regardless of the current headwinds," California-based Snap said in a letter to investors last week.
L.Peeters--CPN