Volvo Cars experienced a significant increase in operating profit for the second quarter, leading to a surge in its shares. The core operating profit for the quarter reached 8.2 billion Swedish kronor, marking a 28% increase from the previous year. This performance was historic for the company, with the highest-ever figure recorded for an individual
Earnings
Taiwan Semiconductor Manufacturing Company (TSMC) exceeded revenue and profit expectations for the second quarter of the year. The company reported a revenue of 673.51 billion New Taiwan dollars (approximately $20.82 billion), surpassing the NT$657.58 billion expected by LSEG consensus estimates. Additionally, TSMC’s net income stood at NT$247.85 billion, outperforming the NT$238.8 billion LSEG SmartEstimate. This
Nokia, a Finnish telecom company, experienced a significant setback in its second-quarter operating profit. The company reported a 32% drop in operating profit, primarily attributed to weak demand for its 5G equipment. This led to a sharp decline in the firm’s Helsinki-listed stock, with an 8% decrease shortly after the market opened in London. The
The stock market has seen a significant uptrend since the last monthly meeting in June. With the current expectation of the Federal Reserve lowering interest rates, traders have been driving stocks to new highs. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite have all reached all-time highs. This optimism in the market has
Adidas recently announced an increase in its full-year 2024 earnings guidance, leading to a rise in its shares. The German sportswear company is now projecting an operating profit of around 1 billion euros, up from the previously expected 700 million euros. This positive outlook is based on better-than-expected preliminary results for the second quarter of
ASML, the Dutch semiconductor manufacturing equipment firm, has reported second-quarter earnings and sales that exceeded forecasts. The company’s net sales of 6.24 billion euros ($6.8 billion) surpassed the expected 6.03 billion euros, while net profit reached 1.58 billion euros compared to the anticipated 1.43 billion euros. Despite a 9.5% year-on-year decrease in net sales and
Bank of America reported second-quarter revenue and profit that exceeded expectations. The earnings per share came in at 83 cents, surpassing the 80 cents estimated by LSEG. The revenue also outperformed estimates, reaching $25.54 billion compared to the $25.22 billion expected figure. However, the profit did experience a 6.9% decline from the previous year, landing
Burberry, the iconic British luxury brand, faced a significant setback as shares plummeted by over 15% in early trading on Monday. The company issued a profit warning, announcing the possibility of an operating loss for the first half of the year and a full-year operating profit below expectations. Joshua Schulman, a former executive of Michael
On Friday, U.S. stocks saw a rebound after the S&P 500 recovered from its worst trading session in months. The market had been on a seven-day winning streak until Thursday when investors shifted their focus from Big Tech to smaller-cap stocks. This rotation caused many Club holdings, including Nvidia, to experience a 5% drop. However,
Citigroup recently released its second-quarter results, which exceeded expectations in terms of both profit and revenue. The company reported earnings of $1.52 a share, surpassing the anticipated $1.39 a share. Additionally, Citigroup’s revenue totaled $20.14 billion, slightly higher than the expected $20.07 billion. The bank’s net income rose by 10% compared to the previous year,