Motorola Mobility posts loss
Motorola Mobility Holdings Inc, which makes cellphones and cable set-top boxes, reported a smaller loss in the latest quarter as phone shipments rose by a quarter from a year ago. Motorola Mobility on Thursday said it had a net loss of US$32 million, or US$0.11 per share, in the third quarter, which ended Oct. 1. That compares with a loss of US$34 million a year ago, when the company was still part of Motorola Inc. Motorola split into two companies in January. Excluding one-time items, the company earned US$0.12 per share, double what analysts polled by FactSet expected. Revenue rose 11 percent to US$3.3 billion, slightly lower than analyst estimates. The bulk of this came from phone revenue, which rose 20 percent to US$2.4 billion.
All Nippon profit up 72%
All Nippon Airways yesterday said its first-half interim net profit jumped 72.1 percent as brisk international services offset the impact of the March 11 disaster on domestic flights. The Japanese carrier, which operated the maiden commercial flight of Boeing’s 787 Dreamliner earlier this week, said group net profit in the April-to-September period was ￥22.9 billion (US$302 million), up from ￥13.3 billion for the same period last year. First-half revenue rose 3 percent from a year earlier to ￥704.8 billion, while operating profit fell 11.8 percent to ￥50.1 billion, it said.
Baidu sees strong Q4
Top Chinese search engine Baidu Inc forecast strong sales that topped Wall Street estimates, after reporting robust quarterly earnings, shrugging off concerns that a weak economy could hit advertisers. Baidu said it expects fourth-quarter revenue of US$691.4 million to US$711.0 million, above analysts’ forecasts of US$649.5 million according to Thomson Reuters I/B/E/S.
For the third quarter, Baidu reported net income of US$295 million, or US$0.84 per share. On an adjusted basis, the company earned US$0.86 a share. Total revenue rose 85 percent to US$654.7 million, above its own forecast of US$611.1 million to US$626.6 million.
Soaring crude boosts Total
French oil company Total yesterday said soaring crude prices boosted its third-quarter profits despite a weak dollar. It saw its net profit rise to 3.3 billion euros (US$4.6 billion) in the third quarter, up 17 percent from the same period last year. Revenue was 46.2 billion euros in July to September, up from 40.2 billion euros last year. Total said it was expecting its solid growth to continue, thanks to the start of production in a new Pazflor offshore field in Angola and several new discoveries in the quarter.
AMD shares rise on forecast
Advanced Micro Devices Inc’s (AMD) shares rose in extended trading on Thursday after the chipmaker forecast sales that may top some analysts’ estimates, citing laptop demand in emerging markets. Revenue in the current period will increase as much as 5 percent from the third quarter, AMD said in a statement on Thursday. That indicates sales as high as US$1.77 billion. Analysts on average had projected US$1.71 billion, according to Bloomberg data. Third-quarter net income was US$97 million, or US$0.13 a share, compared with a loss of US$118 million, or US$0.17, a year earlier. Sales were US$1.69 billion, 4.4 percent higher than a year earlier and up 7.4 percent from the prior period, AMD said.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is