- Pinterest Inc. revenue for Q1 2020 landed GREW 35$ to $272 million while its net loss deepened by 241% to $141 million from a net loss of $41.4 million posted in the same period last year.
- Walt Disney revenue for Q2 2020 rose by 20% to $18.01 billion. However, Parks, Experiences and Products revenues dropped 10% to $5.5 billion due to coronavirus closures. Its streaming service Disney+ had 33.5 million paid subscribers as at the end of March while Hulu subscriptions grew 27% to 32.1 million.
- BMW’s group net earnings for Q1 2020 fell 2.4% to €574 million while revenue for the period grew by 3.5% to €2.325 Billion. The carmaker lowered this year’s guidance citing the negative impact of COVID19 which has led to a decline in auto sales figures.
- Emirates Airlines, Qatar Airways & Air Arabia have announced plans to lay off a significant number of employees citing the negative impact of the virus
- Eurozone Purchasing Managers’ Index (PMI) fell by 54% to 13.6 in April from 29.7 recorded in March – IHS Markit
- UK PM Boris Johnson announced they would consider some lockdown easing measures from next week
- Uber Technologies has announced plans to lay off 3,700 employees cutting across customer support and recruiting teams (representing 14% of its 26,000 staff).
The Dow Jones, Nasdaq 100 and the S&P 500 on Wednesday opened higher as the US began a gradual reopening of businesses following weeks of lockdowns.
Meanwhile, US oil inventories rose by 4.6 million barrels from the previous week to reach 532.2 million barrels in the week ending May 1. Oil prices traded lower following the announcement that refineries are operated at 70.5% of their capacity last week.
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Economic and Fundamental Developments 05-05-2020
