Exxon reports $610M Q1 Loss, first time in 32 years
Exxon Mobil reported a loss of $610 million in the first quarter of 2020 from a profit of $2.35 billion in the same period last year. This was the firm’s first quarterly loss in 32 years.
The company said oil‑equivalent production was at four million barrels per day, representing a marginal growth of 2% year on year. It noted it would cut 2020 capital spending by 30% and cash operating expenses by 15%, with Capex expected to hit $23 billion for the year, compared to an initial guidance of $33 billion.
Apple Q2
Apple Inc. last week reported earnings per share (EPS) of $2.55 for the second quarter of 2020, representing a growth of 4% from the same period a year ago.
Revenue rose by 1% YoY to $58.3 billion, driven by higher sales of wearables and services. On the other hand, iPhone revenue fell 7% to $29 billion mainly impacted by the COVID19 pandemic.
Amazon Q1
Amazon.com Inc. Q12020 revenue rose 26% to $75.5 billion. Operating cash flow rose 16% compared to the previous year to $39.7 billion, while free cash flow grew to $24.3 billion. The firm’s net income fell massively by 31% to $2.5 billion.
Amazon Web Services’ revenue rose 33% to $10.2 billion. Online stores’ revenue rose 25% to $36.7 billion while seller services revenue was up 31% to $14.5 billion. Subscription services sales grew 29% to $5.6 billion.
“From online shopping to AWS to Prime Video and Fire TV, the current crisis is demonstrating the adaptability and durability of Amazon’s business as never before, but it’s also the hardest time we’ve ever faced,” chief executive Jeff Bezos said in the press release, adding that the company is expected to make $4 billion in operating profit in Q2, which will be spent on “COVID-19-related expenses.”
