As the earnings season gets underway, market participants across the globe have begun to make a sense of how bad the pandemic will hit global corporates. Here are are the highlights of some global companies that have released their financial results.
Google parent firm Q1 2020 revenue rose by 13% to $41.16 billion. Operating income for the period was up 21% to $7.98 billion. Net income was up slightly (3%) to $6.84 billion.
Google search generated a revenue of $24.54 billion, up 9% on an annual basis. Youtube ad revenue increased 33% versus last year to $4.04 billion, while Google cloud made $2.78 billion, a 52% jumped year-on-year.
UK headquartered Barclays Bank announced results for the first quarter of 2020 with profit before tax falling by 38% to £913 million. Total income went up 20% to £6.3 billion with attributable profit falling 42% to £605 million while net operating income fell 13% to £4.2 billion.
Deutsche Bank group revenue was was flat at €6.4 billion with net profit declining 67% to €66 million, declining 67% year-on-year.
The German automaker has announced 8% revenue decline to €55.1 billion in Q1 2020 while operating profit fell by 81.4% to €0.9 billion. Earnings before tax fell 83% to €682 million.
Airbus SE on Wednesday reported Q1 net loss of €481 million while EBIT fell 49% to €281 million. Revenues for the period fell 15% to € 10.6 billion.
Samsung Electronics Q1 operating profit rose 3.44% with an operating income of ($5.2 billion). Sales for the period rose 5.6% with net profit falling 3.15%.
Ford Motor Q1 revenues declined by 15% to $34.3 billion. The firm posted a loss of $2 billion.
Starbucks total net revenues for Q2 declined by 5% to $6 billion. Net earnings for the period under review fell by more than 50% to $328.4 million. Operating income fell by 43% to $487.4 million.
Boeing said Q1 revenues fell 26% to $16.9 billion with a loss per share of $1.11. The firm reported a net loss of $641 million. The firm also announced plans to fire 10% of its workforce.
General Electric Q1 revenue declined by 8% to $20.5 billion mainly impacted by the current pandemic.
US Q1 GDP
Meanwhile, the United States Bureau of Economic Analysis said Q1 2020 GDP registered the sharpest fall since 2009 falling 4.8% due to the impact of Covid on the country’s economy.