The US Stock market posted significant major gains on Thursday’s session in expectations of the final voting on the $1.2 trillion infrastructure bill that could happen by Saturday according to Reuters.
Additionally, a number of listed companies including AIG, Dropbox, Novavax, Uber and Virgin Galactic have continued to report their second-quarter financial results.
The Dow Jones surged 0.78% or 271 points at the close, the Nasdaq 100 rose 0.65% while the S&P 500 increased by 0.60%.
Also Read; US Markets Earnings Report
US Stock Market Earnings
Uber Earnings
American ride-hailing company Uber Technologies on Wednesday reported that its revenue doubled to $3.93 billion in the second quarter of 2021 with a net income of $1.14 billion.
Gross Bookings grew 114% year-over-year to $21.9 billion with Mobility Gross Bookings of $8.6 billion (+184%) and Delivery Gross Bookings of $12.9 billion (+85%).
“In Q2 we invested in recovery by investing in drivers and we made strong progress, with monthly active drivers and couriers in the US increasing by nearly 420,000 from February to July,” said Dara Khosrowshahi, CEO.
Dropbox Q2
File hosting service Dropbox reported its financial results for the second quarter of 2021 on Thursday, marking a 13.5% increase in revenue to a total of $530.6 million. Net income skyrocketed by 402% and reached $88 million from the $17.5 million recorded in the second quarter of 2020.
The number of paying users grew by 7.8% from 14.96 million at the end of last year’s second quarter to 16.14 million people this year, increasing the average revenue per user by 4.9% to $133.15.
Booking Holdings
Booking Holdings Inc. announced its revenue in the second quarter of 2021 grew by a massive 852% to $22 billion. However, the company registered a net loss of $167 million, as opposed to the net income of $122 million observed in the second trimester of 2020.
“We remain focused on strengthening our core accommodation business and driving benefits to our travelers and our accommodation supply partners alike,” Booking Holdings Chief Executive Officer (CEO) Glenn Fogel commented.
Virgin Galactic
Virgin Galactic Holdings Inc. reported on Thursday that its net loss amounted to $94 million in the three months ending with June 30, 2021, jumping 31% from the same trimester last year, while revenue hit $571,000. Operating loss grew 17% year on year to $74 million in the second trimester.
The company revealed “that the next rocket-powered spaceflight, Unity 23, is targeted to occur in late-September from Spaceport America in New Mexico.”
Adidas’ Q2
Adidas AG said on Thursday that its net sales in the second quarter of 2021 rose by 51.5% to €5.08 billion compared to the same period a year ago.
Net income from continuing operations reached €387 million while diluted earnings per share (EPS) from continuing operations soared to €1.93 from a €1.13 loss registered in the second quarter of 2020.
Moderna’s Q2
Moderna Inc. unveiled on Thursday that its revenue for the second quarter of its fiscal year climbed to $4.4 billion, eclipsing the $67 million it had for the same period last year.
At the same time, the company’s net income stood at $2.8 billion surging from last year’s net loss of $117 million.
Huawei H1
Huawei Technologies on Friday said that its revenue in the first half of 2021 dropped nearly 30% to $49.6 billion as a result of the US blacklisting of the company.
Rotating chairman Eric Xu said that Huawei’s goal is to “survive” in face of the substantial challenges posed by the US campaign against the Chinese company. “We are confident that our carrier and enterprise businesses will continue to achieve steady growth,” he underlined in a statement.
Huawei was placed on a US trade blacklist in 2019 after the administration of former President Donald Trump concluded the company poses a “national security risk.”
READ; US Allows Companies to Work with Huawei on 5G Standards
