Thursday, May 26News That Matters
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Tag: Quarterly

Chinese streaming and mobile gaming company releases rap video with quarterly results

Finance
People visit the video platform Bilibili stand during the 2020 China Digital Entertainment Expo & Conference (ChinaJoy) at Shanghai New International Expo Center on July 31, 2020 in Shanghai, China.Zhou You | Visual China Group | Getty ImagesBEIJING — One of the most popular video and gaming apps among China's youth, Bilibili, decided to illustrate its quarterly earnings report on Thursday in a rather unconventional way with the release of a rap music video.The Nasdaq-listed company is one of the fastest growing apps in China. After the earnings report, Bilibili's shares rose more than 6% in extended trading Thursday.With what looks like a plush white TV cartoon "head" — in the style of the American DJ Marshmello — the lead performer prances about a futuristic, space station-like capsu...
UK quarterly borrowing hits record high

UK quarterly borrowing hits record high

Business
The UK government borrowed a record £127.9bn between April and June as tackling the coronavirus pandemic took its toll on the public finances.The figure - the difference between spending and tax income - was more than double the £55.4bn borrowed in the whole of the previous tax year. However, borrowing in June was lower than in May at £35.5bn.The re-opening of more retailers and other firms saw a drop in furlough scheme spending and a rise in tax take.Nevertheless, June's borrowing figure was still the third highest monthly total since records began in 1993 and about five times more than the same month last year. The figure took total government debt to a record £1.98 trillion.Where do governments go when they need money? The director of the Institute fo...
Economy endures ‘largest quarterly fall since 1979’

Economy endures ‘largest quarterly fall since 1979’

Business
The UK economy contracted at a sharper rate than initially thought in the first quarter of the year as the coronavirus crisis gathered speed, according to official figures.An update from the Office for National Statistics (ONS) covering the first three months of 2020 showed gross domestic product (GDP) fell by 2.2% compared with the previous quarter. It had previously given an initial reading of 2%. ...
Amazon quarterly profits more than double to $3.6bn

Amazon quarterly profits more than double to $3.6bn

Business
By John-Paul Ford Rojas, business reporter Amazon more than doubled profits in the first quarter thanks to soaring demand for cloud computing and ad services - but forecast a more muted performance for the current period.The online retail giant reported a net income of $ 3.6bn, up from $ 1.6bn in the same period last year, as revenues rose 17% to $ 59.7bn. But its outlook for profits and sales in the second quarter fell short of analysts' expectations. Shares climbed about 1% in after-hours trading on Wall Street.Amazon's online retail sales of $ 29.5bn were up by 10% on the same period last year but it saw greater growth in revenues from third-party merchants paying to sell and advertise through its platform.Revenue from seller services rose 20% to $ 11.1bn w...
IHG quarterly room revenue growth accelerates on China demand

IHG quarterly room revenue growth accelerates on China demand

Finance
InterContinental Hotels Group Plc's (IHG) second-quarter room revenue growth accelerated, helped by higher demand in China, it said on Tuesday. Revenue per available room (RevPAR) rose 3.7 percent in the three months to June 30, higher than the 3.5 percent growth in first quarter and 1.5 percent a year earlier. "We've had a really strong start to the year," IHG Chief Executive Keith Barr told CNBC's "Squawk Box Europe" on Tuesday. "The number of hotel rooms we've opened up around the world is up 4.1 percent," he said, adding that underlying profit was up 8 percent and earnings per share was up 25 percent, enabling the company ...