logo
India's Vodafone Idea posts smaller-than-expected loss as price hikes help

India's Vodafone Idea posts smaller-than-expected loss as price hikes help

Reuters9 hours ago
Aug 14 (Reuters) - India's Vodafone Idea (VODA.NS), opens new tab reported a smaller-than-expected first-quarter loss on Thursday, as lingering benefits of the previous year's price hikes outweighed the drag from a shrinking subscriber base.
The debt-saddled telecom operator's consolidated loss after tax widened to 66.08 billion rupees ($754.49 million) in the quarter ended June 30, from a loss of 64.32 billion rupees a year earlier.
Analysts on average were expecting a loss of 70 billion rupees, according to data compiled by LSEG.
($1 = 87.5820 Indian rupees)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Forestry giant Copec's profits dip even as revenues beat forecasts
Forestry giant Copec's profits dip even as revenues beat forecasts

Reuters

time20 minutes ago

  • Reuters

Forestry giant Copec's profits dip even as revenues beat forecasts

Aug 14 (Reuters) - Chilean industrial conglomerate Empresas Copec ( opens new tab on Thursday posted an 21% drop in second quarter profit, landing at $228 million, from revenues that edged down 1% to $7.18 billion. Revenues for the firm, which owns a large forestry business as well as fuel distribution, mining and fishing operations, nevertheless landed comfortably ahead of those expected by analysts polled by LSEG, who had forecast just $6.84 billion. Profits landed in line with their estimates.

Banco do Brasil's adjusted net profit falls 60% in second quarter
Banco do Brasil's adjusted net profit falls 60% in second quarter

Reuters

time20 minutes ago

  • Reuters

Banco do Brasil's adjusted net profit falls 60% in second quarter

SAO PAULO, Aug 14 (Reuters) - Brazilian state-run lender Banco do Brasil ( opens new tab posted on Thursday a net adjusted profit of 3.8 billion reais ($702.4 million) for the second quarter, down 60.2% from a year earlier and below the 5 billion reais expected in an LSEG poll. The lender also said it expects adjusted net profit for the year to reach between 21 billion reais and 25 billion reais, after it had placed a previous estimate under review in May. ($1 = 5.4101 reais)

Wall Street ends flat, but S&P hits another closing high as rate-cut bets waver
Wall Street ends flat, but S&P hits another closing high as rate-cut bets waver

Reuters

time2 hours ago

  • Reuters

Wall Street ends flat, but S&P hits another closing high as rate-cut bets waver

NEW YORK, Aug 14 (Reuters) - Wall Street's main indexes were mixed on Thursday with S&P 500 edging up to a closing high, while Dow Jones and Nasdaq were flat, after a hotter-than-expected producer prices report dampened expectations of potential interest-rate cuts. A Labor Department report showed producer prices increased the most in three years in July due to a surge in the costs of goods and services, suggesting a broad pickup in inflation was imminent. Traders trimmed their Fed rate-cut expectations for the rest of the year to about 56.7 basis points, according to data compiled by LSEG, compared with around 63 bps before the report. But they are still fully pricing in a quarter-percentage-point cut in September. "The implication is that the Fed is going to offer a 25-(basis point) cut in September. But it will be a hawkish cut. It's way too early still for the Fed to wish to guide the market towards an extended easing cycle," said Thierry Wizman, global FX and rates strategist at Macquarie Group. "The next important thing will be the Expenditures Price Index later this month. If there are signals that there's inflation broadly in services, the market will take that adversely." A separate report on Thursday showed the number of Americans filing new applications for jobless benefits fell last week. According to preliminary data, the S&P 500 (.SPX), opens new tab gained 1.69 points, or 0.03%, to end at 6,468.27 points, while the Nasdaq Composite (.IXIC), opens new tab lost 1.80 points, or 0.01%, to 21,711.34. The Dow Jones Industrial Average (.DJI), opens new tab fell 19.70 points, or 0.04%, to 44,902.57. Recent data reflecting labor market weakness and a moderate rise in consumer prices had strengthened expectations that the central bank will potentially lower interest rates next month. However, Thursday's report fanned concerns that U.S. tariffs on imports could start to impact prices in the coming months and dampen a rally in U.S. stocks that had helped the benchmark S&P 500 (.SPX), opens new tab and tech-heavy Nasdaq (.IXIC), opens new tab log record highs over the past two sessions. "U.S. stocks are pricy," said Sam Stovall, chief investment strategist CFRA Research. The S&P 500 index is trading at a price-to-earnings ratio of 23 based on forward estimates, or a near-40% premium to its 20-year average, he said. The hotter-than-expected PPI report now has investors pulling petals from a daisy saying "They (the Fed) will cut rates, they won't cut rates," he added. St. Louis Fed President Alberto Musalem, a voting member on the Federal Open Market Committee this year, said a half-point rate cut at the Fed's September meeting is not warranted, a day after Treasury Secretary Scott Bessent said it was possible. Cisco Systems (CSCO.O), opens new tab declined after the network equipment manufacturer's broadly in-line forecast did little to encourage investors. Deere & Co (DE.N), opens new tab fell after the farm-equipment maker reported a lower quarterly profit and tightened its annual profit forecast, while Tapestry (TPR.N), opens new tab plunged after the Coach handbag maker forecast annual profit below estimates. Both companies warned of tariffs impacting their businesses. In geopolitics, focus will be on President Donald Trump's upcoming meeting with Russia's President Vladimir Putin as he seeks to achieve a halt to the Ukraine conflict.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store