Latest news with #profits
Bloomberg
3 hours ago
- Business
- Bloomberg
Televisa Beats Estimates as Cable Subscriber Disconnects Slow
Grupo Televisa SAB reported higher profits than analysts expected, as the company's improvements to its cable operations helped reduce churn. The Mexican media and entertainment company's net income in the quarter was 474.5 million pesos ($25.5 million). Revenue declined 6.3% year over year to 14.7 billion pesos in the three-month period ended June 30, falling short of expectations, partly due to declines in its multiple cable television systems.
Bloomberg
3 hours ago
- Business
- Bloomberg
SpaceX Braces for Musk Return to US Politics
On today's Bloomberg Businessweek Daily, Carol Massar and Tim Stenovec speak with Stuart Paul on the increasing pressure on Jerome Powell, as Trump pushes the Fed to cut rates. Then, Morgan Stanley's Head of US Policy Monica Guerra joins to talk the importance of an Independent Fed as well as Trump lowering tariffs against the Philippines to 19% following his meeting with President Marcos. Kenneth Shea outlines Coca-Cola launching a cane sugar option in the US come fall, and David Welch breaks down General Motors suffering a billion dollar hit to its profits due to tariffs. Max Chafkin drops in to detail SpaceX warning its investors that Elon Musk could return to US politics, and Sonali Basak previews her conversation with Carlyle Group CEO Harvey Schwartz on her new show 'Bullish.' (Source: Bloomberg)
Yahoo
7 hours ago
- Automotive
- Yahoo
General Motors profit takes a tariffs tumble
General Motors has reported a sharp drop in profits as it took a $1.1bn hit in Q2 due to the impact of trade tariffs. It said the net impact reflected 'minimal mitigation offsets'. Net income was down by over a third on last year at $1.9bn, despite higher global unit sales (Q2 2025 1.54m; Q2 2024 1.43m). Quarterly revenues for GM were reported at $47.1bn versus $48bn in the same quarter last year. Adjusted EBIT was down to $3bn from $4.4bn in Q2 last year. Adjusted EBIT margin was down to 6.4% from 9.3% last year. Q2 GAAP operating profit was reported at $2.1bn versus $3.9bn last year. CEO Mary Barra said in a letter to shareholders that GM 'positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape.' Barra highlighted $4 billion of new investment in GM's US assembly plants to add 300,000 units of capacity for high margin light-duty pickups, full-size SUVs and crossovers. 'The capacity begins coming online in just 18 months, after which we project building more than two million vehicles in the US each year as we scale,' she said. GM left its 2025 guidance unchanged and said the 2025 gross tariff impact is unchanged at $4-$5bn. However, it also said it is 'making solid progress to mitigate at least 30% of this impact through manufacturing adjustments, targeted cost initiatives, and consistent pricing.' "General Motors profit takes a tariffs tumble" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Reuters
7 hours ago
- Business
- Reuters
Law firm Linklaters says US growth fueled record year
July 22 (Reuters) - Linklaters saw a surge in U.S. profits last year, the London-founded law firm said on Tuesday, boosting its global revenue and profits to record highs as it worked to further expand its U.S. business. The firm reported an overall 14% increase in profit before tax to 1.08 billion pounds ($1.46 billion) in its financial year ending April 30. U.S. profits grew by 57%, the largest increase among Linklaters' core markets. Linklaters, which has about 3,000 lawyers globally, is among the large London law firms that have prioritized adding lawyers and winning work in the United States. The firm said it now has more than 50 U.S. partners in its New York and Washington, D.C. offices. Recent hires included a litigation team from Patterson Belknap Webb & Tyler and a finance group from A&O Shearman. Revenue grew by 11% overall to 2.32 billion pounds ($3.13 billion), including a 26% U.S. revenue increase over the prior year. Profit per equity partner jumped by 15% to reach 2.2 million pounds ($2.97 million). U.S. partners worked on some of the firm's large corporate deals, including representing Dow in its agreement in December to sell a 40% stake in some U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie Asset Management for $2.4 billion. ($1 = 0.7418 pounds)
Al Jazeera
8 hours ago
- Automotive
- Al Jazeera
General Motors reports a 35% profit drop as tariffs weigh on car industry
Auto giant General Motors has reported a 35 percent drop in second-quarter profits, including a $1.1bn hit from United States-imposed tariffs but confirmed its full-year forecast. GM's results released on Tuesday still topped analyst estimates, but the US carmaker cautioned that profits in the second half of 2025 would be lower than in the first. list of 4 items list 1 of 4 list 2 of 4 list 3 of 4 list 4 of 4 end of list The company pointed to sales growth in North America, where new and revamped trucks and sport utility vehicles sold briskly with solid pricing. GM was among the carmakers that benefitted from a surge in demand this spring from consumers who wanted to beat the US tariffs and their higher prices. Profits overall fell 35.4 percent to $1.9bn year-on-year while revenues dipped 1.8 percent to $47.1bn. The US imposed 25 percent tariffs on imported finished cars in early April, a move that affected major GM manufacturing operations in Mexico, Canada and South Korea. Car companies have also faced tariffs on imported steel, aluminium and auto parts. The tariff hit in the second quarter reflected that there were 'minimal mitigation offsets', GM said in a slide presentation. The Detroit, Michigan-based company's outlook for a weaker second half of 2025 reflects 'seasonally lower' volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit compared with just one in the first half of the year. GM expected annual operating income of $10bn to $12.5bn after notching $6.5bn in the first half of the year. Chief Financial Officer Paul Jacobson described the hit to profitability in the first quarter as 'the peak of the tariff impact for us', telling CNBC in an interview that mitigation efforts should enable a partial recovery in profit margins later in the year. Shifting manufacturing GM expected to mitigate 'at least' 30 percent of the tariff hit through 'manufacturing adjustments, targeted cost initiatives and consistent pricing', according to a slide. Jacobson said it would take 18 to 24 months to implement capital projects to adjust GM's manufacturing footprint. In June, GM announced spending of $4bn over two years to expand production at plants in Michigan, Kansas and Tennessee, making use of unused capacity in its home market as President Donald Trump's tariffs penalise imports of finished vehicles. The June announcement included steps to produce the Chevrolet Equinox and Chevrolet Blazer in the US. The two vehicles are currently assembled in Mexico. GM has so far not shifted manufacturing from South Korea, home to production for the Chevrolet Trax, a popular compact SUV that is priced affordably. Jacobson told CNBC the Trax has stayed profitable even with the hit from the tariff on imported autos. 'We haven't made any long-term decisions about Korea yet, mainly because there is a lot of uncertainty about that,' Jacobson said. Trump has set an August 1 deadline to reach broad trade deals with numerous countries, including South Korea, which faces a 25 percent tariff if there is no deal. 'We're optimistic that the US and Korea can find common ground,' Jacobson said. 'We know the auto industry is important to both sides in those conversations.' GM's stock tumbled on the lacklustre earnings report. It is down 6.6 percent for the day as of 11:30am in New York (15:30 GMT). GM's newly reported hit comes a day after carmaker Stellantis announced it expected a $2.7bn loss in the first six months of the year because of Trump's imposed tariffs. Stellantis, the owner of brands including Fiat and Jeep, will disclose its final results for the first half of the year on July 29. Stellantis stock is down 0.3 percent since the market opened on Tuesday and had increased more than 2.4 percent over the past five days. Source: News Agencies
