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Tag Archives: quarterly
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Intel slashes wages, bonuses after disastrous quarterly results
Intel shocked employees Tuesday evening with word that it is sharply cutting employee compensation after reporting miserable financial results last week.
The chipmaker said it will slash base pay for employees above its midlevel ranks by at least 5% effective March 1, according to employees who heard the company’s announcement. Vice presidents will take a 10% cut, more senior executives will have a 15% haircut, and CEO Pat Gelsinger will get a 25% reduction in his base pay.
Hourly employees aren’t getting a pay cut and annual bonuses will remain. But Intel is cutting other incentives for all employees effective immediately.
It has suspended merit raises for all employees, suspended quarterly profit-sharing bonuses and employee recognition programs, and cut 401(k) retirement plan matching payments by half, to 2.5%.
“These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy,” Intel spokesperson Will Moss said in a written statement. “We are grateful to our employees for their commitment to Intel and patience during this time as we know these changes are not easy.”
The website SemiAnalysis first reported Intel’s pay cuts, which follow on the heels of layoffs Intel announced last fall. Intel hasn’t disclosed how many people lost their jobs in Oregon, its largest site, but the company reported more than 500 layoffs in California.
The chipmaker sought to eliminate $3 billion in spending amid a steep fall in microprocessor demand from PC manufacturers and data center operators during 2022.
Intel’s outlook has continued to darken. The company reported Thursday that sales were down 32% last quarter, and it expects a 40% drop in revenue this quarter compared to the same period a year ago.
“We realize that we stumbled, we lost (market) share, we lost momentum,” Gelsinger told Wall Street analysts last week. But he indicated that Intel believes the worst is over: “We feel that stabilized this year.”
Investment analysts have warned that Intel’s “atrocious” financial results might prompt the company to reduce its quarterly dividend, which could trigger a major selloff in the stock.
Cutting employee compensation could help shore up Intel’s finances without more layoffs, but it could also push workers to leave the company for new jobs. Stock-based compensation represents an important portion of Intel’s total pay package, and workers had already been contending with a sharp decline in Intel’s share price.
Intel shares closed Tuesday at $28.26, a little more than half as valuable as they were last spring.
Tuesday’s news is also certain to devastate morale.
Employees said Gelsinger delivered the message in a somber, companywide address Tuesday evening. They said he sought to rally employees by referencing hard times Intel endured during the 1980s, before it emerged as the world’s dominant chipmaker. He suggested the cuts could be reversed if Intel’s fortunes improve.
Intel lost the pole position in the industry over the past few years after a succession of manufacturing stumbles, and it’s far from clear whether Gelsinger can engineer another comeback. The company has committed to spend billions of dollars on new factories in Arizona, Ohio and Europe and says it has picked up its pace for introducing new generations of its chip technologies.
But rival Taiwan Semiconductor Manufacturing Co. continues to make its own advances, and many other chip companies, among them AMD and NVIDIA, contract with TSMC to make their chips. That has enabled them to take market share from Intel even as the broader market cools.
Intel didn’t say how many workers qualify for the pay cuts, but Intel’s compensation structure is weighted heavily toward its upper ranks. The reductions will have a profound impact in Oregon, home to Intel’s most advanced research and more than 20,000 employees.
In a rough calculation, state economist Josh Lehner estimated Intel’s pay cuts could reduce Oregon’s aggregate wages by $150 million to $200 million – about 0.15% of all wages statewide.
— Mike Rogoway | mrogoway@oregonian.com | 503-294-7699
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Tesla reports record quarterly deliveries but misses estimates
Jan 2 (Reuters) – Tesla Inc (TSLA.O) on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession.
The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company had delivered 308,600 vehicles in the same period a year earlier.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs) compared with 17,147 Model X and Model S luxury cars.
In total, Tesla made 439,701 cars in the fourth quarter.
As logistical bottlenecks persisted – an issue CEO Elon Musk had said in October he was working to resolve – Tesla’s fourth quarter deliveries fell about 34,000 vehicles short of production.
In the third quarter, the company deliveries were about 22,000 units fewer than production.
Delivering fewer cars than it makes has been rare for the automaker, which in previous quarters delivered more or similar numbers to the vehicles produced.
Among other headwinds for Tesla, analysts have cited demand weakness in the world’s top auto market China, as well as stiff competition from legacy automakers such as Ford Motor Co (F.N), General Motors Co (GM.N) and startups such as Rivian Automotive (RIVN.O) and Lucid Group (LCID.O).
Tesla plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began this month into next year, according to a Reuters report, based on a review of an internal schedule.
Tesla’s stock, which did not trade on Monday due to a New Year holiday, fell 65% in 2022, its worst year since going public in 2010. Analysts and retail shareholders feared demand issues stemming from an uncertain economy would dent the company’s target to grow deliveries by 50% annually.
“This was a disappointing delivery number and the bulls will not be happy,” said Wedbush Securities analyst Daniel Ives.
Tesla said in a separate statement that it plans to host its Investor Day on March 1 and livestream the event from its Gigafactory in Texas when it will discuss longterm plans for expansion and capital allocation.
The automaker also hinted at a “generation 3” platform to show its investors on Investor Day. Musk said in October that Tesla was working on a “next-generation vehicle” which will be cheaper and smaller than the Model 3 and Model Y cars.
(This story has been refiled to remove New York dateline)
Reporting by Akash Sriram and Baranjot Kaur in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Sriraj Kalluvila, Matthew Lewis, Howard Goller and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles.
BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings
Shares of BP are up over 45% year-to-date.
Sopa Images | Lightrocket | Getty Images
Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits, supported by high commodity prices and robust gas marketing and trading.
The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion.
Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.
BP announced another $2.5 billion in share repurchases and said net debt had been reduced to $22 billion, down from $22.8 billion in the second quarter.
It reported a net loss for the quarter of $2.2 billion, compared with a profit of $9.3 billion in the previous quarter. BP said this third-quarter result included inventory holding losses net of tax of $2.2 billion and a charge for adjusting items net of tax of $8.1 billion.
The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
Combined with BP, oil majors Shell, TotalEnergies, Exxon and Chevron have posted third-quarter profits totaling nearly $50 billion.
This has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world.
U.S. President Joe Biden on Monday called on oil majors to stop “war profiteering” and threatened to pursue higher taxes if industry giants did not work to cut gas prices.
Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment.
“This quarter’s results reflect us continuing to perform while transforming,” BP CEO Bernard Looney said in a statement.
“We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today – while at the same time – investing to accelerate the energy transition,” Looney said.
Shares of London-listed BP rose nearly 1% during morning deals. The firm’s stock price is up over 45% year-to-date.
Windfall tax ‘now a necessity’
Environmental campaign groups said BP’s third-quarter results underscored the need for a windfall tax, describing the results as “a slap in the face” for the millions of Britons facing a deepening cost-of-living crisis.
“The case for a bigger, bolder windfall tax is now overwhelming,” said Sana Yusuf, energy campaigner at Friends of the Earth. “This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.”
“Some of the billions of pounds raised should be used to pay for a street-by-street, home insulation programme to cut energy bills and reduce emissions,” Yusuf said.
The burning of fossil fuels, such as coal, oil and gas, is the chief driver of the climate crisis.
“A proper windfall tax on the profits of big polluters is no longer a far cry, it is now a necessity,” said Jonathan Noronha-Gant, senior fossil fuels campaigner at Global Witness.
“But the new U.K. Government must also urgently put us on track for a rapid transition away from dirty fossil fuels and onto renewables and decent home insulation, so we can fix this broken energy system once and for all.”
Our job is to ‘pay our taxes’
Speaking at the ADIPEC conference in the United Arab Emirates on Monday, BP CEO Bernard Looney said on a panel moderated by CNBC that he understood the public scrutiny on oil majors’ record profits, but sought to defend the firm’s record when it comes to investing and paying taxes.
“We are facing a very difficult winter ahead in the U.K., in Europe and right across the world,” Looney said.
“Our job is to pay our taxes; our job is to invest. We just announced a $4 billion acquisition in the United States just last week in renewable natural gas so that’s what our job is to do. We will continue to do that and do the very best that we can,” he added.
Oil giant Shell reveals plans to hike dividend as quarterly double
The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.
Bloomberg | Bloomberg | Getty Images
British oil major Shell on Thursday reported that quarterly profits more than doubled from the same period last year, but lower refining and trading revenues brought an end to its run of record earnings.
Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022.
The oil giant said it planned to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023. It also announced a new share buyback program, which is set to result in an additional $4 billion of distributions and is expected to be completed by its next earnings release.
Shares of Shell rose 3% during morning deals in London. The firm’s stock price is up over 42% year-to-date.
The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
It has coincided with calls for higher taxes on the bumper profits of Britain’s biggest oil and gas companies, particularly at a time when the country faces a deepening cost-of-living crisis.
Shell warned in an update earlier this month that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.
On Thursday, the company said a recovery in global product supply had contributed to lower refining margins in the third quarter, and gas trading earnings had also fallen.
“The trading and optimisation contributions were mainly impacted by a combination of seasonality and supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market,” Shell said in its earnings release.
What about renewable investments?
Shell CEO Ben van Beurden said in a statement that the firm’s “robust” results come at a time of ongoing energy market volatility.
“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,” he added.
In the first nine months of the year, Shell’s investments in its “Renewables & Energy Solutions” sector came to around $2.4 million, roughly 14% of its total cash capital expenditures of $17.5 million.
Notably, Follow This founder Mark van Baal said Shell’s renewables and energy solutions investments include natural gas, a fossil fuel.
“You can’t claim to be in transition if less than 14% of your investments is going to new, renewable energy businesses and at least 86% of your investments remain tied to old, fossil fuel businesses,” van Baal said.
“Without presenting a clear breakdown, it remains unclear how much Shell actually invests in renewable energy.”
Van Baal added, “We still don’t see Shell using this once in a lifetime opportunity to invest in diversification to ensure the long-term future of the company.”
Change in leadership
The group’s results come soon after it was announced CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.
Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1.
A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell.
“I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition,” Sawan said in a statement on Sept. 15, adding that it was an honor to follow van Beurden’s leadership.
“We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.”
Chinese EV giant BYD flags huge jump in quarterly profit, shares surge
Oct 18 (Reuters) – BYD Co (002594.SZ), China’s biggest electric car maker, said third-quarter net profit likely more than quadrupled due to robust sales and a better product mix, sending its shares surging.
It estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier.
BYD’s Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%.
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The company, which is 19% owned by Warren Buffett’s Berkshire Hathaway (BRKa.N), said in a filing late on Monday that improved cost controls had also contributed to the jump in earnings.
Government incentives have helped sales of electric vehicles surge in the world’s biggest auto market.
BYD’s combined sales of pure electric and hybrid plug-in vehicles increased 250% in the first nine months, easily outpacing a 110% rise for the overall EV segment.
($1 = 7.1993 Chinese yuan)
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Reporting by Zhang Yan and Brenda Goh; Editing by Edwina Gibbs
Our Standards: The Thomson Reuters Trust Principles.
Peloton’s Quarterly Loss Tops $1.2 Billion
Peloton Interactive Inc.,
PTON -19.32%
racing to save itself, will reject some of the most fundamental aspects of its decade-old business model.
The once-hot maker of connected fitness equipment posted losses of more than $1.2 billion in the most recent quarter as revenue plunged and the company warned it would spend more cash than it brings in for several more months. Peloton lost $2.8 billion in the year ended June 30, compared with a $189 million loss in the prior year.
Losses come as demand for Peloton’s bikes and treadmills has plunged and the company’s count of people who subscribe to its fitness classes stagnated after growing fourfold since early 2020. The company had about 3 million subscribers to its connected fitness offering at the end of the June quarter.
Peloton CEO Barry McCarthy aims to make Peloton primarily a subscription-based company.
Photo:
Kevin Dietsch/Getty Images
Peloton shares were down nearly 20% in morning trading, as the company posted steeper losses and weaker revenue than analysts had projected. Through Wednesday’s close, its share price was down 88% from a year ago.
“The naysayers will look at our [fourth-quarter] financial performance and see a melting pot of declining revenue, negative gross margin, and deeper operating losses. They will say these threaten the viability of the business,” Chief Executive
Barry McCarthy
said in a letter to shareholders. “But what I see is significant progress driving our comeback and Peloton’s long-term resilience.”
Peloton has long sought out an affluent base of customers with stationary bikes that cost up to $2,500, and has worked to ensure only owners of its equipment are able to connect to its popular workout classes.
Mr. McCarthy, who took over in February, said the company also will court more frugal customers and make its workout classes, often accessed through screens on Peloton equipment, compatible with competitors’ exercise products.
He said the company is also trying to bring more people in through selling equipment and clothes through Amazon.com Inc.’s e-commerce platform to letting people rent bikes through a subscription. Peloton historically has offered two subscription options, one in which courses connect to bikes and treadmills and cheaper options in which classes aren’t connected.
“You never know which initiative is going to get us where we want to go, but I am confident of the cumulative effect,” Mr. McCarthy said in a call with analysts.
The efforts come as Peloton’s finances deteriorate.
Revenue for the June quarter fell to $679 million, a nearly 30% drop from a year ago as declining exercise equipment sales more than offset higher revenue from subscriptions.
Efforts to restructure the company contributed to it burning through $412 million in cash in the latest quarter, after going through $650 million in each of the prior two periods. It ended June with $1.25 billion in cash reserves and a $500 million credit line.
Peloton is taking steps to shore up its finances, from sweeping layoffs to outsourcing manufacturing of its fitness equipment. The company said earlier this month it would cut around 800 jobs in an effort to reduce costs, after announcing in February it would lay off about 2,800 workers. Executives said cost-cutting aims to ensure the company maintains at least $1 billion in available cash.
One of the pandemic’s biggest winners, Peloton has struggled to adapt as Americans revert to prepandemic habits and tighten spending amid inflation near its highest level in decades. Americans are spending less on in-home fitness, from sales of equipment to connected workouts, as they return in droves to gyms and become increasingly cautious about spending available cash amid economic uncertainty.
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Mr. McCarthy’s predecessor, Peloton co-founder
John Foley,
spent hundreds of millions of dollars to expand the company’s manufacturing and supply, betting that demand would hold as the pandemic waned. Along with replacing Mr. Foley, the company earlier this year made changes to its board and said it would cancel plans for a $400 million factory in Ohio.
For the first time, in the most recent quarter, Peloton’s subscription revenues were greater than equipment sales. Mr. McCarthy, who previously worked at
Spotify Technology SA
and
Netflix Inc.
, aims to make Peloton primarily a subscription-based company. Subscriber revenue for the quarter was $383 million; equipment sales were $296 million.
Peloton’s subscriber count rose by just 4,000 in the quarter ended June 30 and the company predicts that the total number of subscribers will remain flat in the current quarter.
It is a big change from the start of 2021, when Peloton’s quarterly revenue peaked at $1.2 billion, and exercise equipment comprised more than 80% of sales.
The company said it expects total revenue between $625 million and $650 million for the current quarter, which ends Sept. 30.
Mr. McCarthy, in his investor letter, likened Peloton to a dangerously tipping cargo ship he was aboard as a high-schooler when the crew managed a dramatic recovery.
“Peloton is like that cargo ship,” he said. “We’ve sounded the alarm for general quarters. Everyone’s at their station.”
Write to Sharon Terlep at sharon.terlep@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
SoftBank Reports Record $23 Billion Quarterly Loss as Tech Downturn Hits
TOKYO—Japanese technology investor
SoftBank
9984 0.74%
Group Corp. on Monday reported a record quarterly loss of more than $23 billion after its Vision Fund investments suffered from the global selloff in technology shares.
The April-June loss was about 1½ times the previous record set just three months earlier in the January-March quarter.
The weak results reflect the fall in technology shares around the globe recently, sparked by interest-rate increases and China’s crackdown on tech companies.
Shares of
Uber
Technologies Inc. and
DoorDash Inc.,
two U.S. companies in which SoftBank has invested, fell more than 40% during the April-June quarter. SoftBank said its Vision Fund 1 has fully exited its position in Uber.
SoftBank rushed to plow its money into tech startups last year, seeing new opportunities in businesses such as finance and health that were changing in the pandemic era. Chief Executive
Masayoshi Son
and his team invested $38 billion from SoftBank’s Vision Fund 2 into 183 companies last year, according to SoftBank’s filings.
On Monday, Mr. Son said he got overexcited during the period when tech valuations were booming. “When we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful,” he said.
In May, as the losses from those investments began to emerge, Mr. Son said he was switching to a defensive policy.
He said Monday that SoftBank’s Vision Funds approved about $600 million in investments in the April-June quarter, down from a peak of $20.6 billion in the same quarter a year earlier. He said the caution would continue, even though the market’s decline may make some companies a bargain.
“Now seems like the perfect time to invest when the stock market is down so much, and I have the urge to do so, but if I act on it, we could suffer a blow that would be irreversible, and that is unacceptable,” he said.
SoftBank said it turned some of its older investments into cash to shore up its finances. It said it raised $10.49 billion using its shares in Chinese e-commerce company
Alibaba
Group Holding Ltd. SoftBank used what it calls prepaid forward contracts, in which it gets cash upfront from its lenders and promises to settle the contract later either with cash or with Alibaba shares.
SoftBank reports its results in yen. The net loss in the April-June quarter was ¥3.16 trillion, equivalent to $23.4 billion at the current exchange rate. That compares with a net loss of ¥2.1 trillion in the January-March quarter. For SoftBank’s full fiscal year ended March 31, it reported a loss of ¥1.71 trillion, a record annual figure, equivalent to $12.7 billion at the current rate.
SoftBank’s shares have been steady recently and rose 0.7% on Monday in Tokyo trading, which ended before the release of the results.
Write to Megumi Fujikawa at megumi.fujikawa@wsj.com
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AMC declares special dividend, posts quarterly loss
AMC Entertainment CEO and president Adam Aron tells ‘The Claman Countdown’ theater attendance is up 15% from pre-pandemic levels.
AMC Entertainment Holdings posted a bigger-than-expected loss as costs surged nearly 60% in the second quarter.
The company also said it will pay a special dividend in the form of preferred shares.
Shares of the once popular meme stock are 7% lower in premarket trading as the move raised concerns of a possible equity dilution.
AMC’s preferred shares could be converted to common stock if investors approve of the move.
AMC CEO: MOVIEGOERS SPENDING DESPITE INFLATION
Photo shows AMC Empire 25 theatre in Times Square in New York. (Photo by Evan Agostini/Invision/AP, File / AP Newsroom)
The company will give one preferred share for every AMC common stock held.
AMC is planning to list about 517 million preferred shares on the New York Stock Exchange under the symbol “APE”.
AMC CEO Adam Aron. (Fox News / Fox News)
“This new AMC Preferred Equity gives AMC a currency that can be used in the future to strengthen our balance sheet, including by paying down debt or raising fresh equity,” Chief Executive Adam Aron said.
AMC REVENUE QUINTUPLES AS MOVIEGOERS RETURN TO THEATERS
Quarterly revenue rose to $1.17 billion, edging past estimate of $1.16 billion, while net loss of 24 cents per share was bigger than market expectation of 21 cents, according to Refinitiv data.
The box office at the AMC Lincoln Square 13 movie theater in New York. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 18.67 | +0.46 | +2.52% |
AMC’s market value had skyrocketed last year in a retail investor driven rally, helping it raise billions of dollars in equity capital even at the cost of investor concern of an erosion in the value of its stock.
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During the peak of the coronavirus pandemic, AMC faced heavy losses as restrictions forced theaters to shut again.
Reuters contributed to this report.