Meituan’s third-quarter sales rise as antitrust clouds gather over China’s internet giants



The logo of Meituan is seen on insulated boxes fastened on its food delivery couriers’ motorcycles in the central business district of Beijing. Photo: Reuters


© REUTERS
The logo of Meituan is seen on insulated boxes fastened on its food delivery couriers’ motorcycles in the central business district of Beijing. Photo: Reuters

Meituan, operator of China’s largest e-commerce platform for services, expects “reinforced regulation” to promote more innovation and balance of interests in China’s internet industry, following Beijing’s release of a draft antitrust guideline in November.

“We think the new antitrust consultation paper is supportive of the healthy development of the internet … and helps promote fair competition within the industry,” said Wang Xing, co-founder and chief executive of Meituan, in a conference call with analysts after the market closed on Monday. “As internet platforms become bigger and more important to the economy, regulatory frameworks will also evolve.”

His comments come after Meituan reported third-quarter financial results that beat market estimates, as the domestic economy continued to recover amid increased consumer spending and the steady

Read More

Website creator Wix.com swings to third-quarter loss, revenue jumps

JERUSALEM (Reuters) – Wix.com WIX.O, which helps small businesses build and operate websites, swung to a loss in the third quarter, but revenue jumped on strong demand by businesses looking to boost their online presence during the COVID-19 pandemic.

FILE PHOTO: The offices website-designer firm Wix.com are shown in Tel Aviv, Israel July 4, 2016. Picture taken July 4, 2016. REUTERS/Baz Ratner

Amid a steep rise in marketing expenses, the Israeli company on Thursday reported a quarterly net loss excluding one-time items of 14 cents per share that was slightly better than expectations, compared with a profit of 41 cents per share a year earlier. Revenue grew 29% to $254.2 million.

Analysts had forecast Wix would lose 15 cents a share ex-items on revenue of $249.9 million, according to I/B/E/S data from Refinitiv.

Total third-quarter operating expenses surged by $60 million from a year earlier to $224 million in

Read More

Twitter plunges 18% after posting a major slump in daily active users in the third-quarter



a person standing in front of a brick building: John Nacion/SOPA Images/LightRocket via Getty Images


© John Nacion/SOPA Images/LightRocket via Getty Images
John Nacion/SOPA Images/LightRocket via Getty Images

  • Twitter’s third-quarter earnings sent its stock price as much as 18% lower in early trading on Friday.
  • While the company delivered better-than-expected revenue for the quarter, it fell fall short on user growth.
  • Twitter grew its total daily active users by only 1 million from the same period last year to 187 million, falling shy of the 195 million analysts expected.
  • The company’s third-quarter earnings came one day after Twitter CEO Jack Dorsey defended its content moderation policies in front of the Senate.
  • Watch Twitter trade live here.
  • Visit Business Insider’s homepage for more stories.

Twitter shares fell as much as 18% in early trading on Friday after the company’s daily active users in the third-quarter fell far short of analyst expectations.

While the social-media firm crushed Wall Street forecasts on revenue, user growth reached only 187

Read More

Samsung Electronics sees profit decline on weaker chip demand after strong third-quarter earnings

SEOUL (Reuters) – Samsung Electronics Co Ltd 005930.KS said on Thursday it expects profits to fall in the current quarter after posting its highest operating profit in two years for the third quarter.

FILE PHOTO: A woman wearing a protective face mask uses her mobile phone as she walks past a Samsung brand store in central Kyiv, Ukraine July 9, 2020. REUTERS/Valentyn Ogirenko/File Photo

The world’s top maker of smartphones and memory chips posted a 59% jump in operating profit in the July-September quarter, on the back of its second-largest quarterly smartphone profit ever at 4.45 trillion won, the company said.

A near 50% jump in sales of smartphones likely reflects gains in Samsung’s share of the market as U.S. restrictions hit Chinese rival Huawei Technologies Co Ltd [HWT.UL], analysts said.

Lower marketing costs amid the coronavirus pandemic were also a likely factor, analysts said.

Read More

Covestro reports third-quarter profit beat on strong Asia, furniture units

(Reuters) – German chemicals maker Covestro reported forecast-beating third-quarter profits on Tuesday, citing cost cuts and a recovery from a pandemic-induced slump driven by strength in its Asia-Pacific and furniture component units.

FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. REUTERS/Wolfgang Rattay/File Photo

The group, whose main products include foam chemicals used in mattresses, furniture upholstery and car seats, saw demand from the furniture industry rise 6% year-on-year, led by Asia-Pacific, Chief Executive Markus Steilemann told a conference call.

A key driver behind the increase has been people refurbishing their homes with new sofas and mattresses instead of spending money to travel, Steilemann said.

“I think there is a stronger trend that we’re currently seeing, a societal trend that people are focusing more towards home,” the CEO said.

“I would believe that this trend will also last longer

Read More

Huawei ekes out third-quarter revenue growth as U.S. restrictions bite

By Josh Horwitz and David Kirton

SHANGHAI (Reuters) – Huawei Technologies Co Ltd eked out a gain in third-quarter revenue as the impact of the COVID-19 pandemic added to supply-chain difficulties brought about by U.S. restrictions on doing business with the Chinese firm.

The figure comes a day after the telecommunications equipment maker announced its latest flagship smartphone, potentially its last in the high-end Android segment most dependent on U.S. technology.

It also comes after Sweden became the latest nation to ban Huawei from its fifth-generation (5G) network infrastructure, following U.S. suspicion of Huawei’s relationship with China’s communist government – which Huawei has dismissed.

Hinting at an end to at least four years of double-digit growth, revenue grew 9.9% in January-September versus the same period a year earlier to 671.3 billion yuan ($100.4 billion), the private company said in a statement on Friday without providing a segment breakdown.

Revenue for

Read More

Freeport-McMoRan Third-Quarter 2020 Financial Results Release Available on its Website

Press release content from Business Wire. The AP news staff was not involved in its creation.

PHOENIX–(BUSINESS WIRE)–Oct 22, 2020–

Freeport-McMoRan Inc. (NYSE: FCX) today announced that it has posted its third-quarter 2020 financial and operating results press release on the Investor Relations page of its website at https://investors.fcx.com/investors/news-releases.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022005621/en/

As previously indicated on its website, FCX will host a conference call today with securities analysts at 10:00 a.m. Eastern Time to discuss the revised plans and quarterly results. The conference call will be webcast on the Internet along with slides. Interested parties may listen to the conference call live and view the slides on the Investor Relations page of FCX’s website at https://investors.fcx.com/investors/presentations. A replay of the webcast will be available through Friday, November 20, 2020.

FREEPORT: Foremost in Copper

FCX is a

Read More

LG Display swings to third-quarter profit on Apple demand, panel price boost

FILE PHOTO: A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Photo

SEOUL (Reuters) – South Korea’s LG Display Co Ltd 034220.KS on Thursday reported a profit for July-September, ending a six-quarter run of loss, helped by shipments for Apple Inc’s AAPL.O new iPhones and stay-at-home trends lifting panel demand for TVs and laptops.

The display maker posted operating profit of 164 billion won ($144.77 million) for the third quarter, versus a loss of 437 billion won in the same period a year earlier.

The result compared with the 64 billion won Refinitiv SmartEstimate derived from 17 analyst estimates.

Revenue rose 16% to 6.7 trillion won, LG Display said in a regulatory filing.

Prices for LG Display’s main product, 55-inch liquid crystal displays (LCDs) for television sets, climbed 20% in the third quarter from a year earlier, showed data from WitsView, part

Read More

NextEra Energy Partners, LP third-quarter 2020 financial results available on partnership’s website

JUNO BEACH, Fla., Oct. 21, 2020 /PRNewswire/ — NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2020 financial results in a news release available on the partnership’s website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.

Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners’ website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is

Read More

Tesla third-quarter registrations in California drop 13% – data

A Tesla SuperCharger station is seen in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/Files

(Reuters) – Tesla Inc’s TSLA.O vehicle registrations in the U.S. state of California dropped 13% in the third quarter compared with last year, according to data from Cross-Sell, a research firm that collates title and registration data.

The report released on Monday showed registrations in California, a bellwether for the electric-car maker and its largest U.S. market, recovered from a second-quarter low of roughly 9,800 vehicles to around 16,200 vehicles in the three months ended September. But third-quarter numbers lagged some 13% behind last year’s due to a large drop in Model 3 registrations.

California registration for Tesla’s Model 3 mass-market sedan, which in the past accounted for more than half of total registrations, fell 60% on a yearly basis to 6,500.

At nearly 7,300, registrations in the state for Tesla’s Model Y compact

Read More