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