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(Bloomberg) — Facebook Inc. reported an 18% increase in first-quarter revenue, showing advertising demand was strong before the Covid-19 pandemic hit marketing budgets. The company also said business was steady in the first few weeks of April, sparking a surge in its shares.The social-networking company said sales came in at $17.7 billion in the first quarter, ahead of Wall Street estimates of $17.3 billion, according to data compiled by Bloomberg. The results include just a few weeks in March when coronavirus lockdowns began to hammer the economy.On March 24, Facebook warned that its advertising business was “weakening.” The company does …read more […]

Federal Reserve Chairman Jerome Powell called on Congress to provide further support to households and businesses as the COVID-19 shutdown continues to grip the U.S. economy. …read more […]

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(Bloomberg) — Qualcomm Inc. gave a solid sales forecast for the current quarter and said demand is close to returning to normal levels in the biggest market for smartphones — China.Revenue will be $4.4 billion to $5.2 billion in the period ending in June, the San Diego-based company said Wednesday in a statement. Analysts, on average, estimated $4.77 billion, according to data compiled by Bloomberg. Profit, excluding some items, will be 60 cents to 80 cents a share, the company said.“You’re going to see improvements coming out of June, if China is any model,” Chief Executive Officer Steve Mollenkopf said …read more […]

Tesla surprised the Street in its first quarter earnings report, beating on both top and bottom lines, as well as posting its third straight quarterly profit. The electric carmaker was expected to report a loss of 36 cents per share, but it posted a profit of $1.24 per share (excluding items). The company did report negative free cash flow and that it will revisit new guidance for the second quarter. Yahoo Finance’s Myles Udland breaks down the car manufacturer’s earnings report. …read more […]

On Wednesday, Facebook released its first quarter earnings report, beating investors’ expectations for quarterly revenue. The social media company cited strong daily and monthly active users, with over 2.99 billion users across its apps. Yahoo Finance’s Myles Udland breaks down Facebook’s earnings report. …read more […]

Microsoft beat on both top and bottom lines on revenue and earnings per share in its third quarter earnings report. The company noted that it saw a minimum net impact on total company revenue amid the coronavirus outbreak as cloud usage and demand increased. Yahoo Finance’s Myles Udland breaks down Microsoft’s earnings report. …read more […]

Apple will report its Q2 2020 earnings on Thursday, with the focus on how far iPhone sales have fallen amid the coronavirus pandemic. …read more […]

The social network is the second tech giant this week to report earnings in the wake of the coronavirus outbreak. …read more […]

(Bloomberg) — The U.S. proposed rules to track aluminum imports more closely, in a move that could address industry demands to block Chinese supply that skirts tariffs.While the Trump administration’s import levies are aimed at protecting against excess foreign supply of the metal, concerns have persisted that aluminum from China — the world’s biggest producer — is still flooding into the market.That’s because some Chinese supply could first be sent to another nation that isn’t subject to the duties. It’s then melted and reformed before being shipped again, masking its true origin. Criticism about surplus metal entering the U.S. via …read more […]

The Oklahoma City-based company, cofounded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has held discussions with creditors about a possible loan that would aid operations while it navigates bankruptcy proceedings, the sources said. The loan could total roughly $1 billion, though its size remains in flux, one of the sources added. Such loans, referred to as debtor-in-possession financing, are key to companies seeking Chapter 11 bankruptcy protection because they help them sustain as much of their business as possible during court proceedings. …read more […]

Hertz, whose Hertz Corp subsidiary operates the Hertz, Dollar and Thrifty rental brands, said in a regulatory filing that it had suffered a “sudden and dramatic negative impact” on its business due to the coronavirus pandemic, which has crushed demand for rental cars as people cancel travel and stay at home. Hertz’s shares were trading at roughly $3.71 on Wednesday, down about 20% on the day and down around 80% from late February. Billionaire Carl Icahn owns 38.9% of Hertz. …read more […]

Yahoo Finance’s Anjalee Khemlani joins Zack Guzman to break down the findings of the NIH clinical trial that indicate remdesivir accelerates the recovery of patients with COVID-19. …read more […]

Some solar workers have been ordered down from rooftops after neighbors called the police, solar industry officials say. …read more […]

California Governor Gavin Newsom announced his plan for reopening the state of California. Yahoo Finance’s Melody Hahm shares the details. …read more […]