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January 22, 2021

REVENUE

IBM revenue slide continues in Q4 2020

CNBC
CNBC – For more and to sign up click here SVP and Director at IBM Research Arvind Krishna speaks on stage during the 2016 Wired Business Conference in New York on June 16, 2016. Brian Ach | Getty Images IBM shares moved 6% lower in extended trading on Wednesday after......

Bank of America posts quarterly profit that exceeds analysts’ expectations but revenue falls short

CNBC
CNBC – For more and to sign up click here Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020 CNBC Bank of America on Tuesday reported fourth-quarter profit that exceeded analysts’ expectations as the firm released some of the cash it had set aside for......

Vail Resorts reports slump in skier visits, lift ticket revenue

WashingtonExaminer
USA TODAY – For more and to sign up click here Vail Resorts, the Colorado-based company that owns ski resorts across the country, reported a slump in skier visits and a decrease in lift ticket revenue due to the ongoing COVID-19 pandemic and local health restrictions. Season-to-date, Vail Resorts said......

JPMorgan beats profit estimates on better-than-expected credit, trading revenue

CNBC
CNBC – For more and to sign up click here Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Adam Galica | CNBC JPMorgan Chase beat analysts’ estimates for fourth-quarter profit on better-than-expected trading......

Despite pandemic, Illinois’ legal marijuana sales skyrocket, but tax revenue not panacea

WashingtonExaminer
USA TODAY – For more and to sign up click here Within three months time in 2020, cannabis in Illinois went from being illegal to essential, and it is big money. Illinois started the new year with the first legal adult-use cannabis sales. On Jan. 1 in Springfield, David Watson,......

Michigan transit agencies fear aid, revenue cuts in 2021

Detriot News
Detroit News – For more and to sign up click here Lansing — Federal funding helped Michigan transit agencies stay in good shape throughout the pandemic. It’s the fiscal year that starts Oct. 1, 2021, that transportation authorities worry about. “COVID-19 related expenses were unprecedented and statewide restrictions reduced farebox......

State general revenue spending to decline for first time since Great Recession

WashingtonExaminer
USA TODAY – For more and to sign up click here In fiscal 2021, general revenue spending by U.S. is expected to decline for the first time since the Great Recession based on the most current estimates by the National Association of State Budget Offices. After nine consecutive years of......

This chart shows how restaurant revenue has fallen, even as delivery and takeout sales soar

CNBC
CNBC – For more and to sign up click here The chart shows U.S. restaurants’ weekly Source: UBS Evidence Lab U.S. restaurant revenue is falling as takeout and delivery orders fail to make up for lost dine-in sales. UBS Evidence Lab found that dine-in restaurant sales plunged 69% in the......

Nike shares rise as pandemic fuels sneaker maker’s online growth, annual revenue outlook gets a boost

CNBC
CNBC – For more and to sign up click here Nike on Friday reported quarterly sales and earnings that topped analysts’ estimates, driven by triple-digit growth online in North America and strong demand for its sneakers and workout apparel from Chinese consumers. It was able to cut expenses as it......

Olive Garden parent’s revenue falls 19% as new dining restrictions hit same-store sales

CNBC
CNBC – For more and to sign up click here Customers arrive at an Olive Garden location in San Antonio, Texas. Callaghan O’Hare | Bloomberg | Getty Images Darden Restaurants on Friday reported quarterly revenue that fell short of analysts’ expectations as another wave of pandemic-related dining restrictions weighed on its......

FedEx beats quarterly earnings and revenue estimates but cites continued uncertainty of Covid pandemic

CNBC
CNBC – For more and to sign up click here A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC. Drew Angerer | Getty Images News FedEx generated better-than-expected profits and revenue during its most recent quarter as the coronavirus pandemic continues to bolster......

Oracle reports slow revenue growth as licensing and hardware businesses decline

CNBC
CNBC – For more and to sign up click here Safra Catz, co-chief executive officer of Oracle Corp., speaks during the SelectUSA Investment Summit in Oxon Hill, Maryland, U.S., on Monday, June 19, 2017. The SelectUSA Investment Summit brings together companies from all over the world, economic development organizations from......

Chewy CEO claims 45% revenue growth was driven by pet industry trends, despite a pandemic online boom

CNBC
CNBC – For more and to sign up click here Pet food supplier Chewy on Tuesday reported better-than-expected results in the company’s third fiscal quarter, in which it saw another surge in business amid the coronavirus pandemic. Chewy reported a 45% growth in revenue in the quarter ended Nov. 1,......

Snowflake shows 119% revenue growth in first earnings report as a public company

CNBC
CNBC – For more and to sign up click here Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020. CNBC Shares of Snowflake fell as much as 8% in extended trading on Wednesday after the data-warehousing software maker issued its first quarterly financial results as a public company. Here’s......

Breakingviews – Salesforce skins Slack deal with revenue synergies

Reuters
Smartphone with Slack logo stands in a shopping cart on a keyboard in front of displayed Salesforce logo in this picture illustration taken December 1, 2020. REUTERS/Dado Ruvic/Illustration NEW YORK (Reuters Breakingviews) – Salesforce.com’s deal for Slack Technologies dredges up an old merger justification that often causes problems. While many......

Michigan cities seek more tax revenue to avoid ‘dire’ consequences of pandemic

Detriot News
Detroit News – For more and to sign up click here Several leaders of Michigan cities are urging for a loosening of the state’s tax laws to generate more tax revenue for communities so they can fend off substantial financial harm from the COVID-19 pandemic. Without changes, they said, damage to municipal budgets......

Roblox, edging toward I.P.O., reveals surging revenue and losses.

New York Times
Roblox, a gaming site and app that has been a huge hit with tweens, revealed in an offering prospectus on Thursday that its number of users and revenue surged during the coronavirus pandemic, but that its losses deepened. Roblox said it averaged 31.1 million daily active users in the first......

Pennsylvania gambling numbers a rare bright spot for state revenue

WashingtonExaminer
USA TODAY – For more and to sign up click here Pennsylvania joined an exclusive club this week when the state’s Gaming Control Board announced sportsbooks took $525.8 million in bets last month. Not only is that a record amount, surpassing the $462.8 million wagered in September, but Pennsylvania joined......

Airbnb Reveals Falling Revenue, With Travel Hit by Pandemic

New York Times
SAN FRANCISCO — Airbnb, the home rental service that disrupted the travel industry and was itself disrupted by the coronavirus, took a major step toward one of the year’s largest initial public offerings when it revealed declining revenue and growing losses in a prospectus on Monday. The offering, which could......

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