Market Update
U.S. Movers: Humana, Meta Platforms, Microsoft, Public Storage, Qualcomm, Yum! Brands
Scott Peters
01 May, 2025
New York City
Microsoft Corp. advanced 0.3% to $395.26 after the software company reported third-quarter 2025 results.
Revenue increased to $70.07 billion from $61.86 billion, net income jumped to $25.82 billion from $21.94 billion, and diluted earnings per share rose to $3.46 from $2.94 a year ago.
“We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20, and up 22% in constant currency, year-over-year, driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.
During the quarter, the company returned $9.7 billion to shareholders in the form of dividends and share repurchases.
Meta Platforms Inc. advanced 5.4% to $578.40 after the parent company of Facebook, Instagram, and WhatsApp reported first-quarter 2025 results.
Revenue edged up 16% to $42.31 billion from $36.45 billion, net income jumped 35% to $16.64 billion from $12.37 billion, and diluted earnings per share rose 37% to $6.43 from $4.71 a year ago.
The company said the number of daily active family members was 3.43 billion on average for March, an increase of 6% from a year earlier.
Meta guided second-quarter revenue to be between $42.5 billion and $45.5 billion, compared to $39.07 in 2024.
The company raised its capital expenditure outlook, as it continues to invest in artificial intelligence to boost its data centers, also expecting an increased cost of infrastructure hardware.
Qualcomm Inc. dropped 5.7% to $140.01 after the wireless technology company reported second-quarter 2025 results.
Revenue edged up to $10.98 billion from $9.39 billion, net income climbed to $2.81 billion from $2.33 billion, and diluted earnings per share rose to $2.52 from $2.02 a year ago.
During the quarter, the company returned $2.7 billion to stockholders in the form of dividends and share repurchases.
Qualcomm guided third-quarter revenue to range between $9.9 billion and $10.7 billion, compared to $9.39 billion in 2024, and GAAP diluted earnings per share to be between $2.14 and $2.34, compared to $2.06 a year ago.
The company estimated non-GAAP diluted earnings per share in the third quarter to range between $2.60 and $2.80, compared to $2.44 a year earlier.
Public Storage Inc. traded flat at $300.43 after the owner and operator of self-storage facilities reported results for the three months ending in March.
Revenue inched up to $934.54 million from $934.03 million, net income slumped to $358.23 million from $459.21 million, and diluted earnings per share declined to $2.04 from $2.60 a year ago.
During the quarter, the company acquired nine self-storage facilities for $141.0 million, and subsequent to March 31, the company had added another five self-storage facilities for $43.2 million.
The company opened three newly developed facilities and completed various expansion projects during the quarter.
Yum! Brands Inc. eased 0.2% to $150.17 after the parent company of KFC, Taco Bell, and Pizza Hut reported first-quarter 2025 results.
Revenue increased 12% to $1.79 billion from $1.60 billion, net income slipped 19% to $253 million from $314 million, and diluted earnings per share fell 18% to 90 cents from $1.10 a year ago.
Global same-store sales in the quarter jumped 3%, led by Taco Bell up 9% and KFC up 2%, while Pizza Hut’s same-store sales declined 2%.
Yum! Brands continued expanding its business, opening 528 new KFC restaurants, 24 new Taco Bell restaurants, and 198 new Pizza Hut restaurants in various locations.
The company proposed a dividend of 71 cents per share, up from 67 cents per share in 2024.
Humana Inc. traded up 0.3% to $263.10 after the health insurance company reported first-quarter 2025 results.
Revenue edged up to $32.11 billion from $29.61 billion, net income surged to $1.24 billion from $741 million, and diluted earnings per share rose to $10.30 from $6.11 a year ago.
The company guided fiscal 2025 earnings per share to be approximately $16.25, compared to $16.21 a year ago, while revising GAAP earnings per share to approximately $14.68 from the previous estimate of $15.88 and compared to $9.98 in 2024.
BoJ Held Rates Steady and Slashed Japan's Economic Growth Outlook
Akira Ito
01 May, 2025
Tokyo
Japan's benchmark indexes edged higher, and the yen eased following rate decisions from the Bank of Japan.
The Nikkei 225 Stock Average advanced 0.5%, and the Topix index edged higher 0.2% following a rebound in overnight trading in New York.
The Bank of Japan held its short-term rate steady at 0.5%, as widely anticipated. and the central bank left rates unrevised for the second consecutive meeting.
The yield on 10-year Japanese bonds held near 1.31%, following rate decisions by the Bank of Japan.
The Bank of Japan also lowered its economic growth outlook for the current fiscal year to 0.5% from the previous estimate of 1.0% in January.
Policymakers lowered GDP growth rate for fiscal 2026 to 0.7% from the previous estimate of 1.0%.
Policymakers decided to wait and review the impact of the U.S.-Japan trade talks and high U.S. tariffs on the export-driven Japanese economy.
Investors are worried that high tariffs on Japanese industrial goods and vehicles could dampen corporate sales and lower earnings.
Consumers are reluctant to spend, despite the sustained wage increases over the last three years, according to the latest update from the Japan Chain Store Association.
Consumers have been reluctant to spend because wage increases have lagged inflation for most workers at mid-sized and small businesses, and only employees at large companies have been able to secure wage increases higher than inflation.
Supermarket sales in fiscal 2024 ending in March advanced 1.4% from the previous year but declined on a volume basis.
The increase in sales was largely driven by price increases, and food sales, which account for 70% of chain store sales, increased 3.5%.
Apparel sales decreased 5.3% in the fiscal year because of above-average temperatures and weaker-than-normal demand for winter items.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.5% to 36,241.70, and the Topix index edged up 0.2% to 2,673.46.
Japan's automakers were in focus amid worries that elevated U.S. tariffs and rising global competition from China will shrink global sales.
Toyota Motor increased 0.4% to ¥2,741.0, Honda Motor edged up 0.3% to ¥1,458.50, and Nissan Motor advanced 1% to ¥345.20.
Banks edged higher after the Bank of Japan's rate decisions, and the yen weakened a fraction to 143.30 against the U.S. dollar.
Mitsubishi UFJ Financial Group edged up 0.1% to ¥1,806, Sumitomo Mitsui Financial Group advanced 0.1% to ¥3,400, and Mizuho Financial Group inched higher 0.1% to ¥3,583.
Shipping companies were in focus amid ongoing uncertainties about U.S. trade policy.
Nippon Yusen decreased 0.4% to ¥4,630.0, Mitsui O.S.K. Lines dropped 4% to ¥4,547.0, and Kawasaki Kisen Kaisha fell 0.1% to ¥1,948.50.
Seven & I Holdings Co. Ltd. advanced 2.5% to ¥2,168.50, Fast Retailing edged up 0.3% to ¥47,150.0, Takashimaya gained 1.2% to ¥1,113.0, and Isetan Mitsukoshi Holdings Ltd. increased 1.2% to ¥1,861.0.
BoJ Held Rates Steady and Slashed Japan's Economic Growth Outlook
Akira Ito
01 May, 2025
Tokyo
Japan's benchmark indexes edged higher, and the yen eased following rate decisions from the Bank of Japan.
The Nikkei 225 Stock Average advanced 0.5%, and the Topix index edged higher 0.2% following a rebound in overnight trading in New York.
The Bank of Japan held its short-term rate steady at 0.5%, as widely anticipated. and the central bank left rates unrevised for the second consecutive meeting.
The yield on 10-year Japanese bonds held near 1.31%, following rate decisions by the Bank of Japan.
The Bank of Japan also lowered its economic growth outlook for the current fiscal year to 0.5% from the previous estimate of 1.0% in January.
Policymakers lowered GDP growth rate for fiscal 2026 to 0.7% from the previous estimate of 1.0%.
Policymakers decided to wait and review the impact of the U.S.-Japan trade talks and high U.S. tariffs on the export-driven Japanese economy.
Investors are worried that high tariffs on Japanese industrial goods and vehicles could dampen corporate sales and lower earnings.
Consumers are reluctant to spend, despite the sustained wage increases over the last three years, according to the latest update from the Japan Chain Store Association.
Consumers have been reluctant to spend because wage increases have lagged inflation for most workers at mid-sized and small businesses, and only employees at large companies have been able to secure wage increases higher than inflation.
Supermarket sales in fiscal 2024 ending in March advanced 1.4% from the previous year but declined on a volume basis.
The increase in sales was largely driven by price increases, and food sales, which account for 70% of chain store sales, increased 3.5%.
Apparel sales decreased 5.3% in the fiscal year because of above-average temperatures and weaker-than-normal demand for winter items.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.5% to 36,241.70, and the Topix index edged up 0.2% to 2,673.46.
Japan's automakers were in focus amid worries that elevated U.S. tariffs and rising global competition from China will shrink global sales.
Toyota Motor increased 0.4% to ¥2,741.0, Honda Motor edged up 0.3% to ¥1,458.50, and Nissan Motor advanced 1% to ¥345.20.
Banks edged higher after the Bank of Japan's rate decisions, and the yen weakened a fraction to 143.30 against the U.S. dollar.
Mitsubishi UFJ Financial Group edged up 0.1% to ¥1,806, Sumitomo Mitsui Financial Group advanced 0.1% to ¥3,400, and Mizuho Financial Group inched higher 0.1% to ¥3,583.
Shipping companies were in focus amid ongoing uncertainties about U.S. trade policy.
Nippon Yusen decreased 0.4% to ¥4,630.0, Mitsui O.S.K. Lines dropped 4% to ¥4,547.0, and Kawasaki Kisen Kaisha fell 0.1% to ¥1,948.50.
Seven & I Holdings Co. Ltd. advanced 2.5% to ¥2,168.50, Fast Retailing edged up 0.3% to ¥47,150.0, Takashimaya gained 1.2% to ¥1,113.0, and Isetan Mitsukoshi Holdings Ltd. increased 1.2% to ¥1,861.0.
U.S. GDP Shrank In First Quarter as Businesses Front Load Ahead of Import Taxes
Barry Adams
30 Apr, 2025
New York City
Wall Street lacked direction in early trading as investors reviewed the fresh batch of quarterly earnings and economic data.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2%, and investors reviewed the latest updates on GDP growth and a measure of inflation.
On the final trading day of April, the most volatile month on record, investors remained nervous about the constantly changing trade policy of the Trump administration.
Markets plunged on April 2nd after Donald Trump announced country-specific tariffs and later revised tariffs on several key trading partners, adding to market turmoil.
The Trump administration's constant flip-flop about the scope of tariffs and lack of details and specific timetable unnerved global investors.
The market went into near panic mode after Donald Trump ramped up his unprofessional attacks on the autonomy of the Federal Reserve and its chief but changed his tone a few hours later following the sharp intraday market losses.
Despite the constant chaos of the Trump administration, market sentiment has recovered after Alphabet, General Electric, Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan Chase reported better-than-expected quarterly results.
The S&P 500 index has rebounded from the loss of 10% in early April to a decline of 0.9% before the start of trading on the final day of the month.
U.S. Economy Shrank In First Quarter
On the economic front, the U.S. GDP contracted at a 0.3% annual pace in the first quarter, weighed down by the surge in imports ahead of the Trump tariff implementation.
The U.S. economy sharply reversed its course from an annual pace of increase of 2.4% in the fourth quarter of 2024, after imports soared 41% as businesses stockpiled ahead in anticipation of higher costs.
GDP growth turned negative for the first time since the first quarter of 2022, when the economy shrank 1.0%, according to data available from the U.S. Bureau of Economic Analysis.
U.S. Private Payroll Growth Plunged In April
U.S. private payrolls increased at a sharply slower pace in April, as businesses tackled high tariffs and uncertainty of the Trump administration weighed.
The private sector added 62,000 net new jobs in April, sharply lower than the downwardly revised 147,000 in the previous month, according to the latest update released by ADP.
"Unease is the word of the day. Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data," said ADP's chief economist, Dr. Nela Richardson.
April's nonfarm payroll data is scheduled to be released on Friday, and investors are bracing for a sharp fall in net new hiring across all employers.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.9% to 5,456.19, the Nasdaq Composite edged down 2.4% to 17,047.39, and the Russell 2000 index was down 1.8% to 1,940.70.
The yield on 2-year Treasury notes edged lower to 3.64%, 10-year Treasury notes decreased to 4.17%, and 30-year Treasury bonds advanced to 4.66%.
WTI crude oil decreased $0.60 to $59.82 a barrel, and natural gas prices edged lower by $0.08 to $3.30 a thermal unit.
Gold decreased by $13.27 to 3,303.00 an ounce, and silver edged down by $0.32 to $32.61.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.18 to 99.42, and it traded at the lowest level since April 2022.
U.S. Stock Movers
Starbucks Corporation dropped 9.3% to $76.96 after the coffee chain reported results for the latest quarter.
Yum Brands decreased 0.5% to $147.0, and the parent company of Pizza Hut reported mixed quarterly results.
Etsy Inc. rose 1.4% to $46.70 after the online vintage products seller reported better-than-expected revenue in the latest quarter.
Booking Holdings edged up 0.4% to $4,909.23, and the online travel agency reported strong results in the first quarter and estimated "stable growth" in the second quarter.
Snap Inc. plunged 14.2% to $7.80 after the social media platform operator reported a 14% jump in revenue in the first quarter but guided "headwinds" in the current quarter and pulled its outlook amid elevated uncertainty.
First Solar Inc. plunged 12% to $120.90, and the solar technology company reported weaker-than-expected revenue in the first quarter.
The company estimated full-year earnings per share to range between $12.50 and $17.50, lower than the consensus of analyst estimates of $18.14 aggregated by LSEG.
Super Micro Computer plunged 18.4% to $29.48 after the advanced computer server maker issued weaker-than-expected preliminary financial results for the fiscal third quarter.
U.S. GDP Shrank In Frist Quarter as Businesses Front Load Ahead of Import Taxes
Barry Adams
30 Apr, 2025
New York City
Wall Street lacked direction in early trading as investors reviewed the fresh batch of quarterly earnings and economic data.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2%, and investors reviewed the latest updates on GDP growth and a measure of inflation.
On the final trading day of April, the most volatile month on record, investors remained nervous about the constantly changing trade policy of the Trump administration.
Markets plunged on April 2nd after Donald Trump announced country-specific tariffs and later revised tariffs on several key trading partners, adding to market turmoil.
The Trump administration's constant flip-flop about the scope of tariffs and lack of details and specific timetable unnerved global investors.
The market went into near panic mode after Donald Trump ramped up his unprofessional attacks on the autonomy of the Federal Reserve and its chief but changed his tone a few hours later following the sharp intraday market losses.
Despite the constant chaos of the Trump administration, market sentiment has recovered after Alphabet, General Electric, Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan Chase reported better-than-expected quarterly results.
The S&P 500 index has rebounded from the loss of 10% in early April to a decline of 0.9% before the start of trading on the final day of the month.
U.S. Economy Shrank In First Quarter
On the economic front, the U.S. GDP contracted at a 0.3% annual pace in the first quarter, weighed down by the surge in imports ahead of the Trump tariff implementation.
The U.S. economy sharply reversed its course from an annual pace of increase of 2.4% in the fourth quarter of 2024, after imports soared 41% as businesses stockpiled ahead in anticipation of higher costs.
GDP growth turned negative for the first time since the first quarter of 2022, when the economy shrank 1.0%, according to data available from the U.S. Bureau of Economic Analysis.
U.S. Private Payroll Growth Plunged In April
U.S. private payrolls increased at a sharply slower pace in April, as businesses tackled high tariffs and uncertainty of the Trump administration weighed.
The private sector added 62,000 net new jobs in April, sharply lower than the downwardly revised 147,000 in the previous month, according to the latest update released by ADP.
"Unease is the word of the day. Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data," said ADP's chief economist, Dr. Nela Richardson.
April's nonfarm payroll data is scheduled to be released on Friday, and investors are bracing for a sharp fall in net new hiring across all employers.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.9% to 5,456.19, the Nasdaq Composite edged down 2.4% to 17,047.39, and the Russell 2000 index was down 1.8% to 1,940.70.
The yield on 2-year Treasury notes edged lower to 3.64%, 10-year Treasury notes decreased to 4.17%, and 30-year Treasury bonds advanced to 4.66%.
WTI crude oil decreased $0.60 to $59.82 a barrel, and natural gas prices edged lower by $0.08 to $3.30 a thermal unit.
Gold decreased by $13.27 to 3,303.00 an ounce, and silver edged down by $0.32 to $32.61.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.18 to 99.42, and it traded at the lowest level since April 2022.
U.S. Stock Movers
Starbucks Corporation dropped 9.3% to $76.96 after the coffee chain reported results for the latest quarter.
Yum Brands decreased 0.5% to $147.0, and the parent company of Pizza Hut reported mixed quarterly results.
Etsy Inc. rose 1.4% to $46.70 after the online vintage products seller reported better-than-expected revenue in the latest quarter.
Booking Holdings edged up 0.4% to $4,909.23, and the online travel agency reported strong results in the first quarter and estimated "stable growth" in the second quarter.
Snap Inc. plunged 14.2% to $7.80 after the social media platform operator reported a 14% jump in revenue in the first quarter but guided "headwinds" in the current quarter and pulled its outlook amid elevated uncertainty.
First Solar Inc. plunged 12% to $120.90, and the solar technology company reported weaker-than-expected revenue in the first quarter.
The company estimated full-year earnings per share to range between $12.50 and $17.50, lower than the consensus of analyst estimates of $18.14 aggregated by LSEG.
Super Micro Computer plunged 18.4% to $29.48 after the advanced computer server maker issued weaker-than-expected preliminary financial results for the fiscal third quarter.
Eurozone GDP Growth Accelerated, Germany's Economic Recession Extended to 7th Quarter
Bridgette Randall
30 Apr, 2025
London
European markets advanced in Wednesday's trading as investors reviewed a wave of earnings and GDP data in the region.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher after banks and financial services providers reported sharply higher earnings.
Societe Generale, Barclays, UBS, and Adyen NV reported better-than-expected quarterly results, supporting the market advance.
Market sentiment was further bolstered after the Trump administration lowered tariffs on aluminum and steel but retained a 25% tariff on imported automobiles.
On the economic front, Germany, France, and the Eurozone reported mixed growth data.
Germany's Economic Recession Extended to Seventh Consecutive Quarter
Germany's GDP in the first quarter expanded 0.2% from the previous quarter and recovered from a 0.2% contraction in the previous quarter, the Federal Statistical Office reported Wednesday.
However, on an annual basis GDP contracted 0.2%, marking its seventh consecutive quarter of recession.
Stable Economic Growth In France
France's GDP expanded 0.1% in the first quarter, reversing a 0.1% contraction in the fourth quarter, the INSEE reported Wednesday.
Household consumption was flat, and international trade remained a drag on the economic growth in the first quarter.
On an annual basis, France's GDP expanded 0.8%, matching the upwardly revised growth in the fourth quarter.
Eurozone Economic Growth Accelerated In First Quarter
In the first quarter of 2025, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.3% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.
On an annual basis, GDP expanded 1.2% in the eurozone and rose 1.4% in the European Union.
Europe Indexes and Yields
The DAX index increased by 0.7% to 22,592.45, the CAC-40 index edged higher by 0.5% to 7,592.10, and the FTSE 100 index declined by 0.02% to 8,461.59.
The yield on 10-year German bonds inched lower to 2.46%, French bonds decreased to 3.19%, UK gilts moved down to 4.44%, and Italian bonds edged lower to 3.58%.
The euro decreased to $1.14; the British pound was lower at $1.34; and the U.S. dollar was higher and traded at 82.50 Swiss cents.
Brent crude decreased $0.99 to $62.28 a barrel, and the Dutch TTF natural gas was lower by €0.14 to €31.68 per MWh.
Europe Movers
UBS Group AG traded flat at CHF 24.97 after the Swiss bank and wealth management company's first-quarter results surpassed market expectations, driven by sharp gains in its investment banking unit.
Revenue slipped to $12.56 billion from $12.74 billion, net profit edged down to $1.69 billion from $1.75 billion, and diluted earnings per share inched down to 51 cents from 52 cents a year ago.
Barclays PLC dropped 0.3% to 297.40 pence after the UK-based bank reported a sharp increase in pre-tax profit, driven by an increase in the investment banking unit.
Revenue increased to £7.7 billion, and pre-tax income advanced 11% to £2.7 billion, driven by a 16% increase in profit in its investment banking unit to £3.87 billion.
Societe Generale NV increased 3.4% to €45.45, and the French bank reported a jump in revenue in the first quarter, driven by a surge in its net interest income.
Operating income in the first quarter soared 69% to €2.14 billion from €1.27 billion, and net income advanced to €1.61 billion from €680 million a year ago, respectively.
Investment banking unit revenue increased by 10%; however, revenue from trading in fixed income and currencies declined 2.4%.
Net interest income soared 28% in the quarter, driven by a surge in mortgage loan volume.
Adyen NV declined 4.8% to €1,378.40 after the Dutch payment processing service provider reported weaker-than-expected quarterly revenue.
Net revenue jumped 22% to €534.7 million from €438.0 million a year ago, driven by strong demand from existing customers, particularly in Europe and North America.
“Unified Commerce continues to show strong momentum with net revenue up 31% year-over-year, fueled by an increasingly diversified customer base across different verticals,” the company said in a release to investors.
During the quarter, processed volume was €314.8 billion, an increase of 6% from the prior year.
Eurozone GDP Growth Accelerated, Germany's Economic Recession Extended to 7th Quarter
Bridgette Randall
30 Apr, 2025
London
European markets advanced in Wednesday's trading as investors reviewed a wave of earnings and GDP data in the region.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher after banks and financial services providers reported sharply higher earnings.
Societe Generale, Barclays, UBS, and Adyen NV reported better-than-expected quarterly results, supporting the market advance.
Market sentiment was further bolstered after the Trump administration lowered tariffs on aluminum and steel but retained a 25% tariff on imported automobiles.
On the economic front, Germany, France, and the Eurozone reported mixed growth data.
Germany's Economic Recession Extended to Seventh Consecutive Quarter
Germany's GDP in the first quarter expanded 0.2% from the previous quarter and recovered from a 0.2% contraction in the previous quarter, the Federal Statistical Office reported Wednesday.
However, on an annual basis GDP contracted 0.2%, marking its seventh consecutive quarter of recession.
Stable Economic Growth In France
France's GDP expanded 0.1% in the first quarter, reversing a 0.1% contraction in the fourth quarter, the INSEE reported Wednesday.
Household consumption was flat, and international trade remained a drag on the economic growth in the first quarter.
On an annual basis, France's GDP expanded 0.8%, matching the upwardly revised growth in the fourth quarter.
Eurozone Economic Growth Accelerated In First Quarter
In the first quarter of 2025, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.3% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.
On an annual basis, GDP expanded 1.2% in the eurozone and rose 1.4% in the European Union.
Europe Indexes and Yields
The DAX index increased by 0.7% to 22,592.45, the CAC-40 index edged higher by 0.5% to 7,592.10, and the FTSE 100 index declined by 0.02% to 8,461.59.
The yield on 10-year German bonds inched lower to 2.46%, French bonds decreased to 3.19%, UK gilts moved down to 4.44%, and Italian bonds edged lower to 3.58%.
The euro decreased to $1.14; the British pound was lower at $1.34; and the U.S. dollar was higher and traded at 82.50 Swiss cents.
Brent crude decreased $0.99 to $62.28 a barrel, and the Dutch TTF natural gas was lower by €0.14 to €31.68 per MWh.
Europe Movers
UBS Group AG traded flat at CHF 24.97 after the Swiss bank and wealth management company's first-quarter results surpassed market expectations, driven by sharp gains in its investment banking unit.
Revenue slipped to $12.56 billion from $12.74 billion, net profit edged down to $1.69 billion from $1.75 billion, and diluted earnings per share inched down to 51 cents from 52 cents a year ago.
Barclays PLC dropped 0.3% to 297.40 pence after the UK-based bank reported a sharp increase in pre-tax profit, driven by an increase in the investment banking unit.
Revenue increased to £7.7 billion, and pre-tax income advanced 11% to £2.7 billion, driven by a 16% increase in profit in its investment banking unit to £3.87 billion.
Societe Generale NV increased 3.4% to €45.45, and the French bank reported a jump in revenue in the first quarter, driven by a surge in its net interest income.
Operating income in the first quarter soared 69% to €2.14 billion from €1.27 billion, and net income advanced to €1.61 billion from €680 million a year ago, respectively.
Investment banking unit revenue increased by 10%; however, revenue from trading in fixed income and currencies declined 2.4%.
Net interest income soared 28% in the quarter, driven by a surge in mortgage loan volume.
Adyen NV declined 4.8% to €1,378.40 after the Dutch payment processing service provider reported weaker-than-expected quarterly revenue.
Net revenue jumped 22% to €534.7 million from €438.0 million a year ago, driven by strong demand from existing customers, particularly in Europe and North America.
“Unified Commerce continues to show strong momentum with net revenue up 31% year-over-year, fueled by an increasingly diversified customer base across different verticals,” the company said in a release to investors.
During the quarter, processed volume was €314.8 billion, an increase of 6% from the prior year.
U.S. Movers: CoStar, PayPal, S&P Global, Starbucks, Visa
Scott Peters
30 Apr, 2025
New York City
Visa Inc. gained 0.6% to $343.50 after the digital payment company reported second-quarter 2025 results.
Net revenue climbed to $9.59 billion from $8.77 billion, net income dropped to $4.58 billion from $4.66 billion, and diluted earnings per share rose to $2.32 from $2.29 a year ago.
Total cross-border volume surged 13% in the quarter, as payments volume increased 8% and the number of processed transactions jumped 9%.
The total number of cards jumped 7%, of which credit cards were up 5% and debit cards up 8%.
The company returned $5.6 billion in dividends and share repurchases and authorized a new $30.0 billion multi-year share repurchase program.
Visa guided third-quarter revenue to grow at a low double-digit percent, compared to $8.9 billion in 2024, and diluted earnings per share to increase at high teens, compared to $2.40 a year earlier.
The company estimated operating expenses to increase by a low double-digit percent in the third quarter, compared to $3.0 billion a year ago.
For the full year, the company said revenue is expected to grow at a low double-digit percent, compared to $35.9 billion in 2024, and diluted earnings per share to increase by low teens, compared to GAAP diluted earnings per share of $9.73 a year earlier.
Operating expense for the full year is expected to grow at a high single-digit to low double-digit percent, compared to $12.33 billion a year ago.
S&P Global Inc. traded flat at $491.76 after the financial information and analytics company reported first-quarter 2025 results.
Revenue edged up 8% to $3.78 billion from $3.49 billion, net income jumped 10% to $1.09 billion from $991 million, and diluted earnings per share climbed 12% to $3.54 from $3.16 a year ago.
Separately, the company announced its plan to separate its Mobility division into a standalone public company in a deal to be completed within 12 to 18 months.
The data analytics company guided fiscal 2025 revenue to grow between 4% and 6%, compared to $14.21 billion in 2024, and diluted earnings per share to increase between $14.60 and $15.10, compared to $12.35 a year earlier.
The operating profit margin is expected to be between 42.5% and 43.5%, compared to 39.3% in 2024.
Starbucks Corp. dropped 6.5% to $79.33 after the coffee chain retailer reported second-quarter 2025 results.
Revenue jumped 2.3% to $8.76 billion from $8.56 billion, net earnings slumped 50.3% to $384.2 million from $772.4 million, and diluted earnings per share fell 50% to 34 cents from 68 cents a year ago.
Sales in North America increased 1.5%, while international sales jumped 6.2% in the quarter.
Global comparable sales declined 1%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket.
North America comparable store sales dropped 1%, while international comparable store sales increased 2%, and comparable sales in China were flat.
The company opened 213 net new stores in the second quarter, ending the period with 40,789 stores, of which 53% are company-operated and 47% are licensed.
The U.S. and China comprised 61% of the company’s global portfolio, with 17,122 and 7,758 stores in the U.S. and China, respectively.
CoStar Group Inc. eased 0.6% to $82.24 after the technology provider to the property markets reported first-quarter 2025 results.
Revenue jumped to $732 million from $656 million, net income swung to a loss of $14.8 million from a profit of $6.7 million, and diluted earnings per share swung to a loss of 4 cents from a profit of 2 cents a year ago.
The company guided fiscal 2025 revenue to be between $3.11 billion and $3.15 billion, compared to $2.74 billion in 2024.
Second-quarter revenue is expected to range between $770 million and $775 million, compared to $678 million a year earlier.
PayPal Holdings Inc. eased 0.3% to $66.15 after the online payment platform operator reported first-quarter 2025 results.
Revenue jumped to $7.79 billion from $7.70 billion, net income surged to $1.29 billion from $888 million, and diluted earnings per share rose to $1.29 from 83 cents a year ago.
“This is our fifth consecutive quarter of profitable growth with progress across branded checkout, PSP, omnichannel, and Venmo,” the company said in a release to investors.
U.S. Movers: CoStar, PayPal, S&P Global, Starbucks, Visa
Scott Peters
30 Apr, 2025
New York City
Visa Inc. gained 0.6% to $343.50 after the digital payment company reported second-quarter 2025 results.
Net revenue climbed to $9.59 billion from $8.77 billion, net income dropped to $4.58 billion from $4.66 billion, and diluted earnings per share rose to $2.32 from $2.29 a year ago.
Total cross-border volume surged 13% in the quarter, as payments volume increased 8% and the number of processed transactions jumped 9%.
The total number of cards jumped 7%, of which credit cards were up 5% and debit cards up 8%.
The company returned $5.6 billion in dividends and share repurchases and authorized a new $30.0 billion multi-year share repurchase program.
Visa guided third-quarter revenue to grow at a low double-digit percent, compared to $8.9 billion in 2024, and diluted earnings per share to increase at high teens, compared to $2.40 a year earlier.
The company estimated operating expenses to increase by a low double-digit percent in the third quarter, compared to $3.0 billion a year ago.
For the full year, the company said revenue is expected to grow at a low double-digit percent, compared to $35.9 billion in 2024, and diluted earnings per share to increase by low teens, compared to GAAP diluted earnings per share of $9.73 a year earlier.
Operating expense for the full year is expected to grow at a high single-digit to low double-digit percent, compared to $12.33 billion a year ago.
S&P Global Inc. traded flat at $491.76 after the financial information and analytics company reported first-quarter 2025 results.
Revenue edged up 8% to $3.78 billion from $3.49 billion, net income jumped 10% to $1.09 billion from $991 million, and diluted earnings per share climbed 12% to $3.54 from $3.16 a year ago.
Separately, the company announced its plan to separate its Mobility division into a standalone public company in a deal to be completed within 12 to 18 months.
The data analytics company guided fiscal 2025 revenue to grow between 4% and 6%, compared to $14.21 billion in 2024, and diluted earnings per share to increase between $14.60 and $15.10, compared to $12.35 a year earlier.
The operating profit margin is expected to be between 42.5% and 43.5%, compared to 39.3% in 2024.
Starbucks Corp. dropped 6.5% to $79.33 after the coffee chain retailer reported second-quarter 2025 results.
Revenue jumped 2.3% to $8.76 billion from $8.56 billion, net earnings slumped 50.3% to $384.2 million from $772.4 million, and diluted earnings per share fell 50% to 34 cents from 68 cents a year ago.
Sales in North America increased 1.5%, while international sales jumped 6.2% in the quarter.
Global comparable sales declined 1%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket.
North America comparable store sales dropped 1%, while international comparable store sales increased 2%, and comparable sales in China were flat.
The company opened 213 net new stores in the second quarter, ending the period with 40,789 stores, of which 53% are company-operated and 47% are licensed.
The U.S. and China comprised 61% of the company’s global portfolio, with 17,122 and 7,758 stores in the U.S. and China, respectively.
CoStar Group Inc. eased 0.6% to $82.24 after the technology provider to the property markets reported first-quarter 2025 results.
Revenue jumped to $732 million from $656 million, net income swung to a loss of $14.8 million from a profit of $6.7 million, and diluted earnings per share swung to a loss of 4 cents from a profit of 2 cents a year ago.
The company guided fiscal 2025 revenue to be between $3.11 billion and $3.15 billion, compared to $2.74 billion in 2024.
Second-quarter revenue is expected to range between $770 million and $775 million, compared to $678 million a year earlier.
PayPal Holdings Inc. eased 0.3% to $66.15 after the online payment platform operator reported first-quarter 2025 results.
Revenue jumped to $7.79 billion from $7.70 billion, net income surged to $1.29 billion from $888 million, and diluted earnings per share rose to $1.29 from 83 cents a year ago.
“This is our fifth consecutive quarter of profitable growth with progress across branded checkout, PSP, omnichannel, and Venmo,” the company said in a release to investors.
Europe Movers: Adyen, Atlas Copco, DHL, Kone, UBS
Inga Muller
30 Apr, 2025
Frankfurt
UBS Group AG traded flat at CHF 24.97 after the Swiss bank and wealth management company's first quarter results surpassed market expectations, driven by sharp gains in its investment banking unit.
Revenue slipped to $12.56 billion from $12.74 billion, net profit edged down to $1.69 billion from $1.75 billion, and diluted earnings per share inched down to 51 cents from 52 cents a year ago.
Net interest income was $1.63 billion, a decline of 16% from a year ago and 11% from the previous quarter, and the Swiss banking company a further fall in the current quarter.
“In the second quarter we expect net interest income (NII) in Global Wealth Management to decline sequentially by a low single-digit percentage, and we see a similar decline in Personal & Corporate Banking’s NII in Swiss francs.
In US dollar terms, Personal & Corporate Banking’s NII is expected to increase sequentially by a mid-single-digit percentage, based on current foreign exchange rates,” said the company in its update to investors.
Kone Oyj gained 0.5% to €50.80 after the elevator and escalator manufacturer reported first-quarter 2025 results.
Sales increased to €2.67 billion from €2.57 billion, net income climbed to €212.6 million from €203.0 million, and diluted earnings per share rose to 41 cents from 39 cents a year ago.
The company registered a 6.4% increase in orders received, to €2.38 billion, compared to €2.23 billion a year earlier.
Cash flow from operations, before financing items and taxes, increased to €486.7 million from €398.2 million a year ago.
Kone guided fiscal 2025 sales to grow between 1% and 6%, compared to €11.1 billion in 2024, and adjusted EBIT margin to be between 11.8% and 12.4%, compared to 11.7% a year earlier.
The company’s shares and other non-current assets include a 19.9% holding in Toshiba Elevator and Building Systems Corp., which is not a publicly quoted company.
Adyen NV traded flat at €1,448.4 after the Dutch payment company reported first-quarter 2025 results.
Net revenue jumped 22% to €534.7 million from €438.0 million a year ago, driven by strong demand from existing customers, particularly in Europe and North America.
“Unified Commerce continues to show strong momentum with net revenue up 31% year-over-year, fueled by an increasingly diversified customer base across different verticals,” the company said in a release to investors.
During the quarter, processed volume was €314.8 billion, an increase of 6% from the prior year.
Digital net revenue reached €320.4 million, an increase of 13% from a year ago, driven by solid momentum in content and subscription.
Atlas Copco AB dropped 4.2% to 147.60 krona after the Swedish industrial tools and equipment provider reported first-quarter 2025 results.
Revenue declined to SEK 42.73 billion from SEK 42.87 billion, profit slumped to SEK 6.60 billion from SEK 7.17 billion, and diluted earnings per share fell to SEK 1.35 from SEK 1.47 a year ago.
Orders received increased 2% to SEK 46.604 billion from SEK 45.656 billion a year ago, and operating cash flow amounted to SEK 6.575 billion compared to SEK 6.660 billion a year earlier.
DHL Group advanced 3.2% to €38.21 after the German parcel delivery company reported first-quarter 2025 results.
Revenue edged up 2.8% to €20.81 billion from €20.25 billion, net profit climbed 6.2% to €786 million from €740 million, and diluted earnings per share rose 8.1% to 67 cents from 62 cents a year ago.
The company guided fiscal 2025 EBIT to be at least €6 billion, compared to €5.9 billion in 2024, and free cash flow, excluding mergers and acquisitions, to be unchanged at approximately €3 billion.
Europe Movers: Adyen, Atlas Copco, Kone, UBS
Inga Muller
30 Apr, 2025
Frankfurt
UBS Group AG traded flat at CHF 24.97 after the Swiss bank and wealth management company's first quarter results surpassed market expectations, driven by sharp gains in its investment banking unit.
Revenue slipped to $12.56 billion from $12.74 billion, net profit edged down to $1.69 billion from $1.75 billion, and diluted earnings per share inched down to 51 cents from 52 cents a year ago.
Net interest income was $1.63 billion, a decline of 16% from a year ago and 11% from the previous quarter, and the Swiss banking company a further fall in the current quarter.
“In the second quarter we expect net interest income (NII) in Global Wealth Management to decline sequentially by a low single-digit percentage, and we see a similar decline in Personal & Corporate Banking’s NII in Swiss francs.
In US dollar terms, Personal & Corporate Banking’s NII is expected to increase sequentially by a mid-single-digit percentage, based on current foreign exchange rates,” said the company in its update to investors.
Kone Oyj gained 0.5% to €50.80 after the elevator and escalator manufacturer reported first-quarter 2025 results.
Sales increased to €2.67 billion from €2.57 billion, net income climbed to €212.6 million from €203.0 million, and diluted earnings per share rose to 41 cents from 39 cents a year ago.
The company registered a 6.4% increase in orders received, to €2.38 billion, compared to €2.23 billion a year earlier.
Cash flow from operations, before financing items and taxes, increased to €486.7 million from €398.2 million a year ago.
Kone guided fiscal 2025 sales to grow between 1% and 6%, compared to €11.1 billion in 2024, and adjusted EBIT margin to be between 11.8% and 12.4%, compared to 11.7% a year earlier.
The company’s shares and other non-current assets include a 19.9% holding in Toshiba Elevator and Building Systems Corp., which is not a publicly quoted company.
Adyen NV traded flat at €1,448.4 after the Dutch payment company reported first-quarter 2025 results.
Net revenue jumped 22% to €534.7 million from €438.0 million a year ago, driven by strong demand from existing customers, particularly in Europe and North America.
“Unified Commerce continues to show strong momentum with net revenue up 31% year-over-year, fueled by an increasingly diversified customer base across different verticals,” the company said in a release to investors.
During the quarter, processed volume was €314.8 billion, an increase of 6% from the prior year.
Digital net revenue reached €320.4 million, an increase of 13% from a year ago, driven by solid momentum in content and subscription.
Atlas Copco AB dropped 4.2% to 147.60 krona after the Swedish industrial tools and equipment provider reported first-quarter 2025 results.
Revenue declined to SEK 42.73 billion from SEK 42.87 billion, profit slumped to SEK 6.60 billion from SEK 7.17 billion, and diluted earnings per share fell to SEK 1.35 from SEK 1.47 a year ago.
Orders received increased 2% to SEK 46.604 billion from SEK 45.656 billion a year ago, and operating cash flow amounted to SEK 6.575 billion compared to SEK 6.660 billion a year earlier.
Japan's Retail Sales Expand for 36th Month In March, Industrial Output Struggled to Advance
Akira Ito
30 Apr, 2025
Tokyo
Japan's indexes edged higher after investors returned from a one-day holiday and reviewed the latest economic data.
The Nikkei 225 Stock Average increased 0.3%, and the Topix index edged up 0.5%, and investors turned cautious after retail sales and industrial output data fell short of expectations.
Japan's retail sales rose 3.1% annually from a year ago in March, marking the 36th consecutive month of expansion.
February's retail sales were downwardly revised to a 1.3% increase.
Retail sales have been on the upward trajectory for the last three years, supported by the rising wages after stagnating for more than two decades.
On a monthly basis, retail sales decreased 1.2% from the previous month in March, reported the Ministry of Economy, Trade & Industry.
Sales of apparel and personal goods soared 7.6%, automobile sales advanced 1.5%, machinery equipment sales increased 6.7%, and food & beverage sales rose 1.9%, but department store sales fell 1.25%.
Japan's industrial output in March declined 1.1% from the previous month and fell 0.3% from a year ago, said the ministry in a separate report.
Industrial production reversed from the 2.3% monthly increase in the previous month after motor vehicle production declined 5.9% from the 0.2% increase, and electric machinery and electronics equipment production fell by 4.4% from the rise of 1.1% in the previous month.
Industrial output declined for the second month this year after tariff threats impacted overall demand.
Investors looked ahead to the Bank of Japan's rate decisions on Thursday, and the central bank is widely anticipated to hold rates but trim its annual economic growth outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.3% to 35,943.18, and the broader Topix advanced 0.5% to 2,662.59.
Toyota Industries Corp. advanced 3.3% to ¥16,760.0, IHI Corp. edged down a fraction to ¥11,150.0, and Kawasaki Heavy Industries decreased 0.5% to ¥8,469.0.
Mitsubishi UFJ Financial Group advanced 1.8% to ¥1,803.50, Sumitomo Mitsui Financial Group increased 1.3% to ¥3,400.0, and Mizuho Financial Group added 0.9% to ¥3,580.0.
Japan's Retail Sales Expand for 36th Month In March, Industrial Output Struggled to Advance
Akira Ito
30 Apr, 2025
Tokyo
Japan's indexes edged higher after investors returned from a one-day holiday and reviewed the latest economic data.
The Nikkei 225 Stock Average increased 0.3%, and the Topix index edged up 0.5%, and investors turned cautious after retail sales and industrial output data fell short of expectations.
Japan's retail sales rose 3.1% annually from a year ago in March, marking the 36th consecutive month of expansion.
February's retail sales were downwardly revised to a 1.3% increase.
Retail sales have been on the upward trajectory for the last three years, supported by the rising wages after stagnating for more than two decades.
On a monthly basis, retail sales decreased 1.2% from the previous month in March, reported the Ministry of Economy, Trade & Industry.
Sales of apparel and personal goods soared 7.6%, automobile sales advanced 1.5%, machinery equipment sales increased 6.7%, and food & beverage sales rose 1.9%, but department store sales fell 1.25%.
Japan's industrial output in March declined 1.1% from the previous month and fell 0.3% from a year ago, said the ministry in a separate report.
Industrial production reversed from the 2.3% monthly increase in the previous month after motor vehicle production declined 5.9% from the 0.2% increase, and electric machinery and electronics equipment production fell by 4.4% from the rise of 1.1% in the previous month.
Industrial output declined for the second month this year after tariff threats impacted overall demand.
Investors looked ahead to the Bank of Japan's rate decisions on Thursday, and the central bank is widely anticipated to hold rates but trim its annual economic growth outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.3% to 35,943.18, and the broader Topix advanced 0.5% to 2,662.59.
Toyota Industries Corp. advanced 3.3% to ¥16,760.0, IHI Corp. edged down a fraction to ¥11,150.0, and Kawasaki Heavy Industries decreased 0.5% to ¥8,469.0.
Mitsubishi UFJ Financial Group advanced 1.8% to ¥1,803.50, Sumitomo Mitsui Financial Group increased 1.3% to ¥3,400.0, and Mizuho Financial Group added 0.9% to ¥3,580.0.
China Factory Activity Indexes Ease In April, Banks and Real Estate Developers In Focus
Li Chen
30 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong traded in a tight range ahead of Labor Day weekend.
The Hang Seng index edged up 0.2%, and the CSI 300 index increased 0.1% as investors reacted to the latest batch of earnings from banks and insurance companies.
Investors are cautious amid rising uncertainties and a lack of near-term catalysts, as earnings season picked up pace and banks were in focus.
In addition, China's economy is facing internal headwinds from the protracted property market malaise and faltering consumer confidence, compounded by external headwinds from the rising trade tensions with the U.S.
AIA reported a strong increase in new insurance business growth, but China Merchants Bank and Bank of China reported weaker-than-expected quarterly results.
China Vanke traded down after the struggling residential property developer reported a large loss in the first quarter, despite support from the government.
Factory Activities Eased In March After Tariffs Pulled Orders Forward
Market sentiment was dented amid two manufacturing surveys confirming ongoing contraction in activities.
The composite purchasing managers' index in March eased to 50.2 in April from 51.4 in March, according to the latest report from the National Bureau of Statistics.
The index tracking factory activities fell to a 16-month low of 49.0, down from 50.5 in March.
Any reading below 50 indicates contraction in activities, and the decline in April was driven by a high base in the previous month because importers front-loaded orders ahead of the U.S. tariffs.
The Caixin PMI survey, which has a larger sample of small and export-sensitive businesses, also confirmed an ongoing slowdown in factory activities.
The factory activities index eased to a three-month low of 50.4 in April from 51.2 in the previous month, according to the report published by S&P Global.
China Indexes and Stocks
The Hang Seng index edged up 0.2% to 22,051.20, and the mainland-focused CSI 300 index advanced 0.1% to 3,777.83.
AIA Group Ltd. rose 5.5% to HK $57.80, China Merchants Bank fell 4.2% to HK $42.40, and Bank of China decreased 3.2% to HK $4.26.
Bank of China said operating revenue in the March quarter increased 2.4% to 164.9 billion yuan, profit fell 2.2% to 58.6 billion yuan, and basic and diluted earnings per share dropped to 0.18 yuan from 0.32 yuan a year ago.
China Vanke dropped 2.4% to HK $5.31, and the residential real estate developer reported a decline in revenue in the March quarter.
Revenue fell to 37.99 billion from 61.6 billion, net loss soared to 6.2 billion yuan compared to 362 million, and basic loss per share from continuing operations expanded to 0.5268 yuan from 0.0305 a year ago.
China Factory Activity Indexes Ease In April, Banks and Real Estate Developers In Focus
Li Chen
30 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong traded in a tight range ahead of Labor Day weekend.
The Hang Seng index edged up 0.2%, and the CSI 300 index increased 0.1% as investors reacted to the latest batch of earnings from banks and insurance companies.
Investors are cautious amid rising uncertainties and a lack of near-term catalysts, as earnings season picked up pace and banks were in focus.
In addition, China's economy is facing internal headwinds from the protracted property market malaise and faltering consumer confidence, compounded by external headwinds from the rising trade tensions with the U.S.
AIA reported a strong increase in new insurance business growth, but China Merchants Bank and Bank of China reported weaker-than-expected quarterly results.
China Vanke traded down after the struggling residential property developer reported a large loss in the first quarter, despite support from the government.
Factory Activities Eased In March After Tariffs Pulled Orders Forward
Market sentiment was dented amid two manufacturing surveys confirming ongoing contraction in activities.
The composite purchasing managers' index in March eased to 50.2 in April from 51.4 in March, according to the latest report from the National Bureau of Statistics.
The index tracking factory activities fell to a 16-month low of 49.0, down from 50.5 in March.
Any reading below 50 indicates contraction in activities, and the decline in April was driven by a high base in the previous month because importers front-loaded orders ahead of the U.S. tariffs.
The Caixin PMI survey, which has a larger sample of small and export-sensitive businesses, also confirmed an ongoing slowdown in factory activities.
The factory activities index eased to a three-month low of 50.4 in April from 51.2 in the previous month, according to the report published by S&P Global.
China Indexes and Stocks
The Hang Seng index edged up 0.2% to 22,051.20, and the mainland-focused CSI 300 index advanced 0.1% to 3,777.83.
AIA Group Ltd. rose 5.5% to HK $57.80, China Merchants Bank fell 4.2% to HK $42.40, and Bank of China decreased 3.2% to HK $4.26.
Bank of China said operating revenue in the March quarter increased 2.4% to 164.9 billion yuan, profit fell 2.2% to 58.6 billion yuan, and basic and diluted earnings per share dropped to 0.18 yuan from 0.32 yuan a year ago.
China Vanke dropped 2.4% to HK $5.31, and the residential real estate developer reported a decline in revenue in the March quarter.
Revenue fell to 37.99 billion from 61.6 billion, net loss soared to 6.2 billion yuan compared to 362 million, and basic loss per share from continuing operations expanded to 0.5268 yuan from 0.0305 a year ago.