Credit Suisse Profit Soars on Surging Asset Flows, Trivago Swings to Loss

Sarla Buch
25 Apr, 2018
New York City

Atos revenues jumped and the software company signed a partnership with Google. Credit Suisse reported stronger-than-expected results. Trivago net swung to loss on higher advertising spending. Zodiac Aerospace revenues declined 12.4%.

[R]4:00 PM Frankfurt – Atos revenues jumped and the software company signed a partnership with Google. Credit Suisse reported stronger-than-expected results. Trivago net swung to loss on higher advertising spending. Zodiac Aerospace revenues declined 12.4%.[/R]

In London trading, FTSE 100 index slumped 68.18 or 0.9% to 7,357.33 and in Frankfurt the DAX index declined 210.45 or 1.7% to 12,339.83.

In Paris, CAC 40 index dropped 48.69 or 0.9% to 5,395.77.

Atos SE jumped 2.8% to €111.70 after France-based cloud, big data and cyber-security services provider reported total group revenues in the first-quarter ending in March advanced 3.7% from a year ago to €2.9 billion.

Atos said revenues in the infrastructure and data management business fell 1.6% to €1.56 billion but in business and platform solutions segment jumped 4.8% to €799 million and in big data and cyber-security business surged 14.4% to €200 million.

Separately, today Atos signed an agreement with Google Cloud for full capability of Machine Learning and AI to the digital transformation needs of enterprise customers.

Credit Suisse Group soared 3.5% to 16.75 Swiss francs Switzerland-based investment bank and financial services provider said net revenues in the first-quarter ending in March rose 2% from a year ago to 5.8 billion francs.

Net income in the quarter soared 16% to 694 million francs from 596 million francs in a year ago period and diluted earnings per share were flat at 0.26 francs compared to a year ago period.

In the quarter, the lender recorded highest quarterly wealth management net new asset flow in last 7 years with surge of 20% to 14.4 billion francs and record asset under management jumped 9% to 776 billion francs.

Trivago NV tumbled 15.1% to €5.42 after the Germany-based online hotel, lodging and meta services provider said total revenues in the first-quarter ending in March slumped 3% from a year ago to €259.4 million.

Net in the quarter swung to a loss of €21.8 million from profit of €7.7 million in a year ago period.

The online hotel reservation services provider said net loss in the quarter was driven by lower commercialization across all segments against higher advertising spending.

Zodiac Aerospace Group, France-based spacecraft, aircrafts and helicopters maker said revenues in the first-quarter ending in March declined 12.4% from a year ago to €2.1 billion and operating income swung to profit €35.3 million from a loss of €11.5 million.

The aircrafts maker said operating income swung to profit after higher aero-systems and aircraft interiors, driven by operational improvements.

Safran will include Zodiac Aerospace results in its consolidated financial statements since March 1, 2018.