Sales of new single-family homes in the United States dropped by more than eight percentage points in the last month, their lowest levels in just over two years, signaling that increased mortgage rates and soaring prices are decreasing consumer demand for housing. New home sales declined 8.1 percent to a seasonally adjusted annual rate of 590,000…
Sales of New US Homes Drop to Lowest Level in Two Years as Consumer Demand Subsides
GM Affirms 2022 Profit Outlook, but Shares Drop as Net Income Sinks 40 Percent
DETROIT—General Motors Co. on Tuesday reaffirmed its full-year profit outlook on an expected surge in demand and said it was curbing spending and hiring ahead of a potential economic slowdown, but a 40 percent drop in its quarterly net income disappointed, sending shares lower in premarket trading. The Detroit automaker’s net income fell 40 percent in…
McDonald’s Posts Lower Q2 Revenue, Charges Weigh Down Profit
McDonald’s revenue fell short of expectations in the second quarter as coronavirus restrictions shuttered stores in China and higher prices took a toll on U.S. demand. The Chicago burger giant said its revenue fell 3 percent to $5.72 billion in the April–June period. That was short of Wall Street’s forecast of $5.8 billion, according to…
Snap’s Report Incinerates $80 Billion in Ad Industry Market Cap
Facebook-owner Meta Platforms, Google-owner Alphabet, and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook. Slammed by a weakening economy, increased competition from TikTok, and recent privacy changes on iPhones, the Snapchat owner missed second-quarter…
J&J’s Cancer Drug Sales Help Weather Hit From Stronger Dollar
Johnson & Johnson on Tuesday reported quarterly results that beat analysts’ estimates on strong demand for cancer drug Darzalex and its COVID-19 vaccine, even as the company cut its full-year adjusted profit forecast due to a stronger dollar. J&J joins other major U.S. multinationals with sizeable international operations, including Microsoft Corp and IBM, in warning…
Burberry Says US Demand for Sneakers and Slides Fades
LONDON—British luxury brand Burberry said a drop in demand for footwear such as sneakers and slides drove a 4 percent fall in first-quarter like-for-like sales in the Americas. “We’ve had very strong performance in the categories of leather bags and outerwear,” Chief Financial Officer Julie Brown told reporters on Fridays. “The areas that have come…
Volkswagen Sales Drop in Europe but China Offers EV Boost
BERLIN—Volkswagen Group sales fell by around a fifth in the first half of this year from a year earlier, company data showed on Friday, led by a steep drop in Europe, but battery-electric sales were boosted by growth in China. Total deliveries to customers worldwide were down 22.4 percent in the second quarter of the…
US Online Sales During Amazon’s Prime Day Jump to $12 Billion: Report
U.S. online sales during Amazon.com Inc.’s Prime Day shopping event jumped 8.5 percent from last year to nearly $12 billion, as inflation-hit Americans pounced on discounted essentials and electronics, showed data from Adobe’s Digital Economy Index. Amazon said on Thursday the two-day shopping event, on July 12 and 13, was its biggest ever globally, with…
Mercedes Sales Slump in Q2 as Supply Problems Continue
BERLIN—Mercedes-Benz sales fell sharply in the second quarter, hampered by supply problems and coronavirus-related lockdowns in China, the German carmaker said on Monday. The automaker delivered 490,000 passenger cars from April to June, down 16 percent from the same period last year, it said. For the first half of 2022, its Cars division saw a…
BMW Sells 13 Percent Fewer Cars in the First Half of 2022
BERLIN—Munich-based carmaker BMW sold nearly a seventh fewer vehicles in the first half of 2022 compared with the same period in 2021 amid chip shortages and intermittent lockdowns in China. From January to June, 1.16 million BMWs, Mini, and Rolls-Royces were delivered, the group said on Friday. That was 13.3 percent fewer than in the…
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