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Google Offers Hope for Big Tech Amid Pandemic, BP Struggles: Earnings at a Glance — Update

After the bell, Google parent Alphabet Inc. said revenue continued to rise in the first quarter, gaining 13%, in a possible sign that Big Tech could fare better than other sectors being battered by the new coronavirus pandemic.

Earlier, BP PLC said its debt rose sharply and warned of falling production and a worsening outlook for refining margins, in a sign of what may be to come for other major oil producers.

Afternoon earnings, at a glance:

Boyd Gaming Corp.: The casino operator swung to a loss and withdrew its financial projections for the year, citing business uncertainty due to the pandemic.

Ford Motor Co.: The auto maker reported a first-quarter adjusted loss before taxes of $632 million and said that the Covid-19 pandemic negatively impacted results in the first quarter by at least $2 billion.

iRobot Corp.: The marker of Roomba reported a narrower-than-expected loss, but cast doubt on future sales of its pricey cleaning devices as the pandemic slams economies worldwide.

Mondelez International Inc.: The maker of Oreo cookies reported strong snack sales as shoppers in Europe and the U.S. stockpiled food but demand was more muted in developing economies dealing with lockdowns.

Starbucks Corp.: The coffee giant reported its first sales drop in 11 years as a result of the coronavirus pandemic.

Earlier earnings reported Tuesday, at a glance:

3M Co.: The maker of coveted N95 face masks used by workers treating coronavirus patients said sales grew in its medical business while a deepening industrial downturn is weighing on its business overall.

ABB Ltd.: The Swiss engineering company reported a fall in net profit for the first quarter, and it warned that the pandemic will continue to weigh on its results in the second quarter.

Aluminum Corp. of China: The Chinese company said its first-quarter net profit plunged 93% as government efforts to curb the coronavirus's spread slashed demand for its leading products.

ANA Holdings Inc.: The airline said its full-year net profit fell 75% as it canceled a significant number of international and domestic flights due to the impact of the coronavirus pandemic.

Caterpillar Inc.: The U.S. maker of construction equipment reported a smaller first-quarter profit as dealers slowed growth of their construction-equipment inventory during the pandemic.

China Communications Construction Co.: The company said first-quarter net profit fell 40% from a year earlier, as growth in its principal business slowed due to the Covid-19 pandemic.

D.R. Horton Inc.: The U.S. home builder said profit and sales rose in the latest quarter, but home orders were slowing and cancellations were growing due to the pandemic.

Guangzhou Automobile Group Co.: The Chinese car maker's first-quarter net profit plummeted 96% from a year earlier, as the coronavirus pandemic dealt a severe blow to the company's sales in the quarter.

Harley-Davidson Inc.: Demand for the company's motorcycles fell off in the first quarter as the coronavirus spread, but Harley-Davidson has restarted some manufacturing as governments look to reopen economies.

IndusInd Bank Ltd.: The Indian lender's fourth-quarter net profit fell 12% from a year earlier, weighed by provisions that rose in part to the Covid-19 pandemic.

Inner Mongolia Yili Industrial Group Co.: The dairy-product maker said first-quarter net profit slumped 50% from a year earlier, as both sales and profitability took a hit from the coronavirus pandemic.

LG Chem Ltd.: The South Korean company's first-quarter net profit fell 83% as its petrochemical segment was hit by lower oil prices and weaker demand in the wake of the Covid-19 pandemic.

Merck & Co. Inc.: Drugmaker reported a rise in sales and profit in the first quarter, but lowered its revenue and earnings forecast for the year due to the pandemic, with most of the negative effects expected in the second quarter.

Novartis AG: Pharmaceutical giant saw medicine stockpiling boost its sales and profit in the first quarter, offsetting disruption from the virus.

PepsiCo Inc.: The beverage giant posted higher sales for the first quarter of the year but withdrew its full-year guidance as it faces uncertainty amid the coronavirus pandemic.

Pfizer Inc.: Drugmaker said its sales fell for the latest quarter as it saw gains in its patent-protected medicines but had a decline in its Upjohn unit, while the rate of new prescriptions and vaccination slowed amid the coronavirus pandemic.

Polaris Inc.: The powersports company reported a loss for the first quarter as demand dropped amid the coronavirus pandemic.

Sirius XM Holdings Inc.: The satellite-radio company's revenue and earnings rose more than expected in its first quarter, but it said the Covid-19 pandemic is expected to hurt subscriber revenue.

Southwest Airlines Co.: The largest U.S. domestic carrier expects the lack of demand for air travel to linger for some time, as the pandemic continues to keep prospective fliers at home. Southwest reported a $94 million loss for the first quarter -- its first since 2011 -- and said revenue fell nearly 18% after bookings began to drop off in late February.

UBS Group AG: The Swiss bank's profit rose sharply in the first quarter as its focus on lending to the world's wealthy and Swiss customers cushioned it from the blow felt by other global lenders.

United Parcel Service Inc.: The delivery company said it expects capital expenditures to be $1 billion less than previous estimates and it is suspending stock buybacks for the year, citing significant headwinds from the impact of the coronavirus pandemic. Net income fell to $965 million, or $1.11 a share, for the first quarter, while revenue rose 5.1%.

Waters Corp.: The maker of laboratory instruments and software said its profit and sales for the first quarter fell, mostly due to the coronavirus containment measures in China.


(END) Dow Jones Newswires

April 28, 2020 18:37 ET (22:37 GMT)

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