CompaniesBIO

Major Western oil companies reported record profits in the second quarter alongside gas prices that have topped a national average of more than $5 a gallon. ExxonMobil, Chevron and Shell posted a combined $46 billion in earnings for the second quarter, according to earnings statements from the three companies. Exxon reported $17.9 billion in earnings, Chevron said it earned $11.6 billion. The London-based Shell said it earned $16.7 billion when the cost of supplies is factored in. Its adjusted earnings for the quarter, which exclude certain price changes and one-time expenses, was $11.5 billion. ExxonMobil and Chevron's share prices are now just a few dollars short of their year-to-date highs, as the companies promised to increase stock buybacks and pay down debt, actions designed to reward shareholders. At the same time, the companies say they plan to use their profits to build their energy supplies at a time when they face headwinds from the ongoing war in Ukraine. “We more tha...

As inflation rates hit 40-year highs, a surge of new drivers are joining Uber's platform in the hopes of earning extra cash. In the company's earnings call Tuesday morning, CEO Dara Khosrowshahi estimated that more than 70% of drivers said inflation had played a part in their decisions to join the ride-hailing service. "To some extent, we could be seeing evidence where it’s helping us in that it’s a very significant consideration base for drivers coming on to the system," Khosrowshahi said of inflation. Khosrowshahi estimated that drivers can earn as much as $37 for every hour they're on the platform, while drivers who drive for both Uber and UberEats earn $30. Uber announced new features last week aimed at improving drivers' experiences. Drivers will now be able to see how much they'll earn and where they'll be going before they accept trips . And they can view more than one trip request at a time. Uber said the changes would also help lower wait ti...

Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” Robinhood had previously laid off 9% of its workforce in April. “I want to acknowledge how unsettling these types of changes are,” Tenev said. In the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting to discuss the move on Thursday. The company also dropped its earnings report for the second quarter, one day earlier than expected. Here’s how it did. Revenue:  $318 milli...

Hiring in July was far better than expected, defying signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6% respectively. Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to an inflation picture that already has consumer prices rising at their fastest rate since the early 1980s. The Dow Jones estimate was for a 0. 3% monthly gain and 4.9% annual increase. Markets initially reacted negatively to the report, with Dow Jones futures down more than 200 points. Leisure and hospitality led the way in job gains with 96,000, followed by professional and business services with 89,000. Health care added 70,000 and government payrolls grew 57,000. Goods-producing industries also posted solid gains, with construction up...

The birthplace of pizza has vanquished America’s largest chain of pies. Domino's has shuttered the last of its 29 branches in Italy, seven years after starting operations in the country, Bloomberg reported on Tuesday. The Business News outlet said new delivery operations there born during the pandemic created an unexpected competition that sunk plans to open 880 stores over time. A Domino's representative did not immediately respond to a request for comment. In January, its Italian franchising partner cited the increased competition as hurting expansion plans. “We attribute the issue to the significantly increased level of competition in the food delivery market with both organized chains and ‘mom & pop’ restaurants delivering food, to service and restaurants reopening post pandemic and consumers out and about with revenge spending,” the group, ePizza SpA, said. A "For Sale" banner is posted outside a closed-down Domino's Pizza store in Rome, Italy, on Au...

South Korea’s president will formally pardon Samsung heir Lee Jae-yong, one year after he was released on parole from a prison sentence for bribing former President Park Geun-hye as part of the massive corruption scandal that toppled Park’s government, the justice minister announced Friday. Lotte Group Chairman Shin Dong-bin and two other top business leaders will be pardoned as well, extending South Korea’s history of leniency toward convicted business tycoons and major white-collar crimes. They are among some 1,700 people President Yoon Suk Yeol will pardon on Monday, a national holiday celebrating Korea’s liberation from Japanese colonial rule at the end of World War II. The pardon of Lee, who was released on parole in August 2021 with a year left on his 30-month term, underscores Samsung’s huge influence over a country that relies on its technology exports. He was convicted of bribing Park and her close confidante, who both were sentenced to lengthier prison terms, to win governme...

Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. The company said it would pay a dividend of $18.8 billion for the second quarter to shareholders, as it has promised to do since its IPO. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins. The higher profits bode well for the Saudi government, which despite years of efforts to diversify the economy continues to be heavily reliant on oil and gas sales for revenue. Aramco President CEO Amin Nasser said the resu...