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Amazon’s sales jump 37% in the fiscal third quarter
Amazon’s sales jump 37% in the fiscal third quarter. The retail giant now employs 1.12 million full-time workers worldwide. Amazon forecasts up to £93.76 billion of revenue for Q4. Amazon Inc. (NASDAQ: AMZN) said on Thursday that its revenue in the fiscal third quarter came in 37% higher on an annualised basis. Profit in the recent quarter, the company added, was also better than expected. Amazon was reported close to 2% down in after-hours trading on Thursday. On a year to date basis, shares of the company are now more than 65% up after a nearly 100% growth since its year to date low in March. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. Amazon’s Q3 financial results versus analysts’ estimates According to Refinitiv, experts had forecast the company to print £71.83 billion of revenue in the third quarter. For earnings per share, they had estimated £5.74. In its report on Thursday, Amazon topped both estimates posting a higher £74.51 billion of revenue in Q3 and £9.59 of earnings per share. The retail giant said it now employs 1.12 million full-time workers worldwide that represents a 50% increase on a
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China a 'number one national security threat' to US: Haley
China is the United States' "absolute number one" national security threat, said Indian-American Republican politician Nikki Haley on Saturday (local time), adding that US President Donald Trump has made sure Beijing does not steal American intellectual property.
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FTSE falls as Moody’s cuts U.K’s rating
Moody’s downgraded the United Kingdom’s debt rating to “Aa3” from “Aa2” The U.K’s economy had the sharpest downfall among Group of 20 countries The FTSE 100 index currently trades at 5866.1, which is 0.57% negative on the day The FTSE 100 index is trading around 0.6% in the red today after Moody’s downgraded the UK’s debt rating amid a rising debt. Fundamental analysis: Growth “significantly slower” The U.S. financial services company Moody’s downgraded the United Kingdom’s debt rating as a result of the huge blow the country’s economy took from the coronavirus pandemic, Brexit and because of no definite plans from the government. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. The agency cut the rating to “Aa3” from “Aa2,” putting the U.K. on the same page with Belgium and the Czech Republic. It said Britain’s economic growth had been significantly slower and will likely remain that way. Britain’s economy has seen the worst contraction among Group of 7 (G-7) in the second quarter, with its public debt reaching over 2 trillion pounds and transcending 100% of gross domestic product. The U.K’s economy had the sharpest downfall among Group of 20
Virgin Money to cut 400 jobs to minimise costs amidst the...
Virgin Money to cut 400 jobs to minimise costs amidst the COVID-19 crisis.
The UK firm names Enda Johnson as its interim Chief Financial Officer.
Virgin Money laid off 300 workers and closed 52 of its branches in July.
Virgin Money UK plc (LON: VMUK) said on Wednesday that it plans on slashing its workforce by roughly 400 jobs to cut costs amidst the Coronavirus pandemic that has so far infected more than 500 thousand people in the United Kingdom and caused over 42 thousand deaths.
The British lender had originally decided not to proceed with restructuring plans earlier this year in March. In July, however, it was pushed into resuming branch closures and job cuts to combat the economic crisis. Virgin Money named its Corporate Development Director, Enda Johnson, as its interim Chief Financial Officer last week. Johnson will take over the role on 15th October.
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Virgin Money laid off 300 workers in July
In 2018, Virgin Money took over Clydesdale and Yorkshire Banking Group after which it had revealed plans of reducing its headcount by close to 16%. The upcoming job cut, the company added, is a part of that forecast.
Virgin Money laid off 300 workers in July and closed 52 of its branches. The British firm, however, highlighted on Wednesday that it remains committed to avoiding compulsory layoffs as much as possible.
Chief strategy and transformation officer, Lucy Dimes of Virgin Money commented on the news and said:
“We are committed to bringing our operations together under the Virgin Money brand to offer customers a sustainable business which is fit for the future.”
TSB, HSBC, and LV also resorted to deep cuts
With the new wave of COVID-19 cases in the United Kingdom, British finance companies have been pushed in recent weeks into cost-cutting. Virgin’s rival, TSB said last week that it will slash its workforce by 900 jobs and will close 164 of its branches to combat the COVID-19 crisis.
Insurer LV and the largest European investment bank, HSBC, have also resorted to deep cuts.
Shares of the company slid less than 1% on market open but rallied 2% in the later hours. Virgin Money now has a per-share price of 81.60 pence. In comparison, it was exchanging hands at a much lower 54.22 pence per share in the first week of April. Trading stocks online is easier than you think. Here’s how you can buy shares online in 2020.
At the start of 2020, Virgin Money was trading at a much higher 191 pence per share. Presently, the British banking and financial services brand has a market cap of £1.17 billion.
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