This archive report was first published on 5 May 2020.
On May 5, 2020, Exxon Mobil reported a loss of $610 million in the first quarter of 2020, marking the company's first quarterly loss in 32 years.
The loss came despite oil-equivalent production reaching four million barrels per day, a 2% year-on-year increase. The company attributed the loss to reduced capital spending and cash operating expenses.
Exxon Mobil announced it would cut 2020 capital spending by 30% and cash operating expenses by 15%, with Capex expected to hit $23 billion for the year, compared to an initial guidance of $33 billion.
Meanwhile, Apple Inc. reported earnings per share (EPS) of $2.55 for the second quarter of 2020, a 4% growth from the same period a year ago.
Apple's revenue rose by 1% year-on-year to $58.3 billion, driven by higher sales of wearables and services. However, iPhone revenue fell 7% to $29 billion, impacted by the COVID-19 pandemic.
Amazon.com Inc. reported a 26% rise in Q1 2020 revenue to $75.5 billion, with operating cash flow increasing 16% to $39.7 billion. However, the firm's net income fell by 31% to $2.5 billion.
“From online shopping to AWS to Prime Video and Fire TV, the current crisis is demonstrating the adaptability and durability of Amazon’s business as never before, but it’s also the hardest time we’ve ever faced,” said Amazon chief executive Jeff Bezos.
