This archive report was first published on 6 May 2020.
Published on May 6, 2020, as the world grappled with the COVID-19 pandemic, global markets were in a state of flux. The Dow Jones, Nasdaq 100, and S&P 500 indices opened higher on Wednesday as the US began a gradual reopening of businesses.
However, the pandemic's impact was evident in the financial reports of several major companies. Pinterest Inc. reported a revenue of $272 million for Q1 2020, a 35% increase from the previous year, but its net loss deepened by 241% to $141 million.
Walt Disney's revenue for Q2 2020 rose by 20% to $18.01 billion, but its Parks, Experiences, and Products segment saw a 10% decline due to coronavirus closures. The company's streaming service, Disney+, had 33.5 million paid subscribers as of March 2020.
BMW's group net earnings for Q1 2020 fell 2.4% to €574 million, despite a 3.5% increase in revenue to €2.325 billion. The company lowered its guidance for the year, citing the negative impact of COVID-19 on auto sales.
Several airlines, including Emirates, Qatar Airways, and Air Arabia, announced plans to lay off employees due to the pandemic's impact on the industry. The Eurozone Purchasing Managers' Index (PMI) fell by 54% to 13.6 in April, according to IHS Markit.
Meanwhile, US oil inventories rose by 4.6 million barrels to 532.2 million barrels in the week ending May 1. Oil prices declined following the announcement that refineries operated at 70.5% of their capacity last week.
Uber Technologies also announced plans to lay off 3,700 employees, representing 14% of its 26,000 staff, citing the need to adapt to the changing market.
