Business

News on companies, industries, and corporate developments.

Business
Azzet Unpacked: Analysing the week in business
The week started and finished on a political note, but jammed in between is plenty of corporate news, including the latest earnings, mostly from the United States, where President Donald Trump and his tariffs continue to dominate attention. Here’s how we saw it and brought it to you: A week that brought April to a close promises to finish on a political high note with the Federal election on Saturday, but events in America remain the major driver of Australian markets. Donald Trump marked a tumultuous 100 days in office. However, as Mark Story reported here, the former property developer and reality TV star had few reasons to celebrate given his diminishing support, falling share markets and approval ratings. Mark also noted in this story that although Australia’s election should be the biggest-game-in-town, the vote to elect another government in Canberra is less important to Australians than what’s happening internationally. But after five weeks of campaigning, opinion polls suggest the sitting Labor Government under Prime Minister Anthony Albanese will be returned, but perhaps not in its own right if the Greens and independents win enough seats to result in a hung Parliament. We will keep you informed this weeken
Business
Trading floor: Block, Zip Co fall on weaker confidence
Azzet reports on two Buy Now Pay Later (BNPL) stocks in the news today. Block crashes on lower guidanceChess Depositary interests in Afterpay owner Block (ASX: XYZ) were down by as much as 33% at the open after the payment giant released a disappointing first quarter update that also slashed its outlook for the rest of the year. Today’s fall follows a 19% drop during after-hours trading on Wall Street overnight. Due to changes in consumer spending, the parent company of Cash App and Square posted 1Q FY25 profit of US$189.9 million, or US30 cents a share, compared with US$472 million, or US74 cents last year. At US56 cents, adjusted earnings fell way short of analysts' US97 cents. At US$5.77 billion, revenue has also underperformed against analysts’ expected US$6.19 billion and last year’s US$5.96 billion. Management has revised expectations for gross profit margins year-on-year from 15% to 12% and expects 9.5% growth in gross profit to US$2.45 billion in the second quarter. CEO Jack Dorsey was quick to advise the market that the downgraded earnings guidance reflects a more cautious macro outlook for the rest of the year. President Donald Trump's trade policies have sparked concern about consumer spending, whi
Business
Earnings season blog - Apple, Amazon, and more
Re-live our live blog coverage of earnings season! This is the time of year when publicly traded companies report their financial results, giving investors and analysts a glimpse into their performance and future outlook. We'll bring you real-time updates, analysis, and commentary on the latest earnings reports from major companies across various sectors. Stay tuned as we break down the numbers, highlight surprises, and provide insights into what these results mean for the market. -----------------------------------------------------------------------------------------------------------------------------------------------------Summary Apple income and revenue up, but could be threatened by tariffs Eli Lilly, Airbnb, Mastercard, Motorola, CVS, EOG, Amgen surge past estimates Amazon beats estimates, issues light guidance amid tariff pressures Atlassian reports net loss, predicts slowing growth McDonald's, Shell income slumps Mitsubishi income drops, projects more declines ahead_______________________________________________________________________________________ 8:47 am (AEST): Good morning! Harlan Ockey here with you today. Starting off at the NASDAQ, Thomson Reuters (TRI) saw revenue and earnings per share bo
Business
Eli Lilly falls on profit downgrade; drug sales surge
Eli Lilly reported better-than-expected first-quarter results Thursday, powered by surging demand for its weight loss and diabetes treatments. However, shares dropped 11.7% as the company cut its profit outlook for the year. It also faced a setback in drug coverage from a major pharmacy benefit manager. Adjusted earnings for the quarter were $3.34 per share, beating $3.26 expected. Revenue exceeded expectations at US$12.73 billion, ahead of $12.67 billion expected. The gains were fuelled by the blockbuster performance of two injectable drugs - Mounjaro and Zepbound. Sales of Mounjaro, a diabetes medication, soared 113% year over year to $3.84 billion. Meanwhile, Zepbound, Eli Lilly’s obesity drug, generated $2.31 billion in revenue, a more than fourfold increase from the $517.4 million it posted a year ago, shortly after its U.S. launch. Despite these standout figures, the company revised its adjusted full-year 2025 earnings guidance down to between $20.78 and $22.28 per share, from a prior range of $22.50 to $24. The downgrade stems from a $1.57 billion charge in the first quarter linked to Eli Lilly’s acquisition of an oral cancer drug from Scorpion Therapeutics. Eli Lilly reaffirmed its 2025 revenue guidanc
Business
Thomson Reuters posts solid growth; EPS outperforms
Canadian multinational Thomson Reuters today (Friday AEST) released its Q1 2025 earnings report ended March 31, 2025, which showed 6% organic revenue growth and 9% recurring revenue gains. “We have delivered an encouraging start to 2025, underscored by a good financial performance and reaffirmed outlook, building on the momentum of the past year,” said Steve Hasker, President and CEO of Thomson Reuters. “We continue to invest heavily in innovation, and believe we are well positioned to help our customers harness the potential of content-driven technology and AI to navigate an increasingly complex and changing world.” Hasker added, “As we look ahead, we remain committed to taking a balanced capital allocation approach, focusing on delivering sustained value creation through a long-term investment strategy.” Thomson Reuters shares have been upgraded to an Overweight rating by Barclays analyst Manav Patnaik. The company's adjusted EPS of US$1.12 beat the analyst consensus estimate of $0.87. On average, analysts expected earnings per share of US$1.01, according to data from the London Stock Exchange Group.Credit: Thomson ReutersStrong Q1 growth, mixed revenue trends Legal, corporate, and tax segments soared, while Reuters Ne

Business
Woolworths Q3 sales up and nine-week high share price
Woolworths (ASX: WOW) has beat expectations for its third quarter sales, with shares reaching a nine-week high as a result. The results for the nation's biggest supermarket chain were posted today, with total group sales landing at $17.31 billion for the quarter, exceeding analysts estimates were A$16.64 billion and sitting 3.2% higher than the same time last year. Woolworths' e-commerce quarterly sales increased 15.7% year-on-year to A$2.2 billion. The supermarket giant also reported a drop in average supermarket prices, excluding tobacco, in the fifth quarter. This is as cost-of-living pressures continue to hit Australians. Woolworths, which sells more than one-third of the nation's groceries, saw a subsequent rise in shares by as much as 2.1% to a nine-week high. "While the market remains competitive and consumer outlook uncertain, we are making progress in these areas and will provide a more detailed update at our full-year results in August," Woolworths Group CEO Amanda Bardwell said in a statement.
Business
Australian pledges US$5bn in US manufacturing
One of Australia’s richest men, Anthony Pratt, has announced a US$5 billion (A$7.8 billion) investment in manufacturing in the United States to create 5,000 jobs. Patt’s privately-owned Pratt Industries said the announcement had been made in advance of U.S. President Donald Trump’s ‘Invest in America’ event at the White House in Washington. Pratt, who is ranked the eighth wealthiest person in Australia with a net worth estimated at US$8.7 billion by Forbes magazine, said the investment would create jobs in states including Ohio, Michigan, Pennsylvania and Arizona. “To make America great again we need to make in America again,” Pratt said in a press release. He is the owner and executive Chairman of Pratt Industries, the largest privately held recycling paper and corrugated box manufacturer, which has 70 factories in more than 25 states. The Georgia-based company was founded in the United States 30 years ago and operates assets including 27 converting plants, 21 corrugating plants, 19 recycling facilities and six paper mills. Pratt inherited Visy, the Australian packaging and recycling business founded by his grandfather Leon in 1945, after the passing of his father Richard in 2009, but has expanded its operations
Business
Foxtel cuts 100 jobs four weeks after DAZN takeover
Foxtel has cut jobs for 100 staff, after less than a month after being acquired by DAZN, a British platform. The cuts largely hit the marketing and engineering teams, including some staff from Hubbl, a streaming aggregator launched in 2024. DAZN acquired Foxtel Group, after sitting with News Corporation for 30 years, for $3.4 billion. Now, less than a month later, a Foxtel spokesperson confirmed a number of “highly skilled and highly valued people… will leave the Foxtel Group”. “Our transformation is not new. We have been focused on efficiency for almost a decade, which has seen us successfully transform our business from being a single-product pay-TV operator to a modern Australian leader in streaming,” the spokesperson said. “As part of the DAZN Group, we now have the opportunity to continue our transformation and take advantage of their global engineering and services. We are also working with DAZN to share our world-class product and technology expertise.”
Business
Pact Group confronts hold-outs with ASX delisting plans
Minority shareholders in Pact Group Holdings who rejected a bid to privatise the packaging group are facing the prospect of their share being delisted from the Australian Securities Exchange (ASX), but at least one has vowed to fight. Pact (ASX: PGH) announced on Thursday it would hold an extraordinary general meeting (EGM) of shareholders on 12 June 2025 to seek approval for the delisting. The company, 88% owned by billionaire Executive Chairman Raphael Geminder, said the reasons for delisting were its concentrated share register, low share trading levels, listing costs and burden of compliance with listing requirements. “The Board considers that a delisting would enable PGH to focus more on its business operations and on delivering on its long-term business objectives,” Pact said in an ASX announcement. The company said delisting was canvassed extensively in documents sent to shareholders during a protracted takeover process in 2023 and 2024 under which Geminder lifted his stake from about 50%. Although the $289 million buy-out was rejected by independent directors, they also highlighted the risk of delisting even if Geminder did not reach 90% ownership. Pact said that as the EGM would be more than 12 months af