BUSINESS NEWS JANUARY 28TH 2016
U.S. JOBLESS CLAIMS DECLINE
U.S. stocks finished higher today, boosted by a jump in oil prices along with an earnings-driven surge. Applications for unemployment benefits in the U.S. declined last week from a six-month high. Jobless claims fell by 16,000 to 278,000 in the week ended January 23rd. According to analysts the holiday break and bad weather in some parts of the U.S. probably influenced the weekly data. The latest round of data indicates that firings remain low and employers are holding on to workers to meet demand.
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FACEBOOK'S QUARTERLY EARNINGS BEAT ESTIMATES
Social networking giant Facebook's quarterly earnings have beaten estimates. The company reported profits of 79 cents per share on $5.8 bn in revenue for Q4. The firm reported a jump of 52% in sales in the current quarter, over the same period last year. Average revenue jumped by 26% to come in at $3.73. Facebook reported 1.59 bn monthly users, up by 14% over last year. It also has over 1 bn daily active users, up by 17% from the year before.
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FORD EARNINGS BEAT ESTIMATES
Ford's fourth-quarter results have beaten analyst expectations. The automobile major has reiterated a forecast that 2016 pretax profit would be equal to or higher than last year. Excluding one-time items, Ford earned 58 cents a share in the fourth quarter. The company earned most of its money in the quarter and for the full year in North America, where declining gasoline prices have boosted demand for profitable large pickups. Revenue for the quarter came in at $40.3 bn, against the comparable year-ago figure of $33.80 bn.
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SAMSUNG ELECTRONICS' Q4 PROFIT SINKS
Samsung Electronics reported a wider-than-expected decline in its earnings for the final quarter of 2015 due to a weak global demand for consumer electronic products. Samsung's net profit for the October-December period plunged 40% from a year earlier to 3.2 trillion won ($2.7 bn). Sales rose by 1% to 53.3 trillion won for the quarter. Samsung has also hinted at a profit decline for the first half of this year citing, difficult business environment.
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