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In after-the-bell earnings news Wednesday, Lyft promised to "aggressively" pursue cost cutting, and MetLife said it would do the same. PayPal said it would increase credit loss reserves to deal with changes in projections and T-Mobile said it sees an impact from the pandemic for the rest of 2020.

Earlier, Office Depot and food-delivery companies got a boost, which they detailed Wednesday in their quarterly results.

Earnings reported after the bell Wednesday:

Lyft Inc.: The ride-hailing business, which cut about 17% of its staff last week in response to the coronavirus pandemic, said it will aggressively pursue cost cuts as it reported first-quarter earnings that give a glimpse into the fallout from the drop in ridership it has seen during the health crisis.

MetLife Inc.: Amid coronavirus-related restrictions, the insurer pointed to a challenging face-to-face global sales environment with sales expected to decline across most segments, and said it would further cut costs to mitigate top-line pressure.

PayPal Holdings Inc.: The fintech company said the Covid-19 pandemic impacted volumes and travel and events revenue in March, and the company increased its credit loss reserves to account for a change in economic projections.

T-Mobile US Inc.: The carrier said it expects the coronavirus pandemic to weigh on its financial performance through at least the end of the year, joining rival carriers in telling investors the crisis had clouded its outlook.

Wynn Resorts Ltd.: The Las Vegas-based hotel and casino operator reported a net loss and a sharp drop in revenue, the latest casino operator to reveal how coronavirus shutdowns are hurting the gambling industry.

Upwork Inc.: The global freelancing platform said losses widened in the fiscal first quarter as sales rose in part because of coronavirus measures accelerating the need for remote work.

Earnings reported earlier Wednesday:

Office Depot Inc.: The provider of business services and supplies said its profit and same-store sales rose for the first quarter as workers bought supplies and equipment for their home offices, but it withdrew its full-year guidance and expects lower revenue in the near term due to the pandemic's disruptions on supply and operations.

Papa John's International Inc.: The pizza chain reported a first-quarter profit but its 2.9% rise in revenue was less than analysts had expected. Papa John's said its April average unit and systemwide sales were the strongest in its 35-year history once coronavirus buying set in.

Wingstop Inc.: The chicken-wing chain reported first-quarter domestic same-store sales increased, a performance it said demonstrated that its focus on delivery was paying off as consumers stayed home amid the coronavirus pandemic.

Other earnings reported Wednesday, at a glance:

Arkema: The French chemicals company's net profit and revenue fell, mostly because of the economic downturn brought about by the new coronavirus in Asia and then in Europe from mid-March.

BMW AG: The German luxury car maker reported lower profit in the first three months of the year and said the lockdown of auto markets in the U.S. and Europe to prevent Covid-19 infections from spreading would push the company into the red in the second quarter.

Bunge Ltd.: The trader and processor of crops swung to a loss for the first quarter as sales fell and Bunge recorded mark-to-market losses in forward contracts due to the pandemic's effect on crop availability and oil prices.

Cedar Fair LP: The Ohio-based amusement-park operator posted a wider loss and a decrease in revenue for the first quarter due to Covid-19-related park closures beginning March 14 through the end of the quarter.

CNH Industrial NV: The London-headquartered industrials company said it swung to a net loss in the first quarter of 2020, while revenue fell year-over-year as the pandemic started harming its end markets and operations.

Credit Agricole SA: France's second-largest listed bank by assets saw its first-quarter profit fall 16% as Crédit Agricole set aside more provisions to cover potential loan losses, a step taken by many large banks in Europe and the U.S.

CVS Health Corp.: The company saw higher sales in the most recent quarter as the pandemic led people to fill more prescriptions and to spend more at the pharmacy chain's stores.

Electrolux Professional AB: The newly separated professional business of Electrolux said its first-quarter earnings were weighed down by lower sales of food and beverage equipment as the coronavirus hit the hospitality industry, while its laundry business was less affected.

General Motors Co.: The auto maker reported a $292 million net profit in the first quarter despite a big hit from Covid-19 fallout, as strong pickup-trucks sales and restructuring before the crisis helped it avoid quarterly losses suffered by its Detroit rivals.

Genuine Parts Co.: The automotive parts company said its profit fell for the first quarter as lower demand starting mid-March due to the pandemic weighed on its sales and operations.

Global Payments Inc.: The credit-card-payments company reported sales and adjusted net that came in above analysts' expectations in the latest quarter as it prepares to cut costs in response to the coronavirus pandemic.

Hannover Rueck SE: The German reinsurer said first-quarter net profit slightly beat guidance thanks to strong trading across divisions, and it withdrew its full-year guidance due to the uncertainty associated with the pandemic.

KKR & Co.: The private-equity firm logged a loss of more than $1 billion in the first quarter, a result of the pandemic shaking markets in the first three months of this year and impacting the outlook for the economy.

Lenzing AG: The Austrian fiber maker said net profit and revenue for the first quarter fell as the pandemic put pressure on fiber prices and demand.

Metro Bank PLC: The U.K. lender said loans and assets fell year-over-year in the first quarter and that the impact of the pandemic is difficult to predict with certainty.

Metro Pacific Investments Corp.: The Philippine infrastructure conglomerate's first-quarter net profit fell 47% due to provisioning as well as an economic contraction stemming from government efforts to contain the spread of Covid-19.

Novo Nordisk A/S: The Danish pharmaceutical company posted a forecast-beating rise in first-quarter earnings as patients in the U.S. and Europe in particular stockpiled medicines during the coronavirus outbreak.

Ocado Group PLC: The online grocer and retail-technology specialist said Ocado Retail -- half-owned joint venture with Marks & Spencer Group PLC -- saw its quarterly revenue increase more than 40%, boosted by coronavirus stockpiling and consumers' need for grocery home delivery.

Schaeffler AG: The German auto-parts supplier swung to a net loss for the first quarter while revenue fell as the pandemic considerably weakened demand in the automotive sector.

Siemens Gamesa Renewable Energy SA: The Spanish wind-turbine maker said net profit and revenue fell in the second quarter of its fiscal year as the pandemic affected its business.

SK Innovation Co.: The South Korean company swung to a net loss in the first quarter due to weaker refining margins and lower oil prices, as the pandemic depressed global oil demand. Solvay SA: The Belgian chemicals company said its net profit in the first quarter of the year declined, and it warned that second-quarter results would be significantly lower amid the coronavirus pandemic.

Spirit AeroSystems Holdings Inc.: The company, which makes aerospace components, swung to a first-quarter loss as its production volumes were hit by continuing delays for Boeing Co.'s 737 MAX jet and by the pandemic.

StarHub Ltd.: The Singapore-based telecom carrier said its net profit for the first quarter fell 26% on year, as movement restrictions to stem the spread of the pandemic hurt the broader economy.

UniCredit SpA: The Italian bank will tweak its strategic plan after it swung to a loss in the first quarter as bad-loan provisions soared and expenses related to the implementation of its cost-saving plan hit performance.

Waste Management Inc.: The waste-services company reported improved first-quarter results in line with analysts' expectations, although the pandemic was a drag on some of its operations.

Wyndham Destinations Inc.: The timeshare company swung to a loss for the first quarter as the pandemic led to resort closures.

Zoetis Inc.: The animal-health company said its profit and sales rose for the first quarter, but it lowered its full-year guidance as it accounts for the effect of the pandemic.

(END) Dow Jones Newswires

May 06, 2020 17:59 ET (21:59 GMT)

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