BA Boeing Co

Tesla, Facebook and Microsoft posted favorable results after the bell, partly the result of stay-at-home environments.

In earnings reported in the morning session, companies in aerospace and transportation industries showed results dragged down by travel bans and restrictions related to the Covid-19 pandemic.

Here is a rundown of the latest corporate earnings:

Microsoft posted higher third-quarter earnings propelled by strength in its cloud-computing business with some of its operations getting an extra boost from the coronavirus pandemic that has forced many day-to-day activities online.

Tesla reported a surprising first-quarter profit, fueled by the sale of regulatory tax credits and strong demand for its Model 3 compact car before the coronavirus pandemic shut down its lone U.S. factory in late March. The Silicon Valley auto maker said it is too soon to say how the rest of the year might be affected by efforts to quell the spread of Covid-19.

Facebook reported strong growth in the first quarter despite disruptions from the Covid-19 pandemic, thanks to a swell in homebound users, and said ad sales stabilized in recent weeks. The results continue a string of outperformance from Silicon Valley, where the top companies are so far proving to be somewhat resilient to the effects of the global economic slowdown.

eBay reported first-quarter earnings that beat estimates. Covid-19 social distancing efforts boosted demand for eBay's marketplace platforms, but its classifieds business took a hit from temporary car dealer closures and a slowdown in advertising.

Hartford Financial Services Group said the Covid-19 pandemic impacted the company's underwriting operations by about $50 million before tax.

Earnings reported earlier Wednesday, at a glance:

Boeing Co. plans to cut jetliner production and 10% of its workforce in response to the airline industry's coronavirus-driven crisis but said it has sufficient funding options to adapt. Boeing reported a first-quarter loss of $641 million compared with a profit of $2.15 billion a year earlier.

Airbus SE also swung to a net loss in its first quarter, while revenue fell sharply, as the European jet maker faces a sharp decline in demand world-wide.

General Electric Co.'s aviation business was hit hard by the virtual halt to air travel. The conglomerate is cutting $2 billion in costs to offset falling sales and profits.

General Dynamics Corp. reported a smaller profit for the first quarter as revenue from its aerospace division shrank. Coronavirus-related travel restrictions delayed jet deliveries.

China Southern Airlines Co. swung to a first-quarter net loss as the global spread of the coronavirus reduced demand for air travel, while Beijing Shanghai High Speed Railway Co., which operates the railway linking China's political and financial capitals, said first-quarter net profit slumped as passenger volumes fell due to government lockdowns.

Some companies in areas outside of transportation had positive results. Deutsche Bank AG weathered the first weeks of the pandemic better than expected as customers rushed to reposition their investments, boosting the German bank's investment-banking revenue.

Loblaw Cos. Ltd., a Canadian supermarket owner, said sales rose sharply in the latest quarter as profit beat analysts' expectations, driven by unprecedented shopper demand and stockpiling amid the pandemic.

South Korea's LG Electronics Inc.'s first-quarter net profit rose 88% thanks to its solid home-appliance segment, which hadn't yet borne the full brunt of the coronavirus pandemic by end-March.

Its results were better than Samsung Electronics Co., which reported a decline in its first-quarter net profit despite increased computing demand for its memory chips.

Other earnings reported Wednesday, at a glance:

Anthem Inc.: The health insurer reported lower first-quarter profit and higher revenue as it responds to a membership battling the Covid-19 pandemic.

AstraZeneca PLC: The drugmaker was the latest major pharmaceutical company to benefit from medicine stockpiling, seeing higher sales and earnings in the first quarter.

Barclays PLC: The U.K. bank said its profit fell in the first quarter as it set aside 2.1 billion British pounds ($2.6 billion) in provisions for losses from loans affected by the coronavirus pandemic.

BOC Hong Kong (Holdings) Ltd.: The bank's first-quarter net operating profit before impairment allowances rose 2.6%, mainly supported by growth in interest earnings. However, net fee commission income fell 9.3% during the quarter, mainly due to the impact of the Covid-19 pandemic.

China Petroleum & Chemical Corp.: The Chinese oil major known as Sinopec swung to a net loss in the first quarter as a demand collapse caused by the coronavirus pandemic led to heavy losses at its refining segment.

Daimler AG: The German premium car maker said profit for the first quarter of the year fell significantly and revenue also declined.

Enterprise Products Partners LP: The U.S. pipeline company said it would slash its capital expenditures for the year after revenue fell in the latest quarter amid the collapse in oil demand with the pandemic.

Flexsteel Industries Inc.: The furniture company said fiscal third-quarter results were below expectations due to the coronavirus pandemic and tariffs that hurt demand. Flexsteel has decided to exit its recreational vehicle and remaining hospitality businesses.

Fresh Del Monte Produce Inc.: The Coral Gables, Fla.-based company, which sells fruits and vegetables, reported a smaller first-quarter profit year over year as sales ticked down during the Covid-19 pandemic.

GlaxoSmithKline PLC: The drugmaker said its first-quarter sales got a lift from customers stockpiling medicines and drugstore staples but warned of disruption elsewhere in its business because of the spread of Covid-19. Revenue climbed 10% at constant currencies, with the boost most pronounced for its consumer-healthcare unit.

Hyundai Heavy Industries Holdings Co.: The South Korean company swung to a net loss in the first quarter, as its oil-refining affiliate was hurt by the Covid-19 pandemic and lower oil prices.

Jiangxi Copper Co.: The copper producer's first-quarter net profit fell 78% as the company took higher impairment losses on its assets due to fluctuation in copper prices. The company's equity investments fell 47% due to decline in share price of unit First Quantum Co., which was hurt by the market volatility caused by the Covid-19 pandemic.

Laboratory Corp. of America Holdings: The lab-testing company turned a loss for the first quarter and withdrew its full-year guidance as it had less demand for non-Covid-19 tests, though it expects to increase capacity for serological antibody tests.

Naturgy Energy Group SA: The Spanish energy company said net profit fell in the first quarter. The pandemic started affecting the business mainly from March, Naturgy said, citing lower gas and power demand in Spain and Latin America, a challenging scenario in the liquefied-natural-gas market and currency depreciation in some Latin American countries.

Next PLC: The U.K. fashion retailer said full-price sales dropped in the year to April 25 due to the pandemic and it expects sales to remain down during and after the lockdown.

PetroChina Co.: The Chinese oil major swung to a loss in the first quarter, weighed by weak oil and gas prices due to the coronavirus pandemic.

Ryder System Inc.: The truck-rental company swung to a loss for the first quarter as it faced lower demand amid production shutdowns driven by the coronavirus pandemic.

SAIC Motor Corp.: The Chinese car maker's first-quarter net profit plummeted 86% from a year earlier, as the coronavirus pandemic dealt a severe blow to sales.

Samsung SDI Co.: The South Korean company's net profit plunged in the first quarter, as the coronavirus pandemic and seasonally soft demand hurt its battery segment.

Siam Cement PCL: The Thai company's first-quarter net profit fell 40% due to weakness in its chemical business, which was affected by lower demand and falling global crude oil prices.

SMCP SAS: The French luxury-good company said sales fell in its first quarter as activities world-wide have been hit by the coronavirus pandemic.

Spotify Technology SA: The digital music service turned a profit and continued to add paying and advertising-supported users in the most recent quarter, but it lowered its revenue guidance for the year as ad sales were dented amid uncertainty around the coronavirus pandemic.

Standard Chartered PLC: The Asia-focused bank's first-quarter pretax underlying profit fell despite higher income, as credit impairments rose significantly due to the rapid spread of the coronavirus pandemic.

Tupperware Brands Corp.: The company known for food containers reported lower first-quarter sales and swung to a loss, a performance that comes as it navigates the coronavirus pandemic under new leadership.

Volkswagen AG: The German auto maker's earnings fell in the first quarter. "The global Covid-19 pandemic substantially impacted our business in the first quarter," said Frank Witter, chief financial officer at Volkswagen.

WPP PLC: The world's largest advertising company said it is cutting costs further after the coronavirus pandemic led to a 3.3% fall in like-for-like net sales for the first quarter.

Yum Brands Inc.: The fast-food company reported lower sales from its existing base of stores and a weaker first-quarter profit as governments around the world closed dining rooms in an effort to contain the new coronavirus.

Zhengzhou Coal Mining Machinery Group Co.: The Chinese company's first-quarter net profit rose 6.3% due to higher contributions from its coal mining machinery division, but the Covid-19 pandemic hit Zhengzhou's auto-parts segment and weighed on overall revenue.

(END) Dow Jones Newswires

April 29, 2020 18:30 ET (22:30 GMT)

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