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Visa acquires Currencycloud
Visa buys for a high three-digit million amount. The company said it is acquiring Currencycloud, a London-based provider of cross-border payments technology. The latter is valued at £700 million in the deal.
“The acquisition of Currencycloud will enable us to help our customers and partners reduce the hassle of cross-border payments,” said Colleen Ostrowski, global treasurer at Visa. The US group participated in an $80 million funding round for the company last year. Currencycloud will retain its London headquarters and current management.
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Visa shares were trending up 0.43 per cent to 244.70 US dollars in pre-market trading on the NYSE.
Hyundai with a big jump in profits
Sales of SUV models and sedans from the luxury Genesis brand also gave South Korea’s number one carmaker a sharp jump in profits in the second quarter of 2021. Net profit rose to 1.98 trillion won (1.46 billion euros) from just 377 billion won in the same time a year earlier, Hyundai said.
Already from January to March, Hyundai had almost tripled its profit year-on-year. However, the high rates of increase should also be seen against the background of the relatively low comparative figures: Due to the effects of the coronavirus crisis on the international car market, Hyundai had to accept significant profit losses last year.
According to the company’s figures, sales in the second quarter rose by almost 39 per cent to 30.3 trillion won. Global sales climbed 46.5 per cent to more than 1.03 million cars. Together with its smaller sister Kia, Hyundai is the world’s fifth-largest carmaker. Recovery from the global crisis has boosted demand for cars, a company statement said. SUVs and Genesis models drove sales in the second quarter, it said, and falling discounts helped sales and profits rise.
Looking ahead to the second half of the year, however, Hyundai expects demand to flatten. The business environment could worsen as the pandemic flares up. Hyundai cited the unstable supply of semiconductor products, price volatility of raw materials and unfavourable currency effects as other factors of uncertainty. However, the situation around the “global chip shortage” is expected to improve gradually.
Camera company Snap released its second fiscal quarter numbers after the US market close on Wednesday. Snap ended the second quarter in the red once again. EPS for the reporting period was -0.10 US dollars, after a loss of 0.230 US dollars per share a year ago. The company thus did better than analysts had expected: experts had forecast an EPS of -0.182 US dollars.
Turnover in the reporting period increased significantly from 454.2 million US dollars to 982.1 million US dollars. Analysts had previously estimated revenues of 844.7 million US dollars.
Snap’s shares jumped 13.17 per cent to US$71.23 in after-hours trading on the NYSE.
Twitter with strong revenue growth
Twitter announced on Thursday after the close of the US stock exchange that earnings per share for q2 of 2021 were 0.08 US dollars after a loss of 1.75 US dollars per share a year ago. Analysts had previously expected the company to report EPS of $0.073, beating expectations.
Turnover improved significantly: in the reporting period, revenues climbed from 683.4 million US dollars to 1.19 billion US dollars; analysts had previously expected revenues of 1.06 billion US dollars.
Twitter shares reacted in after-hours trading on the NYSE with gains of 6.4 per cent to 74.05 US dollars.
Dow with profit in the billions
Chemical company Dow benefited from robust demand and price increases in the second quarter. The bottom line was a profit of around 1.9 billion US dollars, as the plastics and packaging group announced in Midland on Thursday. This is once again significantly more than in the previous quarter when Dow earned around one billion. In the last year, the group had been considerably burdened by the Corona crisis and had posted a loss of 217 million dollars.
Turnover rose by 66 per cent to 13.9 billion dollars, 17 per cent more than in the previous quarter. Volumes and prices increased thanks to the recovery of large parts of the economy significantly.
The Dow share initially fell sharply in trading on the New York Stock Exchange but was able to recover in the further course closing 1.47 per cent stronger at 60.61 US dollars.
ABOUT YOU records strong growth
The online fashion retailer ABOUT YOU is somewhat more optimistic about the current financial year 2021/22. It is realistic to reach the upper limit of 1.75 billion euros in the targeted revenue increase of 40 to 50 per cent, the company announced in Hamburg on Thursday.
The Zalando competitor was able to increase revenues by two-thirds to 422 million euros in the first quarter that ended at the end of May, thanks partly to its expansion into new countries. Almost half of this was generated in Germany, Austria and Switzerland. Portugal, Greece and Norway were added as new markets. In addition, the second quarter had started strongly.
The operating margin improved across the group from minus 4.2 to minus 2.9 per cent. In the current business year, the group expects total investments of 34 million euros. Operationally, a loss of 70 million euros is targeted, almost twice as much as in the previous year. In the medium term, the company plans to break through the 5 billion euro mark in turnover.
In XETRA trading, the ABOUT YOU share ultimately gained 1.58 per cent to 25.70 euros.
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