COMPANY NEWS IN BRIEF

Discovery's streaming investments hit profitDiscovery Inc on Wednesday reported a smaller-than-expected quarterly profit, as the media company ramped up investments in its streaming platform, sending its shares tumbling 8% in early trading.While Discovery benefited from a recovery in advertising sales on its networks during the quarter, the race to retain paying customers in the crowded streaming market that includes Netflix Inc and Walt Disney Co's Disney+ called for higher investments in content.Discovery's total costs and expenses jumped 26% to US$2.40 billion in the three months ended March 31, as it bets on unscripted programming in categories including food and home improvement to take on competitors.Total paid streaming subscribers globally was at 13 million at the end of the first quarter, primarily driven by its Discovery+ service that was launched on Jan. 4, the company said.Net income dipped 62.9% to US$140 million, or 21 cents per share, during the quarter, missing Wall Street estimates of 65 cents per share, according to IBES data from Refinitiv. - Nampa/ReutersKFC parent Yum Brands beats sales estimates KFC owner Yum Brands Inc beat quarterly comparable sales estimates on Wednesday, boosted by the US economy reopening and sustained demand from consumers ordering online.The roll-out of vaccines and the easing of dining room capacity restrictions in the United States have led to more people eating out after a year of ordering in, boosting sales at Yum's restaurant chains as well as those of its rivals.Comparable sales rose 9% at the company, which also owns Taco Bell and Pizza Hut, in the first quarter ended March 31, beating estimates of an 8.6% increase, according to data from Refinitiv IBES.Net income rose to US$326 million, or US$1.07 per share, from US$83 million, or 27 cents per share, a year earlier. -Nampa/ReutersHealth insurer Humana beats profit estimates Humana Inc on Wednesday beat Wall Street estimates for quarterly profit, benefiting from higher sales of its Medicare advantage plans for the elderly and people with disabilities.Humana in February said it expected a positive impact of US$1.32 billion to US$2.04 billion from depressed non-Covid utilization in its Medicare Advantage health plans.Sales from the company's retail unit, which includes its Medicare plans, rose 11% to $18.65 billion in the quarter ended March, as it added more members to its individual Medicare Advantage plans and on higher premium rates.Its consolidated benefit ratio, the percentage of premiums spent on claims, worsened to 85.9% from 85.1% a year earlier.The company said on Tuesday it would acquire the 60% stake it did not own in home health and hospice provider Kindred at Home for US$5.7 billion, to strengthen its patient care business.Excluding items, the company earned US$7.67 per share in the first quarter, beating the average analyst estimate of US$7.06 per share, according to IBES data from Refinitiv. - Nampa/ReutersUber to sign up 20 000 more UK drivers Uber aims to sign up an additional 20 000 more drivers in Britain as the lifting of Covid-19 restrictions boosts demand, the ride-hailing app said yesterday.The Silicon Valley-based firm has already seen a more than 50% increase in trips after restaurants were allowed to reopen for outdoor dining from April 12 in England, it said.Further restrictions are due to be eased over the next few weeks and months as Prime Minister Boris Johnson's government pursues a roadmap to unlock the economy.In March, Uber gave its existing 70 000 drivers workers' rights, including the minimum wage, after it lost a Supreme Court case."As cities open up and people start moving again, we are encouraging 20 000 new drivers to sign up," said Northern and Eastern Europe boss Jamie Heywood. - Nampa/ReutersSamsung Elec sees higher chip earnings Samsung Electronics Co Ltd said it expects chip profits to increase in the current quarter after announcing its highest first-quarter operating profit since 2018.The world's top maker of memory chips posted a 46% jump in operating profit in the January-March quarter on the back of a 66% profit surge at its mobile business to 4.4 trillion won (US$3.97 billion), the company said.The jump was led by sales of its flagship Galaxy S21 smartphone series, while profit also soared at its television set and home appliance business, buoyed by continued stay-at-home demand.Profits at its chip business, however, fell due to the cost of ramping up domestic production as well as losses at its Texas plant following a storm-related stoppage in mid-February that blunted the benefits of strong demand.Net profit rose 46% to 7.1 trillion won. Revenue climbed 18% to 65.4 trillion won. - Nampa/Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-15

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COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-15

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