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The San Francisco-based company's shares rose about 4% in premarket trading, while rival Lyft's shares increased 2%, as Uber also reported a surprise second-quarter profit. However, Uber reported second-quarter revenue of $9.23 billion, missing analysts' estimates of $9.33 billion, according to Refinitiv IBES data, as a weak freight market pinches. Trips across Uber's markets during the quarter grew 22% to 2.3 billion, representing an average of 25 million trips per day. Uber reported a profit of 18 cents per share in the second quarter, while analysts were expecting a loss of 1 cent per share. The company's quarterly net profit of $394 million included a $386 million pre-tax benefit due to unrealized gains stemming from the revaluation of Uber's equity investments.

Persons: Uber, Dara Khosrowshahi, Nelson Chai, Lyft, Khosrowshahi, Gross, Akash Sriram, Peter Henderson, Shounak Organizations: Technologies, Reuters Graphics Reuters, Thomson Locations: San Francisco, United States, U.S, Canada, Bengaluru

☆ Stanley Black & Decker posts narrower-than-expected quarterly loss on cost cuts
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Stanley Black & Decker (SWK.N) reported a lower-than-expected loss in the second quarter on Tuesday, as cost cut measures cushioned a hit from cooling demand for its power tools. The industrial tools maker last year cut 1,000 jobs in an effort to trim costs, according to media reports. Stanley Black & Decker, whose primary customers include home improvement chain Lowe's (LOW.N), construction businesses and aerospace manufacturers, now expects a 2023 net loss of between 50 cents and $1.25 per share, down from 60 cents to $1.65 it forecast previously. On an adjusted basis, the company posted a quarterly loss of 11 cents per share, compared with Refinitiv IBES estimates for a loss of 37 cents. Reporting by Aishwarya Jain; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Stanley Black, Decker, Aishwarya Jain, Shinjini Organizations: Thomson Locations: Britain , Connecticut

☆ Global Payments quarterly profit beats estimates on robust spending
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Global Payments (GPN.N) second-quarter profit beat Wall Street estimates on Tuesday as robust consumer spending spurred strong growth in its merchant-focused business. The Georgia-based payments technology firm reported a profit of $685.3 million, or $2.62 per share, for the three months ended June 30, excluding one-time costs. Robust spending has boosted the performance of payments tech providers such Global Payments whose fees are strongly correlated to spending volumes. Merchant solutions, which provides payments services and software to businesses and is Global Payments' biggest unit, reported a 17.3% growth in revenue. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Niket, Vinay Dwivedi Organizations: Wall, Payments, Thomson Locations: Georgia, Bengaluru

☆ On Semiconductor forecasts robust Q3 revenue on silicon carbide strength
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Chipmaker ON Semiconductor Corp (ON.O) on Monday forecast third-quarter revenue above market estimates, on optimism that strong demand from the automotive sector will offset broader weakness in the semiconductor industry. Automotive chipmaker NXP last week forecast a strong third-quarter revenue and profit, exuding confidence over a steady automotive demand. Onsemi, which makes sensors and supplies chips to companies like Volkswagen (VOWG_p.DE), expects revenue between $2.10 billion to $2.20 billion in the third quarter. For the second quarter ended June 30, the company's revenue rose to $2.09 billion, ahead of analysts' expectations of $2.02 billion. The revenue was boosted by Onsemi's power solutions group, which provides power management chips, making up about 53% of total quarterly revenue.

Persons: Onsemi, Hassane El, Khoury, Zaheer Kachwala, Shailesh Organizations: ON Semiconductor Corp, NXP Semiconductors, chipmaker NXP, Volkswagen, Thomson Locations: Arizona, Bengaluru

July 31 (Reuters) - New Relic (NEWR.N) said it has agreed to be taken private by TPG (TPG.O) and Francisco Partners in a $6.5 billion all-cash deal amid stiff competition in the application performance monitoring space from rival software companies Datadog and Dynatrace. New Relic's shares rose about 13% to $83.85 on Monday following the deal involving the private equity firms. New Relic reported annual revenue growth of about 18% compared with Dynatrace's (DT.N) 25% jump. New Relic on Monday reported first-quarter revenue of $242.6 million, compared with analysts' estimates of $239.2 million, according to Refinitiv IBES data. Qatalyst Partners is the company's financial adviser, while Morgan Stanley is the lead financial adviser for Francisco Partners and TPG.

Persons: Kingsley Crane, Genuity, Jana, Morgan Stanley, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Shounak Organizations: TPG, Francisco Partners, Francisco, New, Jana Partners, Eminence Capital, Qatalyst, Thomson Locations: ., Bengaluru

☆ S&P Global misses profit estimates as Commodity Insights, Indices units struggle
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

On an adjusted basis, its profit of $3.12 per share missed analysts' average estimate of $3.14 per share, as per Refinitiv IBES data. Growth in revenues from the company's Commodity Insights and Indices segments could not meet Street expectations. S&P's Market Intelligence segment posted a 5% rise in sales, taking the firm's total revenue up 4% to $3.1 billion in the quarter through June. S&P Global, which provides essential market intelligence to governments, corporates and institutional investors, completed the divestiture of its Engineering Solutions unit to global investment firm KKR Inc (KKR.N) in May. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Shweta Agarwal Organizations: Intelligence, P Global Inc, P's, P, Solutions, KKR Inc, Thomson Locations: Bengaluru

☆ Mastercard beats profit estimates on spending boost
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Mastercard (MA.N) on Thursday reported a bigger-than-expected rise in second-quarter profit, boosted by resilient spending in a turbulent economy. On Tuesday, Mastercard's peer Visa reported its smallest jump in quarterly profit in more than two years. American Express (AXP.N) also kept its full-year profit forecast unchanged despite reporting record spending last week. Excluding one-time costs, New York-based Mastercard earned $2.89 per share for the three months ended June 30, beating expectations of $2.82 per share, according to Refinitiv IBES data. Cross-border volume, a gauge of travel demand that tracks spending on cards outside the country of their issue, jumped 24%.

Persons: Niket, Shinjini Organizations: Mastercard, Federal Reserve, Visa, American Express, Thomson Locations: New York, Bengaluru

☆ McDonald's beats sales estimates as cheaper burgers draw consumers
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - McDonald's (MCD.N) beat market expectations for quarterly comparable sales on Thursday, as the restaurant chain's relatively cheaper burgers and fries attracted cost-conscious diners in an inflationary environment. While U.S. restaurant chains including McDonald's have had to raise prices to offset a hit to profit from higher costs, the company has still managed to keep its prices lower than its competitors. Those moves, coupled with improved staffing levels at its chains, have helped McDonald's gain market share from its peers. In contrast, overall traffic at fast-food and quick-service chains climbed just 1.2% in the same period. Easing costs of key ingredients including chicken, cheese and pork have also helped McDonald's, whose total restaurant margins in the United States climbed 12% in the quarter.

Persons: McDonald's, Deborah Sophia, Anil D'Silva Organizations: U.S, McDonald's, Thomson Locations: United States, U.S, Bengaluru, Kailyn Rhone, New York

☆ Chipotle Mexican Grill misses sales estimates as inflation hits demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Chipotle Mexican Grill (CMG.N) missed Wall Street estimates for quarterly sales on Wednesday, signaling that demand for its rice bowls and burritos was losing steam in the face of higher menu prices and waning household budgets. Like other restaurants, Chipotle has also hiked menu prices to offset the impact of higher input costs of everything from beef to potatoes, deterring lower-income customers from ordering its pricier meals. Comparable sales at the restaurant chain rose 7.4% in the second quarter, compared with analysts' average estimate for a 7.59% increase, according to Refinitiv IBES data. Total revenue rose 13.6% to $2.51 billion in the three months ended June 30, also below estimates of $2.53 billion. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: burritos, Chipotle, Deborah Sophia, Devika Organizations: Thomson Locations: Bengaluru

☆ Payments firm Fiserv forecasts strong annual profit
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Fiserv (FI.N) on Wednesday raised its full-year adjusted profit outlook above Wall Street expectations as the financial services company reported second-quarter results ahead of estimates. Fiserv reported a 9% growth in its acceptance segment and 8% growth in the payments unit for the three months ended June 30. "We delivered our ninth consecutive quarter of double-digit organic revenue growth, as we sustained our momentum in merchant acceptance and expanded our digital payments," CEO Frank Bisignano said. The world's largest payments processor Visa (V.N) on Tuesday forecast annual results in line with Wall Street estimates. The company's total revenue rose nearly 7% to $4.76 billion.

Persons: Fiserv, Frank Bisignano, Manya Saini, Shounak Dasgupta Organizations: Wall, Thomson Locations: Bengaluru

☆ PTC forecasts quarterly revenue below estimates as economic uncertainty bites
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 - Industrial software maker PTC (PTC.O) forecast fourth-quarter revenue below estimates on Wednesday, as economic uncertainty forces companies to cut back on spending to bolster their bottom lines. It expects fourth-quarter revenue between $540 million and $570 million, below analysts' estimate of $572.9 million, according to IBES data from Refinitiv. It reported third-quarter revenue of $542 million, compared with $462 million, a year earlier. Analysts expected the firm to report quarterly revenue of $523.7 billion, according to Refinitiv IBES data. Excluding items, PTC posted a profit of 99 cents per share in the April-to-June period, compared with estimates of $1 per share.

Persons: Neil Barua, James Heppelmann, Akash Sriram, Pooja Desai Organizations: PTC, Companies, Refinitiv, Lifecycle Management, Thomson Locations: United States, Boston, Bengaluru

☆ Allegion raises profit forecast on price hikes, strong demand for security systems
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Allegion (ALLE.N) raised its annual profit forecast on Wednesday after price increases and solid demand for its electric security devices helped it beat quarterly earnings estimates. "We expect end markets will be stable with continued strong demand for our electronic solutions," CEO John Stone said. Still, the weakness in the residential business prompted the company to lower the top end of its full-year revenue forecast. It now expects full-year organic revenue growth of 5.5% to 6.5%, compared with a prior forecast range of 5.5% to 7.5%. That compared with analysts' estimates for revenue of $934.7 million on profit of $1.71, according to Refinitiv IBES data.

Persons: John Stone, Allegion, Akshita Toshniwal, Shweta Agarwal Organizations: Access Technologies, Thomson

☆ Union Pacific names former executive Vena as CEO, misses profit estimate
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. The company reported second-quarter profit of $2.54 per share, missing analysts' average estimate of $2.75 per share, according to Refinitiv IBES data, as its shipments fell. The railroad industry has been struggling with railcar shortages resulting in shipment delays and supply-chain disruptions.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Fritz, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Soroban Capital Partners, Union Pacific, Thomson Locations: Bengaluru

☆ GE HealthCare raises 2023 profit forecast as supply chain woes ease
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) raised its annual profit forecast on Tuesday, after beating quarterly earnings estimates due to easing supply chain issues that had largely impacted electronic components during the pandemic. Johnson & Johnson (JNJ.N) and Abbott Laboratories (ABT.N), which make medical devices like heart stents and implants, surpassed quarterly profit estimates last week as patients underwent their delayed procedures. GE HealthCare on Tuesday reported total quarterly sales of $4.8 billion, in line with analysts' estimates. Of this, $2.6 billion came from sales of imaging devices such as magnetic resonance imaging (MRI) and $839 million from ultrasound devices. The healthcare equipment firm operates four medical device businesses - imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

Persons: Johnson, Khushi, Shailesh Organizations: GE HealthCare Technologies Inc, GE, Johnson, Abbott Laboratories, GE HealthCare, General Electric, Thomson Locations: Bengaluru

☆ Domino's Pizza misses revenue estimates as higher prices squeeze demand
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Domino's Pizza (DPZ.N) missed Wall Street estimates for second-quarter revenue on Monday, as elevated delivery fees and higher prices to boost margins hurt demand for its pizzas and chicken wings. Shares of the world's largest pizza chain dropped 4% in premarket trading as Domino's said it saw lower order volumes during the quarter. Higher labor and raw material costs have forced restaurant chains, even the biggest names including McDonald's (MCD.N), to jack up menu prices and delivery fees, which hurt cost-conscious consumers whose budgets are already squeezed by sticky inflation. Domino's U.S. same-store sales rose 0.1% in the second quarter, compared with analysts' estimates of an about 0.2% increase. Domino's total revenue fell 3.8% to $1.02 billion in the three months ended June 18, compared with analysts' estimate of $1.07 billion, according to Refinitiv IBES data.

Persons: Domino's, Uber, Russell Weiner, Granth, Shinjini Organizations: Uber, Thomson Locations: U.S, Bengaluru

☆ India's TVS Motor beats Q1 profit view on two-wheeler demand
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 24 (Reuters) - India's TVS Motor (TVSM.NS) reported a bigger-than-expected rise in first-quarter profit on Monday, helped by strong demand for its two-wheelers, including its flagship electric scooter. The Apache motorbike maker reported a near 46% jump in profit to 4.68 billion rupees ($57.2 million) for the quarter ended June 30, beating analysts' average estimate of 4.36 billion rupees, according to Refinitiv IBES data. TVS Motor, which exports two-wheelers to Asia, Africa and America, said its revenue from operations rose 20.1% to 72.18 billion rupees. With electric vehicle (EV) adoption gaining momentum, consumers also picked up TVS Motor's electric scooters ahead of a reduction in government subsidies, effective June 1. Rival two-wheeler maker Bajaj Auto (BAJA.NS) is scheduled to report results on July 25 while Hero MotoCorp (HROM.NS), the world's largest two-wheeler maker by sales, will report on Aug. 10.

Persons: MotoCorp, Dimpal, Savio D'Souza Organizations: TVS, TVS Motor, TVS iQube, Bajaj, Thomson Locations: BENGALURU, Asia, Africa, America, Bengaluru

☆ India's ICICI Bank beats estimates with record April-June net profit
▼ + stars: | 2023-07-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, July 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private lender, beat expectations to deliver a record first-quarter net profit on Saturday, helped by higher interest income and loan growth. The Mumbai-based lender reported a near-40% rise year-on-year in net profit to 96.48 billion rupees ($1.18 billion) for the April-June quarter, beating analysts' forecast of 91.8 billion rupees, Refinitiv IBES data showed. Net interest income - the difference between interest earned and paid - rose 38% to 182.27 billion rupees. Net interest margin (NIM) expanded to 4.78% from 4.01% a year earlier, but was lower than 4.90% reported in the January-March quarter. The bank booked provisions and contingencies of 12.92 billion rupees, up from 11.44 billion a year earlier.

Persons: Sandeep Batra, NIM, Batra, Banks, Siddhi Nayak, William Mallard, Jason Neely, Clelia Organizations: ICICI Bank, HDFC Bank, ICICI, Siddhi, Thomson Locations: MUMBAI, Mumbai, India

☆ Huntington Bancshares beats Q2 profit estimates on interest income strength
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

July 21 (Reuters) - Huntington Bancshares (HBAN.O) beat Wall Street estimates for second-quarter profit on Friday, as it earned more from rising interest rates and saw strong demand for its commercial loans. "There is increasing optimism around a very modest slowdown, (or) recession," the bank's CEO Stephen Steinour said, citing stimulus spending from the government. "The interest rate outlook has continued to change," said Steinour, adding there are expectations that rates will remain higher for a longer period. Huntington earned $0.35 per share in the second quarter versus analysts' average estimate of $0.34 per share, according to Refinitiv IBES data. Total deposits at Huntington were $148 billion, up nearly 2% from the first quarter.

Persons: Huntington, Stephen Steinour, NII, Niket, Saeed Azhar, Shweta Agarwal, Deepa Babington Organizations: U.S . Federal Reserve, Comerica, Fifth Third Bancorp, Thomson Locations: U.S, Columbus , Ohio, Huntington, Bengaluru, New York

☆ India's Infosys halves FY revenue growth outlook as clients cut spending
▼ + stars: | 2023-07-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

BENGALURU, July 20 (Reuters) - Infosys (INFY.NS), India's second-largest IT services firm by revenue, halved its full-year revenue forecast on Thursday and posted a first-quarter profit that missed estimates as clients cut back spending in a cloudy economic environment. Infosys' U.S.-listed shares fell nearly 7% in pre-market trading after the company cut its full-year revenue growth of 1%-3.5% on a constant currency basis from 4%-7% previously. There are some discretionary spending cuts from clients in the short-term and overall decision-making has slowed down, CEO Salil Parekh said in a media conference. Consolidated net profit rose 10.9% to 59.45 billion rupees ($725.5 million) in the three months to June 30, missing analysts' view of 61.41 billion rupees as per Refinitiv IBES. Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates.

Persons: Salil Parekh, Sonia Cheema Organizations: Infosys, U.S, Consolidated, Tata Consultancy Services, Wipro, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

☆ KeyCorp second-quarter profit halves on higher loan loss provisions
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - KeyCorp (KEY.N) reported on Thursday a bigger-than-expected 50% fall in quarterly profit, as it set aside more rainy day funds amid growing economic uncertainties. Shares of the company fell nearly 3% in premarket trading. The lender's provisions for credit losses jumped by 271% to $167 million at the quarter end, compared with $45 million in a year-ago quarter. Banks have started to raise their provisions for loan losses as high borrowing costs threaten to cripple the banking sector from the risk of defaults. The company's net interest income fell nearly 11% to $986 million for the quarter ended June 30, compared with $1.1 billion, a year earlier.

Persons: Banks, Jaiveer Singh, Shweta Agarwal Organizations: Thomson Locations: Bengaluru

Shares of the Austin, Texas-based automaker rose 2% after briefly falling 2% in trading after the bell. Under pressure from increasing competition and an uncertain economy, Tesla has cut prices and increased discounts and other incentives to reduce inventory. Recently, a lack of new models has made it tougher for Tesla to take on rivals in China, where glitzier offerings from local players have weighed on demand. The company reported revenue in the April-June period of $24.93 billion, compared with estimates of $24.48 billion, according to Refinitiv data. Tesla's share price has more than doubled this year, helped by rival automakers backing Tesla's charging standard, as well as expanded federal credits for Model 3s and investor excitement over artificial intelligence.

Persons: Tesla, Elon Musk, Akash Sriram, Hyunjoo Jin, Sayantani Ghosh, Shounak Dasgupta, Matthew Lewis Organizations: EV, Thomson Locations: Austin , Texas, China, United States, Bengaluru, Hyunjoo

☆ M&T Bank beats profit estimates as higher rates boost interest income
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - M&T Bank Corporation (MTB.N) beat Wall Street estimates for second-quarter profit on Wednesday, as the U.S. Federal Reserve's rapid rate hikes to tame inflation boosted the lender's interest income. Most consumer-facing lenders have tapped higher rates to charge more interest on their loans and credit card debt, with M&T's upbeat results echoing larger rivals JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N). M&T's net interest income surged 27% to $1.81 billion, helping the bank report an adjusted profit of $4.11 per share, above analysts' average estimates of $4.04 per share, according to Refinitiv IBES data. Still, banks have been slow to pass on high interest rates to their deposit holders, driving a shift to higher-yielding assets such as money market funds. Net income available to common shareholders in the quarter was $841 million, or $5.05 per share, compared with $192 million, or $1.08 per share, a year earlier.

Persons: Manya Saini, Devika Organizations: T Bank Corporation, U.S, U.S . Federal, JPMorgan Chase, Bank of America, Thomson Locations: U.S ., Wells Fargo, U.S, Bengaluru

☆ Nasdaq beats profit estimates on steady demand for investment products
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Exchange operator Nasdaq (NDAQ.O) beat estimates for second-quarter profit on Wednesday on the back of consistent demand for its investment-related products and capital markets solutions such as anti-financial crime software. The diversification helped the transatlantic exchange operator blunt the effects of a drought in the U.S. market for IPOs that had soured last year due to rising interest rates and heavy volatility. A total of 23 companies listed on its Nasdaq Stock Market through IPOs in the quarter. In line with CEO Adena Friedman's diversification strategy, Nasdaq inked its biggest-ever deal of $10.5 billion for Thoma Bravo-owned software firm Adenza in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, Manya Saini, Maju Samuel Organizations: Nasdaq, Thoma Bravo, Thomson Locations: U.S, IPOs, Bengaluru

July 18 (Reuters) - Morgan Stanley's profit beat estimates as growth in its wealth management business offset lower trading revenue in the second quarter, and executives expressed optimism about the economic environment. Morgan Stanley (MS.N) shares rose more than 6%, shrugging off the 14% drop in profits. Excluding one-off items, Morgan Stanley earned $1.24 a share on revenue of $13.46 billion, comfortably beating estimates of $1.15 a share on $13.08 billion revenue, according to data from Refinitiv IBES. Still, "we expect investment banking to lead the recovery in the next quarter," she said. The Wall Street giant followed rivals including JPMorgan Chase and Citigroup in reporting tepid trading results.

Persons: Morgan, Morgan Stanley, James Gorman, Brennan Hawken‎, Sharon Yeshaya, Morgan Stanley's, James Shanahan, Edward Jones, Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, Tatiana Bautzer, Mehnaz Yasmin, Niket, Lananh Nguyen, Arun Koyyur, Louise Heavens, Nick Zieminski Organizations: UBS, JPMorgan Chase, Citigroup, Bank of America, Reuters, Thomson Locations: New York, Bengaluru

☆ PNC Financial's interest income forecast trim clouds upbeat quarter
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - PNC Financial Services Group (PNC.N) on Tuesday cut its forecast for full-year net interest income (NII), casting a shadow over the lender's second-quarter earnings beat. The cut in full-year expectations for NII - the difference between the interest banks earn on loans and pay out on deposits - came even as PNC reported a 15% jump in NII to $3.51 billion. To lure more customers, banks are also expected to pay higher interest on deposits, a move that could increase costs and weigh on profits. PNC set aside $146 million as provisions for credit losses in the second quarter, compared to $36 million a year earlier. For the three months ended June 30, PNC earned $3.36 per share.

Persons: Niket, Sriraj Organizations: PNC Financial Services, NII, PNC, U.S . Federal Reserve, U.S, Thomson Locations: NII, Bengaluru

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