All articles tagged with #q1 profit
CarMax reported a 33% decline in Q1 profit, attributing the drop to inflation, high interest rates, and tighter lending standards. Despite the profit decline, shares rose by 2.9%. The company saw an 8.6% decrease in vehicle purchases and a 3.1% drop in retail used unit sales. Analysts are divided, with some focusing on the company's cost discipline and others on its market share struggles.
Honda Motor reported a 78% rise in quarterly profit, driven by increased sales in the North American market and a weaker yen. The company's operating profit for the three months through June was 394.4 billion yen ($2.76 billion), surpassing analysts' estimates. Honda benefited from strong sales in the US, with a 44.7% year-on-year increase, while facing a 5% drop in sales in China due to local competition and the shift to electric vehicles. The company maintained its forecast for a 1.0 trillion yen operating profit for the year.
Toyota nearly doubled its operating profit in the first quarter, reaching 1.12 trillion yen ($7.85 billion), due to increased sales and productivity as well as the weaker yen. The automaker maintained its forecast for a 3.0 trillion yen profit for the current year, despite facing challenges in China's competitive market and the rise of electric vehicles. Toyota aims to strengthen its development of EV technology in China and reduce manufacturing costs to stay competitive. In North America, the company benefited from pent-up demand as the impact of the chip shortage waned.
MicroStrategy, the business intelligence platform, has reported a Q1 profit of $94m, largely attributed to a one-time income tax benefit of $453.2m. The firm's CEO, Phong Lee, reiterated the company's "strong" conviction in its Bitcoin investment strategy, adding that its "core business" is not impacted by short-term price fluctuations in BTC. MicroStrategy now holds 140,000 BTC, which were collectively purchased at an average cost of about $29,803. The firm is also developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations.