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<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="hsbc" source="Orion">HSBC</keyword>'s $5.1 billion net profit in Q2 topped forecasts of $3.7 billion as the bank cut provisions for bad loans.</li><li>Pretax profit of $10.84 billion in the first half almost doubled on a year ago, Monday's earnings report showed.</li><li>The UK-based bank cut a further $300 million in provision for bad debts as economies recovered from COVID-19.</li></ul><p><a href="https://markets.businessinsider.com/stocks/hsbc-stock">HSBC</a> pretax profit almost doubled in the first half of the year, beating analyst expectations, as the London-based bank cut the funds set aside against pandemic-related bad loans.</p><p>In a financial update Monday, Europe's biggest lender said profit before tax came in at $10.84 billion in the six months to the end of June, compared with forecasts for $9.45 billion and with $4.32 billion posted a year ago. First-half revenue was $25.6 billion, roughly in line with expectations of $25.2 billion.</p><p>The Asia-focused bank also reported net profit of $5.1 billion in the second quarter, topping consensus views for $3.7 billion. Revenue for the quarter came in at $12.6 billion, slightly below the $13.1 billion posted in the same period last year. </p><p>HSBC attributed an improved economic outlook as the "main driver" of its profitability as the global economy rebounded from the depths of the COVID-19 pandemic.</p><p>"These are good results that reflect the return of growth in our main <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> and marked progress in the execution of our strategy," CEO Noel Quinn said in a statement. "We were profitable in every region in the first half of the year, supported by the release of expected credit-loss provisions."</p><p>HSBC reduced provision against bad loans by another $300 million, as it takes a more positive view of growth as economics recover from the impact of the coronavirus. It has now cut the provision by $700 million overall, taking the total buffer down to about $2.4 billion.</p><p>HSBC's Hong Kong-listed shares rose more than 3% after the earnings release, while US-listed stocks remained flat.</p><p>Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown, said on top of expanding its overall wealth business, HSBC has focused more on Asia to find higher returns, moving capital investment and staff from Europe and the US. </p><p>"Although recovery in the region has so far been good news for HSBC's profits, it has faced reputational headwinds over accusations it was too close to Chinese authorities which have cracked down on pro-democracy protestors in Hong Kong," she said.</p><p>HSBC's performance in the first half enabled it to reinstate dividend payments of $0.07 per ordinary share.</p><p><strong><em>Read More:</em></strong><em> </em><em><a href="https://www.businessinsider.com/investing-strategy-why-chinese-stocks-are-still-attractive-investments-gs-2021-7" target="_blank" rel="noopener noreferrer">Goldman Sachs lays out the 6 reasons investors should own Chinese stocks despite the nation's biggest sell-off since 2018</a></em></p>

HSBC crushes 1H profit estimates and slashes bad-loan buffer as the global economy recovers from COVID-19

<ul><li>Maruti Suzuki has announced its Q2 FY20 earnings</li><li>Maruti profits fall by 39.3% as compared to the same quarter in the previous year.</li></ul>India’s largest car manufacturer Maruti Suzuki’s second quarter profits fell by 39.3% to ₹13,586 million from ₹22,404 million in the same quarter last year. <br /><br />Its total revenue from operations stood at ₹169,853 million. <br /><br />
  
  
  
  
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<br />As the quarter reports came in, the shares of Maruti Suzuki fell by 1.68%. <br /><br />In the past one month, Maruti Suzuki's share price has increased as the public sentiment has expected better results from the festive season sales. <br /><br />
  
  
  
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 <br />When the last quarter results were announced on July 26, its share price gained over a percent immediately after the company’s earnings report because the performance was better than expected.<br /><br /><strong>Second quarter woes</strong><br /><br />In the second quarter, its worries only worsened from the first quarter. Its sales fell by 24% in September as compared to the same month last year. It sold a total of 122,640 units during the month. <br /><br />
  



  
  
  
  
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<br />In August, it had also slashed 3,000 contractual jobs as it had cut production. <br /><br />Maruti was expecting some traction as it started offering discounts across multiple car models during the the festive season. <br /><br />In September, Maruti Suzuki also slashed prices to align with the government’s plans to revive demand. It reduced the price of select models like Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel by ₹5,000. <br /><br /><strong>Maruti’s performance in the first quarter</strong><br /><br />As the car slowdown hit the country’s automobile segment, almost every other manufacturer saw its profits fall in the first quarter of the current financial year. <br /><br />Maruti Suzuki’s first quarter sales fell 14% and profits fell by nearly twice as much, 27.3%. The total car sales for the first quarter had fallen by 17.9% as compared to the same quarter in the previous year. <br />

Maruti Suzuki profits fall by 39.3% for the second quarter

<ul><li>The retail unit of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> posted a strong show in second quarter earnings.</li><li><keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> saw its pre-tax profits grow by 66.8% to ₹2,322 crores. </li><li>The share price of Reliance Industries has jumped over 12% in the last one month compared to the 4% rally in Sensex.</li></ul>Reliance Retail announced its Q2 earnings for the current financial year. Despite a larger slowdown in the economy as well as in people’s consumption, Reliance Retail saw its pre-tax profits grow by 66.8% to ₹2,322 crores as opposed to  ₹1,392 crores in the same quarter last year.<br /><br />The revenue from Reliance Retail grew to ₹41,202 crores as opposed to ₹32,436 crores in the same quarter last year.<br /><br /> During the quarter, Reliance Retail added 337 stores taking the total store count to 10,901 stores.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
  
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<br />It is present across areas like food and grocery, consumer electronics, fashion and lifestyle.<br /><br /><strong>Poised for growth<br /></strong><br />Research firm Bank of America-Merrill Lynch (BofA-ML), in its latest report, predicts that Reliance Retail will be a big driver in taking RIL’s market value to a massive $200 billion in two years. A big chunk of the value created will come from serving the<a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms"> kirana stores. </a><br /><br />Reliance Retail, which was launched in 2006, has been growing rapidly over the years and has been aggressively acquiring companies as well. Earlier this year, Reliance Retail had acquired the iconic British toy making company Hamley’s and in July completed the 100% acquisition of the company for a <a href="https://www.businesstoday.in/current/corporate/mukesh-ambani-reliance-brands-completes-100-acquisition-of-hamleys/story/365664.html">reported</a> amount of ₹620 crore.<br /><br />The share price of Reliance Industries had already run up over 12% in the last one month and investors have priced a strong show from the company that was once an energy giant, and is now fast changing into a consumer business with its thrust on Reliance Retail and on telecom via Reliance Jio.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
  
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<br /><br /><strong>SEE ALSO:</strong><br /><a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a><br /><a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a><br /><a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">Mukesh Ambani is set to make big money out of India’s millions of small kirana shops</a><br />

Reliance Retail surprises with a sharp growth of 27% despite slowdown

<ul class="summary-list"><li><keyword id="43603" type="CITY" weightage="60" keywordseo="Swiss-Bank">Swiss bank</keyword> <keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> beat second-quarter analyst expectations on Tuesday.</li><li>The bank's net profit came in at $2 billion, higher than the $1.34 billion analysts expected.</li><li>Its wealth management division generated a 47% increase in quarterly profit to $1.29 billion.</li></ul><p>Top Swiss bank <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> beat second-quarter profit expectations on Tuesday as it benefited from a boom in its wealth management business, but <a href="https://www.ubs.com/global/en/investor-relations/financial-information/quarterly-reporting.html">warned of a drop in client activity</a> in the third quarter.</p><p>UBS shares rose 4% in regular European trading.</p><p><strong>Here are the key numbers:</strong></p><ul><li><strong>Net income:</strong> $2 billion versus Bloomberg consensus estimates of $1.3 billion</li><li><strong>Wealth management pre-tax profit:</strong> $1.29 billion versus consensus estimates of $1.18 billion</li><li><strong>Investment bank pre-tax profit:</strong> $668 million versus consensus estimates of $414.1 million</li></ul><p>The bank attributed its quarterly success to "favorable market conditions and investor sentiment." </p><p>"Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic and by the trust our clients placed in our people and in our firm," CEO Ralph Hamers said in a statement. "All business divisions and all regions contributed to our results."</p><p>The bank's flagship wealth management division contributed the most to results and posted $25 billion of inflows in net new fee-generating assets. Loans increased by $7 billion to $228 billion as the bank worked to strengthen relationships with wealthy clients. Recurring net fee income rose by 30%.</p><p>An increase in revenue from advising on deal-making helped the bank offset a 14% decline in market-trading earnings, driving pre-tax profit at its investment bank 9% higher. </p><p>UBS said its <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> revenue would have been flat, but it incurred an additional $87 million loss from exiting remaining exposure related to the default of a client. Although it didn't name the client, the collapse of the family office of Archegos left the bank with an overall <a href="https://www.businessinsider.com/ubs-reviews-family-office-clients-prime-brokerage-archegos-q1-earnings-2021-4">$861 million loss</a> which ate into its first-quarter profit.</p><p>The firm warned that continued uncertainty lies ahead.</p><p>"We expect our revenues in the third quarter of 2021 to be influenced by seasonal factors, such as lower client activity levels compared with the second quarter of 2021," UBS said. "Higher asset prices should have a positive effect on recurring fee income in our asset gathering businesses. However, the continued uncertainty about the environment and economic recovery could affect both asset prices and client activity levels."</p><p><strong><em>Read More:</em></strong><em> </em><em><a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-dividend-upside-companies-ubs-2021-7" target="_blank" rel="noopener noreferrer">UBS reveals 25 stocks to buy with dividends 'set to surge' based on a historically accurate machine learning model - and names 2 broad sectors for investors to target</a></em></p>

UBS smashes Q2 profit forecasts thanks to its surging wealth-management business - but expects a drop in client activity in Q3

<ul class="summary-list"><li><keyword id="47560" type="COMPANY" weightage="60" keywordseo="ups">UPS</keyword> shares were dragged lower by 9% on Tuesday following the company's quarterly earnings report.</li><li>The <keyword id="108235" type="ORGANIZATION" weightage="60" keywordseo="logistics">logistics</keyword> heavyweight said average daily package volume in the US fell by 2.9%, stoking slowdown concerns. </li><li>Adjusted earnings of $3.06 per share beat the FactSet estimate of $2.80 per share </li></ul><br /><ul class="summary-list"></ul><p><a href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> shares dropped to a three-month low Tuesday as investors keyed in on cooling in package deliveries in the US during the second quarter as the logistics heavyweight turned in profit and sales growth that were ahead of expectations. </p><p>The company late Monday said consolidated revenue rose by 14.5% to $23.4 billion, higher than the $23.2 billion expected by analysts polled by FactSet. </p><p>Revenue in the US climbed by 10% to $14.4 billion, aided by a price per piece increase of 13.4%. But the report also said US average daily package volume fell by 2.9% during the three months ended June 30. </p><p>UPS stock fell as much as 9% to $190.27, the lowest price since April 27. The stock pared the loss to 8.3% during the session during which trading volume was heavy with more than 7.8 million shares exchanged by midday. </p><p>The company also posted a 15.8% decline in average daily volume shipments from business to residential locations. </p><p>UPS experienced a <a href="https://www.businessinsider.com/ups-q2-2020-earnings-top-wall-street-estimates-deliveries-surge-2020-7">boom in package deliveries a year ago</a> as the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic forced millions of people into lockdown, prompting them to have items they purchased delivered to their homes. </p><p>The company's adjusted earnings of $3.06 per share beat the FactSet estimate of $2.81 per share. The latest quarter also showed a 30% rise in international revenue to $4.8 billion. </p><p>UPS backed its estimate of $4 billion in planned expenditures for 2021.</p>

UPS sinks as worries about delivery demand overshadow strong earnings beat

<ul class="summary-list"><li><keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> beat estimates once again in the second quarter, with earnings per share of $3.78.</li><li>The bank's investment banking arm posted record numbers, and the firm also received a $2.3 billion boost by reclaiming money that had been set aside to cover bad loans.</li><li>JPMorgan boss Jamie Dimon said customers and clients were faring well as the economy reopened.</li></ul><p><a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> again beat expectations with its second-quarter earnings, as the banking giant benefited from record investment-banking fees and the release of cash set aside to cover loan losses.</p><p>The lender's revenue came in at $31.4 billion, it earnings<a href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2021/2nd-quarter/e5628b2a-f923-4c04-8008-58236a2f7999.pdf"> showed</a> on Tuesday. That was above the $29.9 billion analysts had been expecting but down from $33.8 billion in the same quarter a year earlier.</p><p>Net income stood at $11.9 billion in the second quarter, boosted by the release of $3 billion that had been put aside to cover bad loans, which added $2.3 billion to the bottom line after charge-offs. Net income was up 155% from $4.7 billion a year earlier.</p><p>Earnings per share came in at $3.78, above expectations of $3.21 and up 174% from the same quarter in 2020.</p><p><strong>Here are the key numbers:</strong></p><ul><li><strong>Earnings per share:</strong> $3.78 vs. $3.21 expected.</li><li><strong>Revenue:</strong> $31.4 billion vs. $29.9 billion expected.</li></ul><p>"JPMorgan Chase delivered solid performance across our businesses," said Chairman and CEO Jamie Dimon.</p><p>"This quarter we once again benefited from a significant reserve release as the environment continues to improve... Consumer and wholesale balance sheets remain exceptionally strong."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/6-bank-stocks-to-buy-stress-tests-dividends-buybacks-ubs-2021-6">UBS names 6 bank stocks to buy as successful stress tests open the door to buybacks and dividends - and highlights 2 laggards to avoid</a></em></p><p>The Wall Street lender, the biggest in the US by assets, is seen as a bellwether company whose earnings give a sense of the health of the economy. Its results on Tuesday showed how banks are benefitting from rapid economic growth which has made much of the money they set aside in 2020 to cover bad coronavirus loans redundant.</p><p>JPMorgan's earnings also showed that its investment banking arm fared well in the second quarter despite quieter <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Investment banking fees rose 25% year on year to a record high of $3.6 billion, largely driven by the boom in mergers and acquisitions.</p><p>The bank's stock was down 0.63% in pre-market trading after the earnings were released, at $157.00. It has risen more than 20% in 2021 as so-called cyclical stocks have benefited from a lifting of coronavirus restrictions and strong economic outlook.</p>

JPMorgan beats estimates again in the 2nd quarter amid record quarter for investment banking

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.com/photos/reed-hastings?agreementtypes=ed&amp;excludenudity=false&amp;family=editorial&amp;page=1&amp;phrase=reed%20hastings&amp;sort=best">Ethan Miller/Staff/Getty Images</a></span></p><p class="caption">Netflix CEO Reed Hastings</p></div><p></p></div></div>Netflix is reporting its Q2 earnings today after market close.</p><p>The focus for Wall Street will be on Netflix's subscriber growth numbers, both international and domestic. At its last quarterly earnings, Netflix reported strong subscriber growth numbers for Q1, but provided a forecast for international subscriber growth in Q2 that was way below Wall Street targets. That sent the stock crashing.</p><p>Analysts are expecting Netflix to hit the modest goals it set for itself on both international and domestic fronts.</p><p>We will be refreshing this post, so <a href="http://www.businessinsider.com/netflix-q2-earnings-2016-7">click here</a> for the latest updates.</p><p>Here are the numbers:</p><ul><li><strong>Q2 EPS (GAAP):</strong> Wall Street forecasts 2 cents, versus Netflix guidance of 2 cents.</li><li><strong>Q2 Revenue:</strong> Wall Street forecasts $2.11 billion.</li><li><strong>Q2 US subscriber growth (net additions):</strong> Wall Street forecasts 509,000, versus Netflix guidance of 500,000.</li><li><strong>Q2 international subscriber growth (net additions):</strong> Wall Street forecasts 2.15 million, versus Netflix guidance 2.0 million.</li><li><strong>Q3 subscriber growth guidance (domestic):</strong> Wall Street forecasts 695,000.</li><li><strong>Q3 subscriber growth guidance (international): </strong>Wall Street forecasts 2.54 million.</li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/netflix-hidden-categories-2016-6">How to find Netflix's secret categories</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlZjM2MDE6YhzeEmGWLIfJXnPkAikBM-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

LIVE: Netflix's Q2 earnings

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty / Win McNamee</span></p><p class="caption">Facebook founder and CEO Mark Zuckerberg</p></div><p></p></div></div>Facebook plans to report its Q2 earnings Wednesday afternoon.</p><p>Here's what analysts are expecting:</p><ul><li><strong>Revenue</strong>: $3.99 billion</li><li><strong>EPS</strong>: $0.47</li></ul><p>We'll be digging through the report once it's live, so refresh for updates or <a href="http://www.businessinsider.com/facebook-q2-earnings-2015-7">click here</a>.</p><p>It's been an exciting quarter for Facebook.</p><p>The company changed the way it charges advertisers, allowing them to choose to pay only when <a href="http://www.businessinsider.com/facebook-changing-the-way-it-measures-cpc-2015-7">a user actually clicks a link to their brand's website or app</a>.</p><p>It also introduced <a href="http://www.businessinsider.com/facebook-new-10-second-video-ads-2015-6">a new video ad buying format</a> and <a href="http://www.businessinsider.com/facebook-will-start-sharing-video-revenue-with-creators-2015-7">a revenue-sharing experiment</a> that puts it in closer competition with Google's YouTube. Last quarter, Facebook reported that people viewed its videos more than 4 billion times per day, and analysts and investors will be hungry for any update on Facebook's video business.</p><p>Facebook also <a href="http://www.businessinsider.com/facebook-targeting-on-instagram-2015-6">announced plans to open up all of its ad targeting tools</a> to Instagram, which is important since many see the photo-sharing service as a major source of future revenue.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tips-tricks-apple-2015-7">All the incredibly useful things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "q2 earnings" and got 8 results

HSBC crushes 1H profit estimates and slashes bad-loan buffer as the global economy recovers from COVID-19

Shalini Nagarajan

Maruti Suzuki profits fall by 39.3% for the second quarter

Sanchita Dash

Reliance Retail surprises with a sharp growth of 27% despite slowdown

Sanchita Dash

UBS smashes Q2 profit forecasts thanks to its surging wealth-management business - but expects a drop in client activity in Q3

Shalini Nagarajan

UPS sinks as worries about delivery demand overshadow strong earnings beat

Carla Mozée

JPMorgan beats estimates again in the 2nd quarter amid record quarter for investment banking

Harry Robertson

LIVE: Netflix's Q2 earnings

Nathan Mcalone

LIVE: Facebook's Q2 earnings!

JILLIAN D'ONFRO

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