IWG Plc Q3 Revenue Rises 25% In Q3

IWG Plc (IWG.L), a Swiss operator of workspace providers, said in a trading statement on Tuesday that it has recorded a revenue growth for the third-quarter and nine-month period to September 30.

The revenue growth was driven by continuing global demand for hybrid working solutions, benefits of substantially improved pricing ahead of inflation, and improving occupancy.

For the third quarter, the company has posted revenue of growth of 25 percent to 737 million pounds, compared with last year’s 551 million pounds.

For the nine-month period, the Group’s revenue moved up by 24 percent to 2.047 billion pounds, higher than 1.595 billion pounds, reported for the same period of 2021.

Looking ahead, IWG said: “…Monthly profitability is continuing to grow, and we remain cautiously optimistic about the outlook for the full year, with adjusted EBITDA expected to be towards the lower end of the range of market estimates of 304 million pounds to 380 million pounds.”

Sony Corp. Q2 Profit Climbs; Raises Annual Outlook

Sony Corporation (SON.L,SNE), Japanese conglomerate, on Tuesday reported a rise in earnings for the second quarter, with an increase in revenue. In addition, the company has revised up its guidance for the full year.

For the quarter ended on September 30, the Tokyo-head quartered firm reported a net income attributable to the stockholders of 263.963 billion yen or 212.29 yen per share, compared with 213.106 billion yen or 170.26 yen per share of previous year.

Pre-tax income was at 345.756 billion yen, higher than 283.099 billion yen, posted for the September quarter of 2021. Operating income rose to 344.042 billion yen from last year’s 318.459 billion yen.

Total sales and financial services revenue stood at 2.751 trillion yen as against 2.369 trillion yen of 2021.

Looking ahead, for the full-year to March 31, 2023, the Group now expects net earnings attributable to stockholders of 840 billion yen as against its previous outlook of 800 billion yen.

For the 12-month period, Sony now projects its sales to be at 11.600 trillion yen, higher than its previous outlook of 11.500 trillion yen.

Japan Airlines Erases Losses Significantly On Strong Revenue Growth

Japan Airlines Co., Ltd. (JAPSY), on Tuesday said its half yearly loss dropped substantially amidst strong revenue growth, as business performance steadily recovered in the half year ended September 30, 2022.

The loss attributable to owners of the parent declined to 2.1 billion yen as compared to 104.9 billion yen in the prior period, registering a year-on-year decline of 102.8 billion yen.

Earning before financing and income tax increased to 300 million yen as compared to a loss before financing and income tax of 151.8 billion yen in the prior period. In the second quarter alone, EBIT was 27.9 billion yen, recording the first quarterly surplus since the third quarter of fiscal 2019.

Revenue for the period increased 112.8 percent to 618.5 billion yen as compared to 290.6 billion yen in the corresponding period of the previous year.

International passenger revenue for Full-Service Carriers increased by 460.3 percent to 163.2 billion yen, whereas domestic passenger revenue increased by 132.5 percent to 208.6 billion yen, and cargo mail revenue increased by 28.3 percent to 126.2 billion yen.

The profit before financing and income tax (EBIT) forecast for fiscal 2022 remains unchanged at 80 billion yen, and the forecast for profit attributable to owners of the parent remains unchanged at 45 billion yen.

Shares of Japan Airlines Co closed Monday’s trading at $9.31, down $0.03 or 0.37 percent from the previous close.

European Economics Preview: Eurozone Flash GDP, Inflation Data Due

Flash quarterly national accounts and inflation reports from the euro area and mortgage approvals from the UK are due on Monday.

At 3.00 am ET, Destatis is slated to issue Germany’s retail sales data for September. Sales are forecast to fall 0.3 percent on month, following a 1.3 percent decrease in August.

At 3.30 am ET, retail sales data is due from Switzerland. Economists expect retail sales growth to ease to 3.5 percent in September from 3.0 percent in August.

Half an hour later, Spain’s INE publishes retail sales for September. Sales had decreased 0.5 percent in August.

At 5.00 am ET, Italy’s Istat is slated to issue quarterly GDP data for the third quarter. Economists expect the economy to grow at a slower pace of 0.3 percent quarterly after rising 1.1 percent in the second quarter.

At 5.30 am ET, the Bank of England publishes mortgage approvals data. The number of mortgages approved in September is seen at 67,000 versus 74,340 in the previous month.

At 6.00 am ET, Eurostat is set to release euro area flash GDP data for the third quarter. The currency bloc is forecast to grow 1.0 percent on quarter, faster than the 0.8 percent rise in the second quarter. Flash inflation is seen at 10.2 percent versus 9.9 percent in September.

Adidas Plans To End Partnership With Kanye West: Report

German sports sneaker and apparel maker Adidas AG plans to end its partnership with Kanye West citing recent offensive behaviour from the American rapper, Bloomberg News reported citing people familiar with the matter. Following the news, Adidas shares were losing around 4 percent in the morning trading in Germany.

In recent weeks, the rapper, who now goes by the name Ye, made controversial statements, including anti-Semitic social media posts.

As per the report, Adidas is likely to announce the move as early as Tuesday.

On October 6, the company reportedly said it was reviewing its business partnership with the rapper due to his public criticizing of the company and its CEO Kasper Rørsted.

Adidas had announced its partnership with West in 2013. The rapper and the German company in 2016 announced an extension of the deal and the launch of a new Yeezy category.

In recent times, West accused the sportswear brand of not giving him enough control over the line. In June, West shared an image of Adidas’ recently released Adilette 22 slide sandals in Instagram, and accused the company of copying his Yeezy Designs.

Later, the rapper’s Twitter and Instagram accounts were restricted, and the social media platforms said they removed his posts that online users condemned as anti-Semitic.

West in September terminated his partnership with apparel retailer Gap Inc.

In Germany, adidas shares were trading at 100.18 euros, down 3.5 percent.