Apr 28, 2017
Week in Review, April 29
General Motors reported better than expected quarterly profits due to rising sales and margins in its core US division, in spite of expectations the market would fall this year and results earlier in the week from its main domestic rivals - Ford and Fiat Chrysler - showing falling performance, write Patti Waldmeir in Chicago and Peter Campbell in London. North American revenue was up 10.7 per cent to $29.3bn and adjusted North American operating profits were up 48.8 per cent to $3.4bn. Corporate person of the week. Fiat Chrysler, which owns the Jeep, Ram, Maserati and Alfa Romeo brands, reported North American profits were down fractionally at €1.2bn, with revenues 4 per cent lower at €17bn. Ford's profits for the region fell 35 per cent to $2bn. Renault and PSA both released revenue statements during the week that showed strong European performances. Twitter's user base rises but revenue retreats 8%. Twitter's first-quarter earnings this week brought a tale of two numbers that have dogged the messaging platform for some time, writes Hannah Kuchler in San Francisco. The first told a much-awaited positive story: user growth is accelerating, with the monthly user base up 6 per cent year on year and the daily user base rising 14 per cent since the same quarter in 2016.
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