Wednesday headlines include: Twitter beating estimates for earnings and guidance, JP Morgan laying off IT staff, Toyota keeping the top spot in global vehicle sales rankings, Wellpoint beating earnings estimates despite increase in expenses and Amazon investing $2 billion in India.
Social media company Twitter (TWTR) said Tuesday that it lost 24 cents per share in the second quarter, but earned 2 cents per share on an adjusted basis. Analysts had expected the company to lose 1 cent per share. Revenue jumped to $312.2 million topping estimates for $283.07 million. Monthly active users rose to 271 million, beating estimates for 267 million. Looking forward, the company expects revenue of $330 to $340 million in the third quarter, compared to estimates for $324 million.
Banking giant JP Morgan (JPM) is cutting headcount in technical support functions in corporate and investment banking divisions due to declining revenue according to reports published by Bloomberg. The cuts will be made in New York, Tampa, Chicago and Dubai.
Japanese automaker Toyota (TM ) held on to the top spot in global vehicle sales rankings in the first half of 2014. The company sold 5.097 million vehicles, a 4 percent increase from the year-ago period. Volkswagen took the second spot in the global rankings, bumping General Motors (GM) down to number three.
Health insurer Wellpoint (WLP) said Wednesday that it earned $2.56 per share in the second quarter, or $2.44 per share on an adjusted basis. Analysts had expected the company to earn $2.28 per share. Expenses rose to $17.21 billion from $16.48 billion. Operating revenue was $18.23 billion, up from $17.49 billion in the year-ago period. Analysts had expected the company to pull in $18.22 billion.
Online retailer Amazon (AMZN) plans to invest $2 billion in its Indian operations as it tries to gain market share from Flipkart, the country's largest e-commerce company. Flipkart recently got $1 billion in new funding. Jeff Bezos, the CEO of Amazon, said that given the company's current growth rate and scale, India is on pace to be the fastest country to $1 billion in gross sales.