The oil major reported better-than-expected first-quarter profits, supported by higher refining margins and solid oil trading. The company also announced a $3.5bn (£2.8bn) share buyback.
The group reported underlying profits of $7.7bn (£6.1bn) for the first three months of 2024, down from $9.7bn in the same period a year earlier.
However, the result was 6% higher than last quarter's profit and well above the $6.3 billion expected by analysts.
Shell CEO Wael Sawan said the results were “another strong quarterly performance.”
The oil major announced a $3.5 billion share buyback program, expected to be completed over the next three months. Dividends remain unchanged.
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The company, which paid out $23 billion in dividends to shareholders last year, reported a better-than-expected annual profit of more than $28 billion in 2023, marking one of its most profitable years in history.
Global Witness fossil fuel activist Alexander Kirk said such gains show the energy system is simply not working.
“The fact that Shell continues to rake in huge sums of money shows that the huge profits of polluters are not a one-off, but a distortion of an energy system that benefits climate-destroying corporations at the expense of everyone else.” It shows that it is real.”
Apple will announce its second quarter results after the U.S. market closes later this Thursday. Investors will be keeping an eye on key indicators that will shape the trajectory of the stock price.
Analysts tracked by FactSet expect Apple to report revenue of $90.5 billion for the March quarter, down 4.5% from a year ago. Analysts expect earnings per share to be $1.51, down a penny from a year earlier.
This corresponds to a revenue decrease of 4.75% compared to the previous year.
Wall Street is bracing for a possible sharp decline in iPhone sales from China. According to Counterpoint Research, his iPhone sales in the same quarter fell by 19%.
“Expectations are pretty low at this point,” Dan Niles, founder of Niles Investment Management, told Yahoo Finance.
“Competition with China is not going away, there are delays in AI, and unfortunately China is paying a fairly high P/E of 25x for the exact same company whose March quarter earnings were three years ago. Naru,” he added.
Europe's most valuable company announced better-than-expected profits in the first three months of this year as it aims to ramp up production of the miracle weight-loss drug WeGoBe.
The Danish pharmaceutical company posted quarterly sales that exceeded expectations at DKr65bn (£7.42bn/$9.3bn), up 24% year on year at constant exchange rates, and net profit rose 28% to DKr25bn. reported that it exceeded expectations. The company currently expects sales to increase by 19% to 27% in 2024, and operating profit to increase by as much as 30%, up from the 29% ceiling.
Novo Nordisk has raised its profit outlook for this year as it plans to double its investment in manufacturing capacity to around $6.4 billion (about £5.1 billion) this year to meet soaring demand for its weight-loss injections.
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Since launching Wegovy in the US in June 2021, the group's stock price has increased by approximately 260%.
Novo Nordisk's market value of £455bn is now larger than the entire Danish economy.
Standard Chartered (STAN.L)
Standard Chartered posted a better-than-expected profit on higher income due to higher interest rates and strong performance in its trading business.
The emerging markets-focused financial company reported a 5.5% increase in pre-tax profit to $1.9 billion in the first quarter.
This compares with $1.81 billion a year ago and exceeded analysts' expectations of $1.4 billion.
The corporate and investment banking division's pre-tax profit increased by 13%, while the markets and retail businesses also reported increases of 10% and 8%, respectively.
“We delivered strong results in the first quarter of 2024 with double-digit revenue growth and positive operating leverage,” StanChart CEO Bill Winters said in the earnings call. .
“We remain confident in achieving our financial targets and maintain our full-year 2024 outlook.”
In focus: Apple, Novo Nordisk earnings, unemployment claims: What to watch
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