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Toyota Posts Record Full-Year Profit Despite Industry Challenges; US casinos raised money in March |

Toyota’s quarterly earnings down on parts crisis

TOKYO — Toyota’s profit fell 31% to $4.1 billion in the January-March quarter from a year earlier, but the Japanese automaker still wrapped up a year of record profits. Quarterly sales increased nearly 6% to $62 billion.

Like other automakers, Toyota has struggled to meet demand due to parts shortages caused by the pandemic. The company still sold 8.2 million vehicles worldwide in the fiscal year to March, down from 7.6 million vehicles in the previous fiscal year. For the 12-month period, Toyota racked up a profit of $21.9 billion, up nearly 27%.

Toyota, which makes the Prius hybrid, Lexus luxury models and the Camry sedan, said it benefited from a favorable exchange rate. A weaker yen helps boost Japanese exporters when overseas earnings are converted into yen.

March, the best month ever for US casinos

ATLANTIC CITY, NJ — Inflation may soar, supply chains remain stuck and the coronavirus just won’t go away, but US casinos are running in circles, recording their best month ever in March.

The American Gaming Association said on May 11 that US commercial casinos earned more than $5.3 billion from gamblers in March, the highest monthly total on record. The previous peak month was July 2021 at $4.92 billion.

The casinos also collectively had their best first quarter ever, just short of the $14.35 billion they earned from players in the fourth quarter of last year, which was the highest three-month period. highest in history.

Three states set quarterly revenue records to start this year: Arkansas, at $147.4 million; Florida, $182 million) and New York, $996.6 million.

The figures do not include tribal casinos, which report their revenues separately.

But while the national casino economy is doing well, there are pockets of gloom like Atlantic City, where in-person casino revenue has yet to rebound to pre-pandemic levels.

Coinbase’s Value Halved As Crypto Crashes

SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half of its value over the past week, including its biggest one-day drop ever on May 11, as the market the crypto, famous for its volatility, resists a new crisis.

Coinbase reported a net loss of $430 million in the first quarter due to lower sales and active users, which missed expectations. Revenue declined due to lower transaction volumes and monthly active users fell 19% from the fourth quarter.

These results are unlikely to have surprised investors — Coinbase shares were down 43% in the four days to Tuesday’s earnings release. On Wednesday, shares fell more than 26% to around $53.72. On the day of its IPO 13 months ago, prices hit $429 per share.

Patrick O’Shaughnessy, an analyst who covers Coinbase for Raymond James, acknowledged in a note to clients that there is an ongoing debate about whether the crypto market is in one of its typical funks. or if it was the post-pandemic bubble that was deflating.

“While management strongly believes the former will prove to be true, we suspect there is more than a little truth to the latter, especially with crypto failing to serve as a hedge against the pandemic. inflation so far in 2022,” O’Shaughnessy wrote.

Google’s Pixel line borrows from Apple

SAN FRANCISCO — Google took a big step on May 11 to push its Pixel line of products down a road already blazed by Apple and its line of cutting-edge phones, tablets and watches.

The internet search and advertising giant’s latest additions to its six-year-old Pixel brand will include Google’s first smartwatch that builds on features and expertise gained from the acquisition of 2 .1 billion last year from fitness gadget maker Fitbit.

The new watch, slated for release in the fall, marks Google’s first major attempt to make a dent in an ever-growing segment of the wearable technology market. Google also used its annual developer conference to tease a Pixel tablet due out next year.

Hyundai cars recalled for leaking pipes

DETROIT — Hyundai is recalling more than 215,000 midsize cars in the United States — most for the second time — because fuel hoses can leak into the engine compartment and cause fires.

The recall affects certain 2013-14 Sonata sedans, many of which were recalled for the same issue in 2020.

The Korean automaker said in documents released May 11 by U.S. safety regulators that a low-pressure fuel hose can crack over time due to engine heat. This can cause fuel leaks and increase the risk of fire. Dealers will replace the hoses. Owners will be notified as of July 5.