Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Earnings] Google’s parent company, Alphabet, shattered sales records for the first quarter, fueled by a surge in digital ad spending. Alphabet reported first-quarter sales of $55.31 billion, an increase of 34% from a year earlier when advertising sales plunged as the coronavirus crippled the global economy. Profit more than doubled, with per-share earnings far exceeding analysts’ expectations.
[Earnings] Microsoft Corp. extended its pandemic-fueled run of strong quarterly earnings that have bolstered investor enthusiasm in the software giant, bringing the company near a $2 trillion valuation. The company posted a 19% increase in its fiscal third-quarter sales to about $41.7 billion, generating a net income of $15.5 billion for the January through March period.
[Deals] Verizon Communications Inc. is exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media. The sales process, which includes private equity firm Apollo Global Management Inc., could lead to a deal worth $4 billion to $5 billion.
[Semiconductors] Ford Motor Company announced it expects to lose about 50% of its planned second-quarter production, up from 17% in Q1. According to the automaker, the increase is largely due to a fire at chip supplier Renesas Electronics for Ford and other automakers in Japan.
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