Coronavirus Update: Starbucks, Boeing, Spotify, GE and GM Comment on COVID-19 Impact

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There are 16.7 million cases of the virus worldwide, with over 660,000 deaths.

The U.S. has 4.3 million cases with over 149,000 deaths.

Per the COVID-19 tracking project, 53,000 new cases were reported Tuesday with 1,100 new deaths. There were 733,000 new tests done Tuesday.

Across the U.S., there are over 57,000 hospitalizations from COVID-19.

Let’s go through some of the biggest earnings reports that we’ve gotten since after the bell Tuesday and what the companies re saying about the pandemic.

The company posted a narrower-than-expected third-quarter loss and noted recovery trends in key markets such as China and the U.S. following global store closures during the peak of the coronavirus pandemic.

CEO Kevin Johnson said, “"Pre-COVID, we had built tremendous momentum in the business by focusing on three things, the customer experience, beverage innovation and digital customer relationships...And that remains the powerful combination for us to continue to engage and drive the frequency of customer visits."

General Electric posted a wider-than-expected second-quarter loss but said its cash burn rate is starting to improve, and would likely turn positive by 2021, sending shares higher in pre-market trading

CEO Larry Culp said, “We're working through a still-difficult COVID-19 environment, and while it's too early to predict the trajectory for the recovery of commercial aviation, we continue to plan for a prolonged return to prior levels of activity”

Boeing reported a wider-than-expected loss and said it continues to be affected by the impact of COVID-19 and the grounding of the 737 MAX.

CEO David Calhoun said, "We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the COVID-19 pandemic. We're working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side."

Calhoun also hinted at further job cuts.

General Motors reported a narrower-than-expected adjusted loss. The coronavirus pandemic shuttered its factories and pummeled sales, leading it to burn through billions in cash.

Shopify posted stronger-than-expected second-quarter earnings, which is due--in part--to a surge in volumes on its e-commerce platform triggered by the global coronavirus pandemic.

Shopify noted that it expects a larger share of retail sales to shift to online commerce, but noted that the "magnitude and duration" of the COVID-19 impact creates greater near-term uncertainty for the group, which declined to provide a current quarter or full-year financial forecast.

And then there’s Spotify. The company reported that monthly active users rose 29% from a year earlier but its quarterly loss was wider than expected and revenue missed estimates.

Spotify noted growth in North America exceeded the company's expectations, and it "saw retention continue to improve" in the second quarter. However, the company experienced COVID-related softness in several countries across its emerging regions but "things rebounded significantly in June as we saw increased reactivations and a step down in churn."

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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