European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties.

The company delivered 127 aircraft in the first three months of this year, down from 142 during the same period last year.

While this had only a modest impact on revenue, which dipped two per cent to 11.76 billion ($13.0 billion), net profit fell by 62 per cent to 466 million euros.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/air-france-airbus-went-to-trial-for-the-2009-rio-paris-crash-heres-what-happened-583379">Explained | Air France, Airbus trial over the 2009 Rio-Paris crash. Here's what happened</a>

"We continue to face an adverse operating environment that includes in particular persistent tensions in the supply chain," said chief executive Guillaume Faury.

Airbus posted a record profit of 4.2 billion euros in 2022 despite supply chain problems limiting its ability to raise production.

ALSO WATCH |&nbsp;Low output by Airbus causes concerns

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The company slashed production and jobs during the pandemic when airlines halted most operations, and it has had trouble scaling production back up, as have some of its suppliers.

The Russian invasion of Ukraine also complicated sourcing certain parts.

Revenues generated by Airbus' commercial aircraft activities decreased by five per cent year-on-year, mainly reflecting the lower deliveries, the company said.

The company's defence and space unit saw revenues drop by six per cent, while the helicopter unit jumped by 26 per cent as deliveries rose.

The first quarter performance was also hit by a charge of 360 million euros due to change in the value of the US dollar from when some pre-payments were made to settlement when aircrafts were delivered.

The company said it's 2023 outlook remains unchanged, which is for commercial aircraft deliveries to rise from 661 last year to 720 this year. 
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European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties.

European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties. The company delivered 127 aircraft in the first three months of this year, down from 142 during the same period last year. While this had only a modest impact on revenue, which dipped two per cent to 11.76 billion ($13.0 billion), net profit fell by 62 per cent to 466 million euros. ALSO READ | Explained | Air France, Airbus trial over the 2009 Rio-Paris crash. Here's what happened "We continue to face an adverse operating environment that includes in particular persistent tensions in the supply chain," said chief executive Guillaume Faury. Airbus posted a record profit of 4.2 billion euros in 2022 despite supply chain problems limiting its ability to raise production. ALSO WATCH | Low output by Airbus causes concerns × The company slashed production and jobs during the pandemic when airlines halted most operations, and it has had trouble scaling production back up, as have some of its suppliers. The Russian invasion of Ukraine also complicated sourcing certain parts. Revenues generated by Airbus' commercial aircraft activities decreased by five per cent year-on-year, mainly reflecting the lower deliveries, the company said. The company's defence and space unit saw revenues drop by six per cent, while the helicopter unit jumped by 26 per cent as deliveries rose. The first quarter performance was also hit by a charge of 360 million euros due to change in the value of the US dollar from when some pre-payments were made to settlement when aircrafts were delivered. The company said it's 2023 outlook remains unchanged, which is for commercial aircraft deliveries to rise from 661 last year to 720 this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Airbus net profit goes down as airplane deliveries drop due to supply chain issues

On Thursday (October 27), Jay Y Lee&nbsp;was named as executive chairman of Samsung, confirming that the billion-dollar company will be run by the third generation of the founder family.&nbsp;

The board approved Lee's ascension to the helm of the $250 billion company, it said in a statement.

<a href="https://www.wionews.com/world/global-economy-live-metas-q3-profits-see-sharp-dip-samsung-also-sees-fall-in-operating-profit-528706">Also read |&nbsp;Global Economy LIVE | Meta's Q3 profits see sharp dip, Samsung also sees fall in operating profit</a>

It was expected that Lee will take over the company in 2020 after the demise of his father, but the process was delayed due to a corruption probe and two-year imprisonment.&nbsp;

Lee earlier functioned as the vice-chairman of Samsung Electronics since 2012.&nbsp;

The announcement came the same day the company declared poor earnings and warned that it doesn't expect the situation to get better until the second half of the year 2023.&nbsp;

The electronics giant reported a drop of 31 per cent in its third-quarter profit. The geopolitical uncertainties&nbsp;will dampen demand until early 2023, it said, according to a Reuters report.&nbsp;

<a href="https://www.wionews.com/india-news/apple-samsung-to-upgrade-phone-software-in-india-for-5g-roll-out-by-december-524722">Also read |&nbsp;Apple, Samsung to upgrade phone software in India for 5G roll out by December</a>

Samsung hopes Lee's appointment will lead to growth in profits. To ensure the supply of chips, US and countries in Europe are pressuring Samsung to raise investments. South Korea, which significantly depends on the Chinese markets for exports, is currently being forced to take a side with US's campaign to stifle China's chip market, Bloomberg reported.&nbsp;

As per media reports, the new chairman owns 1.63 per cent of Samsung Electronics, and nearly 18.13 per cent of Samsung C&amp;T Corp. of the company.&nbsp;

According to Bloomberg data, Lee is worth nearly $6 billion.&nbsp;

(With inputs from agencies)

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On Thursday (October 27), Jay Y Lee was named as executive chairman of Samsung, confirming that the billion-dollar company will be run by the third generation of the founder family.

On Thursday (October 27), Jay Y Lee was named as executive chairman of Samsung, confirming that the billion-dollar company will be run by the third generation of the founder family. The board approved Lee's ascension to the helm of the $250 billion company, it said in a statement. Also read | Global Economy LIVE | Meta's Q3 profits see sharp dip, Samsung also sees fall in operating profit It was expected that Lee will take over the company in 2020 after the demise of his father, but the process was delayed due to a corruption probe and two-year imprisonment. Lee earlier functioned as the vice-chairman of Samsung Electronics since 2012. The announcement came the same day the company declared poor earnings and warned that it doesn't expect the situation to get better until the second half of the year 2023. The electronics giant reported a drop of 31 per cent in its third-quarter profit. The geopolitical uncertainties will dampen demand until early 2023, it said, according to a Reuters report. Also read | Apple, Samsung to upgrade phone software in India for 5G roll out by December Samsung hopes Lee's appointment will lead to growth in profits. To ensure the supply of chips, US and countries in Europe are pressuring Samsung to raise investments. South Korea, which significantly depends on the Chinese markets for exports, is currently being forced to take a side with US's campaign to stifle China's chip market, Bloomberg reported. As per media reports, the new chairman owns 1.63 per cent of Samsung Electronics, and nearly 18.13 per cent of Samsung C&T Corp. of the company. According to Bloomberg data, Lee is worth nearly $6 billion. (With inputs from agencies) WATCH WION LIVE HERE

Samsung appoints heir and ex-convict Jay Y Lee executive chairman as losses mount

Samsung&nbsp;Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and&nbsp;chips that power them.

Globally, inflation is on the rise, central banks are aggressively hiking interest rates, fears of recession are growing and uncertainty about the fallout from Russia's invasion of Ukraine is ever-present. As a result, businesses and consumers alike have reined in spending.

Operating profit for&nbsp;Samsung, the world's biggest memory chip and smartphone maker, likely fell to 11.8 trillion won ($8.3 billion) in the July-September quarter, according to a Refinitiv SmartEstimate from 22 analysts.

"Being the world's top memory chip maker, top in TV and mobile OLED displays, and top in smartphone shipments,&nbsp;Samsung&nbsp;is highly sensitive to the economy, with profits easily linked to demand," said Greg Roh, head of research at Hyundai Motor Securities.

Also read |&nbsp;Review: Samsung Galaxy Z Flip 4 | Tech It Out

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It would be the first profit decline since the first quarter of 2020, early on in the pandemic, and the lowest level of quarterly profit since the first quarter of 2021. Until this latest quarter, robust demand for devices as people were forced to stay at home has driven large profit gains for the South Korean tech giant.

Operating profit for&nbsp;Samsung's chip business likely fell by nearly a third to 6.8 trillion won, an average of seven estimates showed.

Prices of some DRAM memory chips, widely used in smartphones and PCs, tumbled 14 per cent&nbsp;in the quarter while prices for NAND flash chips, used in data storage, fell 8 per cent, according to TrendForce data.

Shares in&nbsp;Samsung, which will announce preliminary results at about 8.40 local time on Friday (2340 GMT on Thursday), have fallen about 30 per cent&nbsp;this year. That compares with a 37 per cent&nbsp;slump for the Philadelphia Semiconductor index.

Samsung's mobile business is also expected to see profits tumble with forecasts calling for a 17 per cent&nbsp;fall to 2.8 trillion won, although the launch of the company's pricy new foldable phones during the quarter raised the average selling price.

Kim Yang-jae, an analyst at Daol Investment &amp; Securities, estimates that&nbsp;Samsung's smartphone shipments dropped 11 per cent in the quarter from the same period a year earlier to about 62.6 million smartphones after distribution channels cut orders.

Memory chip rival Micron Technology last week significantly cut its investments for the next year and warned of tougher times ahead.

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Samsung Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and chips that power them.

Samsung Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and chips that power them. Globally, inflation is on the rise, central banks are aggressively hiking interest rates, fears of recession are growing and uncertainty about the fallout from Russia's invasion of Ukraine is ever-present. As a result, businesses and consumers alike have reined in spending. Operating profit for Samsung, the world's biggest memory chip and smartphone maker, likely fell to 11.8 trillion won ($8.3 billion) in the July-September quarter, according to a Refinitiv SmartEstimate from 22 analysts. "Being the world's top memory chip maker, top in TV and mobile OLED displays, and top in smartphone shipments, Samsung is highly sensitive to the economy, with profits easily linked to demand," said Greg Roh, head of research at Hyundai Motor Securities. Also read | Review: Samsung Galaxy Z Flip 4 | Tech It Out It would be the first profit decline since the first quarter of 2020, early on in the pandemic, and the lowest level of quarterly profit since the first quarter of 2021. Until this latest quarter, robust demand for devices as people were forced to stay at home has driven large profit gains for the South Korean tech giant. Operating profit for Samsung's chip business likely fell by nearly a third to 6.8 trillion won, an average of seven estimates showed. Prices of some DRAM memory chips, widely used in smartphones and PCs, tumbled 14 per cent in the quarter while prices for NAND flash chips, used in data storage, fell 8 per cent, according to TrendForce data. Shares in Samsung, which will announce preliminary results at about 8.40 local time on Friday (2340 GMT on Thursday), have fallen about 30 per cent this year. That compares with a 37 per cent slump for the Philadelphia Semiconductor index. Samsung's mobile business is also expected to see profits tumble with forecasts calling for a 17 per cent fall to 2.8 trillion won, although the launch of the company's pricy new foldable phones during the quarter raised the average selling price. Kim Yang-jae, an analyst at Daol Investment & Securities, estimates that Samsung's smartphone shipments dropped 11 per cent in the quarter from the same period a year earlier to about 62.6 million smartphones after distribution channels cut orders. Memory chip rival Micron Technology last week significantly cut its investments for the next year and warned of tougher times ahead. WATCH WION LIVE HERE

Samsung quarterly profit set to slump 25%, first decline in nearly three years

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US&nbsp;trade war and higher development costs related to its automotive business in Europe.

Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses.

A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen.

The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts.

Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes.

But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting.

Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla.

The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring.

Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter.

While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like.

Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe. Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses. A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen. The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts. Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes. But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting. Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla. The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring. Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter. While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like. Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Japan's Panasonic profit drops 12% on trade war, higher costs

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