Toyota posts record fiscal year profit despite industry challenges; US casinos raked in the cash in March
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Toyota quarterly gain down on parts crunch
TOKYO — Toyota's profit declined 31 percent to $4.1 billion in the January-March quarter from the year before, but the Japanese automaker still wrapped up a year of record earnings. Quarterly sales rose nearly 6 percent $62 billion.
Like other automakers, Toyota has struggled to keep up with demand because of parts shortages caused by the pandemic. The company still sold 8.2 million vehicles worldwide during the fiscal year through March, up from 7.6 million vehicles in the previous fiscal year. For the 12-month period, Toyota racked up a $21.9 billion profit, up nearly 27 percent.
Toyota, which makes the Prius hybrid, Lexus luxury models and Camry sedan, said it got a boost from a favorable exchange rate. A weaker yen helps lift Japanese exporters when overseas earnings are converted into yen.
March best month ever for US casinos
ATLANTIC CITY, N.J. — Inflation may be soaring, supply chains remain snarled and the coronavirus just won't go away, but America's casinos are humming right along, recording the best month in their history in March.
The American Gaming Association said May 11 that U.S. commercial casinos won more than $5.3 billion from gamblers in March, the best single-month total ever. The previous record month was July 2021 at $4.92 billion.
The casinos collectively also had their best first quarter ever, falling just short of the $14.35 billion they won from gamblers in the fourth quarter of last year, which was the highest three-month period 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 numbers do not include tribal casinos, which report their income separately.
But while the national casino economy is doing well, there are pockets of sluggishness such as Atlantic City, where in-person casino revenue has not yet rebounded to pre-pandemic levels.
Coinbase value halved as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop ever on May 11 as the famously volatile crypto market weathers yet another slump.
Coinbase reported a $430 million net loss in the first quarter on declining sales and active users, missing expectations. Revenue was down as trading volumes fell, and active monthly users declined 19 percent from the fourth quarter.
It's unlikely those results surprised investors — Coinbase shares declined 43 percent in the four days leading up to their earnings release Tuesday. On Wednesday, shares fell more than 26 percent to about $53.72. On the day of its initial public offering 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 was an ongoing debate over whether the crypto market was in one of its typical funks or if this was the post-pandemic bubble deflating.
"While management strongly believes the former will prove to be true, we suspect there is more than a bit of truth to the latter, particularly with crypto failing to serve as an inflation hedge thus far in 2022," O'Shaughnessy wrote.
Google's Pixel line borrows from Apple
SAN FRANCISCO — Google took a big step May 11 toward pushing its Pixel product line-up down a road already paved by Apple and its array of trendsetting 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 draws on features and expertise it's gained from last year’s $2.1 billion acquisition of the fitness gadget maker Fitbit.
The new watch, targeted for an autumn release, marks Google’s first major attempt to make a dent in a steadily growing segment of the wearable technology market. Google also used its annual developers conference to tease a Pixel tablet due out next year.
Hyundai cars recalled over leaky hoses
DETROIT — Hyundai is recalling more than 215,000 midsize cars in the U.S. — most for a second time — because fuel hoses can leak in the engine compartment and cause fires.
The recall covers certain 2013-14 Sonata sedans, many of which were recalled for the same problem in 2020.
The Korean automaker said in documents posted May 11 by U.S. safety regulators that a low pressure fuel hose can crack over time due to heat from the engine. That can cause fuel leaks and increase the risk of a fire. Dealers will replace the hoses. Owners will be notified starting July 5.
