Argo Group Fined Over Perks to ‘Bon Vivant’ CEO

Insurance company Argo Group International Holdings has agreed to pay $900,000 to settle charges that it failed to disclose more than $5.3 million in perks to its former CEO, including personal use of  corporate aircraft.Mark Watson stepped down as CEO in November 2019, shortly after Argo said it...

By Matthew Heller • June 9, 2020

Slack Shares Slump on Disappointing Guidance

Chat service Slack beat quarterly earnings estimates but its shares had their worst single-day decline on record, reflecting investor disappointment over its full-year guidance.Like other software-as-a-service companies, Slack got a boost in the first quarter from business demand for tools that a...

By Matthew Heller • June 5, 2020

Explore the Trendline➔

Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

May Jobs Report Much Stronger Than Expected

“Whoa.” That seems to be the consensus about the monthly jobs report.The U.S. unemployment rate contracted 1.4 percentage points in May to 13.3% — far exceeding economist forecasts of 19.8% and outperforming the 1933 peak that many expected to be comparable.“These improvements in the labor market...

By Lauren Muskett • June 5, 2020

Gap’s Pandemic Pain Worse Than Expected

Gap shares tumbled in after-hours trading Thursday as the troubled retailer reported a coronavirus-related loss that was worse than expected.For the first quarter, Gap swung to a net loss of $932 million, or $2.51 per share, from with a profit of $227 million, or 60 cents a share, a year ago. Net...

By Matthew Heller • June 5, 2020

Five Accounting and Reporting Considerations Before Reopening

Businesses around the country are preparing to reopen as local stay-at-home orders are lifted. But the world looks a lot different than it did a mere three months ago, and many companies must now adjust to a yet-evolving new normal. While companies now understand how the COVID-19 pandemic has aff...

By Vincent Ryan • June 4, 2020

AMC Reports Losses, Raises Doubt on Staying in Business

AMC Theaters, the world’s largest theater chain, expects it has lost between $2.1 billion and $2.4 billion in the first quarter and has “substantial doubts” it can remain in business, the company said.The company closed theaters earlier this year in response to the COVID-19 pandemic.“During this ...

By Lauren Muskett • June 3, 2020

Zoom Crushes Estimates With ‘Incredible’ Quarter

Zoom crushed quarterly earnings estimates and doubled its revenue guidance, indicating the videoconferencing company believes it can sustain growth even after people are no longer staying home due to coronavirus restrictions.One analyst, Needham’s Richard Valera, called Zoom’s first-quarter resul...

By Matthew Heller • June 3, 2020

Dick’s Sporting Goods Takes 29% Sales Hit

Dick’s Sporting Goods took a major hit from the coronavirus crisis but its shares rose amid signs of a rebound with the lifting of pandemic restrictions.For the first quarter, the company swung to a net loss of $143.4 million, or $1.71 per share, from a profit of $57.5 million, or 61 cents per sh...

By Matthew Heller • June 2, 2020

Short-Term Cash-Flow Forecasting: Metric of the Month

Over the last two months, the need to prepare an accurate short-term cash flow forecast for my board of directors and CEO has never been greater. The ability to prepare or adjust these forecasts quickly has allowed us to make better and more informed decisions about our cash needs, investments, a...

By Perry D. Wiggins • June 2, 2020

Salesforce Tops Estimates as Q1 Sales Rise 30%

Salesforce shares fell in after-hours trading Thursday after the customer-relationship management software maker reported better-than-expected quarterly results but issued light guidance.Salesforce had to make major changes during the first quarter in response to the coronavirus crisis, closing 1...

By Matthew Heller • May 29, 2020

Workday Beats Estimates on 23% Sales Growth

Workday’s shares rose in after-hours trading Wednesday as the enterprise software maker’s sales growth pushed earnings above analysts’ estimates despite the coronavirus crisis.For the first quarter, Workday reported revenue of $1.02 billion, up 23% from the year-ago period, while adjusted earning...

By Matthew Heller • May 28, 2020

Anatomy of a Short Attack

When a lengthy “short” report is published, a company’s stock price will almost often experience a near-term drop as momentum traders react to the allegations. Billions of dollars can hang in the balance as investors sift through a densely written report posted on a website. In some cases, the pu...

By Vincent Ryan • May 26, 2020

Deere Shares Drop Despite Q2 Earnings Beat

Deere & Co. reported better-than-expected quarterly results on Friday but its shares fell as it slashed its profit guidance for the year.For the second quarter, the company’s equipment sales fell 20% to $8.22 billion — compared to Wall Street estimates of $7.69 billion — with farm equipment (...

By Matthew Heller • May 25, 2020

Insurers Float Pandemic Coverage Plan

Three major insurance industry groups have proposed a federal program that would protect businesses against losses suffered from future pandemics.Under the Business Continuity Protection Program (BCPP), companies could purchase revenue replacement for three months’ relief for up to 80% of payroll...

By Lauren Muskett • May 22, 2020

HPE Has ‘Tough’ Quarter With 16% Sales Drop

Hewlett Packard Enterprise shares dipped in after-hours trading Thursday after the computing giant reported a 16% drop in quarterly revenue, reflecting supply chain disruptions caused by the coronavirus pandemic.HPE’s revenue for the second quarter declined to $6 billion from $7.1 billion in the ...

By Matthew Heller • May 22, 2020

Shopping Shifts Squeeze Target Profit in Q1

Target reported strong sales for the first quarter but its profit was squeezed as consumers shifted to online shopping and avoided higher-margin items such as apparel.Amid the coronavirus pandemic, Target’s revenue rose 11.3% to $19.62 billion, with same-store sales increasing 10.8% and digital s...

By Matthew Heller • May 20, 2020

Rolls-Royce to Cut 9,000 Jobs Amid Coronavirus Crisis

Rolls-Royce is cutting at least 9,000 jobs as part of what the company called a “major reorganization” of its business to address medium-term structural changes brought on by the COVID-19 pandemic, which has dramatically reduced customer demand.“We have already taken action to strengthen the fina...

By Lauren Muskett • May 20, 2020

Senate May Vote on Oversight of Chinese Issuers

The U.S. Senate could be nearing a vote on a bipartisan measure that would require Chinese companies listed on U.S. stock exchanges to comply with U.S. auditing and reporting requirements.Chinese companies that trade their shares in the U.S. are currently exempt from being audited by accrediting ...

By Matthew Heller • May 20, 2020

Walmart Gets Big Boost From Pandemic Panic

Walmart sales surged in the first quarter amid unprecedented demand for grocery staples and cleaning supplies from consumers panicked by the coronavirus pandemic.Visits to Walmart stores declined as customers stayed home. When they did venture out to shop, they spent more, with spending per trans...

By Matthew Heller • May 19, 2020

SoftBank Posts Record $12.7B Operating Loss in 2019-20

SoftBank Group reported its earnings for the financial year between April 2019 to March 2020 on Monday.The Japanese investment firm reported an annual operating loss of $12.7 billion. This compares with the $19.3 billion operating profit it posted in the similar period a year ago.SoftBank posted ...

By Lauren Muskett • May 18, 2020

Denny’s Off-Premise Sales Soften COVID Impact

Denny’s shares jumped in after-hours trading Thursday after the restaurant chain reported better-than-expected earnings despite losing its dine-in business to coronavirus shutdowns.For the first quarter ended March 25, Denny’s earned net income of $9 million, or 16 cents a share, compared with ne...

By Matthew Heller • May 15, 2020

Video Game Sales Hit Record $10.8B in Q1

Video game sales are soaring as Americans seek diversion and social connection while confined to their homes by the coronavirus pandemic.NPD Group reported Friday that consumer spending on video gaming in the U.S. reached a record $10.86 billion in the first quarter of 2020, an increase of 9% fro...

By Matthew Heller • May 15, 2020

SmileDirect Sees Telehealth Boost From COVID

SmileDirectClub posted lower-than-expected quarterly results but said its business would benefit from growing consumer acceptance of teledentistry amid the coronavirus crisis.For the first quarter, the company lost $107 million, or 28 cents a share, compared with a loss of $20.5 million in the ye...

By Matthew Heller • May 14, 2020

Fluor Shares Dive on News of 10-Q Delay

Fluor Corp. shares tumbled nearly 13% on Tuesday after the engineering firm, which is facing investigations into its accounting, disclosed another delay in the filing of financial reports.Fluor said it had determined it would be unable to file its Form 10-Q for the first quarter on time “without ...

By Matthew Heller • May 13, 2020

Sony Profit Dives in Q4 as Virus Hits Electronics

Sony reported an 86% plunge in quarterly net profit on Wednesday, with its electronics products business being particularly hard hit by the coronavirus pandemic.For the fourth quarter, Sony’s net income declined to 12.6 billion yen ($118 million) from 87.9 billion yen earned a year ago. Operating...

By Matthew Heller • May 13, 2020