Tesla CFO Ahuja’s Retirement Stuns Wall St

The positive news in Tesla’s fourth-quarter results was overshadowed by the surprise announcement that CFO Deepak Ahuja is retiring two years after he rejoined the automaker.One Wall Street analyst called Ahuja’s departure — which CEO Elon Musk announced at the end of an earnings call on Wednesda...

By Matthew Heller • Jan. 31, 2019

SEC Accuses Four Firms of ICFR Deficiencies

Four public companies have been fined a total of $435,000 for failing to remedy material weaknesses in their internal controls over financial reporting for seven to 10 consecutive annual reporting periods.The U.S. Securities and Exchange Commission said two of the companies — Mexican steel produc...

By Matthew Heller • Jan. 30, 2019

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

Apple’s iPhone Sales Fall 15%, Wearables Up

Apple’s revenue declined in a holiday-season quarter for the first time since 2001 though further weakness in iPhone sales was offset by growth in other areas such as wearables.For the first quarter, Apple on Tuesday reported total revenue fell 5% to $84.3 billion, with sales of iPhones — its mai...

By Matthew Heller • Jan. 30, 2019

Verizon Beats on Earnings But Shares Fall 2%

Verizon Communications reported better-than-expected quarterly earnings on Tuesday but its shares fell as it predicted profit growth would be flat in 2019.The telecom giant said net income attributable declined to $1.94 billion, or 47 cents per share, in the fourth quarter, from $18.78 billion, o...

By Matthew Heller • Jan. 29, 2019

Super Bowl LIII: All Bets Are On

After several years of declining viewership, Super Bowl LIII promises a pronounced audience spike — and not just to find out whether the Tom Brady can bring home a historic sixth ring for the dynastic Patriots.This is the first Super Bowl since the U.S. Supreme Court opened the door last spring t...

By David McCann • Jan. 29, 2019

Accounting Watchdog Finds Ongoing Problems at KPMG

The Public Company Accounting Oversight Board (PCAOB) said half of the 52 audits it inspected from top accounting firm KPMG were seriously deficient and KPMG was not as committed to quality as the accountancy claimed.“In 26 audits, certain of these deficiencies were of such significance that it a...

By Lauren Muskett • Jan. 28, 2019

Caterpillar Earnings Miss Amid China Downturn

Caterpillar shares tumbled on Monday after the company reported its biggest earnings miss in a decade, reflecting in part weaker demand for construction equipment in China.For the fourth quarter, Caterpillar made a profit of $1.78 per share, compared with a loss of $2.18 per share in the fourth q...

By Matthew Heller • Jan. 28, 2019

Starbucks Same-Store Sales Pick Up Steam

Starbucks delivered a third straight quarter of accelerating same-store sales growth, with U.S. sales showing particular strength as the coffee chain continues to streamline its operations.For the first quarter, Starbucks’ comparable store sales rose 4% worldwide, following 1% and 3% gains in the...

By Matthew Heller • Jan. 25, 2019

Intel Misses Estimates on Weaker Cloud Sales

Intel shares fell sharply in extended trading Thursday after the company missed quarterly revenue estimates, reflecting in part weaker sales to cloud customers.In the fourth quarter, traditionally Intel’s strongest, revenue rose 9% to $18.66 billion and net income increased 14% to $5.9 billion to...

By Matthew Heller • Jan. 25, 2019

Shutdown Puts Cloud on Southwest’s Revenue

Southwest Airlines reported better-than-expected quarterly earnings on Thursday but said it is losing revenue because of the partial government shutdown.The fourth largest U.S. airline by passenger traffic posted fourth-quarter earnings of $1.17 per share, above analysts’ estimates of $1.07.Reven...

By Matthew Heller • Jan. 24, 2019

Ford Profit Hit by Losses in Overseas Markets

Ford Motor’s ailing overseas operations weighed heavily on its latest quarterly results as every global region except North America posted losses.For the fourth quarter, the automaker reported operating income, adjusted for one-time items, of $1.5 billion, generated entirely by its lending arm an...

By Matthew Heller • Jan. 24, 2019

Synchrony Shares Jump on Big Earnings Beat

Synchrony Financial reported quarterly earnings on Wednesday that easily beat analysts’ estimates, reflecting in part the impact of its acquisition of PayPal’s U.S. consumer credit portfolio.Shares in the financial services company rose 10.3% to $29.28 after it announced fourth-quarter earnings o...

By Matthew Heller • Jan. 23, 2019

IBM Posts First Annual Revenue Gain in 7 Years

IBM posted a second straight decline in quarterly revenue but still beat analysts’ estimates, led by its global business services unit.For the fourth quarter, the company’s revenue fell 3% to $21.76 billion, ahead of estimates of $21.71 billion. It made a net profit of $4.4 billion, or $4.87 per ...

By Matthew Heller • Jan. 23, 2019

Activist Fund Urges ‘Immediate’ Change at eBay

EBay shares surged on Tuesday after an activist investor urged the pioneering e-commerce company to make “substantial and immediate” change to address its “significant underperformance.”Elliott Management, a hedge fund known for activist campaigns, said in a letter to eBay’s board that change at ...

By Matthew Heller • Jan. 22, 2019

3 Surprising Factors in the IRS Mileage Rate

It’s a new year, which means the IRS has issued a new optional standard deduction rate for automotive mileage. It’s 58 cents per mile driven for business purposes — a 3.5-cent increase over last year and the second-largest annual hike in the past decade.Because most experts predict gas prices to ...

By Leonard DeFranco • Jan. 22, 2019

Tesla to Slash Full-Time Workforce by 7%

Tesla said Friday it would reduce full-time staff by 7% in a cost-cutting move aimed at making its Model 3 vehicle more affordable.Tesla’s stock tumbled 13% on news of the layoffs, which CEO Elon Musk delivered in an email to employees.“We face an extremely difficult challenge: making our cars, b...

By Matthew Heller • Jan. 18, 2019

Netflix Adds 8.8 Million Subscribers in Q4

Netflix posted a second straight quarter of strong subscriber growth on Thursday but its shares fell in extended trading as revenue missed estimates.During the fourth quarter, the streaming service added a record 8.8 million paid memberships — 1.5 million in the U.S. and 7.3 million international...

By Matthew Heller • Jan. 18, 2019

Goldman Shares Surge on Big Earnings Beat

Goldman Sachs reported quarterly profit that far exceeded analysts’ estimates though its bottom line was inflated by a $467 million tax benefit.The bank’s shares jumped 9.5% to their biggest one-day gain in 10 years on Wednesday after it posted earnings of $6.04 per share for the fourth quarter o...

By Matthew Heller • Jan. 17, 2019

Retailer Shopko Files for Bankruptcy Protection; Plans to Close 105 Stores

Retail chain Shopko filed for Chapter 11 protection in U.S. bankruptcy court in Nebraska on Wednesday, citing excessive debt and ongoing competitive pressures.The company said it had assets of less than $1 billion and liabilities of between $1 billion and $10 billion. It said it has secured up to...

By William Sprouse • Jan. 16, 2019

Here’s Another Reason to Avoid Tax Avoidance

A year ago, a paper in the American Accounting Association journal The Accounting Review featured a surprising finding: CEOs are at increased risk of losing their jobs not only if their companies pay much more than their peers in taxes, but also if they pay much less.The authors credited legislat...

By David McCann • Jan. 16, 2019

Market Volatility Reduces Citigroup Revenue

Citigroup reported mixed quarterly results as market volatility hurt revenue but earnings benefited from better-than-expected expense declines and loan losses.The third-largest U.S. bank said Monday that fourth-quarter revenue fell to $17.1 billion from $17.5 billion in the year-ago period, refle...

By Matthew Heller • Jan. 15, 2019

GM Raises Guidance, Predicts Strong 2019

General Motors raised its full-year guidance for 2018, saying it now expects to earn between $6.50 and $7.00 a share, well above consensus estimates of $5.88 per share. The company also said it expected to have automotive free cash flow between $4.5 billion and $6 billion in 2019.At a presentatio...

By William Sprouse • Jan. 11, 2019

Holiday Season Weakness Hits Macy’s, Kohl’s

Shares of Macy’s and Kohl’s took a pounding on Thursday after the department store chains reported disappointing sales growth despite a generally strong holiday season for retailers.Macy’s said sales slowed after a good start to the holidays, citing particular weakness in women’s sportswear, slee...

By Matthew Heller • Jan. 10, 2019

Grant Thornton Revenue Jumps to Record High $5.45B

Accountant Grant Thornton reported revenue of $5.45 billion (4.29 billion pounds) for the year ended September 30, an increase of 9.4% and its highest rate of growth in six years. The company said a combination of strong markets and mergers helped to drive growth.The company said its tax services...

By William Sprouse • Jan. 9, 2019

Job Openings Drop in November but Remain Strong

The Labor Department said the number of U.S. job openings fell to 6.89 million in November, its lowest level since early summer of 2018, but still higher than the 6 million people classified by the government as unemployed.Job openings were a record 7.29 million in August. They were 7.13 million ...

By William Sprouse • Jan. 8, 2019