Apple Posts Record $111.2 Billion Revenue in March
Apple reported record revenue of $111.2 billion for the March quarter, driven by a 28% increase in Greater China sales, which reached $20.5 billion, surpassing Wall Street expectations. The company's earnings per share of $2.01 also exceeded forecasts, as Apple noted double-digit growth across all geographic segments and a record in services revenue. Despite facing supply chain constraints, particularly in memory, Apple anticipates revenue growth of 14% to 17% in the upcoming June quarter.
Japan intervenes in forex market to support yen
Japan intervened in the foreign exchange market for the first time in nearly two years to support the yen, which surged 3% following the action. Atsushi Mimura, Japan's Vice Minister of Finance for International Affairs, indicated that further developments regarding the yen may be forthcoming, as the currency had recently exceeded 160 yen per dollar. The intervention, which involved buying yen and selling dollars, was confirmed by a government official and marks the first such action since July 2024.
Union Pacific and Norfolk Southern Seek Merger Approval
Union Pacific and Norfolk Southern have submitted an amended merger application to the U.S. Surface Transportation Board, aiming to create the first transcontinental railroad in the U.S. The proposed $85 billion merger would result in a combined market share of 39% and is projected to generate approximately 1,200 new union jobs by the third year, alongside a guarantee of job protection for existing employees. The STB has 30 days to decide on the application before entering a detailed review process that could extend beyond a year.
US Stocks Hit Record Highs Amid Tech Earnings Surge
US stocks reached record highs as the S&P 500 crossed 7,200 for the first time, driven by strong earnings from major tech companies and optimism surrounding a projected $725 billion in AI spending this year. The Nasdaq Composite rose nearly 1%, while the Dow Jones Industrial Average climbed 1.7%, or over 800 points. This surge occurred despite ongoing concerns about the economic impact of the war with Iran, which has contributed to rising oil prices, with Brent crude trading near $110 a barrel.
Greg Abel Hosts First Berkshire Hathaway Meeting as CEO
Greg Abel, who succeeded Warren Buffett as CEO of Berkshire Hathaway at the start of this year, hosted the company's annual shareholders meeting in Omaha for the first time. Tens of thousands of attendees participated in the event, often referred to as 'Woodstock for Capitalists,' while Buffett remained in the background to avoid overshadowing Abel's presentation. Investors are keen to see how Abel will navigate the company in the post-Buffett era.
DCC Rejects £58-a-Share Takeover Bid from KKR
DCC has rejected a £58-a-share takeover bid from a consortium led by KKR and Energy Capital Partners, stating that the offer, which values the company at £4.95 billion (€5.72 billion), fundamentally undervalues its business and future prospects. The Dublin-based group, led by CEO Donal Murphy, announced the unanimous decision on April 29, 2026, and the consortium has until June 10, 2026, to submit a revised offer.
Reddit reports $204 million profit in Q1
Reddit Inc. reported a first-quarter profit of $204 million, or $1.01 per share, significantly surpassing analyst expectations of 58 cents, while revenue surged 69% year-on-year to $663 million, exceeding estimates of $611 million. The company attributed its growth to a 74% increase in advertising revenue, totaling $625 million, and projected second-quarter sales between $715 million and $725 million, ahead of the $712 million forecast. CEO Steve Huffman noted a 17% year-on-year rise in global average daily users to 126.8 million, bolstered by advancements in its advertising technology.
