It was a bloomin’ good quarter for the company that owns Outback Steakhouse. Bloomin’ Brands beat by a penny in its latest earnings and revenue was in line with expectations. But comps grew by 4.6% at outback and 2.9% across all of its brands. They’ve now boosted guidance for the rest of the year.
A big quarter for banking giant HSBC as well. It posted a nearly 4B$ profit last quarter, and 32% above a year ago. The CEO, John Flint, has been slashing costs as the bank pushes further into China. He’s warning the trade fight will fundamentally change the relationship between the US and China.
Warren Buffett’s Berkshire Hathaway is also making a big play in the financial world. The Wall Street Journal says Berkshire’s invested upwards of $300M in Brazil’s Stone Co during its IPO. That company is the 4th largest payment processor in Brazil. Berkshire recently took a $300M stake in India’s Paytm too.
The US government is going after Mercedes Benz over recalls. The National Highway Traffic Safety Administration says Mercedes’ U-S division took too long to send recall notices. Mercedes says safety is its top priority and it will work with federal regulators to address their concerns.
The legal fight between Qualcomm and Apple is heating up. Qualcomm now says Apple is $7B behind on royalty payments. Qualcomm for years supplied parts for the iPhone and the two are locked in a court battle over patents. Apple denies it and says Qualcomm is trying to make it pay twice for using the chips.
