MORNING NEWS

Ferrari backed its full-year guidance as more car deliveries and customization requests helped the sports-car maker deliver forecasting-beating earnings in the first quarter of the year. The Italian automaker reported net profit of 412 million euros ($466.2 million), up from 352 million euros in the same quarter last year as revenue rose 13% to 1.79 billion euros. It shipped 3,593 vehicles to customers, 33 more than a year earlier. Analysts polled by FactSet had forecast 1.77 billion euros in revenue, while analysts at HSBC had seen shipments at 3,560 units.

Production halts and an unprofitable EV business nearly wiped out Ford Motor’s net profit in the first quarter, the company said Monday. Ford reported net income of $471 million, down from $1.3 billion a year earlier. Revenue fell to $40.7 billion, down from $42.8 billion in the first quarter of 2024. Wholesale deliveries fell 7% to 971,000 during the three-month period, which Ford attributed to slower production of some models.

Warren Buffett stunned the investing world Saturday by revealing his plans to step down as Berkshire Hathaway’s chief executive at year-end and hand the reins to handpicked successor, Greg Abel. The 94-year-old investor closed the annual meeting of the company he built into one of the nation’s largest with the surprise announcement that he will recommend to Berkshire’s board that Abel begin the CEO job in 2026. “The time has arrived,” he said, “where Greg should become the chief executive officer of the company at year-end.” And with that, one of the greatest and longest-running shows in American capitalism entered its final months.

Apple said a majority of its devices shipped into the U.S. in the June quarter will originate in India and Vietnam, a move to allay investor concerns about the impact of tariffs on its operations. The company was among the hardest-hit of the tech giants last month because of its exposure to China, a primary target of the Trump administration’s global tariff pressure.

UBS saw its profitability decline in the first quarter of 2025. From January to the end of March, Switzerland's number one bank posted a net profit of 1.690 billion dollars, compared with 1.75 billion twelve months earlier. On the other hand, profit before tax fell by 10% year-on-year to 2.1 billion dollars, UBS reported on Wednesday. In adjusted terms, however, pre-tax profit from core businesses rose by 15%. Return on equity (CET) was 9.6% and 11.3% in adjusted terms.

Novartis has continued the strong pace of growth seen in recent quarters during the first three months of 2025. Contrary to the expectations of many analysts, the pharmaceutical company has raised its outlook again - for the ninth quarter in a row. Between January and March, Novartis generated sales of USD 13.2 billion. This is an increase of 12 per cent compared to the same period last year, as the Group announced on Tuesday.

British food-delivery company Deliveroo said it received a proposal from DoorDash earlier this month to buy all of its shares for 1.8 billion Pound Sterling ($2.40) a piece. Deliveroo said Friday that “it would be minded to recommend such an offer” to its shareholders, assuming an offer is made on those terms. Based on Deliveroo’s 1.5 billion outstanding shares, DoorDash’s offer values the company at approximately GBP2.7 billion, or about $3.6 billion. Deliveroo’s board has engaged with DoorDash regarding the offer and provided the San Francisco-based company with due diligence, Deliveroo said. The company noted there is no certainty a firm offer will be made. DoorDash has until May 23 to make such an offer.

The building materials group Holcim met sales expectations in the first quarter. Despite unfavourable weather conditions in North America, Holcim achieved sales of 5.54 (previous year: 5.58) billion Swiss francs. Analysts had expected sales in the same range. Recurring EBIT climbed by 1.7 per cent in local currency to CHF 515 million. The Group has confirmed its forecast for the year. Holcim believes that the spin-off of Amrize remains on track and expects a stock market listing in June 2025.

The logistics group Kuehne+Nagel generated significantly higher turnover in the first quarter of 2025 than in the previous year. Net turnover rose by 15 per cent to CHF 6.33 billion and gross profit, adjusted for volatile freight tariffs, increased by 8 per cent to CHF 2.24 billion, as the company announced on Thursday. Consequently, the profit figures also improved. Operating profit (EBIT) climbed by 7 per cent to CHF 402 million and net profit by 9 per cent to CHF 303 million.

Tesla’s net income slid 71% in the first quarter, as the company struggled to overcome competitive pressure overseas and a reputational hit from Chief Executive Elon Musk’s polarising role in the Trump administration. Musk said he would be devoting significantly less time to his federal cost-cutting work at the Department of Government Efficiency starting next month, but struck a defiant tone against critics. The electric-vehicle maker also reported adjusted earnings per share of 27 cents, which missed analysts’ expectations of 41 cents. Tesla said that shifting trade policies, exacerbated by the administration’s tariff regime, are stressing supply chains while adding to the automaker’s costs. Tesla imports some of its battery cells from China, but said it was looking to source them from the U.S. instead.