ROUNDUP: Deutsche Bank becomes more optimistic despite Postbank problems - share price jumps

FRANKFURT - Despite the problems at Postbank, confidence is growing at parent company Deutsche Bank. The management board is confident that it will not only achieve the strategic goals set for 2025, but that it will even be able to exceed them, Group CEO Christian Sewing wrote in a letter to employees on Wednesday on the occasion of the third-quarter results. The news was rewarded with a jump in the share price on the stock exchange.

TOTAL ROUNDUP/Postbank follows DWS: IT problems plague Deutsche Bank

FRANKFURT - Complaints from Postbank customers, costs running into the millions and problems at fund subsidiary DWS: the conversion of computer systems is weighing on Deutsche Bank. Finance chief James von Moltke estimated Wednesday that the additional costs related to Postbank would amount to about 30 to 35 million euros in the fourth quarter. In the third quarter, it was less than 10 million euros, von Moltke said at the presentation of the quarterly balance sheet. At the same time, the conversion of IT systems at fund subsidiary DWS is getting out of hand - and is becoming significantly more expensive.

ROUNDUP: Microsoft booms thanks to cloud and AI - Google makes investors skeptical

REDMOND/MOUNTAIN VIEW - Tech companies are increasingly valued on the stock market based on their success in the artificial intelligence and cloud services business. Microsoft and Google parent Alphabet both reported significant revenue growth and big billion-dollar profits for the past quarter. Microsoft shares subsequently jumped nearly four percent in after-hours trading Tuesday - but Alphabet's stock fell nearly six percent. Microsoft posted strong growth in its cloud offerings, while Google's cloud division missed analysts' expectations.

Medium-haul jet production errors set Boeing back even further

ARLINGTON - Production errors on the 737 Max medium-haul jet are setting plane maker Boeing back even more than expected this year. Due to inspection and rework on the aircraft, only 375 to 400 jets of the 737 series are expected to be delivered this year, the U.S. company announced Wednesday on the occasion of its quarterly results. In September, management had already scaled back its plans to about 400 units. In the third quarter, the lower delivery figures for the model series, together with additional costs for the U.S. presidential aircraft Air Force One, caused the company another loss.

ROUNDUP: Symrise maintains organic growth - analysts confident

HOLZMINDEN - Demand for additives for food, fine fragrances and cosmetic active ingredients continues to provide Symrise with a tailwind. However, negative currency effects are slowing the sales growth of the DAX-listed group. In the first nine months of the year, Group sales rose slightly less than analysts had expected on average. However, excluding exchange rate effects and the purchase and sale of parts of the company, growth exceeded estimates. The share price went up on Wednesday.

ROUNDUP 2: Porsche keeps on track despite China problems - share price treads water

STUTTGART - Sports car maker Porsche AG is on track to meet its full-year targets despite problems in China and isolated delivery problems. In the third quarter, the Stuttgart-based company did more business than experts had expected, even if profitability was somewhat weaker than anticipated. Strong demand as well as the development of sales prices and the trend toward more expensive cars continued to play into the company's cards, CFO Lutz Meschke said Wednesday. However, the situation in the People's Republic is likely to remain difficult in the long term. The shares of the DAX-listed company, which is majority-owned by the Volkswagen Group, have been badly battered in recent months and were treading water around midday.

ROUNDUP: T-Mobile US surprises in third quarter - forecast raised again

BELLEVUE - Mobile operator T-Mobile US performed much better than expected in the third quarter. The Deutsche Telekom subsidiary surprised positively in terms of both operating profit and the number of new mobile contracts. As in the past, Deutsche Telekom's most important business by far stuck to its rhythm and once again raised its forecast in tiny increments. In pre-market trading, T-Mobile shares rose 1.6 percent.

ROUNDUP: Beiersdorf raises forecast thanks to Nivea - analysts nevertheless disappointed

HAMBURG - Due to the successful business with the Nivea and Labello brands, consumer goods group Beiersdorf is becoming more optimistic for the current year. The Hamburg-based company continued to post double-digit growth rates in the first nine months, even though growth slowed down a little compared to the first half of the year. Some analysts had expected more. However, market experts had already expected a forecast increase. The share initially reacted negatively in the morning, most recently it was slightly up by half a percent.

ROUNDUP: VW truck holding Traton expects more profit - share still falls

MUNICH - After a decent third quarter, VW's commercial vehicle holding company Traton expects a better profit development in the current business for the full year than before. However, the order situation in the economic downturn is increasingly worrying, especially in Europe. In a conference call on Wednesday, CEO Christian Levin even described the receipt of orders for electric trucks as "not satisfactory." Scania, the pearl of returns, also fared less well than experts had expected. The SDax-listed stock fell sharply despite the upgraded annual forecast.

Consumption and travel drive Visa - earnings better than expected

SAN FRANCISCO - Credit card provider Visa posted significantly higher sales and earnings in the past fiscal year 2022/23, thanks to its customers' appetite for consumption and travel. The proceeds rose by eleven percent compared to the previous year to just under 33 billion dollars (31 billion euros), as the group announced on Tuesday in San Francisco. Below the line, the competitor of American Express and Mastercard earned 15 percent more with approximately 17 billion dollars.

Michelin raises free cash flow target - sales increase as expected

CLERMONT-FERRAND - French tire maker Michelin is hoping for a higher cash inflow after the first nine months. However, sales are likely to be at the lower end of previous expectations. Free cash flow should now rise to more than 2.3 billion euros, the manufacturer, which competes with Continental in the tire business, announced Tuesday evening in Clermont-Ferrand. Previously, the management had targeted more than two billion euros. For the past year, the French company had reported a cash outflow of 180 million euros.

Weak demand: chip manufacturer Texas Instruments disappointed

DALLAS - U.S. chipmaker Texas Instruments (TI) continues to expect sluggish demand. In the fourth quarter, the group expects a decline in sales compared to the three months to the end of September. In the three months from October to December, revenue is expected to be between $3.93 billion to $4.27 billion, the group announced Tuesday in Dallas. That puts the company's revenue forecast below the average expectation of experts surveyed by Bloomberg. The profit target for the last three months of the current fiscal year also fell short of expectations.

Snapchat business grows again

VENICE - The business of online service Snapchat is growing again after a dry spell of several months. In the past quarter, the operator Snap posted a revenue increase of five percent compared to the same period last year to 1.19 billion dollars (1.12 billion euros). However, the bottom line was once again in the red. The loss widened to 368.26 million dollars from 359.5 million dollars a year earlier, as Snap announced after U.S. stock market close on Tuesday. The number of daily active users rose from 397 million to 406 million within three months.

Santander earns more than expected

MADRID - High interest rates are keeping profits bubbling at major Spanish bank Santander. Net income rose by a fifth to 2.9 billion euros in the third quarter, the EuroStoxx 50-listed bank announced Wednesday in Madrid. It thus exceeded experts' expectations. In terms of revenue, the Spanish bank, which does much of its business outside the eurozone, posted a 15 percent rise to nearly 15 billion euros. The bank, like most other financial institutions, benefited from the sharp rise in interest rates worldwide.

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Customer Notice:

ROUNDUP: You are reading a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha