“The demand is recovering even faster than we had hoped domestically,” Mr. Kirby of United said on Wednesday.

International travel has slowly started to recover, too, as more countries, particularly in Europe, open up to American travelers who can provide proof of vaccination or a negative coronavirus test. But airlines are lobbying the Biden administration to loosen restrictions in kind, which, they say, will allow the recovery to accelerate.

“I think the surge is coming, and just as we’ve seen it on the consumer side, we’re getting ready for it on the business side,” Mr. Bastian of Delta said last week. “Once you open businesses, offices, and you get international markets opened, I think it’s going to be a very good run over the next 12 to 24 months.”

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Macy’s First-Quarter Sales Jump 56 Percent as Shoppers Return

Macy’s said on Tuesday that its first-quarter sales jumped more than 50 percent from last year, when the start of the pandemic pulverized the retailer’s revenue, and it raised its forecast for sales and profit this year.

The company, which also owns Bloomingdale’s, reported $4.7 billion in sales for the three months that ended May 1, and a profit of $103 million. That compares with about $3 billion in sales and a net loss of $3.6 billion in the same period last year. Macy’s said it anticipated sales in the range of $21.7 billion to $22.2 billion this year, up from a previous forecast of somewhere between $19.8 billion and $20.8 billion.

Macy’s executives said on an earnings call that customers, buoyed by government stimulus were shopping again as the weather warmed up and vaccines have become more readily available. They are beginning to attend events after a year of isolation, and snapping up dresses for proms, casual get-togethers and weddings. Men’s tailored clothing is also seeing increases. Traffic is improving at Macy’s flagship stores, which lost visitors in the past year, though the company said it did not expect international tourism to recover until next year.

Department stores, which have already been under pressure in recent years, were battered by the pandemic as consumers postponed gatherings and avoided enclosed spaces. The news out of Macy’s was a positive for the retail sector, but the company’s first-quarter sales were still down about 15 percent from $5.5 billion in the same period of 2019. Macy’s made headlines recently after proposing the construction of a commercial office tower on top of its flagship Herald Square store in New York. The company said on the call on Tuesday that it expected the project would produce a “significant” amount of cash to support future plans.

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Walmart’s E-Commerce Sales Continue to Grow

Walmart reported a strong first quarter on Tuesday, as its e-commerce business continued to drive sales and customers were helped by stimulus checks.

The retail giant said its sales in the United States in the first quarter increased 6 percent to $93.2 billion, while operating profit grew about 27 percent to $5.5 billion.

“Our optimism is higher than it was at the beginning of the year,” Walmart’s chief executive, Doug McMillon, said in a statement. “In the U.S., customers clearly want to get out and shop.”

Walmart is among a group of larger retailers that have experienced blockbuster sales during the pandemic, particularly for online groceries. The company’s e-commerce sales increased 37 percent in the first quarter.

The question now is whether Walmart can continue its pace of growth as shopping habits start to normalize.

Mr. McMillon said although the second half of the year “has more uncertainty than a typical year, we anticipate continued pent-up demand throughout 2021.”

Sales in the company’s international division declined 8.3 percent in the first quarter, as Walmart divested from some of its subsidiaries in places like Japan and Argentina. The company’s total revenue increased 2.7 percent to $138.3 billion.

Walmart raised its financial guidance for the rest of the year, projecting “high single digit” growth in operating income in its United States operation, with sales up in the single digits.

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Disney’s Streaming Service Slows, Coloring a Profitable Quarter

Operating income at Disney’s traditional television business — ESPN, ABC, Disney Channel, FX, Freeform, National Geographic and other networks — reached $2.8 billion, a 15 percent increase. Disney attributed the improved results to lower programing costs and higher fees from cable distributors (based on multiyear contracts). Costs at ABC fell primarily because of the timing of the Academy Awards, which aired later than in past years — after the quarter ended — because of the pandemic.

Profit in the quarter, the second in Disney’s fiscal year, totaled $912 million, up 95 percent from a pandemic-battered $468 million a year earlier. When one-time items are excluded, per-share profit rose 32 percent, to 79 cents from 60 cents. (Analysts had expected about 27 cents.)

Revenue was $15.6 billion, a 13 percent decline from a year earlier.

Disney estimated that the pandemic had a $1.2 billion impact on its theme park and cruise empire. As a result, the division had a loss of $403 million. Disneyland in California, two theme parks in France and the Disney Cruise Line were closed during the recent quarter. Disneyland reopened on April 30 with capacity limited to 25 percent, as mandated by California officials.

Mr. Chapek told analysts that the company’s largest tourist destination, Walt Disney World in Florida, would benefit from the relaxed mask-wearing guidance given by federal officials on Thursday.

“That is very big news for us,” he said. Vacationing “in Florida in summer with a mask on can be quite daunting.”

In terms of theme park demand for the months ahead, Mr. Chapek noted that Disney research had found that “intent to visit” by families was on a par with 2019, suggesting a bounce-back for the resorts once capacity restrictions and other measures (mandatory face coverings) are lifted or relaxed.

In another signal of a recovery, Disney said two films, “Shang-Chi and the Legend of the Ten Rings” and “Free Guy,” starring Ryan Reynolds, would receive exclusive 45-day runs in theaters before appearing on Disney+. “Free Guy” is scheduled to arrive in cinemas on Aug. 13 and “Shang-Chi,” a Marvel spectacle, in early September.

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Coinbase made $771 million in profit in the first quarter, benefiting from crypto mania.

The cryptocurrency exchange Coinbase said on Thursday that its quarterly profit soared by more than 20 times from a year earlier as its revenue skyrocketed, in a sign of how enthusiasm for digital currencies has gone mainstream in the pandemic.

Coinbase said it brought in $1.8 billion in revenue during the first three months of the year, up from $191 million in the same period a year ago. Profits jumped to $771 million from $32 million. It was the company’s first earnings report since it went public last month.

But Coinbase also offered a cautionary note, saying that rivals were swarming the market and increasing competition. The company has been spending heavily on marketing and development to keep ahead of its competitors.

“The rapid expansion of the cryptoeconomy also creates challenges for Coinbase,” it said in a letter to shareholders. “We also have to continue to move quickly to address them, and that inspires us toward action and growth.”

a wave of market manias have gripped the financial world during the pandemic. That surge has also driven growth and profits for Coinbase. It said Thursday that 56 million people were verified on its platform, up from 34 million a year earlier.

But Coinbase’s share price has dropped as cryptocurrencies have fallen from their highs and its market capitalization now stands at $53 billion. On Wednesday, Elon Musk, chief executive of Tesla and a vocal cryptocurrency supporter, tweeted that Tesla would stop accepting Bitcoin as payment for cars, citing environmental reasons, and Bitcoin’s value dropped. One Bitcoin was worth under $50,000 on Thursday, down from more than $63,000 in mid-April.

Coinbase has also faced criticism as it has grown. Customers have said the company has ignored their pleas for help when their digital fortunes were stolen or when they were locked out of their accounts. Current and former employees have also said Coinbase has treated Black and women employees unfairly.

This week, Coinbase said it was increasing compensation for its employees as it tried to stay competitive and reduce uncertainty. Employees will no longer negotiate for salaries when starting at the company, which “can disproportionately leave women and underrepresented minorities behind,” it said in a blog post.

started as a joke, would be available to trade on Coinbase in six to eight weeks.

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SpongeBob, ‘Star Trek’ and sports drive subscriptions to Paramount+.

SpongeBob, “Star Trek” and the Super Bowl have attracted new subscribers to ViacomCBS’s streaming platforms.

The company, led by Shari Redstone, rebranded its long-running streaming service as Paramount+ in March, while also providing it with a slew of new shows, films and sports programming. The company also added content to Pluto, its free streaming service.

The stronger commitment to digital media has created a revenue powerhouse, with streaming sales jumping 65 percent to $816 million in the first quarter, the company reported Thursday. ViacomCBS said it added 6 million new streaming subscribers to both Paramount+ and a smaller streaming service, Showtime, bringing the total to 36 million.

The company doesn’t disclose how many customers are coming to each platform, but the majority have bought Paramount+, a cheaper service at $6 a month with ads, or $10 a month without commercials. ViacomCBS plans to offer a new tier at $5 a month this June in an effort to drive more subscribers. That should help the company sell more ads, offsetting the price drop.

true profitability only after it surpassed 200 million subscribers last year.

The company said it will invest more in original series and films for Paramount+, and, in a marked switch from its previous strategy, it plans to hold back more of its own productions for the service, instead of licensing them to other streamers.

In 2019, the company sold rights to “South Park,” one of its most popular franchises, to AT&T’s HBO Max for $500 million for several years. It has also sold shows such as “Tom Clancy’s Jack Ryan” to Amazon Prime Video and “Thirteen Reasons Why” to Netflix. Now, ViacomCBS will try to fill its content pipeline from its own studios.

jumped nearly tenfold in the past year.

Most of those gains had come as a result of a heavily leveraged trading strategy from a single investment firm called Archegos Capital Management, led by the investor Bill Hwang. At one point Mr. Hwang was responsible for $20 billion of ViacomCBS stock, or a third of all shares.

It all came tumbling down last month, when lenders demanded their money back. ViacomCBS also suffered as its share price plummeted from a high of $100 to about $38 on Thursday.

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Volkswagen Earnings Show Reliance on Sales in China

A spike in sales to Chinese customers helped Volkswagen rebound strongly from the disruption caused by the pandemic, the carmaker said Thursday, underlining China’s importance to the German economy.

Sales in the first three months of 2021 rose 13 percent compared to a year earlier, to 62.4 billion euros, or $75 billion, while profit rose nearly sevenfold to 3.4 billion euros, the company said. Vehicle sales in China, which is Volkswagen’s largest market, rose more than 60 percent.

The recovery in sales bodes well for the German economy. Vehicles are the country’s biggest export product. But Volkswagen also illustrates Germany’s dependence on China when tensions between Beijing and the European Union are rising because of the Chinese government’s treatment of minority groups and its crackdown on dissent in Hong Kong.

As is typical for Volkswagen, the company’s Audi and Porsche divisions generated most of the profit. The luxury vehicles have a higher profit margin than the more affordable cars that account for most of Volkswagen’s volume.

shortage of semiconductors that has afflicted all carmakers in recent months, but warned that the chip famine could become more acute in months to come.

Volkswagen sold 60,000 battery-powered vehicles out of a total of 2.4 million during the quarter. That may be a disappointment to the company, which has staked its future on a new line of electric cars, the first of which went on sale late in 2020.

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Fox Earnings: Fox Acquires OutKick as Profits Jump

Fox News, the cable news giant controlled by Rupert Murdoch, kept its parent company flush in the first three months of the year, notching a slight gain in profit and sales despite a drop in viewers.

Altogether, Fox Corporation beat Wall Street expectations with a sevenfold increase in profit to $567 million and a 6.5 percent drop in revenue to $3.2 billion compared with the same period a year prior. A change in how the company valued some of its assets was a key reason for the profit surge. Investors were looking for a $332 million profit and $3.1 billion in sales.

But revenue at most of its businesses dropped as fewer viewers tuned into the company’s cable channels and the Fox broadcast network, in part because Fox did not host the Super Bowl this year. Total advertising sales fell 24 percent to $1.2 billion, with the cable segment, primarily Fox News, seeing ad revenue drop 7 percent to $283 million.

The decrease in advertising mirrors the performance at other media conglomerates and spotlights a significant shift in the advertising market. Ad revenue jumped at Facebook, Google and even smaller digital publishers in the first quarter as advertisers were more willing to spend their budget on digital platforms, often at the expense of television.

overrated” and downplayed the severity of the brewing pandemic.

In a statement announcing the acquisition, Lachlan Murdoch, chief executive of Fox Corporation and the son of Rupert Murdoch, welcomed Mr. Travis. “Clay and his team have quickly made OutKick a content powerhouse with a very large, loyal and engaged audience.”

Despite the drop in viewers at Fox News, the network benefited from contractually triggered rate increases that cable operators pay to carry the channel. Licensing fees rose 6 percent to $1.07 billion. Advertising fell despite charging higher ad rates.

The younger Mr. Murdoch claimed victory for Fox News in a call with investors after the earnings report.

“Fox News reclaimed its leadership position as America’s No. 1 cable news network and the most-watched cable network in prime time,” he said before taking a moment to take a jab at rivals.

“MSNBC lost more than one-third of its audience and CNN lost over half,” he said. “Over half.”

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New York Times Q1 2021 Earnings

No doubt, President Biden has lowered the temperature of the nation after four years under Donald J. Trump, a tumultuous period capped by the worst pandemic in a century. He may have also lowered interest in the news. For the first quarter, The New York Times Company recorded its smallest gain in new subscribers in a year and a half.

The Times reported a total of 7.8 million subscribers across both print and digital platforms, with 6.9 million coming for online news or its Cooking and Games apps. The company added 301,000 digital customers for the first three months of the year, the lowest increase since the third quarter of 2019.

The Times is still on a path toward its goal of reaching 10 million subscribers by 2025, and it has improved its profit margins as its digital business — which costs less than print — continues to rise.

The company reported adjusted operating profit of $68 million, a 54 percent jump from last year, as it generated more dollars from each subscriber, partly because of the expiration of promotional rates as the new year rolled over. Total revenue rose modestly, about 6.6 percent, to $473 million. Online subscriptions and digital advertising together rose 32 percent, to $239 million, and the print business continued its steady decline.

newly formed union of tech and digital employees. In an email sent to the staff April 22, Ms. Levien effectively declined, saying employees should hold a formal vote. Union representatives replied that they had already voted when a majority of tech employees signed union cards.

The company’s cash pile remains high, at more than $890 million, and its free cash flow — a measure of a company’s financial heft — has risen steadily over the last three years. In 2020, it averaged about $65 million in free cash flow each quarter, according to data compiled by S&P Capital IQ.

The Times has also increased dividend payouts to shareholders every few years. It now pays 7 cents a share each quarter, which costs about $46.8 million a year, payments that benefit the Ochs-Sulzberger family that controls The Times.

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Amazon Paid No Corporate Tax to Luxembourg

Amazon had a record-breaking year in Europe in 2020, as the online giant took in revenue of 44 billion euros while people were shopping from home during the pandemic. But the company ended up paying no corporate tax to Luxembourg, where the company has its European headquarters.

The company’s European retail division reported a loss of €1.2 billion ($1.4 billion) to Luxembourg authorities, according to a recent financial filing, making it exempt from corporate taxes. The loss, which was due in part to discounts, advertising and the cost of hiring new employees, also meant the company received €56 million in tax credits that it could use to offset future tax bills when it makes a profit, according to the filing, released in March.

Amazon was in compliance with Luxembourg’s regulations, and it pays taxes to other European countries on profits it makes on its retail operations and other parts of the business, like its fulfillment centers and its cloud computing services.

But the filing is likely to provide fresh ammunition for European policymakers who have long tried to force American tech giants to pay more taxes. And the Biden administration is pushing for changes in global tax policy as part of an effort to raise taxes on large corporations, which have long used complicated maneuvers to avoid or reduce their tax obligations, including by shifting profits to lower-tax countries, like Luxembourg, Ireland, Bermuda and the Cayman Islands.

first three months of this year, the entire company’s profit soared to $8.1 billion, an increase of 220 percent from the same period last year. Amazon’s first-quarter filings, released last week, also showed that it made $108.5 billion in sales, up 44 percent, as more customers made purchases online because of the pandemic.

The company’s filing with Luxembourg was reported earlier by The Guardian.

A spokesman for Amazon, Conor Sweeney, said the company paid all taxes required in every country in which it operated.

“Corporate tax is based on profits, not revenues, and our profits have remained low given our heavy investments and the fact that retail is a highly competitive, low-margin business,” he said.

250 million in unpaid taxes from 2006 through 2014 from Amazon. Amazon and Luxembourg appealed that order, and a judgment in Europe’s second-highest court is expected next week.

Margaret Hodge, a British lawmaker, said Amazon had deliberately created financial structures to avoid tax. “It’s obscene that they feel that they can make money around the world and that they don’t have an obligation to contribute to what I call the common pot for the common good,” she said.

Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, said Amazon’s Luxembourg filing showed why there was such urgency, not only in the European Union but also in the United States, to require a global minimum tax.

“This is a stark reminder of the high financial stakes of inaction,” he said.

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