SME’s lose big, UK GDP woes, remembering Sumner Redstone
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 August 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Small and medium-sized US companies suffered a wipeout in profits in the second quarter amid the Covid-19 crisis, Lyft reported a 61 per cent drop in revenue in the same quarter but says it is seeing signs of a recovery, and Cisco warned of an even bigger drop-off in sales than it has experienced so far during the crisis. Plus, the FT’s Gavin Jackson reports on the UK’s latest GDP data. Then, we look back at the life of media mogul Sumner Redstone.
Lyft clings to signs of recovery after pandemic dents revenue
https://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=true
Cisco sales warning raises spectre of broad IT spending decline
https://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04?
Coronavirus makes for a brutal quarter for smaller US companies
https://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319c
UK economy suffers worst slump in Europe in second quarter
https://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839
Sumner Redstone, media mogul, 1923-2020
https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Good morning from the Financial Times. Today is Thursday, August 13th, and this is your |
| 0:06.0 | FT news briefing. Lift drops. It's the latest company with rough second quarter earnings. |
| 0:14.0 | Small and medium sized businesses in the US are doing even worse. |
| 0:18.2 | UK economic data for the second quarter is out and it's not good. Plus a look at the legacy of American media |
| 0:25.4 | mogul Sumner Redstone. I'm Mark Filipino and here's the news you need to |
| 0:31.8 | start your day. |
| 0:46.0 | Uber stemmed losses in the second quarter thanks to its food delivery service Uber Eats. Lyft only offers ride sharing, so it doesn't have anything to cushion the blow of the pandemic on its business. |
| 0:52.0 | The company reported a 61% drop in revenues in Q2. |
| 0:56.2 | It had a severe drop in ridership to thank for that. But the company did say it's seeing signs of recovery |
| 1:02.1 | now that cities are starting to open back up. |
| 1:05.3 | Meanwhile, Cisco Systems had a warning for investors yesterday. The networking equipment |
| 1:10.1 | company said it expected to see a drop in sales over the next few months |
| 1:13.7 | when it's even bigger than it's already experienced. It caused the shares to drop |
| 1:18.3 | more than 6% in after-hours trading. Now we usually focus on how the pandemic is affecting the biggest, most powerful companies |
| 1:26.5 | on this show, but small and medium-sized companies are hurting too. |
| 1:31.4 | Companies in the Russell 2000 stock index, this is the small cap benchmark, had a complete |
| 1:36.6 | wipe out in profits in the second quarter because of the crisis. |
| 1:40.4 | Data provider facts set show that these businesses have reported an aggregate loss of a little more than a billion dollars. |
| 1:46.4 | That's compared to nearly 18 billion dollars worth of profits a year earlier. |
| 1:50.9 | A marketing strategy analyst at B&Y Mellon Investment Management |
| 1:55.2 | pointed out a few reasons why smaller companies are taking a hit. She said that |
| 2:00.0 | small cap companies don't have as much cash on hand as bigger ones. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.