Company Briefs : L'Oreal

L'Oreal sales climbed as demand for makeup bounced back and the strength of its luxury products offset the negative impact of Covid-19 restrictions in China. Overall sales rose 13 per cent on a comparable basis in the second quarter, the French firm said on Thursday.

Luxury arm L'Oreal Luxe became the group's biggest unit last year, growing 15 per cent, surpassing its mass-market consumer products division, which sells Maybelline New York mascara and Garnier shampoo. Consumers have been spending more on premium beauty brands such as Helena Rubinstein creams and Saint Laurent fragrances.

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Intel

Intel chief executive Pat Gelsinger slashed sales and profit forecasts for the rest of the year, conceding that the struggling chipmaker needs more time to make its products competitive while assuring investors that the current quarter will be the nadir.

In April, the company reported steeply lower results for the second quarter and said revenue this year will be as much as US$11 billion (S$15.2 billion) less than projected, buffeted by a slackening economy and server market-share losses. Mr Gelsinger expressed confidence in his strategy to regain industry leadership for Intel.

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AstraZeneca

AstraZeneca has raised its outlook for 2022 revenue as sales of its Covid-19 therapies offset a decline in its coronavirus vaccine. The British drugmaker now expects revenues to rise by more than 20 per cent this year, according to a statement yesterday that showed its second-quarter earnings beat analysts' estimates. The positive results, helped by a lower-than-anticipated tax bill, were largely due to Evusheld, AstraZeneca's Covid-19 antibody therapy for people with compromised immune systems. Sales for its Covid-19 offerings are now expected to remain flat.

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