Business

Alibaba posts loss, slower revenue amid lower consumption

Chinese e-commerce company Alibaba Group on Thursday posted net losses and missed market expectations for revenue in its quarter ended September amid a slowing economy and depressed consumer sentiment.

Business

Nintendo's profit climbs on Switch machine, software sales

Japanese video game maker Nintendo recorded a 34% surge in its profit in the first half of the fiscal year on strong sales of products for its Switch console like "Splatoon 3," a paint-shooting game, the company said Tuesday.

Business

T-Mobile lays off engineering, network employees

T-Mobile has laid off several workers in engineering and network jobs this week as part of a restructuring program after the company's merger with Sprint two years ago.

Automotive

Volkswagen 'confident' despite global headwinds

German auto giant Volkswagen said Thursday that it was able to overcome global economic headwinds and supply chain issues to put in a "robust" performance in the first six months of 2022.

Automotive

China lockdown, chip shortage hit Nissan profits

Japanese car giant Nissan said on Thursday that net profit sank nearly 60 percent in the three months to June as pressures including a lockdown in Shanghai and chip shortages weighed on business.

Business

Qatar Airways posts record $1.5B profits ahead of World Cup

Qatar Airways, one of the Mideast's largest carriers known for on-board comfort and luxury, said Thursday its profits over the past fiscal year topped $1.5 billion, marking the highest ever earnings for the state-owned carrier ...

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Fiscal year

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (i.e., January through December). Fiscal years vary between businesses and countries.

In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems and Tesco.[citation needed]

In the United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zealand and Japan).[citation needed]

Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months.

Some media/communication based organizations use a Broadcast calendar as the basis for their fiscal year.

This text uses material from Wikipedia, licensed under CC BY-SA