Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

James Hackett. Photo: Spencer Platt/Getty Images

The coronavirus pandemic couldn't have hit Ford at a worse time — midway through a restructuring effort, with several critical vehicle debuts just around the corner.

Why it matters: With its factories closed and car demand sharply lower, it's more important than ever for Ford to get the company back on track quickly so it can weather the storm.

  • But some analysts are worried about what they see as a lack of urgency after Ford posted a $2 billion Q1 loss and predicted it would lose another $5 billion or more this quarter.
  • Pressed during an earnings call about whether Ford would accelerate its restructuring actions in light of the pandemic, CEO James Hackett acknowledged "one truth, right? Don't waste a crisis." But he offered no new plans.

What they're saying: "While the cash burn dynamics were in-line with what we had modeled, Ford did not appear to have a firm grasp on how it might accelerate restructuring actions to offset what could be a lower sales environment even post-lockdowns," Barclays analyst Brian Johnson wrote in a note to clients.

By the numbers: Ford has $35 billion in cash after recent borrowings, enough to last through the year if there's a prolonged crisis, CFO Tim Stone said.

  • So far, none of the Detroit automakers appears to be in need of a bailout.

For the record: Ford still owes the federal government $1.5 billion for government loans it received during the last crisis in 2009.

What we're watching: It's not clear when Ford will reopen its U.S. manufacturing plants but every day that it's not producing cars means more red ink.

  • Ford's European factories are scheduled to gradually resume production starting Monday.

Go deeper: Ford's big year upended by coronavirus

Go deeper

Ina Fried, author of Login
Jul 30, 2020 - Technology

Apple crushes earnings expectations

Tim Cook, kicking off Apple’s September 2018 event. Photo: Apple

Apple on Thursday handily beat expectations for quarterly sales and earnings and announced a 4-for-1 stock split.

Why it matters: The move comes a day after Congressional hearings and as other Big Tech firms also turned in stellar reports.

Ben Geman, author of Generate
Jul 31, 2020 - Energy & Environment

U.S. oil giants Exxon and Chevron post big losses

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.

Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!