Shell reported lower profits as energy prices cool (REUTERS / Reuters)

Shell (SHEL.L)

Shell profits dropped by nearly a third as the energy giant adjusted to lower oil and gas prices.

The oil major reported adjusted earnings of $28.25bn (£22.3bn) for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9bn the year prior. For the fourth quarter it increased adjusted profits by 17% to $6.3bn.

Net debt was reduced to $43.5bn by the end of the year.

The company announced a 4% increase to its dividend and a $3.5bn share buyback program.

Shell CEO Wael Sawan said the results showed the company “made good progress” last year.

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“As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions,” Sawan said.

BT (BT-A.L)

Profits at BT have jumped after it the telecoms company inflicted inflation-busting 14% price rises on millions of broadband and mobile customers.

Adjusted earnings increased by 3% to £6.1bn for the quarter as cost improvements offset inflation, while pre-tax profits rose 15% to £1.5bn. Revenue was up 3% at £15.8bn.

BT is “on track” after the latest quarter was boosted by price increases, the new boss has said.

Allison Kirkby said: ““BT Group has delivered another quarter of revenue and ebitda growth, while rapidly building and upgrading customers to our full-fibre broadband and 5G networks, and we continue to be on track to achieve our financial outlook for the year.”

Kirkby took the helm from previous chief executive Philip Jansen on Thursday, becoming the first female chief of the FTSE 100 firm.

Tesla (TSLA)

Elon Musk has vowed to hold a shareholder vote on moving Tesla’s registration from Delaware to Texas after his $56bn (£44bn) pay package in 2018 was annulled by a state judge.

In a post on X, Musk said Tesla would “move immediately” to conduct the vote without specifying an exact date.

The public vote is unequivocally in favor of Texas!

Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas. https://t.co/ParwqQvS3d

— Elon Musk (@elonmusk) February 1, 2024

Earlier this week, a Delaware judge called the 2018 share-based pay package, the largest in corporate America, "an unfathomable sum" that was unfair to shareholders and found it was negotiated by directors who appeared beholden to Musk.



Tesla's package tied Musk's compensation to performance targets, such as Tesla's share price and profitability, but he does not receive a salary.

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Musk responded to the judgement with a post on X, formerly known as Twitter.

It said: "Never incorporate your company in the state of Delaware".

Adidas (ADDYY)

Adidas fell over 9% Wednesday over the shoe brand's weaker-than-expected 2024 guidance.

Adidas forecast an operating profit of around €500m in 2024, against analysts' estimate of €1.294bn.

The company plans to mitigate some of the damage by continuing to sell left-over inventory from its defunct Yeezy partnership with the rapper Ye.

“Everything we are saying is conservative,” Chief Executive Officer Bjorn Gulden said on a webcast Thursday, calling the forecast a “worst-case scenario.”

Adidas reported an operating profit of €268m for 2023, down from €669m a year earlier.

Watch: Shell reports fall in profits to £22bn after record 2022

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