The first estimate of first quarter Gross Domestic Product says the US economy grew at a 0.2% rate. Personal consumption was up 1.9% during the quarter. That was a tough winter. (Bloomberg)
Kraft Foods, which is merging with ketchup maker H.J. Heinz, reported its fourth straight decline in quarterly profits, hurt in part by low demand for its meals and desserts. Kraft’s sales growth has been hit by the need to raise prices to offset the higher cost of dairy products and meat. Kraft’s net income fell 16% and revenue fell slightly to $4.35 billion. (Fortune)
Cadbury chocolate and Oreo cookies maker Mondelez International reported a 10.2% drop in quarterly profits as net revenue in Europe, its biggest market, fell for the third straight quarter. Total revenue fell to $7.76 billion, falling for the sixth straight quarter.
The consumer confidence index dropped to a four-month low of 95.2 in April. Americans said jobs were less plentiful, and the higher cost of filling up at service stations meant extra cash was harder to come by. Plans to take a vacation or buy automobiles and appliances also took a step back this month. (Bloomberg)
Samsung has regained its crown as the world's top smartphone vendor after losing serious ground to Apple last year. But the South Korean tech giant posted a sixth consecutive quarterly decline. (CNBC)