Business
Why COVID-19 has sparked a ‘phoney’ profit season – The Australian Financial Review
The trend of companies pre-releasing their profit numbers is being driven by the big questions the pandemic is posing about business models.
Also on Monday, online classifieds giant Seek said it was axing its final dividend, a week out from its formal full-year profit announcement.
Whats happening here? Is this good and timely disclosure in a time of volatility, an attempt to split COVID-19-related issues from the underlying performance of the business, or a way for companies to massage the message by spreading the bad news out?
The answer is: All of the above.
The timing of these announcements is tied to the scheduled monthly boa…
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