European earnings on course for 30% slump

Two weeks into Europe’s first-quarter earnings season, more companies are cutting jobs and throwing up their hands over future guidance.

Volkswagen forecast a severe drop in earnings this year and IAG will slash the workforce at British Airways by almost 30% as the corporate fallout from the coronavirus pandemic worsens. Airbus SE burned through €8bn of cash last quarter, while advertiser WPP said revenue fell as much as 30% in some regions.