November 17, 2020 - Biz in 60

Walmart posts upbeat Q3 results on buoyant online sales Walmart has reported better-than-expected third quarter results thanks to a surge in online sales during the coronavirus pandemic. Net profit at the world's largest retailer came in at 5-point-14 billion dollars, up by 56 percent from the same period last year. Meanwhile, US retail sales rose 0-point-3 percent in October, but failed to meet analysts' estimates. Huawei sells budget smartphone unit amid US sanctions Huawei is selling its budget smartphone unit, Honor, to a consortium of over 30 agents. It's a bid to ensure the brand's survival amid US sanctions. In a statement, the Chinese telecoms giant says it won't hold any shares in the new company after the sale. Terms of the deal haven't been disclosed but Reuters previously reported it could be worth 15 billion dollars. Short-term home rental service Airbnb files for IPO Airbnb has reported widening losses in its long-awaited filing for an initial public offering. The US home rental service lost nearly 700 million dollars in the first nine months of the year, compared with a net loss of 323 million dollars a year ago. Airbnb is reportedly aiming to raise around 3 billion dollars in an IPO in December