Why did this company's net income significantly increase in 3rd quarter in 2020?
Personal Finance & Money Asked by Growingwintegrity on July 21, 2021
This is quarterly income statement for this company:
I want to know why this company’s 3rd quarterly income increased from -4 to 896.
and how do I find out about the answer?
Thank you in advance.
One Answer
From their Q3 2020 financial results press release
Net income of $902 million primarily due to the reversal of a portion of U.S. valuation allowance relating to net operating loss carryforwards resulting in a non-cash benefit of $895 million.
Correct answer by Mark on July 21, 2021
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