Etsy misses first-quarter sales, profit estimates on lower discretionary demand
(Reuters) - Etsy missed Wall Street expectations for first-quarter gross merchandise sales (GMS) and profit on Wednesday, hurt by lower demand for its handcrafted goods and personalized gifts at its online marketplace. WHY IS IT IMPORTANT? Despite ...
7m ago
Chipmaker Wolfspeed forecasts quarterly revenue below estimates as EV sales growth slows
(Reuters) - Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. Shares of the company, which counts General Motors and Merce...
15m ago
EBay forecasts quarterly revenue below expectations
(Reuters) - Ecommerce firm eBay forecast second-quarter revenue below Wall Street estimates on Wednesday, as demand cools for product categories like collector's items and auto parts. The company expects revenue in the range of $2.49 billion to $2....
32m ago
Qualcomm forecast beats estimates as AI revives smartphone market
By Stephen Nellis and Arsheeya Bajwa (Reuters) - Qualcomm on Wednesday forecast fiscal third-quarter sales and adjusted profit above Wall Street expectations, driven by a faster-than-expected recovery in smartphone markets thanks to artificial-int...
34m ago
US lawmaker probes FTC work with EU to block Amazon iRobot merger
WASHINGTON (Reuters) - The chair of the House Oversight Committee said Wednesday he is investigating the Federal Trade Commission's (FTC) work with the European Commission in the collapse of Amazon.com's plan to acquire iRobot Corp in a $1.4 billio...
4h ago
Analysis-Tesla's restructuring hits executive bench hailed by Elon Musk
By Joseph White, Aditya Soni and Kevin Krolicki (Reuters) - Just over a year ago, Elon Musk shared the stage at Tesla's investor day in Texas with 16 executives who gave detailed presentations on the company's technology and growth plans, then line...
4h ago
British payments group Epos Now explores possible stake sale, sources say
By Amy-Jo Crowley and Anousha Sakoui LONDON (Reuters) - British tech group Epos Now is exploring strategic options, including the sale of a minority stake in the business, four people familiar with the matter told Reuters. The Norfolk-based compa...
5h ago
Abu Dhabi AI company Presight takes majority stake in tech venture AIQ
DUBAI (Reuters) - Artificial intelligence company Presight AI Holding has acquired a majority stake in AIQ, a technology joint venture between Abu Dhabi National Oil Company (ADNOC) and G42, under a new ownership structure announced by the companie...
5h ago
US trade panel to probe GoPro's claims that Chinese firm violated its patents
WASHINGTON (Reuters) - The U.S. International Trade Commission said on Wednesday it was launching a trade investigation into claims by GoPro Inc that its camera and camera systems patents were violated by a Chinese company importing similar product...
5h ago
Anthropic releases business chatbot in hunt for corporate dollars
By Stephen Nellis (Reuters) - Artificial intelligence startup Anthropic launched a version of its latest chatbot technology aimed at businesses on Wednesday, jumping into the race to capture corporate dollars. The San Francisco-based firm, backed b...
7h ago
US prosecutors examining financial transactions at Block, NBC News reports
(Reuters) - U.S. prosecutors are examining financial transactions at Block, NBC News reported on Wednesday, citing two people with direct knowledge of the matter. NBC reported that federal prosecutors were discussing with a former employee alleged ...
7h ago
Global Payments forecasts full-year profit above estimates on strong spending
(Reuters) - Global Payments forecast better-than-expected profit for 2024 on Wednesday, as a strong labor market boosts consumer spending. Payment technology companies have largely downplayed worries of a spending slowdown despite higher-for-longe...
9h ago
Roblox players to start seeing video ads in its virtual realms
(Reuters) - Roblox is rolling out virtual billboards with video advertisements, the gaming platform said on Wednesday, in its latest move to draw revenue from its games that are mostly free to play. Users will now see billboards featuring content f...
9h ago
Verisk's first-quarter profit beats on insurance-focused analytics demand
(Reuters) - Data analytics firm Verisk beat estimates for first-quarter profit on Wednesday, driven by strong demand for its products used by property and casualty (P&C) insurers to assess underwriting risks. WHY IT'S IMPORTANT P&C insurers' earnin...
9h ago
AMD, Super Micro tumble as earnings fall short of lofty AI expectations
(Reuters) - Shares of Advanced Micro Devices and Super Micro Computer sank on Wednesday, sparking a selloff in chip stocks, after their earnings disappointed investors who have piled into the sector on hopes rising AI investments would boost demand...
10h ago
ADP beats estimates as strong job market aids demand for payroll services
(Reuters) - Payroll processor Automatic Data Processing beat estimates for third-quarter revenue and profit on Wednesday, driven by steady demand for its payroll software and new bookings. U.S. job growth accelerated from January through March, and...
10h ago
CDW Corp's first-quarter results miss on weak IT spending
(Reuters) - CDW Corp missed analysts' estimates for first-quarter results on Wednesday, hurt by weak demand for its IT solutions as customers cut back their technology budgets, sending the company's shares down about 5.5% before the bell. Businesse...
10h ago
Garmin's Q1 results beat on strong demand for fitness, auto products
(Reuters) - Swiss navigation device maker Garmin topped Wall Street expectations for first-quarter results on Wednesday, benefiting from new launches and strong demand for its products in fitness and auto segments. Garmin, which offers GPS devices...
10h ago
Apple set for big sales decline as investors await AI in iPhones
By Yuvraj Malik (Reuters) - Apple's plan to add generative AI to its iPhones and revive sagging sales in the crucial Chinese market will be in focus on Thursday, when the tech giant is expected to report its biggest quarterly revenue decline in mor...
11h ago
OnlyFans faces UK probe into age-verification measures
(Reuters) - Britain's media regulator Ofcom has opened an investigation into OnlyFans, it said on Wednesday, looking into whether the adults-only website is doing enough to prevent children accessing pornography on its platform. "Having reviewed su...
12h ago
Most Americans see TikTok as a Chinese influence tool, Reuters/Ipsos poll finds
By Jason Lange and David Shepardson WASHINGTON (Reuters) - - A majority of Americans believe that China uses TikTok to shape U.S. public opinion, according to a Reuters/Ipsos poll conducted as Washington moves closer to potentially banning the Chin...
12h ago
Bitcoin slides below $58,000, rattled by tougher Fed rate outlook
LONDON (Reuters) - Bitcoin fell for a third day on Wednesday, having posted its worst monthly performance in April since late 2022, ahead of an interest rate decision by the Federal Reserve later and key U.S. labour market data. The value of the wo...
15h ago
Novo Nordisk owner to invest $200 million in quantum computing startups
By Martin Coulter LONDON (Reuters) - Novo Holdings, the controlling shareholder of Danish obesity drugmaker Novo Nordisk, said on Wednesday it plans to invest around $200 million in quantum computing startups. The company, the investment arm of the...
16h ago
Microsoft to power data centers with Brookfield renewables deal, FT says
(Reuters) - Canada's Brookfield Asset Management is set to develop new wind and solar farms with backing from tech giant Microsoft in an attempt to bring 10.5 gigawatts of generating capacity online, the Financial Times reported on Wednesday. Micro...
16h ago
Huawei's high-profile consumer boss Richard Yu shifts role
(Reuters) - China's Huawei Technologies has named the high-profile chief of its consumer business, Yu Chengdong, to a new role chairing the unit, a person with knowledge of the matter said. The move was announced within Huawei last week, the person...
16h ago