Business News
PayPal quarterly profit beats estimates; forecast falls short
PayPal Holdings Inc on Wednesday reported a second-quarter profit that beat analysts’ estimates, but its forecast for third-quarter revenue came up short.
Month: July 2018
Business News
Ford cuts 2018 profit forecast; tariffs, China sales hurt second quarter
Ford Motor Co on Wednesday lowered its full-year earnings forecast due to slumping sales and trade tariffs in China and its struggling business in Europe, and said ongoing plans to revamp its business could lead to pre-tax charges of up to $11 billion over the next three to five years.
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Facebook's market value plunged by $148 billion after Zuckerberg and company warned of a growth slowdown (FB)
Facebook’s stock plunged Wednesday following the company’s second-quarter earnings report. Facebook’s stock took a beating Wednesday — before being utterly pummeled. Then, during the company’s earnings call with investors, the shares fell even more as CEO Mark Zuckerberg and his colleagues warned of slowing revenue growth and increased expenses in the months ahead. …read more […]
Business News
Mondelez profit tops on higher confectionary sales, cost controls
Mondelez International Inc on Wednesday reported a better-than-expected quarterly profit as it sold more Cadbury chocolates and Oreo cookies in Europe and North America, while keeping a lid on costs.
Business News
AMD second-quarter revenue, profit boosted by EPYC, Ryzen sales
Advanced Micro Devices Inc beat estimates for quarterly profit and revenue on Wednesday, as a rare surge in demand for personal computers boosted sales of its processors, graphic chips, sending its shares up 5 percent in extended trading.
Business News
Nasdaq futures drop as Facebook tumbles
Nasdaq futures dropped 0.85 percent late on Wednesday, suggesting the technology-heavy Nasdaq Composite index would fall when trading opens on Thursday morning.
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Facebook loses $120 billion in market cap after awful Q2 earnings
Facebook’s share price fell over 20 percent in after-hours trading today …read more […]
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Gilead CEO Milligan, Chairman Martin to step down
Gilead Sciences Inc said on Wednesday that Chief Executive Officer John Milligan and Chairman John Martin will step down as soon as the end of the year, ending a nearly 30-year run at the U.S. biotech company for both men. Shares of Gilead, which also announced higher-than-expected second quarter profit, fell more than 1.6 percent in extended trading. It said the board is launching a search for a CEO to replace Milligan, who plans to leave at year-end. …read more […]
Business News
Mattel disappoints with second-quarter results, announces job cuts
Mattel Inc’s quarterly sales missed analysts’ estimates on Wednesday, weighed down by the absence of a big movie tie-in in the quarter, while the liquidation of key customer Toys ‘R’ Us continued to hurt the U.S. toy maker.
Business News
Facebook stock falls 24 percent on forecast for slowing growth, rising expenses
Facebook Inc’s stock fell as much as 24 percent after hours on Wednesday over concerns about the impact of privacy issues on the social media company’s business, with executives warning that revenue growth would slow and expenses would rise.
Business News
German industry warns US auto tariffs not completely off table yet
A top German industry group gave a cautious welcome to solutions proposed by U.S. President Donald Trump and European Commission President Jean-Claude Juncker to avert a trade war, but warned that U.S. auto tariffs were not completely off the table yet.
Business News
Trump, EU leader pledge to cut trade barriers, hold off on further tariffs
U.S. President Donald Trump and the European Union’s chief executive, Jean-Claude Juncker, agreed on Wednesday to work toward eliminating trade barriers on industrial goods, as Trump appeared to give ground on his threat to impose car tariffs.
Business News
Facebook forecast for slowing growth, rising expenses sends stock down 22 percent
Facebook Inc on Wednesday warned revenue growth would slow in the second half of the year and said that expenses would grow faster than revenue next year, sending shares down as much as 22 percent over concerns about the impact of privacy issues on the social media company’s business.
Business News
Tariffs ding Detroit automakers’ profit forecasts, stocks hit
Detroit automakers General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV (FCA) lowered their full-year profit forecasts on Wednesday due to escalating tariffs, hitting their stocks as investors bet that escalating trade disputes would hurt margins and sales.
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Qualcomm Expects Apple to Ditch Its Modems for the Next iPhones
Qualcomm Inc. Chief Financial Officer George Davis said Apple Inc. likely won’t use its cellular modems in the next iPhones, cutting the chip maker out of one of the consumer electronics industry’s best-selling products. In prepared remarks during an earnings call with analysts Wednesday, the CFO said Qualcomm expects Apple to use a competitor’s modem in the new iPhones and will only use Qualcomm’s modems in older models. Apple sometimes buys parts from suppliers without indicating which specific products they will be put into. …read more […]