Month: April 2020

Photo-sharing site Pinterest (PINS) has released first quarter revenue guidance of $269- $272 million, bracketing the Street’s estimated $270 million, causing shares to jump in after-hours trading on April 7.For the quarter ended March 31, 2020, the company is now looking for global monthly active users in the range of 365-367 million- implying a record-high 30 million+ Net Additions and dramatically exceeding Street estimates of 353 million.PINS also withdrew financial guidance for the full year 2020 citing the growing uncertainty of the impact of COVID-19 on the economic environment, and the resulting effect on advertiser demand.“First-quarter revenue performance was consistent …read more […]

After the close on Tuesday, GenMark (GNMK) preannounced above-consensus 1Q20 revenue given tailwinds from COVID-19 testing. The molecular diagnostics company is now expecting first quarter revenue of about $38.7 million, up about 80% year-over-year.It also raised its 2020 revenue guidance to $112- $122 million, up from the previously estimated $100- $110 million.“Our sample-to-answer test enables healthcare providers to determine if a patient has COVID-19 in under two hours and is a critical diagnostic solution for hospitals. I’m extremely proud of our team’s hard work throughout this crisis as we continue to work at maximum capacity to provide our ePlex SARS-CoV-2 …read more […]

(Bloomberg) — Tesla Inc. will temporarily cut employee salaries by as much as 30% starting Monday to save costs while the coronavirus pandemic forces the company to shut down some operations.In the U.S., those ranked vice president or above will see the steepest salary reductions, followed by a 20% cut for directors, and 10% for everyone else, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. For the exception of those being assigned to critical tasks, employees who can’t work from home will be furloughed without pay, though they’ll keep health-care benefits.The move …read more […]

Iran’s Oil Minister, Bijan Zanganeh, said his country does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, according to a letter sent to OPEC and seen by Reuters. “The vague circumstances around which the upcoming OPEC and non-OPEC ministerial (meeting) is being organised is of grave concern to me,” Zanganeh wrote in the letter dated April 7 and addressed to the Algerian oil minister, who holds the presidency of OPEC. …read more […]

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(Bloomberg) — Tesla Inc. will reduce employees’ salaries as much as 30% starting this Monday to cut costs as it shuts down some operations because of the coronavirus pandemic.In the U.S., the salary cut is 30% for vice presidents and above, 20% for directors and above, and 10% for others, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. Employees who haven’t been assigned to critical tasks and who can’t work from home will be furloughed without pay, though they will keep health-care benefits.Carmakers are trying to conserve cash with sales plunging toward …read more […]