Business & Finance News
The U.S. economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday.
Airbnb Inc is laying off 25% of its workforce, or nearly 1,900 employees, the home rental startup said on Tuesday, as the COVID-19 pandemic brings global travel to a near standstill.
Mattel Inc will have a new line of “Baby Yoda” toys ready to hit shelves in time for Christmas, the company said on Tuesday, as it looks to chart a recovery from a steep drop in first-quarter sales due to the coronavirus lockdowns.
Walt Disney Co estimated global coronavirus lockdowns cut profits by $1.4 billion, mostly from its shuttered theme parks, but said it would reopen Shanghai Disneyland next week.
Occidental Petroleum Corp on Tuesday reported that it swung to a loss in the first quarter on write downs, and the troubled oil producer cut its budget for the third time since March in response to the historic crash of oil prices.
Match Group Inc reported quarterly revenue that fell short of Wall Street estimates on Tuesday, hit by slowing growth in its popular dating app “Tinder” as fewer people signed up and paid for its premium features amid the COVID-19 pandemic.
Beyond Meat Inc reported better-than-expected quarterly results on Tuesday as it sold more of its plant-based meat products and cut costs on packaging and labor, sending its shares up 3% after the bell.
Beyond Meat Inc posted better-than-expected quarterly sales on Tuesday, but suspended its 2020 forecast as the COVID-19 pandemic hit demand for the company’s plant-based meat products at restaurants.
Vegetarian burger maker Beyond Meat plans to offer large value packs and discounts to some U.S. retailers this summer, hoping to grab a larger share of the market as prices for beef rise due to COVID-19-related production disruptions.
Walt Disney Co missed market expectation for quarterly profit on Tuesday, offering the first assessment of the damage the coronavirus has wreaked on the media and entertainment giant’s global business.
Video game publisher Electronic Arts Inc forecast full-year adjusted revenue above Wall Street estimates on Tuesday, driven by higher sales in its major franchises like “FIFA” and “Apex Legends” as broader videogame sales rose with people staying at home due to the COVID-19 pandemic.
Venerable U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.
Airbnb Inc is laying off 25% of its workforce due to the coronavirus pandemic, impacting nearly 1,900 employees of the home rental startup, two sources familiar with the matter told Reuters.
BMW lowered the outlook for the profitability of its automotive division, citing worse-than-expected demand which has been impacted by global measures to contain the coronavirus.
Wall Street’s main indexes rallied on Tuesday as healthcare stocks jumped, oil prices surged and a number of countries and U.S. states eased coronavirus-induced restrictions in an attempt to revive their economies.
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