Cisco Systems Inc raised its full-year revenue and profit forecast as supply chain challenges eased, and announced $600 million in severance and other charges related to a new restructuring that could affect about 5% of its workforce. In extended trading on Wednesday, the company’s stock rose nearly 5%. The restructuring will begin in the second…
The head of Taiwan’s most significant smartphone chip design firm told Reuters over the weekend that tensions between China and the United States are prompting some manufacturer companies to discuss moving a portion of their supply chain away from Taiwan as well, though it would only be “incremental.” According to MediaTek Inc. Chief Executive Rick…
Following the Japanese investment firm SoftBank Group Corp reporting a significant loss at its Vision Fund investment arm for a third consecutive quarter, shares of the company fell sharply on Monday. Early afternoon trading saw a 13% decline in the shares, setting them up for their biggest one-day loss in more than two and a…
The Wall Street Journal reported on Thursday that Amazon.com Inc. is reviewing its unprofitable businesses, including the devices division that houses voice assistant Alexa, in order to reduce costs. This news caused its shares to increase by 11%. After conducting a months-long review, Amazon has instructed some employees to seek employment elsewhere within the organization,…
As soon as FTX revealed it had filed for Chapter 11 bankruptcy in the United States, cryptocurrency prices started to decline once more. According to Coin Metrics, ether dropped 4.5% to $16,589.82 while bitcoin dropped 5% to $16,589.82. They each finished the week down 20.1% and 24.3%, respectively. Sam Bankman-Fried, the CEO of FTX, has…
As the Facebook parent doubled down on its risky metaverse bet amid a collapsing advertising market and decades-high inflation, Meta Platforms Inc. announced on Wednesday that it would eliminate more than 11,000 jobs, or 13% of its workforce. One of the largest layoffs this year and the first in Meta’s 18-year history, these layoffs come…
A former engineer for Twitter Inc. claims the business let him go days after Elon Musk bought the company because he created a tool that allowed staff to save crucial documents in case of mass layoffs. The engineer, Emmanuel Cornet, complained to the U.S. National Labor Relations Board on Monday, claiming that sharing the software…
Apple’s iPhone manufacturer Foxconn has announced that it is increasing its investment in a US electric pickup truck company that could compete with Tesla’s Cybertruck. The massive technology company will invest up to $170 million in shares of the struggling startup Lordstown Motors. The company plans to increase production of its first model, the Endurance,…
Elon Musk started making changes to the social media platform after buying Twitter Inc. for $44 billion. These changes have irritated some users, prompting them to look for alternatives. Musk’s decision to charge for user verification and his thoughts on content moderation are among the changes. Here are some websites that can be used as…
Following a significant production reduction at a China plant infected by a virus, Apple Inc. expects lower shipments of premium iPhone 14 models than previously anticipated, which will negatively impact its sales outlook for the busy holiday shopping season. Apple has been kept afloat by demand for the high-end smartphones made at Foxconn’s Zhengzhou plant,…
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