Foxconn, Apple’s Supplier, Views COVID Restrictions In China And Inflation As Future Hurdles 

Foxconn, an Apple supplier, warned that revenue for its electronics sector, which includes smartphones, could fall in the current quarter as growth slowed owing to rising inflation, cooling demand, and escalating supply chain challenges, partly due to Chinese lockdowns. Like other worldwide manufacturers, the Taiwanese firm, the world’s largest contract electronics manufacturer, has been dealing…

Growth In Disney’s Streaming Offsets Netflix’s Decline, But Inflation Remains A Threat

Walt Disney Co soothed fears about the future of streaming television by adding 7.9 million new Disney+ subscribers, though the firm warned that supply chain interruptions and rising salaries could put financial strain on the company. From January to March, Wall Street expected 5.3 million additional Disney+ subscribers. Disney still has a long way to…

Panasonic Expects Flat Profits Despite Price Increases And Supply Problems

Panasonic Corp estimated flat operating profits this fiscal year on Wednesday, citing component shortages and increased material costs as risks to profitability. The Japanese company forecasted an operational profit of 360 billion yen for the fiscal year ending March 31, 2023, down from 357 billion the previous year. According to Refinitiv data, the prediction is…

Investors In Bitcoin Get Worried Due To A Contentious Crypto Experiment

Bitcoin investors are panicking as the terraUSD stablecoin continues to drift away from its intended $1 peg. Late Monday, TerraUSD, or UST, fell below 70 cents for the first time, as holders fled the token in what some have dubbed a “bank run.” According to Coinbase data, the coin plummeted as low as 62 cents…

Philip Morris In Negotiations To Acquire Swedish Match, A Smaller Competitor

Philip Morris International Inc is currently in negotiations for acquiring rival Swedish Match AB, as the Marlboro producer aims to expand its smoke-free options despite growing global scrutiny of traditional cigarette sales, according to statements issued by the companies. The businesses were in talks, but it was unclear whether they would make an offer, Philip Morris said in…

BioNTech’s Vaccine Sales Tripled In The First Quarter, But It Still Expects A Year-Over-Year Decline

Demand for BioNTech’s COVID-19 vaccine, which it developed with Pfizer, more than tripled first-quarter revenues and earnings, but the German biotech business is still anticipating a full-year fall in vaccine sales. Revenues more than tripled from a year ago to 6.37 billion euros ($6.73 billion), while net income increased to 3.70 billion euros, according to…

Uber Will Reduce Costs And Slowing Hiring: CNBC

According to a report from CNBC, Uber Technologies Inc will decrease recruiting and spend less on marketing and incentive programmes, citing a letter from Chief Executive Officer Dara Khosrowshahi. After Facebook-owned Meta Platforms Inc (FB.O) said last week that it will scale down its employee development, the ride-hailing business is the latest to cut expenditures…

Despite Cars Being Lost At Sea And Stuck In China, Bentley’s First-Quarter Profit Surges

Luxury car maker Bentley announced a 162 per cent increase in first-quarter operating profit over the same period last year, as rising vehicle prices offset the loss of certain vehicles at sea and pandemic-related delivery issues in China. High customer interest in new models led to a record order book of slightly under 10,000 vehicles…

BMW Profits Boosted By Chinese Joint Venture And Higher Prices

On Thursday, BMW reported an increase in first-quarter profit, bolstered by a revaluation of the German carmaker’s investment in its Chinese joint venture and good pricing, and maintained its 2022 projection, despite unpredictable commodity and energy prices. The automotive sector has been impacted by a global semiconductor chip shortage, but BMW says demand for its…