Sales at Hermes, the company that makes Birkin bags, increased in the second quarter, demonstrating the strength of the market for the group’s high-end leather goods despite a gloomy economic outlook. With double-digit growth in every region, group sales for the three months ending in June totaled 3.32 billion euros ($3.65 billion), up 27.5% at…
Exxon Mobil Corp. missed Wall Street predictions and joined competitors in suffering from a severe decline in energy prices and reduced fuel margins by reporting a 56% decline in second-quarter profit on Friday. Oil companies’ second-quarter earnings have decreased from enormous profits posted a year ago after Russia’s invasion of Ukraine drove up oil and…
Meta CEO Mark Zuckerberg informed staff on Thursday that Meta Platforms executives are putting a lot of effort into increasing retention on Threads, their new Twitter competitor, after the app lost more than half of its users in the weeks following its buzzy launch. Despite being “not perfect,” user retention on the text-based app was…
Porsche has a strategy to gradually electrify its line-up of vehicles so that by 2030, electric vehicles would account for 80% of sales and the legendary 911 will be the only internal combustion engine model left, according to an executive of the company. Due to the German luxury automaker’s investment in e-fuels and efforts…
After a persistent excess resulted in sustained losses in the technology giant’s core business in the June quarter, despite a reduction in production, Samsung Electronics signalled on Thursday a modest worldwide chip demand recovery. “Looking to the second half of the year, the (memory chip) market is expected to gradually move toward stability considering increasing…
On Tuesday, Alphabet said that its second-quarter profit had above Wall Street estimates and that Ruth Porat, the company’s longtime CFO, would take on a new job while it searched for a new finance head. The consistent demand for Alphabet’s cloud services and an uptick in advertising contributed to its success. After-hours trading saw an…
Despite an increase in revenue and per-vehicle transaction prices, General Motors said on Tuesday that adjusted pre-tax profit and margins in its important North American market decreased from the first quarter. The company is also having difficulty producing more electrified vehicles. In midday trade, shares were down 4.4% at $37.58. The automaker increased its full-year…
A person with firsthand knowledge of the situation told Reuters that Tesla executives are scheduled to meet with India’s commerce minister this month to discuss plans to create a factory to make what the company has billed as an all-new $24,000 automobile. According to the source, Tesla has expressed interest in developing a plant in…
The “Basel III endgame,” a comprehensive plan for stronger bank capital requirements aimed at ensuring the viability of large banks, will be unveiled by US banking regulators later this week. Regulators have stated that the rules will apply to banks with $100 billion or more in assets, though specifics are still unknown. They are anticipated…
After recognising that advertisers have been hesitant to return, Twitter Inc. owner Elon Musk gave a signal on Sunday that he would do more to steer the social media firm in a new direction with a makeover that would replace its well-known blue bird logo with an X. The adjustment was made as a result…
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