Burberry, the British luxury brand, reported an 11% increase in quarterly comparable store sales, exceeding market expectations, thanks to increased tourist spending in Europe and the relaxation of COVID restrictions in China. The second-quarter performance increased first-half revenue to 1.35 billion pounds ($1.61 billion), up 5% in constant currency and slightly ahead of expectations, while…
On Thursday, Chinese e-commerce behemoth Alibaba Group Holding Ltd (9988.HK) reported a smaller-than-expected increase in quarterly revenue as COVID-19 restrictions and a worsening economic outlook stifled consumer spending. Retail spending in China has fallen this year as a result of the government’s strict zero-COVID policies, which have resulted in frequent lockdowns and harmed economic activity.…
Amazon.com Inc said it has laid off some employees in its devices division, despite the fact that a person familiar with the company said it still planned to cut around 10,000 jobs, including in its retail division and human resources. The announcement, Amazon’s first since media outlets such as Reuters reported its layoff plans on…
Siemens will merge five of its businesses to form an independent motors and drives company with revenue of around 3 billion euros ($3 billion), according to CEO Roland Busch on Thursday. The German engineering firm announced the merger of its large drives applications and Sykatec, a metal component manufacturer and portfolio company. After management determined…
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…
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