In the latest downgrade brought on by its split from Kanye West, sportswear manufacturer Adidas warned it could plunge to a loss this year for the first time in three decades, sending its shares plunging as much as 12.6%. The company warned on Thursday that inventory of the rapper and fashion designer’s Yeezy line, which…
Over 20% of Yahoo’s 8,600 employees will be let go as part of a significant restructuring. The seasoned tech company is restructuring its advertising division, which will lose more than half of its staff by year’s end. By the end of the week, the cuts will have a significant impact on close to 1,000 employees.…
According to reports citing sources familiar with the matter, Intel Corp. is thinking about significantly increasing its current $1.5 billion investment in Vietnam to expand its chip testing and packaging facility there. As businesses push to reduce reliance on China and Taiwan due to political risks and trade tension with the United States, the potential…
Pandora, the Danish jewelry company, plans to expand its lab-grown diamonds product line after customers said they liked the concept but wanted more options, its CEO said on Thursday. Pandora, the world’s largest jewelry manufacturer in terms of production capacity, launched its lab-made diamonds collection in August across 269 stores in the United States and…
PepsiCo Inc. beat analysts’ expectations for revenue and profit in the fourth quarter on Thursday thanks in part to price increases the beverage company implemented to deal with rising costs. The company also increased its annualized dividend by 10% to $5.06 per share, which caused a 1.3% increase in the stock price in premarket trading.…
Disney’s fiscal first-quarter earnings report featured a beat on the top and bottom lines as well as smaller subscriber losses. While the company’s direct-to-consumer and linear TV businesses struggled during the period, its theme parks experienced significant year-over-year growth. The outcomes are as follows, with comparisons to projections from Refinitiv and StreetAccount: According to a…
Due to scandals and significant losses that resulted in unheard-of customer withdrawals, Credit Suisse Group on Thursday reported its worst annual loss since the global financial crisis of 2008. The second-largest bank in Switzerland reported a net loss of 1.39 billion Swiss francs ($1.51 billion) for the fourth quarter, which was in line with the…
On March 1, at the company’s first investor day, Tesla Inc. CEO Elon Musk will present the third component of the electric vehicle (EV) manufacturer’s “Master Plan.” The billionaire outlined his plans for the electric car manufacturer in 2006 and 2016, but many of the goals have yet to be met. “Master Plan 3, the…
Meituan, a Chinese food delivery company, announced on Wednesday that it would be hiring 10,000 people in the first quarter of this year. This news caused the company’s shares to drop more than 6%. Meituan is hiring in dozens of cities, including Beijing and Shanghai, in a variety of different business areas, such as technology…
As gas prices increased and the fourth quarter’s results exceeded expectations, Equinor on Wednesday announced a record $74.9 billion adjusted operating profit for 2022, more than doubling its previous high. This news helped to increase the company’s stock price by 7%. The adjusted earnings before tax and interest for the Norwegian oil and gas producer…
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