Ahead of government price talks for its best-selling cancer treatment Imbruvica, AbbVie announced on Friday a $2.1 billion charge associated with anticipated revenue declines following the implementation of the new price for Medicare patients in the United States. With a declared government objective of saving $25 billion annually on drug costs by 2031, the Illinois-based…
Boeing’s defence division is more difficult to turn around than management had thought. This year, the company lost $1.7 billion on projects including NASA’s Starliner capsule and the future Air Force One, mostly due to supplier failures and excessive manufacturing costs. Executives said that by taking on $4.4 billion in losses in 2022, the company…
Chip maker Intel exceeded Wall Street projections for its fourth-quarter revenue and margins, citing a robust resurgence in personal computer sales, progress in its data centre division, and an expanding clientele interested in its manufacturing capabilities. Although Nvidia continues to put intense pressure on Intel in the data centre processor market, the company’s server chip…
Details regarding a Qualcomm chip that it hopes would outperform Apple’s chips for Mac computers in particular tasks were revealed by the company this week. The chip is intended for laptops running Microsoft Windows. Executives at Qualcomm announced that the company’s new Snapdragon Elite X CPU, which has been built to better handle artificial intelligence…
With projections for electric car sales being affected by global economic concerns, South Korean battery company LG Energy Solution (LGES) cautioned on Wednesday that revenue growth will slow down in 2024. This warning caused its shares to drop by about 7%. It joins an increasing number of automakers and suppliers who are wary about the…
The EU has officially requested information from TikTok and Meta on the potential dissemination of misinformation about the Israel-Gaza conflict on their platforms. In the past, they had 24 hours to respond to the bloc’s complaints. However, this most recent demand had legal standing, while the previous one did not. Each company has one week…
The $188 billion video game sector may see further consolidation as a result of publicly traded gaming companies holding a $45 billion pile of cash and cash equivalents, according to a new research from venture capital firm Konvoy that was shared only with CNBC. According to Konvoy, which examined these businesses’ most recent public reports,…
Following a bigger-than-expected blow to the beauty giant’s travel retail business in Asia, which also impacted its luxury segment, L’Oreal shares dropped to their lowest point since March. Following the French group’s late-quarter release of third-quarter sales on Thursday, which includes brands including Maybelline and Lancome, the shares opened 3.3% lower. Eventually, the shares gained…
Volkswagen lowered its forecast for its current year’s profit margin on Friday, attributing its decline to raw material hedges at the conclusion of the third quarter. Automobile manufacturers, like many other industrial companies, hedge against fluctuations in commodity prices, which may result in gains or losses in non-cash terms at the end of each quarter.…
Nestle India and Hindustan Unilever slipped past quarterly earnings predictions on Thursday, offsetting a decline in rural purchases with increased spending by city people on reasonably priced pick-me-ups like coffee and biscuits. In an atmosphere of inflation, consumer products firms such as Nestle India, Hindustan Unilever, and Britannia Industries have been facing challenges due to…
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