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…
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…
A former engineer for Twitter Inc. claims the business let him go days after Elon Musk bought the company because he created a tool that allowed staff to save crucial documents in case of mass layoffs. The engineer, Emmanuel Cornet, complained to the U.S. National Labor Relations Board on Monday, claiming that sharing the software…
Apple’s iPhone manufacturer Foxconn has announced that it is increasing its investment in a US electric pickup truck company that could compete with Tesla’s Cybertruck. The massive technology company will invest up to $170 million in shares of the struggling startup Lordstown Motors. The company plans to increase production of its first model, the Endurance,…
Following a significant production reduction at a China plant infected by a virus, Apple Inc. expects lower shipments of premium iPhone 14 models than previously anticipated, which will negatively impact its sales outlook for the busy holiday shopping season. Apple has been kept afloat by demand for the high-end smartphones made at Foxconn’s Zhengzhou plant,…
The primary objective of a late-stage study intended to demonstrate that GSK’s blood cancer drug Blenrep was superior to an already available treatment on the market was not met, the company said on Monday. As a standalone manufacturer of prescription drugs and vaccines, oncology is a major area of focus for GSK. Following its statement,…
