Ericsson, the Swedish telecom equipment maker, reported third-quarter core earnings that fell short of expectations for the second quarter in a row, as margins were dragged down by higher component and logistics costs. According to Refinitiv data, the company’s quarterly adjusted operating earnings fell to 7.1 billion Swedish crowns ($633.05 million) from 8.8 billion crowns…
According to federal data, Tesla topped registrations of battery-electric vehicles in Germany in the first nine months of this year, with nearly 38,500 vehicles, beating the Volkswagen brand by around 6,000 vehicles. Tesla’s battery-electric registrations increased nearly 50% from January to September of last year, while Volkswagen’s dropped 40% to just over 32,300, in line…
On Tuesday, Oracle Corp and Nvidia Corp announced an expansion of their partnership and the addition of tens of thousands of Nvidia chips to boost artificial intelligence-related computational work in Oracle’s cloud. The expanded partnership comes as more companies use AI and AI models become more complex, necessitating increased investments in data center infrastructure. While…
When Netflix Inc reports third-quarter results on Tuesday, the streaming pioneer is expected to launch an ad-supported plan in order to compete with rivals such as Disney+ and HBO Max. Netflix announced last week that it would launch the plan in November for $6.99 per month, much sooner than its previous estimate of early 2023…
Auto giant Hyundai Motor of South Korea is considering options for its suspended Russia operations, which could include selling its manufacturing plant there, according to South Korean media on Tuesday. Since Moscow sent armed forces into Ukraine on February 24, many Russian factories have suspended production and furloughed workers due to a lack of high-tech…
Bank of America Corp reported a smaller-than-expected 9% drop in quarterly profit on Monday, as rising interest rates helped offset a slump in investment banking. The aggressive tightening of monetary policy by the United States Federal Reserve this year to combat inflation has increased the amount that banks can earn from charging interest on loans…
On Monday, more than 40 European competitors to Google’s shopping service urged EU antitrust regulators to use newly adopted tech rules to ensure Alphabet unit complies with a 2017 EU order to allow more competition on its search page. Google was fined 2.4 billion euros ($2.33 billion) by the European Commission five years ago and…
According to preliminary estimates released by the government on Friday, Singapore’s economy grew faster than expected in the third quarter compared to the same period last year. Separately, the country’s central bank tightened monetary policy for the fifth time in a year, as predicted. The July-September quarter GDP was 4.4%, much higher than the 3.4%…
On Friday, Citigroup Inc reported a 25 per cent drop in third-quarter profit as the most global of US banks set aside funds to cover soured loans from a potential economic downturn, while its investment bank struggled with a slump in global dealmaking. The aggressive actions of the United States Federal Reserve to combat decades-long…
After missing third-quarter revenue on Thursday, Levi Strauss & Co. lowered its full-year profit forecast due to concerns about softening demand, a strengthening dollar, and higher costs. This caused shares to decline 6 per cent in extended trading. Due to decades-high inflation, which has an impact on Levi’s and other apparel manufacturers, consumers are turning…
