Following chip shortages, Nintendo Co Ltd sold 23 per cent fewer Switch consoles in the April-June quarter than the previous year, the company said on Wednesday. The Kyoto-based gaming company predicted that procurement would rise “from late summer to autumn” and maintained its target of selling 21 million devices in the fiscal year ending March 31,…
BMW cut its output prediction and warned of a highly variable second half on Wednesday, citing energy supplies in Europe and chip supply globally as two critical elements in the manufacturer meeting full-year earnings forecasts. New inbound orders were beginning to diminish, but order books will stay full for the next three months, according to…
The owner of Facebook and Instagram saw a drop in advertising sales in the three months to July, resulting in the company’s first year-on-year revenue reduction. Meta’s total revenue fell 1% to $28.8 billion (£23.7 billion), although the company avoided a drop in users. Analysts believe the company’s growth has peaked following years of significant…
An increasing number of experts believe the eurozone will enter a recession next year. The eurozone’s economy expanded faster in the second quarter of this year, but the region’s prospects are harmed as Russia continues to restrict gas supply. According to Eurostat, Europe’s statistics office, the 19-member bloc’s GDP rate was 0.7 per cent in…
In terms of market valuation, AMD has surpassed competitor chipmaker Intel. The change is primarily symbolic, but it represents a far more competitive market for PC and server processors, in which the two businesses compete directly. AMD shares gained more than 3% on the day, bringing the chipmaker’s market capitalisation to $153 billion. Intel plunged…
After a successful quarter for card issuers, Mastercard Inc cautioned that runaway inflation was sapping lower-income clients’ spending. Consumers throughout the world have begun to break in the face of decades-high pricing pressures, with purchases at shops such as Walmart migrating away from big-ticket items and toward necessities like food. “In the U.S., what you…
Sony Group Corp of Japan cut its full-year profit prediction on Friday due to a weaker-than-expected performance at its major gaming sector, which reported a significant decline in first-quarter operating profit as customer interest in gaming dropped. Sony’s game business had a 37 per cent drop in profit from the previous year’s April to June…
Amazon.com Inc said it expects third-quarter revenue to increase as the business collects higher fees from Prime loyalty subscriptions and consumer demand remains strong despite rising inflation. Shares of the world’s largest online retailer gained 13% in after-hours trading, boosting its market capitalization by more than $150 billion. Amazon, like much of the retail business,…
As Covid restrictions weigh on the world’s second largest economy, China has indicated that it may miss its annual economic growth objective. The Politburo, the ruling Communist Party’s top policy-making body, stated on Thursday that it seeks to keep growth within “a sustainable range.” It made no mention of the previously defined official growth target…
Puma, a German sportswear company, posted higher-than-expected second-quarter results on Wednesday, citing “extremely robust growth” throughout its product line, and boosted its revenue forecast for the full year 2022. Earnings before interest and taxes (EBIT) increased by 34.4 per cent year on year to 146 million euros ($148.06 million), exceeding analysts’ average projection of 128.94…
