First-quarter earnings season is just about over for the S&P 500. Then again, with about 20% of the companies having fiscal quarters that don’t match the calendar, it seems the flow of earnings reports never ends. It might seem from media reports that the economy is always facing some sort of crisis, but you may…
Amazon.com Inc. could post the lowest growth rate this year for its North American retail business in over two decades, but where some might see a worrisome slowdown, Evercore ISI analyst Mark Mahaney sees opportunity. The ability for Amazon AMZN, +1.65% to reignite revenue momentum across its business is one pillar of Mahaney’s bullish view…
Here’s a summary of how the 11 sectors of the S&P 500 SPX, -0.14% have performed his year and how forward price-to-earnings ratios compare to valuation levels at the end of 2021: Sector or index 2023 return 2022 return Return since end of 2021 3-year return 5 year return Forward P/E Forward P/E at end…
Alibaba Group shares 9988, -5.24% fell in Hong Kong trade, extending overnight losses on Wall Street, after the Chinese e-commerce giant’s latest quarterly revenue growth missed some analysts’ expectations. The stock has lost as much as 5.9% and was last down 5.1%. The selloff came after Alibaba posted a 2% revenue increase for its fourth…
Amazon.com’s cloud-computing business plans to spend 1.056 trillion Indian rupees (US$12.81 billion) to expand its data-center infrastructure in India by 2030, part of long-term efforts to boost the global reach of its cloud services. Amazon Web Services, the Seattle-based tech giant’s AMZN, +1.85% cloud-computing arm, said Thursday that the move would support about 131,700 full-time…
Vodafone Group on Tuesday said it planned to cut 11,000 jobs as it “rebased” its current-year forecasts at a much lower level. Vodafone said it’s cutting 11,000 roles over three years, at both headquarters in Newbury, England, as well as local markets. “Our performance has not been good enough. To consistently deliver, Vodafone must change,”…
Fanatics Inc. will buy the U.S. operations of Australia’s PointsBet, CNBC reported late Sunday, in the company’s largest foray yet into sports betting. Citing sources familiar with the matter, CNBC reported the deal, worth about $150 million, could be announced as soon as later Sunday night. CNBC said the acquisition only applies to PointsBet’s PBH,…
Personal assistants such as Alexa and Siri are being offered by the biggest names in technology, and Morgan Stanley analysts said Wednesday that one company should be favored to take a big chunk of that market as artificial intelligence adds to their capabilities. Morgan Stanley analysts think Alphabet Inc.’s GOOG, +0.87% GOOGL, +0.81% Google is…
George Soros’s Soros Fund Management placed new bets on railroads and the gig economy during the first quarter, recalibrated its holdings in a struggling media industry and dumped electric-vehicle maker Tesla Inc. During the first quarter, the fund scooped up 363,483 shares of railroad operator CSX Corp. CSX, +0.09%, according to a filing. The fund…
Shares of car-sharing company Getaround Inc. skyrocketed 114% in the extended session Thursday after the company said it plans to buy all of the assets of HyreCar Inc., which offers car rentals for gig-economy drivers, for $9.45 million. The acquisition is expected to accelerate Getaround’s GETR, -6.20% “path to profitability,” the company said. The deal…
Shares of Chinese e-commerce giant JD.com 9618, +7.04% were higher in Hong Kong trade, with analysts unfazed by a management change and welcoming a positive outlook in the wake of first-quarter earnings. Shares were up 6.9% at HK$144.30 in Friday morning trade, paring year-to-date losses to 34%. The gain comes after the company posted a…
E-commerce spending appears to have held up better than expected to start the year, and that could help PayPal Holdings Inc. when it posts earnings Monday afternoon. Shares of the e-commerce company have shed 60% of their value since the start of 2022, with PayPal PYPL executives making a series of guidance cuts during that…
Most of the first-quarter earnings blizzard has passed, and the results, overall, haven’t been as bad as expected — thanks in large part to the nation’s biggest tech companies: Apple Inc., Amazon.com Inc. and Microsoft. The S&P 500 index SPXhas largely moved sideways over the past few weeks, as markets try to stomach concerns about…
Etsy Inc.’s stock rose quickly in extended trading Wednesday after the e-commerce company reported quarterly results that topped analyst revenue and earnings estimates. Etsy ETSY, -0.23% reported fiscal first-quarter net earnings of $74.5 million, or 53 cents a share, compared with net earnings of $86.1 million, or 60 cents a share, in the year-ago quarter….
More than 186,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi. The website’s tally of 2023 global tech layoffs has gone up more than sevenfold since mid-January. The data show that 2023 has surpassed 2022 for global tech redundancies, with 637 tech companies…
The Federal Trade Commission continued its crusade against deceptive uses of artificial intelligence Monday, suggesting that companies could face trouble by simultaneously misleading customers using AI and cutting back on ethicists who advise businesses on how to use the technology responsibly. The warning comes as large technology companies reportedly have been laying off staffers who…
It looks like Bed Bath & Beyond BBBYshoppers will soon become Amazon AMZN, Target TGT and Walmart WMT shoppers. Those are the three retailers that stand to benefit the most from the home-focused retailer’s impending closure, according to a consumer survey from Numerator, a data and technology company. Specifically, 68% of shoppers said they…
Pinterest Inc. topped earnings, revenue and subscriber expectations Thursday while announcing that it plans to open third-party advertising demand on its platform, starting with an Amazon.com Inc. partnership. The company reported a net loss of $209 million, or 31 cents a share, whereas it recorded a loss of $5 million, or 1 cent a share,…
Meta and Amazon are the latest big-name tech companies in the layoffs spotlight, joining Dropbox, Electronic Arts, Palantir Technologies, Twilio, Zoom, eBay, Okta, Splunk, PayPal, IBM, SAP, Spotify, Alphabet, Intel, Microsoft, Coinbase, Cisco, and Salesforce. More than 184,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by…
Big Tech didn’t offer strong holiday returns, but Wall Street still responded to fourth-quarter results by throwing $2 trillion in valuation at the biggest tech companies. That stock bounce appears to be predicated on a widespread belief that there will be a rebound in the second half of this year, when companies lap the results…