Archives for April 2023

Retail titans’ shares soar after the Q1 report release

April 30, 2023 by Yuheng Zhan Leave a Comment

Tech and retail giants stunned the market with their surging stock prices this week, following the release of their Q1 results, issuing optimistic guidance to investors who had previously been concerned about layoffs and the approaching recession.

In the retail sector, Amazon’s shares increased by 8% during extended trading on Thursday, despite cautioning of a sustained deceleration in the lucrative cloud computing division, the company offered a positive revenue forecast for the current quarter, Yahoo Finance reported.

The e-commerce titan exceeded the Zacks Consensus Estimate by 10 cents, reporting earnings per share of 31 cents, up from 21 cents in the previous year. The company’s revenue also increased by 9.4% year over year to $127.5 billion, slightly surpassing the consensus estimate of $124.8 billion.

Meanwhile, following the announcement of its Q1 earnings on Thursday, footwear retailer Skechers saw an increase in its stock prices. With its revenue and net income surpassed the Zacks Consensus Estimate and demonstrated YoY growth.

Clubhouse To Lay Off Half of Its Staff

April 30, 2023 by sc9741 Leave a Comment

By Silin Chen

Clubhouse, the audio-based social networking app, has announced that it will be laying off more than 50% of its staff. The company cited the need to “reset” the company in a post-covid era.

“As the world has opened up post-Covid, it’s become harder for many people to find their friends on Clubhouse and to fit long conversations into their daily lives,” said the app’s co-founders, Paul Davison and Rohan Seth, in a public memo to employees, “To find its role in the world, the product needs to evolve. This requires a period of change.”

BIG TECH HAS IT’S HEAD IN THE CLOUDS – CATCHES WALL STREET BY SURPRISE

April 28, 2023 by Will Bennett Leave a Comment

Across the board earnings beats from the world’s largest tech companies have surprised analysts, as cloud computing and job cuts help bulwark against the bleak economic climate.

Mega cap tech stocks Amazon, Google, Microsoft and Facebook (now Meta) all exceeded Wall Street’s revenue expectations for the first quarter of 2023, driven by better-than-expected growth in cloud computing and resilience in ad sales.

The cloud market leader Amazon Web Services grew sales by 16% to $21.4 billion, while Microsoft’s Azure grew revenue by 27% to $28.5 billion. Even the lagging Google Cloud turned a profit for the first time since inception with sales growing 28% to $7.5 billion.

Samsung and SK Hynix see rising stock prices despite record quarterly loss. Why?

April 28, 2023 by Yifan Du Leave a Comment

Samsung Electronics and SK Hynix, two major players in the semiconductor industry, announced record quarterly losses on Wednesday amidst continuous chip demand and price slump.

Samsung saw a steep plunge of 95% in operating profit to 640 billion Korean won ( $478.55 million), its lowest level since the first quarter of 2009. SK Hynix also reported its largest quarterly operating loss of 3.4 trillion won ($2.54 billion) since the SK Group acquired Hynix in 2012.

Despite the disappointing earnings results, share prices rose after the release of the earnings reports. SK Hynix’s stock price increased by 3.5% earlier Wednesday, while Samsung’s share recovered from an earlier dip and rose by 0.3%, up 16% year-to-date.

Where Meta stands in AI competition

April 28, 2023 by Yun Park Leave a Comment

Meta’s stock surged on Thursday after its first quarter earnings exceeded expectations.

Facebook’s parent company Meta stock increased 15% on Thursday to over $241, up 170% since the bottom at under $89 in November. It came after Wednesday’s earnings report, where the company reached revenue growth of 3% from a year earlier. [Read more…] about Where Meta stands in AI competition

New Elements to Tears of the Kingdom’s Cooking Revamps the old System

April 27, 2023 by Diana Bravo Leave a Comment

Nintendo has updated the survivalist cooking system in its highly anticipated “The Legend of Zelda: Tears of the Kingdom”. The game’s predecessor, “Breath of the Wild” allows players to unleash their inner chef by cooking dishes with magical health-restoring and element-resisting ingredients. However, in BOTW gamers had to travel to stationary cooking pots and make meals in bulk.

GOP Debt Ceiling Proposal May Gut the EV future

April 27, 2023 by Douglas Gorman Leave a Comment

House Majority Leader Kevin McCarthy has proposed legislation to raise the debt ceiling in a rebuke of the Biden Administration’s goals for the U.S. economy. Among the hundreds of sections in the GOP debt ceiling proposal are a string of repeals to Biden-era clean energy investments and tax credits that would stifle any momentum gained by the electric vehicle industry.

At a time when electric vehicle purchases are booming, due to a combination of Biden’s tax credit and the price war being waged by auto manufacturers, the GOP proposal would seriously hamper the nation’s ability to meet the bold EPA goal to increase EV sales by as much as 1,000% by 2032.

Are News Outlets Next to Leave Elon Musk Twitter?

April 27, 2023 by Kailyn Rhone Leave a Comment

Multiple news outlets, such as NPR and the BBC, are quitting Twitter after Elon Musk labeled them “government-funded media” on the social media platform.

When Twitter puts a label on accounts, it does not recommend them to people, which could significantly impact the account’s online traffic. NPR was the first major news outlet to leave the platform with 52 different Twitter feeds after receiving the label “government-funded” from Mr. Musk.

TikTokers React to Possible U.S. TikTok Ban

April 26, 2023 by Kailyn Rhone Leave a Comment

The news of a potential U.S. TikTok ban has sent many nationwide into an uproar: college students, young children, and most importantly, TikTokers. With the possibility of the short-form video app being banned in the U.S., many people who built their life on the platform may lose their primary source of income or fanbase.

The possible U.S. TikTok ban comes from multiple efforts from lawmakers nationwide, Canada, and Europe claiming the social media app has security threats and concerns. Lawmakers claim that the Chinese government could order TikTok to turn over users’ information.

Shareholders Unsure of Coach’s Sustainable Debut

April 24, 2023 by Sydney Sladovnik Leave a Comment

Coachtopia, a subsidiary of Coach, launched on Thursday shortly before stocks tumbled, suggesting investors aren’t as confident in the brand’s new reduced-waste merchandise as the creators anticipated.

The brand’s new circular approach broke the internet last week with multiple lines of bags, apparel, influencer collaborations and campaign coverage. Coach’s new ‘ecosystem’ is set to change the way Coach designs, crafts and uses products. While many fashion brands are finding new and inventive ways to improve their sustainable initiatives, Coachtopia is not off to a promising start as Tapestry’s stock price fell nearly 2% by the end of day Thursday.

The subsidiary’s products consist of recycled materials and up-crafted designs, at comparatively similar prices to their first-hand small shoulder and crossbody bags. Styles range in shape, color and patchwork but front and center is the ‘Wavy Dinky,’ which is made out of a variety of recycled materials including leftover leather scraps for the body and multicolor, partially recycled resin for the strap. It also coined a trade-back program, vouching to take any Coachtopia product back, anytime “regardless of its age or condition.”

Archives for April 2023

Footer

Archives

Meta