Saudi Aramco, the world’s largest oil company, announces record profit of...
Oil and gas giant Saudi Aramco announced a record $161 billion profit for 2022 on Sunday. The record profit comes amid all-time high oil and gas prices after Russia invaded Ukraine. Loosening of pandemic restrictions and increased travel also likely increased demand for oil and gas. Loading Something is loading. Thanks for signing up! Access…
Allbirds stock crashes after the company said it lost $101 million...
Allbirds stock plummeted more than 19% Thursday within hours of a disappointing earnings report. The company reported a $101 million annual loss and a 13% quarterly drop in sales. Allbirds announced a four-part plan to restart profitability. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're…
The Fed may stutter-step its tightening cycle for the first time...
Jerome Powell reiterated a hawkish stance and the potential for higher-for-longer rates. Markets are now pricing in a larger likelihood of a half-point rate hike in March. The stock market looks overvalued amid uncertainty on rates, according to DataTrek Research. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized…
Elon Musk says it’s been ‘a very difficult 4 months’ at...
Twitter CEO Elon Musk said the company has "a shot" at becoming cash-flow positive next quarter. Twitter has been hit by declining advertising revenues since Musk's acquisition. Musk said the social-media platform is working to improve ad spend on the platform. Loading Something is loading. Thanks for signing up! Access your favorite topics in a…
Warren Buffett touts his iconic Coca-Cola and American Express bets in...
Warren Buffett published his famous annual letter to Berkshire Hathaway shareholders on Saturday. The billionaire investor touted his lucrative, decades-long bets on Coca-Cola and American Express. Buffett defended Berkshire's stock buybacks and tax payments, and trashed manipulated earnings. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while…
Markets are overrun with bearish sentiment that ignores the resilient economy,...
The US economy remains resilient despite strong bearish sentiment on Wall Street, said Hightower Advisors' Stephanie Link. She told CNBC on Friday that "underneath the surface, things are not as bad" as they seem. Link added that earnings have been strong, excluding a lagging tech sector. Loading Something is loading. Thanks for signing up! Access…
Lucid’s slow deliveries, cancelled orders, and increasing competition are ‘red flags,’...
Lucid reported full year 2022 results on Wednesday and fell short of estimates. The startup says it is going to build 10,000 to 14,000 EVs this year. Industry analysts say the company has a lot to prove. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're…
Apple Q1 earnings miss the mark almost across the board
Enlarge / Apple CEO Tim Cook. Apple reported its earnings for Q1 2023 today, and it was one of the company's poorest-performing quarters in recent years. It was the company's biggest decline since 2016 and the first since 2019. Overall revenue was down more than 5 percent year-over-year as the company failed to match sales…
Meta is slashing its costs by another $4 billion, and investors...
Meta said it would slash its spending in 2023, with Mark Zuckerberg touting an efficiency drive. Investors cheered, sending Meta's stock up nearly 19% in after-hours trade. More job cuts could also be on the line after the company slashed 11,000 at the end of 2022. Loading Something is loading. Thanks for signing up! Access…
Mark Zuckerberg’s metaverse just keeps losing money, as Meta’s Reality Labs...
Reality Labs is the business and research unit of Meta that focuses on the metaverse. It reported a loss of $4.28 billion for the fourth quarter, wider than $3.3 billion in the quarter prior. The division lost $13.7 billion in 2022. Loading Something is loading. Thanks for signing up! Access your favorite topics in a…
