By Niket Nishant and Manya Saini (Reuters) – The next U.S. administration will be “constructive” on crypto regardless of which party wins, Coinbase CEO Brian Armstrong said late on Thursday, underscoring the industry’s growing political influence ahead of the November election. The highly volatile crypto sector is seen as a risky fringe industry and has […]
U.S. sues TikTok over ‘massive-scale’ privacy violations of kids under 13
By David Shepardson WASHINGTON (Reuters) – The U.S. Justice Department filed a lawsuit Friday against TikTok and parent company ByteDance for failing to protect children’s privacy on the social media app. The government said TikTok violated the Children’s Online Privacy Protection Act that requires services aimed at children to obtain parental consent to collect personal […]
Roblox lifts bookings forecast as mature content draws more paying gamers
By Zaheer Kachwala (Reuters) -Roblox raised its annual bookings forecast on Thursday, as user engagement increased on its platform during the summer holidays and more mature content helped it draw older users with higher spending power. Shares of the company rose 3.5% in premarket trading. The video gaming company, known for its popularity among younger […]
Carvana shares surge on robust 2024 core profit forecast
(Reuters) – Shares of Carvana surged nearly 13% in premarket trade a day after the used car retailer forecast annual core profit above Wall Street estimates, as more car buyers consider shopping online. Baird analyst Craig Kennison said the company’s story promised a bright future and Carvana was “well positioned” to gain share as automotive […]
Moderna cuts 2024 sales forecast, sees low EU vaccine revenue into 2026
By Patrick Wingrove and Leroy Leo (Reuters) -Moderna on Thursday cut its 2024 sales forecast for COVID-19 and respiratory syncytial virus vaccines by up to 25%, or $1 billion, due partly to low COVID sales to the EU that it expects to continue into 2026. The vaccine maker’s shares plunged more than 15% to $101.01, […]
Chip index collapses 8% as Arm punctures AI optimism
(Reuters) – U.S. chip stocks plummeted on Thursday, on track for their worst day since 2020, after a conservative forecast from Arm Holdings dampened investor optimism about artificial intelligence and data signaled a cooling economy. Shares of Arm sank 16% after the British chip designer’s forecast sparked worries that returns from a spending frenzy on […]
PayPal’s turnaround plan faces challenges from competition, analysts say
By Niket Nishant and Manya Saini (Reuters) -As PayPal embarks on an ambitious turnaround strategy to revitalize growth after a post-pandemic slump, Wall Street analysts expressed some caution over competition from Big Tech and beyond. The concerns highlight the challenges to the profit margins of the company, which for years enjoyed the first-mover advantage in […]
Trump atty general faulted for ‘chaotic’ response to George Floyd protests
By Sarah N. Lynch WASHINGTON (Reuters) – Former U.S. Attorney General William Barr created security risks when he deployed unprepared federal law enforcement officers to respond to racial justice protests near the White House in 2020, according to a Justice Department review released on Wednesday. The report focused on the role Barr played in responding […]
Walt Disney to cut jobs in television unit, Bloomberg News reports
(Reuters) – Walt Disney plans to eliminate some jobs in its TV unit to cut costs in an eroding business, Bloomberg News reported on Wednesday, citing people familiar with the matter. The Mouse House will cut about 140 positions, around 2% of staff at Disney Entertainment Television and about 13% of jobs at NatGeo, which […]
Boeing names Kelly Ortberg CEO to steer turnaround as cash burn rises
By Abhijith Ganapavaram and Allison Lampert (Reuters) -Boeing on Wednesday named aerospace industry veteran Kelly Ortberg as its CEO to turn around the struggling planemaker after a quarter where it lost more than $1 billion. Ortberg will start on Aug. 8 with the monumental task of rebuilding trust with regulators, the industry and the public […]