By Nivedita Balu (Reuters) – Lyft Inc on Thursday forecast current-quarter profit far below Wall Street targets as the ride-hailing service lowered prices, triggering a 30% drop in shares on concerns it was falling behind bigger rival Uber. Lyft also forecast revenue below analyst expectations for the current quarter. Investors are watching how the two…
By David Shepardson WASHINGTON (Reuters) -Proposed U.S. requirements to retrofit airplane altimeters to ensure they are not susceptible to 5G wireless interference may cost the industry at least $637 million, the world’s biggest airline trade body said on Thursday. The International Air Transport Association (IATA), which represents more than 100 carriers that fly to the…
By Doyinsola Oladipo and Shivansh Tiwary (Reuters) -Online travel booking company Expedia Group Inc missed Wall Street estimates for fourth-quarter profit on Thursday, hit by a spike in cancellations and bad weather near the end of the quarter. Travel demand has generally been strong throughout last year despite recession and inflation fears. However, harsh December…
(Reuters) -Media conglomerate News Corp said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real estate businesses. Rising inflation and higher interest rates are forcing companies to curb their ad and marketing spend, denting one of the major sources of…
By Carolina Mandl (Reuters) – U.S. stock indexes turned lower on Thursday afternoon as Treasury yields rose after an auction, overshadowing gains in Disney after strong earnings. “The stock market started today’s session with a distinct bullish bias, but then Treasury yields moved up and that took some of the steam out of the positive…
By Luc Cohen NEW YORK (Reuters) – A U.S. judge on Thursday extended a ban on FTX cryptocurrency exchange founder Sam Bankman-Fried’s ability to contact employees of companies he once controlled and use encrypted messaging technology while out on bail awaiting trial on fraud charges. U.S. District Judge Lewis Kaplan on Feb. 1 had temporarily…
By Laila Kearney NEW YORK (Reuters) -Crude prices eased on Thursday as the devastating earthquake that struck the Middle East appeared to spare serious damage to oil infrastructure, while U.S. inventories swelled and investors worried about Federal Reserve rate hikes. Brent crude futures slipped 60 cents to $84.49 a barrel by 1:44 p.m. ET (1844…
By Jody Godoy (Reuters) – Meta Platforms Inc investors formally asked a U.S. appeals court to revive a proposed class action accusing the Facebook parent of concealing a serious privacy breach that let a political consulting firm harvest users’ personal information. The request came during oral arguments on Wednesday before the 9th U.S. Circuit Court…
By Natalie Grover and Maggie Fick LONDON (Reuters) – AstraZeneca on Thursday said it was poised to grow in 2023 and beyond, banking on its burgeoning line-up of cancer, metabolic and rare disease drugs to pick up the pace from dwindling COVID product sales. Its shares rose as much as 5% to be the second-best…
WASHINGTON (Reuters) – Tight monetary policy is “unequivocally” slowing the U.S. economy, allowing the Federal Reserve to move “more deliberately” with any further interest rate increases, Richmond Fed President Thomas Barkin said on Thursday. “I’m confident that our foot is unequivocally on the brake,” Barkin said in a podcast posted to the Richmond Fed’s website….
