By Aditya Soni and Nivedita Balu (Reuters) – Meta Platforms Inc said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation. The mass layoffs, among the biggest this year and the…
By Lewis Krauskopf and Laura Matthews NEW YORK (Reuters) – Investors on Wednesday were weighing a surprising outcome in the U.S. midterm elections, as a better-than-expected showing by Democrats muddies the outlook for issues such as fiscal spending and regulation. Control of Congress, which is currently held by President Joe Biden’s Democratic party, remained up…
(Reuters) – Nissan Motor Co’s U.S. arm said Wednesday that supply chain issues will force it to trim production this month at its Canton, Mississippi assembly plant. The Japanese automaker said it will cut some production days in November for its Titan and Frontier pickup trucks as well as its Altima sedan. The cuts, which…
By Selena Li, Tom Westbrook and Elizabeth Howcroft SINGAPORE/LONDON/NEW YORK (Reuters) – Investors fretted on Wednesday about the financial health of major cryptocurrency exchange FTX with some questioning whether a rescue deal from bigger rival Binance would materialize, while the firm was reported to be part of a regulatory probe. Bloomberg on Wednesday reported that…
By Uday Sampath Kumar (Reuters) -Kohl’s Corp boss Michelle Gass is leaving to take the helm at Levi Strauss & Co amid renewed calls from activist investors for management changes at the struggling department store chain. Kohl’s said it would install Tom Kingsbury, a director nominated by hedge funds Macellum Advisors and Ancora Holdings, as…
(Reuters) -Roblox Corp reported a larger-than-expected quarterly loss on Wednesday, as the gaming platform spent more on hiring and its infrastructure, overshadowing solid user growth and sending its shares down 17%. Growth has been slowing in the videogame sector this year as more people step outdoors and reserve spending for essential items in the face…
By Selena Li, Tom Westbrook and Elizabeth Howcroft SINGAPORE/LONDON (Reuters) -Cryptocurrencies saw a second day of sharp declines on Wednesday, as investors continued to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue deal from bigger rival Binance. Crypto giant Binance signed a nonbinding…
(Reuters) – Roblox Corp on Wednesday reported a bigger loss than expected, sending shares down 14% in premarket trading. The company’s revenue grew 2% to $517.7 million in the third quarter ended Sept. 30. Roblox changed the period of estimated paying user life to 28 months from 25 months, resulting in a $111 million decrease…
By Rod Nickel and Arunima Kumar (Reuters) -North American oil and gas pipeline company TC Energy Corp reported an 8% rise in quarterly profit on Wednesday and said it was looking to sell C$5 billion ($3.7 billion) worth of assets to repay debt and fund new projects. Canada, the world’s fourth-largest crude producer, has been…
By Emma-Victoria Farr, Shadia Nasralla and Lucy Raitano LONDON (Reuters) -Ithaca Energy made a lacklustre debut in London on Wednesday as the North Sea oil and gas producer defied volatile markets with Britain’s largest initial public offering of 2022. As Europe’s fifth biggest IPO of the year began trading, Ithaca’s shares fell as much as…
