By Akash Sriram and Abhirup Roy (Reuters) -Electric vehicle (EV) maker Lucid Group Inc reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla, rising interest rates and recession fears hurt sales. Shares in the maker of the Air luxury sedan dropped about 9% in after…
By Dietrich Knauth (Reuters) – Cryptocurrency exchange Bittrex Inc filed for bankruptcy protection on Monday, three weeks after the U.S. Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange. Seattle-based Bittrex ceased operations in the United States on April 30, and it said the bankruptcy filing would not impact Bittrex Global,…
(Reuters) – The New York Times is getting around $100 million from Google over three years as part of a broad deal that allows the Alphabet Inc unit to feature Times content on some of its platforms, the Wall Street Journal reported on Monday. The deal includes the Times’ participation in Google News Showcase, a…
By Chavi Mehta (Reuters) -Palantir Technologies said on Monday it expects to turn a profit every quarter in 2023, betting on interest “unlike anything we have seen” in its new artificial intelligence platform, sending its shares up about 20% in extended trading. The new generative AI platform was launched two weeks ago and works on…
(Reuters) – Memory chip firm Western Digital Corp forecast fourth-quarter revenue below Wall Street estimates and a bigger current-quarter loss, signaling that memory chip demand will take longer to recover as cloud spending also shrinks. The company’s shares fell about 1% in extended trading. Chipmakers across the board including Intel Corp have said cloud spending…
By Jaiveer Shekhawat (Reuters) -Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin, the world’s biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto exchange Coinbase Inc fell…
By Foo Yun Chee BRUSSELS (Reuters) – German business software maker SAP and German engineering company Siemens have joined U.S. tech giants in criticising draft EU laws on the use of data generated by smart gadgets and other consumer goods. EU countries and EU lawmakers are working on the details of the Data Act, proposed…
By Blake Brittain (Reuters) – Apple Inc on Monday failed to convince a U.S. appeals court that security startup Corellium Inc infringed its copyrights by simulating its iOS operating system to help researchers find security flaws in Apple devices. The 11th U.S. Circuit Court of Appeals said Corellium lawfully recreated Apple’s system under the U.S….
By Supantha Mukherjee STOCKHOLM (Reuters) – Estonian ride-hailing and food delivery startup Bolt expects to turn profitable in the next 12 months and be ready for an initial public offering in 2025, its Chief Executive Officer Markus Villig said in an interview. The company, a rival of Uber, was valued at over $8 billion when…
(Reuters) -Qualcomm Inc said on Monday that it would acquire Israel’s Autotalks Ltd, a maker of chips used in crash-prevention technology in vehicles, as the U.S. firm looks to expand its automotive-related business. The company did not disclose the terms of the deal but said Autotalk’s technology would be incorporated into its assisted and autonomous…
