By Aditya Soni (Reuters) – Meta Platforms Inc is a Wall Street darling again. The company’s shares extended their winning streak on Thursday, surging nearly 14% after Meta’s focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value in 2023. Meta, whose stock was trading…
WASHINGTON (Reuters) – White House national security adviser Jake Sullivan said on Thursday the United States is not looking to decouple its economy from the Chinese economy, saying, “We’re not cutting off trade.” Speaking at the Brookings Institution, Sullivan said China should step up as a constructive force in assisting heavily indebted countries. He said…
(Reuters) -Shares of Mobileye Global Inc fell by more than 30% on Thursday after the maker of autonomous driving technology lowered its forecast for annual revenue owing to a slowdown in demand for electric vehicles from China. Mobileye, which counts auto parts suppliers Aptiv Plc and Magna International among its customers, reduced its forecast for…
(Reuters) – Vice Media Group (VMG) said on Thursday it will cancel popular TV program “Vice News Tonight” as part of a broader restructuring that will result in job cuts across the digital media firm’s global news business. “In response to the current market conditions and business realities facing VMG and the broader news and media…
(Reuters) – Cloud storage provider Dropbox Inc said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp to…
(Reuters) -Spotify Technology said on Thursday it was investigating some issues with its web page, following reports the audio streaming platform was down for thousands of users. There were more than 15,000 incidents of people reporting issues with Spotify, according to Downdetector, which tracks outages by collating status reports from a number of sources including…
By Helen Coster and Eva Mathews (Reuters) -Comcast Corp on Thursday said it beat quarterly profit forecasts on sustained demand for its broadband services and rising theme park attendance, giving the media giant a lift days after it fired NBCUniversal’s chief for sexual harassment. The company’s shares rose 4% as the report showed a smaller-than-expected…
BEIJING/SHANGHAI (Reuters) -Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue…
By Paul Sandle LONDON (Reuters) – For all the thunder about Xbox versus PlayStation, it was the nascent cloud market that led to Britain’s surprise decision to block Microsoft’s record Activision Blizzard takeover. Microsoft has been working for months to satisfy concerns about the $69 billion deal raised by Britain’s Competition and Markets Authority (CMA),…
LONDON (Reuters) – The boss of Britain’s antitrust regulator said blocking Microsoft’s acquisition of ‘Call of Duty’ maker Activision Blizzard was the right decision for the UK after both companies said it sent the wrong message to the global tech industry. The Competition and Markets Authority (CMA) blocked the deal on Wednesday, saying it could…
