By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Profits from oil majors have been down in 2023 by about a third from record levels in 2022, pressured as oil and gas prices retreated after spiking when…
By Akash Sriram and Aishwarya Venugopal (Reuters) -Amazon.com shares surged 7% on Friday after the e-commerce heavyweight reported higher-than-expected holiday quarter sales and its lucrative cloud business signaled early gains from AI-powered features. The company joined Microsoft and other tech firms in starting to see results benefiting from their heavy AI investments, while also outlining…
By Yelin Mo and Brenda Goh BEIJING (Reuters) -Apple’s weak China sales performance may have shocked investors, but customers and analysts have been noting the rising challenges the company faces in its third-largest market. Intensifying competition from domestic rivals, coupled with longer upgrade cycles as consumers spend more cautiously amid an economic slowdown, have stunted…
By Akash Sriram and Greg Bensinger (Reuters) -Amazon.com beat fourth-quarter revenue expectations on Thursday as new generative AI features in its cloud and ecommerce businesses spurred robust growth during the critical holiday period. Investors cheered the results, sending Amazon shares up as much as 8% in trading after the market close. Amazon’s roster of high-spending…
By Davide Barbuscia and Lewis Krauskopf (Reuters) – Investors hoping for imminent rate cuts by the Federal Reserve received a sobering reminder of the U.S. central bank’s focus on fighting inflation, after Chairman Jerome Powell poured cold water on bets policymakers would lower borrowing costs in March. At the end of the central bank’s first…
By Jeffrey Dastin and Akash Sriram (Reuters) -Alphabet disappointed Wall Street on Tuesday as holiday-season advertising sales came in below expectations and the company said its spending on items such as servers to power artificial intelligence would jump this year. Alphabet shares fell 6% in after-hours trade. Against a backdrop of mixed U.S. economic signals,…
By Ron Bousso LONDON (Reuters) -Shell reported a $28 billion profit for 2023 on Thursday after beating fourth quarter earnings forecasts on strong liquefied natural gas (LNG) trading, allowing the oil giant to increase its dividend and extend share repurchases. Annual profit was down 30% from the previous year’s record, marked by lower chemicals and…
(This Jan. 26 story has been corrected to fix the release date of Meta Platforms earnings results in paragraph 3.) By David Randall NEW YORK (Reuters) – The U.S. stock market’s strong start to the year faces a major test next week in a stretch packed with big tech earnings, the Federal Reserve’s monetary policy…
(Reuters) – A Delaware judge has tossed out Elon Musk’s record-breaking $56 billion Tesla pay package, calling the compensation granted by the EV maker’s board “an unfathomable sum” that was unfair to shareholders. Following are details about Musk’s pay package. HOW WAS MUSK’S COMPENSATION STRUCTURED? Musk’s 2018 compensation package created 12 tranches of options –…
By Jeffrey Dastin and Samrhitha A (Reuters) -Tech giants on Tuesday talked up how customers are lapping up their generative AI-powered products, but mounting costs of developing the cutting-edge features irked investors hoping for a big boost to sales from the new technology. Shares of Alphabet closed 7.5% lower, while those of Microsoft fell 2.7%,…
