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“Amazon posts weak cloud growth while rivals Google, Microsoft thrive” Amazon on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat expectations. Shares fell by more than 3% in after-hours trading after finishing regular trading up 1.7% to $234.11. Both Google-parent Alphabet and Microsoft posted…
“Bed Bath & Beyond posts nearly $400M loss in Q3” Bed Bath & Beyond on Tuesday reported a third-quarter loss of $393 million after early holiday sales failed to provide a respite from the months’ long cash burn that led to warnings of a possible bankruptcy. The home goods seller has been struggling with a dwindling cash…
“Southwest’s holiday travel meltdown to cost airline $400M” Southwest Airlines expects a nearly $1B hit to its bottom line after a winter storm and technology meltdown led to nearly 17,000 canceled flights and stranded hundreds of thousands of holiday travelers. The cancellations will result in a pretax hit of $725 million to $825 million in…
“Southwest Airlines admits financial impact from holiday chaos” Southwest Airlines admitted it expects a significant financial hit this quarter after its wave of holiday flight cancellations caused chaos for travelers and prompted intense federal scrutiny. The embattled air carrier has faced calls to make its furious customers financially whole after scrapping more than 16,000 flights…
“Best Buy shares soar on upbeat holiday sales forecast” Best Buy on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season. The retailer’s shares jumped 11% to $79.06, after it also beat…
“News Corp narrowly misses first-quarter revenue estimates” News Corp, owner of The New York Post, Wall Street Journal and Dow Jones, narrowly missed first-quarter revenue estimates Tuesday, due in part to foreign currency fluctuations. According to the New York-based company, total revenue decreased 1% to $2.48 billion in the quarter ended Sept. 30, while analysts…
“Disney Q4 profit takes hit despite more Disney+ subscribers” Walt Disney said Tuesday its marquee streaming service, Disney+, gained more subscribers than Wall Street had expected, but investment costs dragged quarterly earnings below analysts’ targets. Shares in Disney fell 5% in after-market trading. The entertainment company is spending billions to compete with Netflix and others for streaming television customers as traditional…
“Peloton shares tumble after weak holiday forecast” Peloton Interactive on Thursday forecast holiday-quarter revenue below estimates and the fitness equipment maker warned that a challenging macro-economic environment could affect its goal of stopping cash burn this fiscal year. The company’s shares fell 18% to $7.10 before the bell but pared those losses, recently trading at $8.42….
“Microsoft profits down 14% as Windows hit by weak PC sales” Microsoft Corp posted its slowest quarterly revenue growth in five years and a 14% drop in profit on Tuesday as the tough macroeconomic conditions hit PC sales and slowed cloud growth, which had supercharged the earnings for years. The company reported revenue of $50.12 billion for…
“Disney theme parks lift Q3 earnings amid streaming growth” Disney announced it will jack up the price of its popular streaming services — including Disney+ and Hulu — despite reporting better-than-expected third-quarter earnings Wednesday. The Burbank, Calif.-based company posted earnings per share of $1.09 on revenue of $21.5 billion — aided by its theme parks…