February 1, 2023

‘God Bless Elon Musk’: Top Republican lauds Twitter owner ahead of key hearing

February 1, 2023 admin

U.S. Rep. James Comer (R-KY), Chairman of the House Oversight and Accountability Committee, speaks at a media event at the National Press Club on January 30, 2023 in Washington, DC. Kevin Dietsch | Getty Images House Oversight Committee Chairman Rep. James Comer, R-Ky., effusively praised Twitter owner Elon Musk Wednesday for “being transparent” about the tech platform. “God bless Elon Musk,” Comer said in an interview on CNBC’s “Squawk Box.” He called the controversial tycoon “a great American.” Comer’s comments came just days after Musk visited Washington and met with…

Samsung launches new Galaxy S23 smartphone lineup with improved camera, gaming capabilities

February 1, 2023 admin

Samsung announced its flagship Galaxy S23 smartphone lineup on Wednesday. Samsung Samsung on Wednesday launched its latest lineup of flagship Galaxy smartphones, touting a better camera and enhanced gaming features as the South Korean tech giant tries to tempt people to upgrade amid weak macroeconomic conditions and waning consumer demand. The Galaxy S23 smartphone lineup features three new models: the standard S23, a slightly more expensive S23+ and the top-of-the-line S23 Ultra. The S23 series will go head-to-head with Apple’s iPhone 14, which launched last September. Samsung typically releases its…

DraftKings cuts 140 jobs as part of reorganization

February 1, 2023 admin

The entrance from the elevators, designed to resemble a tunnel entering a stadium, is pictured at the new DraftKings office in Boston. David L. Ryan | The Boston Globe via Getty Images DraftKings is eliminating 140 jobs, or about 3.5% of its workforce, as part of a reorganization. The stock rose about 3% on Thursday. The sports betting giant said it is increasingly focused on making its operations more efficient. “We are constantly evaluating our teams to ensure they are best positioned to meet our company goals in 2023 and…

Rivian to lay off 6% of its workforce as EV price war concerns grow

February 1, 2023 admin

Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company’s manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Jamie Kelter Davis | Bloomberg | Getty Images Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war. In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company’s operating efficiency must be a “core objective.” The…

FedEx is laying off 10% of its officers and directors amid cooling demand

February 1, 2023 admin

Raj Subramaniam, FedEx Corporation, speaks at the U.S. Chamber of Commerce Aviation Summit in Washington, D.C. on March 5, 2020. Kristoffer Tripplaar | Sipa via AP Images FedEx is cutting more than 10% of its officers and directors, CEO Raj Subramaniam announced on Wednesday, as the company slashes corporate jobs to cut costs amid cooling consumer demand. “Unfortunately, this was a necessary action to become a more efficient, agile organization. It is my responsibility to look critically at the business and determine where we can be stronger by better aligning the size of…

Meta set to report fourth-quarter earnings after the bell

February 1, 2023 admin

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. David Paul Morris | Bloomberg | Getty Images Meta reports fourth-quarter earnings on Wednesday as the company tries to reverse a slide that pushed the stock down by 64% last year. Here’s what analysts are expecting: related investing news Earnings: $2.22 per share, according to Refinitiv Revenue: $31.53 billion expected, according to Refinitiv Daily Active Users (DAUs): 1.99 billion expected, according to StreetAccount Monthly Active Users (MAUs): 2.98 billion…

Peloton CEO doesn’t care that its equipment is losing money, sees path forward in the app

February 1, 2023 admin

Barry McCarthy speaks during an interview with CNBC on floor of the New York Stock Exchange (NYSE), October 28, 2019. Brendan McDermid | Reuters Peloton CEO Barry McCarthy told investors Wednesday he doesn’t care that the company is losing money on its Bike, Tread and Row equipment. The business’s “path to the promise land,” he said, is its mobile app. Peloton posted negative margins during the holiday quarter for its pricey connected fitness products, but McCarthy said he’s more concerned with aggregate margins, which were in the positive thanks to…

Snap shares tumble 13% following disappointing fourth quarter report

February 1, 2023 admin

Evan Spiegel, co-founder and chief executive officer of Snap Inc., speaks during the virtual Google Pixel Fall Launch event in New York, on Tuesday, Oct. 19, 2021. Michael Nagle | Bloomberg | Getty Images Shares of Snap tumbled 15% in premarket trading Wednesday, a day after the company released a disappointing quarterly report for the third quarter in a row. In a letter to investors, Snap called it a “challenging year” that was marked by “macroeconomic headwinds, platform policy changes, and increased competition. Revenue in the company’s fourth quarter was…

Intel executives take pay cuts after disastrous earnings

February 1, 2023 admin

Intel CEO Pat Gelsinger, with U.S. President Joe Biden (not pictured), announces the tech firm’s plan to build a $20 billion plant in Ohio, from the South Court Auditorium on the White House campus in Washington, January 21, 2022. Jonathan Ernst | Reuters Intel executives will take significant, staggered base-pay cuts just days after the chipmaker reported abysmal fourth-quarter earnings, the company said Wednesday. The cuts will impact executives ranging from CEO Pat Gelsinger to mid-level managers. Gelsinger will have his base salary cut by 25%. Gelsinger’s pay cut would…

Robots could surpass workers at Amazon by 2030, Cathie Wood says

February 1, 2023 admin

Cathie Wood, chief executive officer and chief investment officer, Ark Invest, gestures as she speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. Marco Bello | Getty Images The growth of automation in the workplace will accelerate this decade, with robot workers possibly surpassing human employees at one of the world’s biggest companies, according to Ark Invest’s Cathie Wood. Amazon‘s use of automated robots will dramatically change the company’s workforce in the coming years, the portfolio manager said Wednesday. related investing…