Business

Tesla shares drop after muted Q1 results as a global chip crunch persists

Shares of Tesla Inc (TSLA.O) fell more than 4% on Tuesday as its first-quarter earnings results failed to alleviate investor concerns about its lofty evaluation, as well as a prolonged global chip shortage and rising competition. The electric car maker’s quarterly revenue made it barely past estimates, relying mostly on sales of environmental credits sold […]

Business

America Movil’s net profit rebounds in Q1 on lower financing costs

Mexican telecommunications giant America Movil (AMXL.MX)on Tuesday said its net profit rebounded in the first quarter, driven mainly by lower financing costs, following a loss in the same period a year earlier. The company’s net profit rose to 1.81 billion pesos ($88.7 million) in the first quarter, compared with a loss of 28.9 billion pesos […]

Business

Starbucks sales miss estimates, shares drop despite rosier forecast

Starbucks Corp (SBUX.O) missed quarterly sales estimates on Tuesday, sending shares down 2%, even though the coffee chain raised its annual forecast for revenue and profit on the expectation that more customers will return as they get vaccinated. Global comparable sales were hurt by weakness at its international business, where the COVID-19 pandemic has forced […]

Business

Microsoft sales grow on cloud strength, shares dip on heightened valuation

Microsoft Corp (MSFT.O) on Tuesday met analysts’ quarterly sales expectations and beat profit estimates, but its shares fell slightly reflecting some skepticism about one-off benefits included in the results and high hopes after a year-long rally. By grabbing market share in the booming market for cloud computing and expanding business services such as its Teams […]

Business

Murdoch’s News Corp abandons plans for TV news channel in Britain

Rupert Murdoch’s News Corp (NWSA.O) has abandoned plans to launch a traditional TV news channel in Britain after deciding it was not commercially viable, an emailed memo to staff shows. News Corp had been exploring opportunities in the TV market for content from News UK, its British newspaper publisher, over the past 18 months News […]

Business

Elon Musk says U.S. SEC is sometimes ‘too close’ to Wall Street hedge funds

Tesla Inc (TSLA.O) Chief Executive Elon Musk said on Tuesday the U.S. Securities and Exchange Commission was an important watchdog for investors but questioned why it was not more proactive against the growth of listed blank-check companies. “They have an important role to play in protecting the public from getting swindled, but are sometimes too […]

Business

Ethereum jumps to record high on report of EIB digital bond issuance

Ethereum , the world’s second largest cryptocurrency in terms of market capitalisation, touched a new peak on Wednesday, with participants citing media reports about the European Investment Bank’s plans to launch a “digital bond” sale on the ethereum blockchain network. Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In […]