DIRS.INFO The most relevant business & tech news

☆ BT CEO pay to be frozen until retirement - Sky News
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - BT Group's (BT.L) CEO Philip Jansen is to freeze his salary of 1.1 million pounds ($1.4 million) until he retires from Britain's largest telecoms group, Sky News reported on Wednesday. The BT Group chief's base pay will be maintained at the level it was set when he joined the company in 2019 and is expected to be published in the telecoms group's annual report due Thursday, according to Sky News. Jansen's annual salary had been fixed for five years upon assuming the role in 2019, which would have expired this year. His salary was to be renewed on a rolling basis until he eventually left the company, said a source to Sky News. BT Group did not immediately respond to a Reuters request for comment.

Persons: Philip Jansen, Patrick Drahi, Shreyaa Narayanan, Krishna Chandra Organizations: BT, Sky News, BT Group chief's, Franco, BT Group, Thomson Locations: Bengaluru

☆ Factbox: Global firms with exposure to collapsed SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +7 min

March 13 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain. Below is a list of companies across the globe that have revealed their exposure to SVB:EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States. Moonpig adds that SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicateASIA-PACIFICNITRO SOFTWARE (NTO.AX)Australia's productivity software maker Nitro Software Ltd (NTO.AX) said it had about $12.18 million of its global cash reserves held on deposit at SVB.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

☆ Ebay to lay off 500 employees
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - E-commerce firm eBay Inc (EBAY.O) said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade. "This shift gives us additional space to invest and create new roles in high-potential areas - new technologies, customer innovations and key markets," said Jamie Iannone, Chief Executive Officer of Ebay in a message to employees. A raft of U.S. companies from Goldman Sachs Group Inc (GS.N) to Alphabet Inc (GOOGL.O) have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates. Reporting by Chavi Mehta and Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Pinterest misses quarterly revenue estimates on lower ad spends
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Pinterest Inc (PINS.N) shares fell about 10% in aftermarket trade on Monday after the company missed quarterly revenue estimates as user growth slowed on the image-sharing platform and businesses cut advertising spending in a turbulent economy. The company announced chief financial officer and head of business operations Todd Morgenfeld would be leaving Pinterest on July 1, 2023. The image-sharing platform said it expected revenue to grow in low single digits year-over-year in the current quarter, compared with Wall Street estimates of 6.95% growth. The company's global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million. The company's revenue in the fourth quarter ended Dec. 31 grew 4% to $877 million.

The company gave a lackluster quarterly revenue forecast a day earlier that it blamed on a tough economy, a strong dollar and "significant" poor product execution at Tinder. The cuts have already taken place in the United States and are being implemented in other countries. "In addition to the cuts, we expect Match to place greater emphasis on marketing its Tinder and Hinge brands, core areas of growth for 2023," CFRA Research analyst Angelo Zino said. It forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. The company also reported its first-ever quarterly revenue decline.

REUTERS/Dado Ruvic/IllustrationFeb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations. Shares of the Texas-based firm were down 7.8%, having lost 11% after the bell on Tuesday following its downbeat forecast. The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession. The workforce reductions at Match are in-line with staff cuts across the broader tech sector, Zino added. Reuters GraphicsMatch forecast first-quarter revenue between $790 million and $800 million on Tuesday, lower than analysts' estimates of $817.3 million, according to Refinitiv data.

☆ Tinder owner Match to cut staff by about 8%
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, becoming the latest tech company to cut jobs in the face of rising interest rates and lower spending from consumers. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. Revenue fell 2% to $786 million in the fourth quarter ended Dec. 31, also missing expectations of $787.3 million.

☆ BuzzFeed soars on reports of Meta deal, plans to use OpenAI
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Shares of BuzzFeed Inc (BZFD.O) jumped on Thursday on reports of a deal with Meta Platforms Inc (META.O) and plans to use artificial intelligence to personalize and enhance the digital media firm's online quizzes and content. Buzzfeed, in an emailed response to Reuters, said "we are not using ChatGPT - we are using OpenAI's publicly available API (application programming interface)." Earlier in the day, the stock had jumped 50% on a separate report by the Journal that said Meta was paying BuzzFeed millions of dollars to bring more creators to Facebook and Instagram. Indicating interest from retail traders, BuzzFeed shares were among the top three orders on Fidelity's platform on Thursday. Its third-quarter net loss had widened to $27 million from $3.6 million a year ago.

☆ S&P cuts France's outlook to 'negative' on rising budgetary risks
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Ratings agency S&P Global cut France's outlook to "negative" from "stable" on Friday, reflecting its view of rising risks to the country's public finances and the resulting fiscal space reduction. The country's slowing economy and government measures to cushion households and businesses from energy inflation is expected to weigh on public finances, the ratings agency said. Ratings agency Moody's, in its most recent rating action, affirmed France's rating at AA2, with a stable outlook. In September, the French government forecast that public debt will hover around 111.5% of GDP until 2026 before easing. The agency affirmed France's sovereign credit rating at "AA/A-1+".

☆ Elon Musk says Twitter to provide 'amnesty' to some suspended accounts starting next week
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Elon Musk said on Thursday that Twitter will provide a "general amnesty" to suspended accounts starting next week after running a poll on whether to do so for users who had not broken the law or engaged in egregious spam. In a poll Musk posted on Twitter on Wednesday, 72.4% of the more than 3.16 million users who took part voted in favor of bringing back those who had been suspended by the social media platform. loading"The people have spoken," Musk, who acquired Twitter last month, tweeted on Thursday. loadingLast week, Musk, the world's richest person, reinstated some previously suspended accounts, including former U.S. President Donald Trump, satirical website Babylon Bee and comedian Kathy Griffin. Earlier Thursday, Musktweeted that Twitter users might notice small, sometimes major improvements in the platform's speed, which would be significant in countries far away from the United States.

☆ S&P pushes Argentina's local currency rating deeper into junk territory
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Ratings agency S&P Global on Wednesday cut Argentina's long-term local currency sovereign credit rating by two notches to "CCC-" from "CCC+" to reflect increased vulnerabilities over the next six months given the concentration in the peso-debt profile. Argentina had conducted a local debt exchange last week offering the same dual bonds as in August 2022 to lessen peso-dominated maturities over the remainder of the year, S&P said. "Notwithstanding additional external official financing, reflecting progress under its EFF, macroeconomic instability and a polarized political landscape are exacerbating vulnerabilities for local debt placements," the agency added. The agency's outlook on Argentina remained unchanged at negative. Reporting by Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Bumble shares tumble after weak fourth-quarter revenue forecast on forex hit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Bumble also faces competition from larger rival Match Group Inc (MTCH.O), which topped revenue estimates last week on the back of a jump in paying users for its flagship app Tinder. Bumble now expects current-quarter revenue between $232 million and $237 million, compared to Wall Street's estimates of $254.5 million, according to Refinitiv data. Earlier in March, Bumble said it is discontinuing operations in Russia, including the removal of all of its apps from Apple App Store and Google Play Store in Russia and Belarus. Bumble, which made its market debut in February 2021, said its total paying users increased to 3.3 million during the quarter. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix explores investing in live sports, bids for streaming rights- WSJ
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Netflix Inc (NFLX.O) is exploring investments in live sports broadcasting and has recently bid for the streaming rights for sports leagues, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company recently bid for the streaming rights for the ATP tennis tour for some European countries, including France and the U.K., but dropped out, the report said. The company also discussed bidding for other events, including U.K. rights to the Women's Tennis Association and cycling competitions, and was in talks late last year to acquire the World Surf League, the WSJ said. Streaming platforms are also looking at live sports to gain market share in an already saturated market. read moreReporting by Shreyaa Narayanan and Vansh Agarwal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Tinder-owner Match Group beats estimates for quarterly revenue
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

Nov 1 (Reuters) - Match Group (MTCH.O) beat estimates for third-quarter revenue on Tuesday as more paying users, undeterred by decades-high inflation, signed up on its dating apps Tinder and Hinge. The company's revenue rose 1% to $810 million. Analysts on average had expected about $793 million, according to Refinitiv data. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Tinder parent delivers stellar quarter as more people pay to find right match
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

The company, however, forecast flat growth in fourth-quarter revenue for Tinder. Match plans to tackle the slowdown with reductions in headcount-related expenses and marketing spend and expects to have flat margins in 2023. Shares of the company were trading at $51.21 in extended trading. read moreMatch forecast fourth-quarter revenue between $780 million and $790 million, below market estimates of $809.2 million, as it expects to take an additional $14 million hit from a stronger U.S. dollar than it had previously expected. The company added that a search was ongoing for Tinder CEO, a position vacant since the sudden departure of Renate Nyborg in August.

Oct 27 (Reuters) - Pinterest Inc (PINS.N) beat estimates for quarterly revenue on Thursday, making it a rare bright spot in an otherwise downbeat social media sector and sending the image-sharing platform's shares 15% higher in after-hours trading. Pinterest returned to user growth in the July-September period after three straight quarters of decline, with its global monthly active users rising 2.8% sequentially to 445 million, above Factset estimates of 437.4 million. He added the resilience in ad sales was driven by the fact that a large portion of Pinterest's ad sales come from e-commerce and consumer goods. Pinterest's third-quarter revenue rose 8% to $684.6 million. The company's global average revenue per user jumped 11% to $1.56.

☆ Pinterest shares surge as return to user growth drives revenue beat
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Pinterest Inc (PINS.N) beat estimates for quarterly revenue on Thursday, making it a rare bright spot in an otherwise downbeat social media sector and sending the image-sharing platform's shares 15% higher in after-hours trading. The company returned to user growth in the third quarter, with its global monthly active users rising 2.8% sequentially to 445 million, which was above Factset estimates of 437.4 million. Pinterest's global average revenue per user (ARPU) jumped 11% to $1.56 in the quarter. Pinterest said it was expecting revenue growth in mid-single-digit percentage in the current quarter, due to slightly greater foreign exchange headwinds than in the third quarter. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: From outer space to social media, Elon Musk's growing universe
▼ + stars: | 2022-04-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] SpaceX owner and Tesla CEO Elon Musk smiles at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike BlakeOct 28 (Reuters) - U.S. billionaire Elon Musk became Twitter Inc's (<TWTR.N>) new owner on Thursday after he completed his $44 billion deal to acquire the social media firm, concluding a dramatic six-month saga. Musk fired Twitter's top executives and gave little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. read moreTwitter initially resisted Musk's $54.20 offer by adopting a poison pill and later sued the world's richest man after he announced plans to abandon the offer on concerns about spam accounts on the platform. read moreThe tech entrepreneur, whose net worth is nearly $222 billion according to Forbes, has founded, co-founded or is leading the following companies:The tech entrepreneur's investments in other smaller startups:Compiled by Sonia Cheema, Chavi Mehta, Akash Sriram, Tiyashi Datta and Shreyaa Narayanan; Edited by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Shreyaa Narayanan"

20 mentions found