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☆ Inside the NYC kitchen fueling Shake Shack's $4 billion burger empire
▼ + stars: | 2024-05-21 | by ( Nicolas Vega | ) www.cnbc.com time to read: +3 min

Shake Shack has nearly 350 locations in the U.S. and another 134 around the world and is valued at more than $4 billion. With dozens of new locations opening later this year, the team in the Innovation Kitchen is constantly developing new offerings. In order for a menu item to reach customers, it needs to be approved by Shake Shack's 13-person tasting panel. How delicious an item is is only one of the factors that the Innovation Kitchen team thinks about when developing new recipes. Shake Shack's latest limited time offering — a barbeque inspired menu — was months in the making.

Persons: John Karangis, Karangis, Shake Organizations: CNBC, Shack, Innovation Kitchen's, Innovation Locations: U.S, Bangkok, Thailand, Japan, Tokyo

☆ Here's how Disney’s streaming business can work toward Netflix-like profitability
▼ + stars: | 2024-05-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +14 min

Disney's streaming margins, while still negative due to losses and nowhere near Netflix's, have improved significantly in recent quarters and are now on the doorstep of an important milestone. Disney's streaming overview Disney+ is its flagship streaming service across the globe. The ARPU discrepancy on Disney+ core helps explain why Netflix is much more profitable than Disney's streaming business. Given that Disney's streaming business has rolled out pretty much everywhere across the globe, Cruetz said moving forward "it's about driving more penetration in those markets." The latest is a matchup with Disney and HBO's parent Warner Bros Discovery , whose flagship streaming service is called Max.

Persons: Bob Iger, Disney, Iger, Covid, Morgan Stanley, It's, That's, Cowen, Doug Creutz, Hulu's, Cowen's Cruetz, Brandon Nispel, Cruetz, TD Cowen, Max, Creutz, cannibalization, it's, KeyBanc's Nispel, Wells Fargo, Jim Cramer's, Jim Cramer, Jim, Presley Ann Organizations: Disney, Netflix, ESPN, Reliance Industries, Century Fox, CNBC, Comcast, Capital, Warner Bros Discovery, Getty Locations: Netflix's, Hulu, India, Malaysia, Philippines, Thailand, U.S, Canada, Europe, Africa, West Asia, Los Angeles

☆ With JPMorgan, Mastercard on board in biometric 'breakthrough' year, you may soon start paying with your face
▼ + stars: | 2024-05-20 | by ( Todd Wasserman | ) www.cnbc.com time to read: +5 min

In January, Steak 'N Shake, a fast-casual restaurant in the Midwest, started installing facial recognition kiosks in its 300 locations for patron check-in. "We believe our partnership with JPMorgan is a watershed moment for biometric payments as it represents the first time a leading merchant acquirer has agreed to push biometric payments to its merchant customers," Miller said. "JPMorgan brings the kind of credibility and assurance that both merchants and consumers need to adopt biometric payments." The majority still prefer fingerprint scans to facial recognition, according to a 2023 survey from PYMENTS, but age is a factor. Juniper Research forecasts over 100% market growth for global biometric payments between 2024 and 2028, and by 2025, $3 trillion in mobile, biometric-secured payments.

Persons: PopID, Dennis Gamiello, John Miller, Miller, acquirer, Sheldon Jacobson, Jacobson Organizations: Foods, Mastercard, NEC, Target, AliPay, KFC, JPMorgan, Consumers, Juniper Research, University of Illinois, Facebook Locations: Flippy, Pasadena , Calif, Midwest, Brazil, Asia, Pacific, Illinois, China, McDonald's, U.S, Urbana, Champaign

☆ Bank of America details the best hedge for a big stock-market move on Nvidia earnings
▼ + stars: | 2024-05-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Its soaring revenue and profits have driven the bulk of the S&P 500's earnings growth over the past year. Bank of America shared how investors can hedge against the risk of Nvidia's earnings swinging the broader market. Over the past 12 months, Nvidia's earnings growth drove 37% of the S&P 500's earnings per share growth. But over the next 12 months, Nvidia's earnings growth is expected to drive just 9% of the S&P 500's earnings growth. "Don't mess with proxies; hedge with NVDA options," Bank of America said.

Persons: Nvidia's, — Organizations: Bank of America, Service, Nvidia, Nasdaq

☆ Fordham: Oil prices likely won't spike amid Iranian leadership shake-up
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFordham: Oil prices likely won't spike amid Iranian leadership shake-upTina Fordham, Founder of Fordham Global Foresight, discusses the passing of the Iran president and foreign minister over the weekend.

Persons: Tina Fordham Organizations: Fordham, Fordham Global Foresight Locations: Iran

☆ Saudi Arabia’s biggest-ever plane order isn’t going to Boeing
▼ + stars: | 2024-05-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Saudi Arabia’s national airline has placed an order for 105 Airbus airplanes in the largest-ever deal in the country’s aviation history — another win for troubled Boeing’s European rival. Saudia Group’s current fleet comprises 93 Airbus and 51 Boeing aircraft, according to its website. Al-Omar did not specify whether it was the number of airplanes ordered or the total value of the order that made it Saudi Arabia’s biggest-ever aviation deal. When asked by CNN about that, as well as the value of the deal, Saudia Group did not respond, while Airbus declined to comment. Despite having a backlog of orders amounting to more 5,600 commercial jets, worth $529 billion, Boeing cannot make planes quickly enough each year to turn a profit as it’s working to address its quality issues.

Persons: Ibrahim Al, Omar, ”, “ Saudia, ” Al Organizations: London CNN, Saudi Arabia’s, Saudia Group, Saudia, Future Aviation, Airbus, Boeing, CNN, Future Aviation Forum, Saudi, National Tourism Strategy, Max Locations: Saudi, Riyadh

☆ Penguin Random House Dismisses Two of Its Top Publishers
▼ + stars: | 2024-05-20 | by ( Alexandra Alter | Elizabeth A. Harris | ) www.nytimes.com time to read: 1 min

In a significant shake up, Penguin Random House, the largest publishing house in the United States, announced on Monday that the publishers of two of its most prestigious literary imprints had been let go. The departure of Reagan Arthur, the publisher of Alfred A. Knopf, and Lisa Lucas, the publisher of Pantheon and Schocken, likely came as a surprise to many in the company — including, it seemed, to Lucas. Lucas posted on X, formerly called Twitter, that she had learned of her dismissal at 9:30 a.m. on Monday morning. “I have some regrets about spending the weekend working,” she wrote. In a memo to employees, Maya Mavjee, the president and publisher of Knopf Doubleday, acknowledged the news would likely be unsettling to many, but noted that restructuring the imprints was “necessary for our future growth.”

Persons: Reagan Arthur, Alfred A ., Lisa Lucas, Lucas, “, ”, Maya Mavjee Organizations: Penguin Random, Alfred A . Knopf, Pantheon, Schocken, Knopf Doubleday Locations: United States

☆ A Gen Xer who went back to school in her 50s explains why taking on student loans to advance her career was worth it — even if it means retiring later
▼ + stars: | 2024-05-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Neilson, 59, went into retail management after earning a general studies degree with a business concentration. "The money that I would like to be able to contribute to a retirement account is going to go instead to pay student loans." BI has previously spoken to some other older adults who have struggled with career progression later in life. For example, Crystal, a 62-year-old, never received a college degree, and it's kept her from progressing in the workforce. "With my age, I was just not attractive on paper, and not having a college degree was always a factor, too," Crystal said.

Persons: Kris Neilson's, Neilson, it'll, She'll, I'm, it's, Crystal Organizations: Service, BI, National Bureau of Economic Research, Gallup, Lumina Foundation Locations: Neilson

☆ Jürgen Klopp and Liverpool, a Love Affair in Street Art and Silverware
▼ + stars: | 2024-05-19 | by ( Rory Smith | ) www.nytimes.com time to read: +1 min

On Thursday, he and his players shared one last barbecue at Liverpool’s training facility on the fringe of the city. There is still the looming specter of Sunday, when he will take charge of Liverpool one final time. They have moved him so much that, when asked by the club’s in-house television channel to read a handful, he demurred. Klopp does not pretend to understand, not fully, why there is such a depth of feeling toward him from Liverpool’s fans — the club’s “people,” as he calls them. “I know that if you are Liverpool manager, people like you,” he said.

Persons: Jürgen, Liverpool’s, ”, “, “ It’s, Klopp Organizations: Anfield, Liverpool Locations: Liverpool, Anfield

☆ Opinion | Seven Theories for Why Biden Is Losing (and What He Should Do About It)
▼ + stars: | 2024-05-19 | by ( Ezra Klein | ) www.nytimes.com time to read: +1 min

Among likely voters, Biden is trailing Donald Trump by one point in Wisconsin and three points in Pennsylvania. Still, Biden is losing to Trump. Now he’s behind in those states by six points, nine points and 13 points in the latest Times/Siena/Philadelphia Inquirer poll. Have those states turned red? The electorate hasn’t turned on Democrats; a crucial group of voters has turned on Biden.

Persons: It’s, Joe Biden’s, Biden, Donald Trump, Biden didn’t, Trump, hasn’t, “ Donald Trump, ”, “, I’ll Organizations: Trump, Philadelphia Inquirer, Arizona and, Arizona and Nevada Senate Locations: Wisconsin, Pennsylvania, Michigan, Arizona, Georgia, Nevada, Siena, Arizona and Nevada

☆ OpenAI founders Sam Altman and Greg Brockman go on the defensive after top safety researchers quit
▼ + stars: | 2024-05-18 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

OpenAI's Ilya Sutskever and Jan Leike, who led a team focused on AI safety, resigned. Founders Sam Altman and Greg Brockman are now scrambling to reassure everyone. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTwo of OpenAI's founders, CEO Sam Altman and President Greg Brockman, are on the defensive after a shake-up in the company's safety department this week. Sutskever and Leike led OpenAI's super alignment team, which was focused on developing AI systems compatible with human interests.

Persons: OpenAI's Ilya Sutskever, Jan Leike, Sam Altman, Greg Brockman, —, Ilya Sutskever, Leike Organizations: Service, Business

☆ Opinion | Why the Manhattan Trial Is Probably Helping Trump
▼ + stars: | 2024-05-18 | by ( Ross Douthat | ) www.nytimes.com time to read: +1 min

Throughout the Republican primary campaign (such as it was), it was perfectly clear that the multiple indictments of Donald Trump helped him consolidate support. This was a source of moral exasperation to liberals, but their bafflement coexisted with the hope that what played well with the MAGA faithful would have the opposite effect in the general election. Trump’s cries of persecution might rally conservatives in a primary, but the trials themselves would help Joe Biden cruise to re-election. But watching the trial play out so far, it seems just as likely that as in the primaries, so now in the general election: Any political effect from being charged and tried is probably working marginally in Trump’s favor. First, consider how this trial plays if you are not paying close attention to the legal details.

Persons: Donald Trump, MAGA, Trump’s, Joe Biden, we’re, Trump, Stormy Daniels Organizations: Republican

☆ How Spirit AeroSystems fits into Boeing's rebound plan
▼ + stars: | 2024-05-18 | by ( Erin Black | ) www.cnbc.com time to read: +1 min

And in an effort to correct manufacturing flaws and get production back on track, it announced it's in talks to buy fuselage maker Spirit AeroSystems — a company that Boeing spun off in 2005. Spirit AeroSystems, which is not to be confused with Spirit Airlines, is one of the biggest aerostructure companies in the world with many locations around the globe. "Spirit provides 100% of the fuselages for the world's second-most popular aircraft, the 737. " Over the past few years, there have been a series of manufacturing flaws that have come out of the Spirit AeroSystems factory on some fuselages that are going to Boeing. Spirit, however, also supplies parts to Airbus and other plane manufacturers, making the deal a little complex.

Persons: Max, Kevin Michaels Organizations: Boeing, Airbus, Spirit Airlines

☆ Lady Tilley Arnold is Benedict's new love interest on 'Bridgerton' season 3 — here's what to know about her, and if she's in the books
▼ + stars: | 2024-05-17 | by ( Olivia Singh | ) www.businessinsider.com time to read: +5 min

Benedict Bridgerton has a new love interest on season three of "Bridgerton" — a widow named Lady Tilley Arnold who's in no rush to remarry but is enjoying the company of the titular family's second-born sibling. AdvertisementLady Tilley Arnold doesn't appear in Julia Quinn's Bridgerton book seriesHannah New as Lady Tilley Arnold on season three, episode three of "Bridgerton." Hannah New as Lady Tilley Arnold and Luke Thompson as Benedict Bridgerton on season three, episode three of "Bridgerton." Does Benedict Bridgerton end up marrying Lady Tilley Arnold? Hannah New as Lady Tilley Arnold and Luke Thompson as Benedict Bridgerton on season three, episode three of "Bridgerton."

Persons: —, Benedict Bridgerton, Lady Tilley Arnold who's, Hannah New, Benedict, Luke Thompson, Tilley, Julia Quinn's, Lady Tilley Arnold doesn't, Julia Quinn's Bridgerton, Lady Tilley Arnold, Liam Daniel, Netflix Lady Tilley Arnold isn't, Lord Hawkins, she's, Hawkins, Lady Hawkins, Tilley's, Charlotte's, Golda Rosheuvel, Eloise Bridgerton's, Theo Sharpe, Sophie Beckett, Jess Brownell Organizations: Service, Business, Netflix, TV Locations: Mayfair

☆ How Google CEO Sundar Pichai shook up his leadership team for the AI era
▼ + stars: | 2024-05-16 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

It came almost 12 months after Google combined two key AI groups, DeepMind and Google Brain. Google's AI MVPGoogle DeepMind CEO Demis Hassabis GoogleDemis Hassabis might be the most important person at Google right now. Then, in April last year, Pichai announced he would merge DeepMind with Google's in-house AI unit, known as Brain, into a supergroup named Google DeepMind. Reid reports directly to Raghavan, the ads and search senior vice president, and is shepherding a dramatic transition of Google Search. Fears of chatbots eating into Google's search dominance have yet to be realized, giving Google time to reinvent its most hallowed product.

Persons: —, Sundar Pichai, Pichai, Susan Wojcicki, Demis, Hassabis, Larry Page, DeepMind, OpenAI, it's, accrues, ED JONES, Rick Osterloh, Sameer Samat, he'll, Hiroshi Lockheimer, Osterloh, Prabhakar Raghavan, Siri, Tim Cook, Hiroshi, SAJJAD HUSSAIN, Liz Reid, Reid, Raghavan, Pandu Nayak, Venkatachary, It's, chatbots, Bernstein, Mark Shmulik Organizations: Service, Google, Business, Google's, BI, Research, Hassabis, Android, Apple, Apple's Vision, CNBC, Google Local Locations: Raxium

☆ Amazon's cloud business needs a 'bulldozer.' New AWS CEO Matt Garman fits the bill.
▼ + stars: | 2024-05-15 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Read previewAt an October all-hands meeting, an Amazon Web Services employee asked executive Matt Garman about the company's difficult work environment. The people who spoke with BI about Garman asked not to be identified so they could freely discuss his abilities. One AWS employee pointed out to BI that Amazon Q was months behind the launch of Microsoft's AI Copilots. Associated PressOutside of AI, AWS has struggled in its core startups and small business segments, failing short of sales targets last year, as BI previously reported. Those customers are particularly important for AWS because the company built its early business by embracing that market.

Persons: —, Matt Garman, Garman, It's, Adam Selipsky, Selipsky, Andy Jassy, Matt, Amazon's, Patrick Neighorn, He'd, We're, Neighorn, it's, Claude, AWS's, let's Organizations: Service, Amazon Web Services, AWS, Business Insider, Employees, Business, Amazon, Stanford, BI, Mizuho Securities, Q, Cohere, Mistral, Google, Associated Locations: Anthropic

☆ Analysis: Cohen gets a breather after bruising cross-examination as Trump looks on
▼ + stars: | 2024-05-15 | by ( Stephen Collinson | ) edition.cnn.com time to read: +8 min

Blanche took Cohen through a long list of the insults he’s unleashed at Trump since becoming estranged from his former mentor, highlighting his penchant for serial lying. He drew jurors’ attention to a social media post in which Cohen wore a T-shirt that depicted Trump in jail, as he spun a narrative of bias and obsession. A key legal conundrum is whether prosecutors have so far succeeded in validating the legal theory behind the case. That foreboding realization was exacerbated by a new posse of Trump supporters at the courthouse on Tuesday, including House Speaker Mike Johnson. While Cohen’s reluctance to offer yes-and-no answers came across at times as flippant and confrontational, he did not appear to say or do anything to torpedo the prosecution case.

Persons: Donald Trump’s, Michael Cohen, don’t, Cohen, ”, Todd Blanche, president’s, didn’t, he’s, Trump, Stormy Daniels, Blanche, ” Cohen, he’d, ” Blanche, douchebag, ” Michael Moore, “, Moore, Juan Merchan, Will Trump’s, ” Shira Scheindlin, CNN’s Jake Tapper, ” Scheindlin, “ Cohen, Mike Johnson, ” Johnson, Andrew McCabe, Cohen’s, ” Moore, Daniels, Susan Hoffinger, reimbursements, ’ ” Cohen Organizations: CNN, GOP, Trump, Middle, Middle District of, Louisiana Republican, Defense, FBI Locations: Ohio, Kentucky, Middle District, Middle District of Georgia, New York, Louisiana, Blanche, Manhattan

Behind a big shake-upA day after OpenAI announced major updates to its ChatGPT chatbot, the company said its chief scientist and co-founder was leaving. There were signs that Ilya Sutskever would quit, six months after he helped lead the rebellion that briefly ousted Sam Altman as OpenAI’s C.E.O. But it also raises questions about the future of a leading developer of generative A.I. “OpenAI would not exist without him and certainly was shaped by him,” Altman told The Times about Sutskever. But Sutskever’s presence at OpenAI may have become untenable.

Persons: OpenAI, Ilya Sutskever, Sam Altman, OpenAI’s, “ OpenAI, ” Altman, Altman, Elon Musk, Sutskever Organizations: Times

Google I/O 2024 "should assuage fears over [Alphabet's] AI competitive position," analysts at Oppenheimer wrote in a research note to clients on Wednesday. Here's the full list of Alphabet's AI updates. "I was using Google Search versus using ChatGPT … [and] ChatGPT was so much more thorough than Google without ads. The next big question in AI: Who will Apple choose to partner with for its own AI features? Google CEO Sundar Pichai speaks at the Google I/O developer conference.

Persons: Goldman Sachs, Oppenheimer, Bard, Jim Cramer, Siri, Alexa —, Sundar Pichai, ChatGPT, Jim, Goldman, Jim Cramer's, Andrej Sokolow Organizations: Citi, Google, Wednesday, ChatGPT, Microsoft, Gmail, Gemini, Apple, Developers, CNBC, Getty

☆ Biden trolls Trump over his Manhattan trial while offering 2 presidential debates
▼ + stars: | 2024-05-15 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +6 min

Read previewPresident Joe Biden's campaign is trolling Donald Trump over his Manhattan criminal trial while pushing the former president to agree to an unprecedented summer presidential debate. On Wednesday morning, Biden's campaign proposed two presidential debates outside the traditional nonpartisan organization that has scheduled such contests for decades. Their suggestion includes an unprecedented June debate, which would easily be the earliest major presidential debate. ;'"The biggest shake-up to presidential debates in decadesBiden's proposed debates would be in June and early September. The organization, the Commission on Presidential Debates, has faced criticism in recent years, especially from Republicans, over its selection of moderators.

Persons: —, Joe Biden's, Donald Trump, Biden, CNN's, I’ve, Donald, — Joe Biden, Trump, Juan Merchan, doesn't, Let's, Biden's, Robert F, Kennedy Jr, Jen O'Malley Dillon, Dillon, George H.W Bush's, O'Malley Dillon Organizations: Service, Manhattan, Business, Republican National Convention, Electoral College –, American Locations: @CNN, Manhattan

☆ 'Someone played this beautifully': Why one expert is suspicious of the latest meme-stock revival
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Deep out-of-the-money call options saw an explosion in trading volume just before the return of "Roaring Kitty." AdvertisementThe recent explosion in meme stocks like GameStop and AMC Entertainment looks suspicious, according to one market expert. Aside from the call options, GameStop stock has been gaining since late April, jumping about 60% from April 24 through March 10 despite no fundamental news on the company. "A suspicious person might wonder why 'Roaring Kitty' chose to return to social media today. The SEC filings in BBBY were boilerplate, and the social media post literally had no words.

Persons: Steve Sosnick, —, Sosnick, Kitty, Ryan Cohen, Cohen, it's Organizations: GameStop, Interactive, Service, AMC Entertainment, Interactive Brokers, Yahoo Finance, SEC Locations: Bath

☆ Mothers of Miss USA and Miss Teen USA Speak Out on Resignations
▼ + stars: | 2024-05-15 | by ( Anneta Konstantinides | ) www.businessinsider.com time to read: +15 min

A rocky startVoight was the first Miss Utah to win the Miss USA crown since 1960. Miss USARose, a fashion designer, bought the Miss USA license after a turbulent year that included rigging allegations and a sexual harassment cover-up. Hector Vivas/Getty ImagesIn her Miss USA resignation letter, Noelia detailed the "detrimental mental and emotional toll" of her time at Miss USA and how it "greatly impacted" her physical health. Noelia and UmaSofia's reigns as Miss USA and Miss Teen USA would have officially ended in August, but their mothers said it became too much. The network — which signed a three-year deal in April to air both the Miss USA and Miss Teen USA competitions — said on Monday that it's now "evaluating its relationship with both pageants," according to USA Today.

Persons: Noelia Voigt, Jackeline Voigt, Noelia's, Jackeline, Barbara Srivastava —, Miss Teen USA UmaSofia Srivastava, Noelia, UmaSofia, Barbara, Miss USA's, Laylah Rose, aren't, Rose, Voight, We're, we're, Brian Ach, Miss USA, Thom Brodeur, UmaSofia Srivastava, Barbara Srivastava Barbara, didn't, Stephanie Skinner, Skinner, Teen USA — Barbara, Rose hadn't, USA's, Kenya Moore, Olivia Culpo, they're, Voigt, Hector Vivas, —, — Noelia, Rose weaponized, Claudia Michelle —, Michelle, Colorado Arianna Lemus, Laylah, she's, Barbara Srivastava, it's, Brodeur Organizations: Miss USA, Business, Miss Teen USA, Miss, ABC News, New York, Christmas, Teen USA, Miss Universe, El, ., BI, USA, Miss Teen, Noelia, CW Network Locations: Venezuelan American, Miss Utah, Miss USA, Noelia's, USA, El Salvador

☆ Russia Detains Senior General, Widening Military Purge
▼ + stars: | 2024-05-14 | by ( Anatoly Kurmanaev | ) www.nytimes.com time to read: +1 min

Russian security agents detained a senior general early Tuesday, widening a purge of the country’s sprawling Defense Ministry amid President Vladimir V. Putin’s broader shake-up of his government. Lt. Gen. Yuri Kuznetsov, who oversaw the ministry’s personnel department, was detained on an accusation of “large-scale” bribery, Russia’s Investigative Committee, a federal law enforcement agency, said in a statement on Tuesday. His detention came after Mr. Putin unexpectedly removed his long-serving defense minister, Sergei K. Shoigu, from his post and replaced him with a member of his economic team. Prosecutors said General Kuznetsov received a bribe from “commercial interests” between 2021 and 2023, when he worked on the protection of state secrets at the Armed Forces’ General Staff. The prosecutors claimed that security agents discovered cash equivalent to $1 million and luxury items during a search of General Kuznetsov’s home.

Persons: Vladimir V, Yuri Kuznetsov, Putin, Sergei K, General Kuznetsov, Kuznetsov’s Organizations: Mr, Prosecutors, Armed Forces ’, Staff

☆ China’s Alibaba stock drops almost 6% after earnings report shows profit tumbled 86%
▼ + stars: | 2024-05-14 | by ( ) edition.cnn.com time to read: +3 min

China’s largest e-commerce group by market share has had a tumultuous year since announcing the biggest shake-up in its 25-year history in March 2023, splitting into six units and refocusing on its core businesses, including domestic e-commerce. Group net income, however was 3.27 billion yuan ($452 million), compared with 23.52 billion yuan a year ago. The group reported revenue of 221.87 billion yuan in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data. The segment delivered with 45% growth, compared with an expected 39% revenue rise, according to LSEG data. It also saw losses nearly double to 4.1 billion yuan ($567 million) from 2.2 billion a year ago as it invested heavily to remain price competitive and shorten delivery times.

Persons: Joe Tsai, ”, “, Jacob Cooke Organizations: Reuters, Consumers, Tmall, Technologies Locations: Hong Kong, New York, China

☆ Google search will never be the same
▼ + stars: | 2024-05-14 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Google unveiled a revamped vision of its hallmark search product at I/O on Tuesday. "Google will do the Googling for you," its head of search said of the AI-driven experience. That's the vision head of search Liz Reid laid out onstage at Google I/O on Tuesday. Google unveiled an AI-enhanced version of Search, along with a lot of promises. This story is available exclusively to Business Insider subscribers.

Persons: —, Liz Reid Organizations: Google, Service, Business

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