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☆ Accenture looks to power AI efforts with $3 billion investment
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Accenture said on Tuesday it will invest $3 billion over three years into its data and AI practice, doubling the number of employees that are working with the cutting-edge technology at the IT consulting firm. The company, which consults and services various clients on generative AI projects, said it will have 80,000 people working on AI as it hires, buys other companies and trains more employees. Accenture did not say by when it would hit that number, but added that the investment was aimed to help companies across 19 industries. The firm's move underscores a rush among companies to burnish their offerings with generative AI - technology that the likes of Microsoft (MSFT.O) and Alphabet (GOOGL.O) say will change the way many jobs are done. On Monday, Salesforce (CRM.N) doubled its venture capital fund for generative AI startups to $500 million and unveiled an AI Cloud service that hopes to attract enterprises by offering its AI-powered products under one umbrella.

Persons: Tiyashi Datta, Nivedita Organizations: Accenture, Microsoft, Enterprise, Thomson Locations: Bengaluru

☆ Salesforce unveils AI Cloud offering, doubles fund for AI startups to $500 mln
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Salesforce (CRM.N) on Monday doubled its venture capital fund for generative AI startups to $500 million and unveiled the AI Cloud service that hopes to attract enterprises by offering the company's AI-powered products under one umbrella. AI Cloud will include Salesforce's products from the Einstein service to workplace-messaging app Slack and data analysis software Tableau. The move underscores the race among technology companies to incorporate their tools with generative AI, which can create new text, imagery and other content based on inputs from past data. Along with the company's own offerings, AI Cloud will host the large-language models (LLMs) - the core software of artificial intelligence systems - from providers such as Amazon Web Services, Anthropic and Cohere. Salesforce said it plans to ensure data privacy for businesses using such offerings by helping prevent the LLMs from retaining sensitive customer information.

Persons: Marc Benioff, Salesforce, Einstein, OpenAI, Slack, Tiyashi Datta, Shailesh Organizations: Amazon Web Services, Thomson Locations: Bengaluru

☆ Explainer: Reddit protest: Why are thousands of subreddits going dark?
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +4 min

Subreddits such as r/Music, r/gaming, r/science and r/todayilearned - all with more than 30 million subscribers - are participating. Unlike most other social media platforms, Reddit is heavily dependent on community moderators, "or mods", who police their subreddits for free to weed out offensive or illegal content. What are third-party app developers saying? Elon Musk's Twitter in January restricted all third-party clients and apps and updated their rules for developers accessing its APIs. Reporting by Tiyashi Datta, Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Reddit, Steve Huffman, Christian Selig, Huffman, Elon, Tiyashi Datta, Akash Sriram, Jaspreet Singh, Devika Organizations: Apple Inc, Microsoft, New York Times, Elon Musk's Twitter, Twitter, Thomson Locations: Bengaluru

☆ EV maker Lordstown plans to sue Foxconn over funding dispute
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

The company, and its EV peers have been struggling as access to capital tightens from rising interest rates and economic uncertainty. The cash-strapped EV maker had warned earlier it might be forced to file for bankruptcy, citing uncertainty over a $170 million investment deal with Foxconn through which the Taiwanese company would hold a near-20% stake in the money-losing U.S. firm. Foxconn has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "The company believes that Foxconn's various breaches of the investment agreement and pattern of bad faith have caused material and irreparable harm to the company," Lordstown added in the filing. Reporting by Tiyashi Datta in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Lordstown, Tiyashi Datta, Savio D'Souza, Nivedita Organizations: Lordstown Motors, EV, U.S, U.S ., Thomson Locations: tightens, U.S, Ohio, Bengaluru

☆ Arrival to convert Antara's $20 mln loan into equity (June 6)
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - (This June 6 story has been corrected to say Arrival reduced its headcount by 50% in the first quarter, in paragraph 4)Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load. Antara has a 1.69% stake in Arrival, according to Refinitiv data. After the exchange, Arrival will still have about $300 million of principal amount in convertible notes that can be converted into equity. EV firms have been experiencing a cash problem over the past few months, as high costs related to production ramp-ups and soaring inflation eat into their reserves. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Antara, Tiyashi Datta, Anil D'Silva Organizations: EV, Corp, Thomson Locations: Kensington, Bengaluru

☆ Embattled CEO Chris Licht out at CNN
▼ + stars: | 2023-06-07 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

[1/2] Chris Licht arrives for the Time 100 Gala celebrating Time magazine's 100 most influential people people in the world in New York, U.S., June 8, 2022. REUTERS/Caitlin OchsJune 7 (Reuters) - CNN Chairman and Chief Executive Chris Licht has stepped down from the media company, effective immediately, parent company Warner Bros. The move comes less than a week after the Atlantic magazine published a critical report about Licht. Discovery President and Chief Executive David Zaslav wrote that the company will be conducting a wide search, internally and externally, for a new leader. Reporting by Tiyashi Datta in Bengaluru; Editing by Savio D'Souza and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Licht, Caitlin Ochs, Amy Entelis, Virginia Moseley, Eric Sherling, David Leavy, David Zaslav, Chris, Zaslav, –, ” Licht, Stephen Colbert, ”, Jeff Zucker, Licht, Donald Trump, Trump, Kaitlan Collins, Tiyashi Datta, Savio D'Souza, Nick Zieminski Organizations: REUTERS, CNN, Warner Bros ., Warner Bros, Discovery, CBS, Republican, U.S . Capitol, Thomson Locations: New York, U.S, Bengaluru

☆ Arrival to convert Antara's $20 mln loan into equity
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load. Antara has a 1.69% stake in Arrival, according to Refinitiv data. After the exchange, Arrival will still have about $300 million of principal amount in convertible notes that can be converted into equity. Arrival in April effected a 1-50 reverse stock split to regain compliance with Nasdaq's listing rules and said it will merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N) to raise cash. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Antara, Tiyashi Datta, Anil D'Silva Organizations: EV, Corp, Thomson Locations: Kensington, Bengaluru

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ Disney removes some produced content from its direct-to-consumer services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 2 (Reuters) - Walt Disney Co (DIS.N) said on Friday that it has removed certain produced content from its direct-to-consumer (DTC) services and will record a related $1.5 billion impairment charge in its fiscal third-quarter financial statements. Reporting by Tiyashi Datta in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Tiyashi Datta, Devika Organizations: Walt Disney Co, Thomson Locations: Bengaluru

☆ Twitter's head of brand safety and ad quality to leave
▼ + stars: | 2023-06-02 | by ( Sheila Dang | ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Twitter's head of brand safety and ad quality, A.J. Brown, has decided to leave the company, according to a source familiar with the matter on Friday, the second safety leader to depart in a matter of days. The latest departure adds to a growing challenge for new Twitter CEO Linda Yaccarino, even before she steps into the role. Musk's hiring of Yaccarino, former ad chief at Comcast's NBCUniversal, signaled that ad sales remained a priority for Twitter even as it works to grow subscription revenue. Twitter and Brown did not immediately respond to Reuters' requests for comment.

Persons: Brown, Linda Yaccarino, Ella Irwin, Elon Musk, Comcast's NBCUniversal, Tiyashi Datta, Sheila Dang, Maju Samuel, Marguerita Choy Organizations: Reuters, Wall Street, Tesla, Twitter, Thomson Locations: Bengaluru, Dallas

☆ Twitter’s head of brand safety and ad quality decides to leave - WSJ
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 2 (Reuters) - A.J. Brown, Twitter's head of brand safety and ad quality, has decided to leave the company, the Wall Street Journal reported on Friday, citing people familiar with the matter. Reporting by Tiyashi Datta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brown, Tiyashi Datta, Maju Samuel Organizations: Wall Street, Thomson Locations: Bengaluru

☆ Broadcom forecasts third-quarter revenue above estimates
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: 1 min

June 1 (Reuters) - Broadcom Inc (AVGO.O) forecast third-quarter revenue above market estimates on Thursday, as it became the latest chip firm to benefit from a demand boost from corporate spending on AI-related technologies. The viral success of ChatGPT has sparked a surge in orders for chips that power data center and underpin AI. The company forecast current-quarter revenue of about $8.85 billion, while analysts polled by Refinitiv are expecting revenue of $8.72 billion. Revenue in the second quarter rose 8% to $8.73 billion, compared with the estimates of $8.71 billion. Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: ChatGPT, Refinitiv, Chavi Mehta, Tiyashi Datta, Anil D'Silva Organizations: Broadcom Inc, Revenue, Thomson Locations: Bengaluru

☆ Dell's first-quarter results fall less than feared on cost cuts
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

The stock was halted after the company announced results during regular trading hours, earlier than its schedule for an after-market release. "We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses reduced 6% to $3.57 billion during the quarter. First-quarter revenue fell 20% to $20.92 billion, compared with analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Bengaluru

"We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses fell 6% to $3.57 billion during the first quarter. The company's revenue dropped 20% to $20.92 billion, but came in above analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline. The Texas-based company expects second-quarter revenue to be between $20.2 billion and $21.2 billion, below expectations of $21.2 billion at midpoint.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Texas, Bengaluru

☆ Broadcom forecasts third-quarter revenue above estimates on AI boost
▼ + stars: | 2023-06-01 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Broadcom Inc (AVGO.O) forecast third-quarter revenue above market estimates on Thursday, as it benefits from massive corporate investments in AI-related technologies. Broadcom Chief Executive Hock Tan said generative AI could account for more than 25% of the company's semiconductor revenue in 2024. Broadcom supplies chips used in data centers for networking and specialized chips that speed up AI work. It released a new chip for wiring together supercomputers for AI work using networking technology in April. Broadcom forecast current-quarter revenue of about $8.85 billion, while analysts polled by Refinitiv are expecting revenue of $8.72 billion.

Persons: ChatGPT, Hock Tan, Tan, Kinngai Chan, Refinitiv, Chavi Mehta, Tiyashi Datta, Anil D'Silva Organizations: Broadcom Inc, Broadcom, Nvidia, Nvidia Corp, Revenue, Thomson Locations: San Jose , California, Bengaluru

☆ Salesforce forecasts current-quarter revenue above estimates
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 31 (Reuters) - Business software maker Salesforce Inc (CRM.N) forecast second-quarter revenue above market estimates on Wednesday, as demand for its cloud-based offerings stays strong in the face of a turbulent economy. The company expects revenue of between $8.51 billion and $8.53 billion for the quarter, compared with analysts' estimates of $8.49 billion, according to Refinitiv IBES data. Revenue was $8.25 billion for the quarter ended April 30, compared with the expectations of $8.18 billion. Shares of the San Francisco, California-based company fell nearly 5% in trading after the bell, after rising as much as 3% in regular trading. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tiyashi Datta, Anil D'Silva Organizations: Salesforce Inc, Revenue, Thomson Locations: San Francisco , California, Bengaluru

[1/3] Amazon workers participate in a walkout at Amazon Headquarters, in Seattle, Washington, U.S., May 31, 2023. REUTERS/Matt Mills McKnightSEATTLE, May 31 (Reuters) - Some Amazon.com Inc (AMZN.O) employees staged a walkout on Wednesday in protest of the e-commerce giant's changes to its climate policy, layoffs and a return-to-office mandate. More than 1,900 employees had pledged to protest globally, according to the organizers, an activist group known as Amazon Employees for Climate Justice (AECJ). In a statement, Amazon spokesperson Brad Glasser said the company is pushing hard to cut its carbon emissions. He added that Amazon listens to employee feedback and was happy with the collaboration that arose from its return-to-office policy.

Persons: Matt Mills McKnight, AECJ, Brad Glasser, Matt McKnight, Tiyashi Datta, Jeffrey Dastin, David Gregorio Our Organizations: Amazon Headquarters, REUTERS, Inc, Amazon Employees, Climate Justice, Amazon, Thomson Locations: Seattle , Washington , U.S, Matt Mills McKnight SEATTLE, Seattle, San Francisco, Bengaluru, Palo Alto , California

☆ Hewlett Packard Enterprise misses quarterly revenue estimates
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

May 30 (Reuters) - Hewlett Packard Enterprise Co (HPE.N) missed Wall Street estimates for second-quarter revenue on Tuesday, as clients scale down spending on tech, including cloud services, amid an economic slowdown. For some of the largest tech companies, cloud services and data center businesses have been among the biggest growth drivers, including during the pandemic as people worked from home. Its revenue for the quarter ended April 30 was $6.97 billion, compared with analysts' average expectations of $7.31 billion, according to Refinitiv data. Quarterly sales for the company's compute segment fell 8%, while the storage segment recorded a 3% decline. Hewlett Packard expects revenue for the third quarter to be between $6.7 billion and $7.2 billion.

Persons: Hewlett Packard, Tiyashi Datta, Shilpi Majumdar Organizations: Hewlett Packard Enterprise Co, Microsoft Corp, Amazon.com Inc, Oracle Corp, Thomson Locations: Texas, Aruba, Bengaluru

☆ HP misses revenue estimates as inflation saps PC demand
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

Global PC shipments declined nearly 30% in the January-March period to levels lower than before the pandemic, according to data from research firm IDC. Sales for HP's Personal Systems segment - home to its desktop and notebook PCs - dropped 29% in the reported quarter, while the company's printing segment recorded a 5% fall. HP said it expects second-half revenue to be higher than the first half, even though the year-on-year comparison will still be negative. California-based HP's second-quarter revenue was $12.91 billion. On an adjusted basis, HP earned 80 cents per share, compared with expectations of 76 cents.

Persons: Enrique Lores, Tiyashi Datta, Jeffery Dastin, Devika Organizations: HP Inc, Companies, HP, Lenovo, HK, Dell Technologies Inc, Global, IDC, Reuters, Thomson Locations: California, Bengaluru, Palo Alto

☆ Twitter alleges "unauthorized" data usage by Microsoft
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Twitter Inc has alleged that Microsoft Corp (MSFT.O) violated an agreement over using the social media company's data, according to a letter seen by Reuters on Thursday. Twitter owner Elon Musk's lawyer leveled accusations of "unauthorized" usage of Twitter's data by Microsoft, including sharing data with government agencies without permission in some cases. A Microsoft spokesperson said the company on Thursday heard from a law firm representing Twitter with some questions about its previous use of the free Twitter APIs. Twitter's accusations come at a time when Elon Musk is at odds with Microsoft over its artificial intelligence platform. Musk said in April he will launch AI platform "TruthGPT" to challenge the offerings from Microsoft and Google.

Take-Two Interactive Software Inc (TTWO.O) on Wednesday rounded off a strong March quarter for the sector that saw its three major players post net bookings growth of between 11% and 66%. The company said "NBA 2K23", "Grand Theft Auto V" and "Grand Theft Auto Online" were some of the top contributors to its net bookings growth in the reported quarter. The company forecast net bookings of more than $8 billion for next year, which was above analysts' estimates. "It (the GTA VI release) would be a watershed moment for the category of open-world games," said MoffettNathanson analyst Clay Griffin. "Tens and tens of millions of units would be sold immediately, and a new or completely refreshed GTA: Online would redefine what a modern 'metaverse' really looks like."

☆ OpenAI to introduce ChatGPT app for iOS
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - OpenAI, the company behind the ChatGPT chatbot, said on Thursday it is introducing the ChatGPT app for Apple's iOS. The ChatGPT app is free to use and would sync history across devices, OpenAI said. "ChatGPT Plus subscribers get exclusive access to GPT-4's capabilities, early access to features and faster response times, all on iOS," the company added. GPT-4 is a powerful artificial intelligence model that succeeds the technology behind the wildly popular ChatGPT. Earlier in February, OpenAI launched a pilot subscription plan for its popular AI-powered chatbot, called ChatGPT Plus, for $20 per month.

May 18 (Reuters) - Semiconductor manufacturing tools maker Applied Materials Inc (AMAT.O) forecast third-quarter revenue above market estimates on Thursday, as governments around the world pour funding into chip factories. Chief Executive Officer Gary E. Dickerson said the company believes about $400 billion in government funding is supporting the chip industry. Applied Materials forecast third-quarter revenue of $6.15 billion, plus or minus $400 million, compared with analysts' estimates of $6.02 billion, according to Refinitiv IBES data. The company posted second-quarter revenue of $6.63 billion, compared with estimates of $6.38 billion. On an adjusted basis, the company earned $2 per share in the second quarter, beating estimates of $1.84 according to Refinitiv IBES data.

☆ Take-Two gains on gaming demand rebound, title delivery forecast
▼ + stars: | 2023-05-17 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

The company also said it expects to deliver 36 video game titles through 2025 and 2026, and forecast $8 billion in 2025 net bookings and over $1 billion in operating cash flow. Take-Two, however, did not make any announcements about its highly anticipated title "Grand Theft Auto VI". Its fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street's estimate of $1.34 billion, according to Refinitiv data. During an earnings call with analysts, Chief Executive Strauss Zelnick said Take-Two was assuming a continuation of the current challenging consumer backdrop within its forecast. Its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street's estimate of $6.07 billion.

☆ Take-Two beats adjusted sales estimates on higher gaming demand
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) on Wednesday beat Wall Street estimates for fourth-quarter adjusted sales on strong demand for legacy titles "NBA 2K" and "Grand Theft Auto", sending the video game maker's shares up over 7% after the bell. Take-Two has established itself as one of the dominant players in the U.S. with strong sales from its successful video game franchises and a solid pipeline including titles "Grand Theft Auto VI" and "Star Wars Hunters". Fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street's estimate of $1.34 billion, according to Refinitiv data. However, its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street's estimate of $6.07 billion. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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