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A UK-based AI startup, founded last month by former Cohere employees, is already in talks to raise a major pre-seed round amid venture capitalists' continued spending spree in the sector. Convergence AI, incorporated at the end of April, was founded by ex-Cohere employees Marvin Purtorab and Andy Toulis, who was also a machine learning engineer at Uber. Its primary aim, per leaked investor documents seen by BI, is to build out automated workforces using AI. The nascent business has been feted by several leading funds, with the company receiving at least six different term sheets for investment, two London-based sources said. The startup opted for a funding round led by London-based Balderton Capital, six sources familiar with the deal told Business Insider.
Persons: Marvin Purtorab, Andy Toulis, Slack Organizations: Uber, Business, Balderton, BI, Nvidia, Mistral Locations: London, Paris
Reddit reported a loss of $8.19 per share on $243 million of revenue. Analysts surveyed by FactSet were expecting a loss of $8.75 per share on $214 million of revenue. Electronic Arts – The video game stock fell more than 3% after disappointing results for the fiscal fourth quarter. Cirrus Logic posted fourth-quarter adjusted earnings of $1.24 per share, exceeding the 64 cents per-share earnings analysts polled by StreetAccount anticipated. Match projected between $850 million and $860 million of revenue, while analysts surveyed by StreetAccount were looking for $882.7 million.
Persons: Reddit, FactSet, StreetAccount, Rivian, LSEG, , Fred Imbert, Michelle Fox Theobald, Yun Li, Sarah Min Organizations: Technologies, Arts, EA, Intel —, Intel, Department of Commerce, LSEG, Bros, Cirrus, Logic, Revenue, Arista Networks, Arista Locations: China
Although my Platinum Card® from American Express charges a $695 annual fee, I find it saves me money. That's why it may be surprising to learn that one of my biggest travel game-changers involves spending money with a travel credit card. Like the 41% of Americans with a travel card, I use mine to save money on hotels, flights, and more. Although the $695 annual fee for my American Express Platinum Card seems steep at first glance, it's actually saved me money in the long run. My American Express Platinum Card gives me access to the Centurion LoungeI love enjoying delicious complimentary food in the Centurion Lounge.
Persons: I'm, it's, Emily Hart, Uber, Uber Cash, Cash Organizations: American Express, Uber, American, Disney, ESPN, The New York Times, Fine, Clear Plus, TSA, Saks, Saks Fifth Locations: Hulu, Waikiki, U.S
Futures linked to the Dow Jones Industrial Average hovered near the flatline Wednesday evening after the 30-stock index posted its sixth consecutive winning day. S&P 500 futures hovered near the flatline, while Nasdaq 100 futures fell 0.1%. During regular trading Wednesday, the S&P 500 inched slightly lower to close near the flatline, while the Nasdaq Composite slid about 0.2%. A slate of falling tech stocks weighed on the indexes, including Uber and Shopify , both of which had recently reported quarterly results. Investors will next turn their attention toward quarterly results from Warner Bros Discovery and Akamai Technologies on Thursday.
Persons: Airbnb, Uber, Dow, Josh Brown, we've Organizations: Dow Jones, Dow, Nasdaq, Ritholtz Wealth Management, Warner Bros Discovery, Akamai Technologies
CNBC's Jim Cramer on Wednesday said a company's guidance can make or break its stock in this tricky market environment. As Wall Street senses a slowdown, guidance can have more impact on a stock than it should, according to Cramer. Cramer said that investors could potentially buy some of these stocks if the Federal Reserve were to start cutting interest rates. But to him, it's important to keep in mind how much soft guidance can affect stocks right now. "You need to understand that in this market, even though the guidance is just the guidance, right now the guidance is all that matters."
Persons: CNBC's Jim Cramer, aren't, Cramer, Walt Disney, Datadog, Uber, Hugh Johnston Organizations: Disney, Federal Reserve
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWednesday’s rapid fire: Shopify, Reddit, Uber, Arista Networks and Dutch BrosJim Cramer on Wednesday offered his thoughts on a five companies outside the Investing Club portfolio that recently reported earnings including Shopify and Reddit.
Persons: Jim Cramer Organizations: Arista Networks, Dutch, Wednesday, Club
US stocks wobbled on Wednesday but the Dow managed to notch its sixth winning session in a row. Tech stocks slid. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks were mixed Wednesday, with a sell-off in tech names causing a broader stock rally to waver after a streak of gains. Tech stocks slid, with downbeat Uber earnings sparking a 5.7% decline in the stock, while Intel fell after lowering revenue guidance for the quarter.
Persons: Dow, Uber, , Wells Fargo Organizations: Tech, Service, Dow Jones Industrial, Intel, Investors
Uber reported first-quarter results Wednesday that came in slightly above analysts' estimates for revenue, but the ride-hailing company posted an unexpected net loss. The company's net loss widened to $654 million, or a 32 cent loss per share, from a loss of $157 million, or an 8 cent loss per share, in the same quarter last year. Uber said its net loss includes a $721 million net headwind from unrealized losses related to the reevaluation of its equity investments. Uber reported adjusted EBITDA of $1.38 billion, up 82% year over year and slightly above the $1.31 billion expected by analysts polled by StreetAccount. Uber anticipates adjusted EBITDA of $1.45 billion to $1.53 billion, compared with the $1.49 billion expected by analysts.
Persons: Uber, LSEG, CNBC's, Dara Khosrowshahi, Khosrowshahi, StreetAccount Organizations: Uber, LSEG Revenue, StreetAccount, Mobility
US stocks dropped on Wednesday led by a selloff in the tech sector. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks slid on Wednesday, led by a sell-off in the tech sector as investors took in weak financials and earnings guidance. Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement
Persons: Tesla, , David Bahnsen Organizations: Intel, Reuters, Service, Nasdaq, Justice Department, New York Fed Locations: Here's
His wife, a teacher, had been to China before and realized she could get a visa to teach at an international school there and bring Scott along. The school that hired her also hired Scott, and the two put their lives in the US on hold and relocated to China. His wife got a job as a teacher at an international school, and the two moved to China on her visa. Related storiesBefore moving to China, the couple paid $1,900 a month in rent in Arizona. He said their internet bill was $130 a month, their cellphone bill was $70, and their electricity bill was $100.
Persons: Scott Vleeschouwer, weren't, Scott, Vleeschouwer, it's, they've, China Vleeschouwer, DiDi —, He's, they're Organizations: Service, China's, Business Locations: China, Shenzhen, Maryland, Roanoke , Virginia, San Antonio, Phoenix, Mexico, Beijing, Shanghai, India, Hong Kong, Philippines, Indonesia, Kenya, Southeast Asia, Arizona, They've
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . And the knock-on effects extend beyond TikTok, impacting everything from President Joe Biden's reelection campaign to Apple and Tesla . AdvertisementTikTok, Tyler Le/BIThe TikTok-US government fight pits two pillars of American society against each other: free speech and national security. 3 things in businessDeliormanli/Getty, Olivier Verriest/Getty, Andrei Akushevich/Getty, Tyler Le/BIIn other newsAdvertisementWhat's happening todayToday's earnings: Airbnb, Uber, and other companies are reporting .
Persons: , swiping, Tyler Le, ByteDance, Dan Whateley, Geoff Weiss, Joe Biden's, It'll, TikTok, hasn't, haven't, Fallon, Jane Fraser isn't, Fraser, Piper Sandler, Michael Kantrowitz, Josh Edelson, Isabel Fernandez, Mark Zuckerberg, Zuckerberg, Getty, Olivier Verriest, Andrei Akushevich, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Apple, Chinese Communist Party, Big Tech, Getty, Pujol, Associated Press, Facebook Locations: France, China, Beijing, Citadel, Millennium, AFP, New York, London
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUber CEO Dara Khosrowshahi on Q1 results, growth outlook and Instacart partnershipUber CEO Dara Khosrowshahi joins 'Squawk Box' to discuss teh company's quarterly earnings results, growth outlook, strength of its Uber Eats delivery business, impact of the Instacart partnership, future of robotaxis, and more.
Persons: Dara Khosrowshahi, Uber
Earnings Exchange: Uber, Reddit, and Choice Hotels
  + stars: | 2024-05-07 | 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 EmailEarnings Exchange: Uber, Reddit, and Choice HotelsJeff Kilburg, founder and CEO of KKM Financial, joins CNBC's 'The Exchange' to share outlooks on recent IPO stocks.
Persons: Jeff Kilburg Organizations: KKM
Gig work, in particular ride-hailing for companies like Uber and Lyft, is getting more popular. AdvertisementMore and more Americans are taking up gig work for companies like Uber and Lyft — in part because some have fewer options to land high-paying jobs. Additionally, BofA found that people with ride-hailing income earned, on average, more a month than those who did delivery gig work. Vacation rental was the highest-earning gig BofA measured, but this is only accessible to people with a home to rent out. While some young people could value the supplementary income gig work can provide — particularly if they're struggling to pay the bills — others may end up disappointed.
Persons: Uber, , Lyft, BofA, it's, they've, Kate Bahn, X, Gen, they're Organizations: Service, Bank of America, Bank of America Institute, Bureau of Labor Statistics, Institute for Women's, Research, Atlanta Fed, millennials
I think it makes sense to trim a little and so that's what we've done across our portfolios," he said. Also, corporate tax rates might go up as the reduction from 2017 is set to expire, Gerstner said. "We started the year expecting six rate cuts. Now we're down to maybe zero rate cuts," he said. "We want to be in the names like Nvidia that are reaccelerating, in the names like Amazon and Google and Microsoft and Snowflake that we believe are reaccelerating.
Persons: Brad Gerstner, Gerstner, you've, they're, That's, Stanley Druckenmiller, We've Organizations: Meta, Microsoft, Nvidia, Federal Reserve, Harvard Business School, Google
Instacart is now offering restaurant delivery through Uber Eats on its app. The partnership represents "a threat to DoorDash," Uber CEO Dara Khosrowshahi told Bloomberg. AdvertisementYou can now get restaurant takeout through Instacart thanks to a new partnership with Uber Eats. Restaurant orders placed through Instacart will be picked up and delivered by Uber Eats gig workers. Users of Instacart+, the company's paid subscription service, will get free delivery on restaurant orders over $35.
Persons: Instacart, Uber, Dara Khosrowshahi, It's, Organizations: Bloomberg, Service, Business
Dow Jones Industrial Average futures sat near flat Tuesday night after the blue-chip average clinched its longest winning streak since December. S&P 500 futures and Nasdaq 100 futures also both traded near flat. The Dow ticked higher by nearly 0.1% and posted its fifth positive session, which marks its longest winning run going back to December. The S&P 500 also inched up by about 0.1%, while the Nasdaq Composite slipped 0.1%. Nearly 85% of S&P 500 corporations have already shared quarterly results this earnings season.
Persons: Reddit, Dow, Adam Crisafulli, Uber, Philip Jefferson, Susan Collins, Lisa Cook Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Wynn Resorts, Treasury, Disney, Vital, AMC, Traders, Federal, Boston
But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.
Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, , Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, , Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, , Shoppers, Tyson Foods, , Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, Jerome Powell, Jim Cramer's, Stanley Black, Decker, Cramer, Jim, That's, there's, Nelson Peltz, Peltz, We've, we'll Organizations: CNBC, Federal, Logitech, After West Texas, Energy Department, Strategic Petroleum Reserve, Susquehanna, Disney, Developers, Apple, Wynn Resorts, Arista Networks, Rivian, Occidental Petroleum, Bros, Reddit, Emerson Electric, Jim Cramer's Charitable Locations: FirstSource, After, Macao, Las Vegas, Occidental, Lyft
New York CNN —In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them. Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio. Why the case mattersWhite-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true. And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.
Persons: CNN Business ’, Bill Hwang, Hwang, Matt Egan, Banks, Archegos, ” Hwang, Hwang didn’t, , isn’t, Dennis Kelleher Organizations: CNN Business, New York CNN, Archegos, Management, Viacom, Discovery, Warner Bros, CNN, Term Capital Management, Credit Suisse, Employees, Bloomberg, Tiger Asia Management Locations: New York, Korean, York City,
Wayve, a London maker of artificial intelligence systems for autonomous vehicles, said on Tuesday that it had raised $1 billion, an eye-popping sum for a European start-up and an illustration of investor optimism about A.I.’s ability to reshape industries. Previous investors in Wayve include Yann LeCun, Meta’s chief A.I. Wayve was co-founded in 2017 by Alex Kendall, a Cambridge University doctorate student focused on computer vision and robotics. Unlike generative A.I. systems made by Wayve serve as the brains for physical objects, be they cars, robots or manufacturing systems.
Persons: Uber, Yann LeCun, Wayve, Alex Kendall Organizations: Microsoft, Nvidia, Cambridge University, OpenAI, Google Locations: London, Wayve
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But amid the chaos, there was one solid thing in Partovi's life, one thing he knew he could always put in order: computer code. Related storiesNow, Partovi has reached the top echelon of seed investors, ranking 13th on Business Insider's Seed 100 list. 'Neo Scholars'Through his seed-stage fund Neo, Partovi has amassed a formidable portfolio of early-stage investments, including Ramp, Deel, Vanta, MosaicML, and many more. As these "Neo Scholars," as they're known, graduate or drop out to build startups, Neo backs them with money from its investment fund.
Persons: , Ali Partovi, Saddam Hussein, Partovi's, Hadi, Partovi, Facebook, Uber, There's Erik Goldman, Dropbox, Vanta, There's Ari Steinberg, who's Organizations: Service, Business, Boston University, Sharif University of Technology, Harvard, Microsoft, University, CS, Stanford, Facebook, Airbnb Locations: Tehran, Iran, Iraq, North America, Silicon
The earnings season is winding down, but there are some names slated to report that could see big moves — in either direction. Already, more than 80% of companies in the S & P 500 have already posted quarterly results this earnings season as of Monday morning. Against that backdrop, CNBC Pro screened for names reporting this week — with market caps of $1 billion or more — that could experience sharp up- or downside moves, based on trading activity in the options market. Here are the names that made the list: Upstart Holdings is the reporter this week that could be in for the biggest move at nearly 19%. Rideshare stock Lyft also made the list.
Persons: Uber, America's Mihir Bhatia, Bhatia, Lyft, LSEG, Jefferies, John Colantuoni, Colantuoni, Bank of America's Jessica Reif Ehrlich, Ehrlich, WBD Organizations: Disney, CNBC Pro, Holdings, LSEG, Bank, America's, Warner Bros, Bank of America's Locations: California
Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.
Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, , , Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor
Dow Jones Industrial Average futures rose 66 points, or around 0.2%. Last week, the Dow and Nasdaq gained 1.1% and 1.4% each, while the S&P 500 gained 0.5%. But the April jobs report helps clear a path to that destination," said Comerica Bank chief economist Bill Adams. While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. On the economic front, Richmond Fed president Tom Barkin and New York Fed president John Williams are both scheduled to speak on Monday.
Persons: Dow, Bill Adams, Warren Buffett's Berkshire Hathaway, Uber, Emmanuel Cau, Tom Barkin, John Williams Organizations: New York Stock Exchange, U.S ., Federal Reserve, Dow Jones Industrial, Nasdaq, Dow, Traders, Comerica Bank, Apple, Disney, Barclays, Richmond Fed, New York Fed Locations: New York City, U.S, U.S . U.S
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