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25 mentions found


☆ The NBA is picking its next TV partners — and a deal hinges on Warner Bros. Discovery's next move
  + stars: | 2024-05-16 | by ( Alex Sherman | ) www.cnbc.com   time to read: +4 min
The league ended its exclusive window to renew a deal with its two current media partners, Disney and Warner Bros. Warner Bros. Warner Bros. Warner Bros. Warner Bros.
Persons: Adam Silver, it's, NBCUniversal, NBCUniversal's, Warner, David Zaslav, — Organizations: National Basketball Association, Warner Bros, Turner Sports, Comcast, CNBC, Disney, NBA, Discovery, Warner Bros . Discovery Locations: Cleveland , Ohio
☆ 'MoviePass, MovieCrash' showcases the catastrophic behind-the-scenes story of the movie-ticket subscription app
  + stars: | 2024-05-16 | by ( Jason Guerrasio | ) www.businessinsider.com   time to read: +1 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe upcoming HBO documentary, "MoviePass, MovieCrash" chronicles the meteoric rise and fall of the movie-ticket subscription company MoviePass. This story is available exclusively to Business Insider subscribers. (Both Lowe and Farnsworth were charged with securities fraud in 2022 and are awaiting trial.) "MoviePass, MovieCrash" is produced by Assemble Media and Mark Wahlberg's Unrealistic Ideas ("McMillions").
Persons: —, MoviePass, Stacy Spikes, Spikes, Hamet Watt, Mitch Lowe, Ted Farnsworth, Lowe, Farnsworth, Mark Wahlberg's Organizations: Service, HBO, Netflix, Business, Helios, Matheson Analytics, Media
☆ Meta slapped with child safety probe under sweeping EU tech law
  + stars: | 2024-05-16 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. Facebook parent company Meta on Thursday was hit with a major investigation from the European Union into alleged breaches of the bloc's strict online content law over child safety risks. The Commission added that it is concerned about age verifications on Meta's platforms, as well as privacy risks linked to the company's recommendation algorithms. "This is a challenge the whole industry is facing, and we look forward to sharing details of our work with the European Commission." The EU said it will carry out an in-depth investigation into Meta's child protection measures "as a matter of priority."
Persons: Mark Zuckerberg, Meta, Thierry Breton Organizations: Dirksen, Facebook, Meta, European Union, European Commission, CNBC Locations: Washington ,
☆ Roche says weight loss drug shows promising results in early trial
  + stars: | 2024-05-16 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +2 min
Roche on Thursday said its experimental weight loss drug showed promising results in an early-stage trial, boosting the company's bid to compete in the booming market for those treatments. But its weekly weight loss injection, called CT-388, is still years away from entering the market. The treatment works by mimicking the effect of two gut hormones — GLP-1 and GIP — to suppress a person's appetite, just like Eli Lilly's popular weight loss drug Zepbound and diabetes injection Mounjaro. Scientists have hypothesized that targeting those two hormones could have a meaningful effect on weight loss and blood sugar levels with fewer side effects than drugs that only target GLP-1, such as Novo Nordisk's weight loss treatment Wegovy. Eli Lilly's Zepbound delivered up to 22% weight loss after 72 weeks, while Novo Nordisk's Wegovy has led to 15% weight loss after 68 weeks.
Persons: Roche, Eli Lilly, Roche's, —, Eli Lilly's, Eli Lilly's Zepbound, Novo Nordisk's Wegovy Organizations: Roche, AG, Carmot Therapeutics, Novo Nordisk, Novo Nordisk's Locations: Basel, Switzerland, Swiss, Roche's, Novo
☆ Eli Lilly falls on a rival's obesity study — plus, we're removing 3 stocks from our watchlist
  + stars: | 2024-05-16 | by ( Jeff Marks | ) www.cnbc.com   time to read: +5 min
Eli Lilly dips: Shares of Eli Lilly are sitting out the rally on news that Swiss pharmaceutical firm Roche 's experimental obesity drug demonstrated promise in a Phase 1 study. "Doug McMillon, the CEO of Walmart, made the point repeatedly that the company's success this quarter came from lower prices," Jim Cramer said. 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.
Persons: Jim Cramer, Eli Lilly, Roche, It's, inflect, We're, Doug McMillon, Estee Lauder, Jim, Jim Cramer's Organizations: CNBC, Viking Therapeutics, Club, Deere, Walgreens Boots, Walmart, Costco, Materials, Jim Cramer's Charitable Locations: Swiss, Amgen, China
☆ After Adobe collapse, Figma deal allows employees to sell shares at $12.5 billion valuation
  + stars: | 2024-05-16 | by ( Hayden Field Deirdre Bosa | Hayden Field | Deirdre Bosa | ) www.cnbc.com   time to read: +1 min
Dylan Field, co-founder and CEO of Figma, speaks at the startup's Config conference in San Francisco on May 10, 2022. Figma, a cloud-based design tool company, said Thursday it will allow investors, including current and former employees, to sell their shares in a tender offer that values the company at $12.5 billion. That's up 25% from the valuation at which the company fundraised in 2021, but below the $20 billion acquisition offer Adobe made in 2022. Adobe and Figma called off the planned acquisition in December following regulatory scrutiny. In December, a regulatory filing said Adobe would pay Figma a $1 billion breakup fee.
Persons: Dylan Field, Kleiner Perkins, Salesforce, Figma, Morgan, CNBC's Jordan Novet Organizations: Figma, Adobe, Microsoft, Google, Oracle Locations: San Francisco, Sequoia
☆ We're trimming an up-and-down cybersecurity stock that's rallying into earnings next week
  + stars: | 2024-05-16 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +3 min
Shortly after the opening bell, we will be selling 25 shares of Palo Alto Networks at roughly $315.50. We talked Wednesday on our Morning Meeting about how Palo Alto Networks may have a positive setup into earnings Monday night , according to Morgan Stanley. We thought Morgan Stanley's call was pointing out because into earnings in February, Morgan Stanley said it was "sitting this quarter out." Its call proved prescient when Palo Alto shares fell almost 30% in a single session after missing estimates on billings and reducing its outlook. For example, Morgan Stanley says this deal benefits Palo Alto it several ways, helping it accelerate market share in security analytics.
Persons: Jim Cramer's, Morgan Stanley, we've, Palo, Morgan Stanley's, It's, Jim Cramer, Jim Organizations: Palo Alto Networks, billings, UnitedHealth, Palo, Networks, IBM, CNBC Locations: billings, Palo Alto
☆ A millennial who got laid off says he's encountered ghost jobs and scammers in his struggle to find a remote role
  + stars: | 2024-05-16 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +8 min
In the 12 months since his layoff, Martins said he's been actively looking and applying for jobs but hasn't had much luck. In recent years, the rise of remote work and historically high job openings have helped more people with health issues find employment. But remote jobs aren't as common as they used to be — and there's competition to land one. AdvertisementThe share of US remote job postings on LinkedIn fell from over 20% in April 2022 to about 10% in December 2023. But without a job, he's had to deal with some financial stresses.
Persons: —, Felipe Martins, Martins, He'd, didn't, he's, hasn't, he'd, He's, doesn't, scammers Organizations: Service, Business, Bureau of Labor Statistics, San Francisco Fed, Social, BLS, LinkedIn, scammers, Federal Trade Commission Locations: Utah, Washington
☆ Elon Musk axed the entire Tesla Supercharger team after their division chief defied orders and said no to more layoffs
  + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com   time to read: +4 min
Read previewTesla CEO Elon Musk made the snap decision to fire the entire Supercharger team after its division chief refused to make further layoffs happen, Reuters reported on Wednesday. The billionaire said in an email to staff on April 29 that he was dissolving the entire team behind Tesla's charging infrastructure, per The Information. AdvertisementRepresentatives for Tesla, Musk, and Tinucci didn't respond to Reuters' request for comment. The Tesla chief moved quickly to assuage concerns, and assured investors that Tesla's Supercharger network isn't going anywhere. A slowdown in the rollout of Tesla's charging infrastructure would thus be a setback for Biden's clean-energy agenda.
Persons: —, Elon Musk, Musk, Rebecca Tinucci, Tinucci, Tesla's, Tesla, Mercedes Benz, haven't, Aaron Luque, Joe Organizations: Service, Reuters, Bloomberg, Business, Tesla, The, Motors, Ford, Politico, BI
☆ 'No doubt' that China will come back, but may take several quarters, Siemens CEO says
  + stars: | 2024-05-16 | 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 Email'No doubt' that China will come back, but may take several quarters, Siemens CEO saysRoland Busch, CEO at Siemens discusses the company's latest results and the outlook for the business in China.
Persons: Roland Busch Organizations: Siemens Locations: China
☆ Stocks making biggest moves premarket: Under Armour, Walmart, AMC, GameStop, Canada Goose and more
  + stars: | 2024-05-16 | by ( Brian Evans | ) www.cnbc.com   time to read: +3 min
Under Armour — The sportswear maker's Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range. Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.
Persons: Armour, FactSet, Goose, Warren Buffett's Berkshire Hathaway, Chubb, Deere, GoodRX, Raymond James, John Ransom, Coupang, Tesla, — CNBC's Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin, Jesse Pound Organizations: Walmart, Wall, LSEG, Revenue, —, Berkshire, Cisco Systems, AMC, GameStop, Deere, Company, Baidu, UBS, ISI, European Union, Facebook Locations: Krakow, Poland, The Seattle
☆ 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
☆ CNBC Daily Open: Nasdaq closes at record high; Google launches new AI model
  + stars: | 2024-05-15 | by ( Abid Ali | ) www.cnbc.com   time to read: +2 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq rose to a record close, while the Dow Jones Industrial Average added 126 points. Meme craze coolsShares of GameStop and AMC rose on Tuesday, extending Monday's gains after "Roaring Kitty" made a reappearance. Shares, however, gave up some of their earlier gains, suggesting enthusiasm for the so-called meme stocks was fading. Powell: Inflation falling slowlyFederal Reserve Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer.
Persons: Jerome Powell, Alibaba, Powell, CNBC's Yun Li Organizations: CNBC, Nasdaq, Dow Jones, Treasury, GameStop, AMC, Biden, AMC Entertainment Locations: Hangzhou, New York, China, Amsterdam
☆ Warren Buffett's company reveals its mystery bet is a nearly $7 billion stake in insurance giant Chubb
  + stars: | 2024-05-15 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +1 min
Warren Buffett's secret stock is Chubb, an insurance giant. Berkshire Hathaway quietly built a 6.4% stake in under nine months, worth $6.7 billion as of March. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Buffett's company initially purchased 8.1 million Chubb shares worth $1.7 billion at the end of September, then boosted the position to 20.1 million shares valued at $4.5 billion at December's close. It raised the bet to 25.9 million shares worth $6.7 billion at the end of March, SEC filings revealed on Wednesday.
Persons: Warren, Berkshire Hathaway, Buffett, —, Warren Buffett Organizations: Berkshire, Apple, Service, Berkshire Hathaway, Chubb, SEC, Business
☆ Roaring Kitty's tweet sent GameStop spiking. The company's cofounder shares his outlook on where the stock is headed and advises hedge funds on how to navigate it.
  + stars: | 2024-05-15 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +5 min
There's no sense in this, said Gary Kusin, the cofounder of Babbage, the company to which GameStop traces its roots. Imagine if Taylor Swift's brand or company went public, and all the Swifties bought stock, the shares would be overvalued. What Wall Street doesn't understand is that there are Swifties in the video game industry. "If I worked on Wall Street, I would find some other stocks and some other places to go; I wouldn't touch GameStop." And I believe that's exactly what's ailing Wall Street right now," Kusin said.
Persons: Michael Burry, Keith Gill, Gary Kusin, Babbage, Kusin, It's, Taylor, Swifties, Shorting, doesn't, Citron, Brooks, Macy's Organizations: GameStop, Melvin Capital Management, Technology, S3 Partners
☆ Uber announces shuttle rides, features for caregivers and Costco perks
  + stars: | 2024-05-15 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +3 min
Here are the key new offerings the company announced: Uber ShuttleZoom In Icon Arrows pointing outwards Review trip screen for Uber Shuttle Courtesy: UberRiders looking for a more affordable way to get to the airport, work and live events, such as sports games and concerts, can reserve seats on an Uber Shuttle. Uber said the shuttle services employ commercially licensed drivers, and users can tip and rate them directly within the Uber app. Costco on Uber EatsZoom In Icon Arrows pointing outwards Costco on Uber Eats Courtesy: UberUber said Costco will be available as an on-demand option within Uber Eats in select locations across the U.S. starting Wednesday. Costco members can enter their member numbers in the Uber Eats app and are eligible for 20% off of Uber One, the company's subscription membership. Uber One for StudentsZoom In Icon Arrows pointing outwards Uber One for Students Courtesy: Uber
Persons: Uber, Dara Khosrowshahi, Ilya S, San Diego Organizations: GE, Chelsea Industrial, Savenok, Getty, Wednesday, Uber, Medicare, Costco, U.S, nonmembers Locations: New York City, Chicago , Pittsburgh, Charlotte, N.C, New York, San Francisco , Los Angeles, Chicago, Atlanta, San
☆ Dell surges 9% on optimism it has secured big AI server orders
  + stars: | 2024-05-15 | by ( Kif Leswing | ) www.cnbc.com   time to read: +3 min
Dell is seeing accelerating momentum, especially in winning business to build AI servers, unlocking a new bull case for the stock, Morgan Stanley analyst Erik Woodring wrote in a note on Wednesday. "All-in, we are hearing about more AI server momentum at Dell than at any other OEM," Woodring wrote, saying that he expected about $10 billion of AI server revenue in the company's fiscal 2025 — ending next February. Most AI servers are built around Nvidia's chips which have become prized in the technology industry because they are used to build and deploy advanced AI models from companies like Google , OpenAI and Meta . Dell sells servers using the newest Nvidia AI chips, including its H100 GPU and the latest Blackwell-generation chips. But the PC industry is on course to grow again and is outperforming lowered expectations, Woodring wrote, which will benefit Dell.
Persons: Michael Dell, Morgan Stanley, Erik Woodring, Woodring, Wednesday's, Jensen Huang, Huang, Michael, Dell Organizations: Dell Technologies, Mobile, Dell, Hewlett Packard Enterprise, Google, Meta, Blackwell, Nvidia, Microsoft Locations: Barcelona, Spain
☆ Dell to start handing out red flags to staff who don't come to the office enough, and some employees feel 'tracked like kindergarteners'
  + stars: | 2024-05-15 | by ( Polly Thompson | ) www.businessinsider.com   time to read: +8 min
Dell started monitoring attendance on May 6 and will make the data visible on each hybrid employee's profile on HR platform Workday this week. Dell's memo states: "As the next step in implementing our Hybrid Work Policy, we will track onsite presence using badge swipes for hybrid-designated team members." The color by their name will be considered for performance evaluations, rewards, and compensation, Dell told employees. Staff who opted to remain remote during the company's overhaul of its hybrid work policy, which was first announced in February, will not be monitored. AdvertisementDell's HQ in Round Rock Texas, where staff attendance will be monitored.
Persons: —, Michael Dell, Dell, Brandon Bell Organizations: Service, Business, Dell, Dell Technologies, Staff, BI, Google, Deutsche Bank Locations: Round Rock
☆ Alphabet closes at all-time high as Google rebounds from disastrous start to AI race
  + stars: | 2024-05-15 | by ( Paulina Likos Zev Fima | Paulina Likos | Zev Fima | ) www.cnbc.com   time to read: +7 min
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
☆ Nvidia's rally will run out of steam next year as the chip giant's customers become competitors, analyst says
  + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
The DA Davidson analyst has predicted as much as a 20% decline in Nvidia stock by the end of the year. Nvidia's largest customers could turn into competition as they develop their own AI chips, Luria warned. AdvertisementMost of Nvidia's business comes from its five largest customers, Luria said, which include Amazon, Meta, Microsoft, Alphabet, and Tesla. And while some of Nvidia's customers are stockpiling its GPUs, demand is bound to run out eventually, Luria previously told Bloomberg, as firms can only accumulate so many chips. AdvertisementLuria has among few forecasters who are bearish on Nvidia stock.
Persons: Gil Luria, Davidson, Luria, —, BNN, That's Organizations: Service, Nvidia, BNN Bloomberg, Meta, Microsoft, Tesla, Apple, Bloomberg
☆ Instagram co-founder Mike Krieger joins Amazon-backed Anthropic
  + stars: | 2024-05-15 | by ( Hayden Field | ) www.cnbc.com   time to read: +3 min
Instagram co-founder Mike Krieger will join artificial intelligence firm Anthropic as chief product officer, the company announced Wednesday. He and Instagram's other co-founder, Kevin Systrom, most recently built the personalized news app Artifact and sold it to Yahoo. Around this time last year, Anthropic had only rolled out the first version of its chatbot without any consumer access or major fanfare. News of Krieger's hiring follows Anthropic's debut of its first enterprise offering and iOS app earlier this month. And in March, Anthropic announced Claude 3, a suite of AI models that it says are its fastest and most powerful yet.
Persons: Instagram, Mike Krieger, Anthropic, Krieger, Kevin Systrom, OpenAI's, Claude, Mike, Daniela Amodei, It's, it's Organizations: Meta, Yahoo, Google, CNBC
☆ Palo Alto Networks is buying security assets from IBM to expand customer base
  + stars: | 2024-05-15 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Nikesh Arora CEO & Chairman Palo Alto Networks, speaking on CNBC's Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Palo Alto Networks is buying cloud security software assets from IBM as part of a broader partnership that will give the cybersecurity company access to more consultants and a bigger customer base. Consolidation has been ramping up in the security software industry as companies gear up for a swarm of attacks spawned by artificial intelligence. Palo Alto will incorporate IBM's Watsonx large language models into Cortex Xsiam, in addition to its use of models from Google . The SIEM category has been around for over 20 years, but Palo Alto just introduced Cortex Xsiam two years ago.
Persons: Nikesh Arora, Thoma Bravo's LogRhythm, Palo, Arora, he'd, Arvind Krishna, It's Organizations: Alto Networks, Palo Alto Networks, IBM, Palo Alto, Cisco, Splunk, Exabeam, CNBC, Palo, Google Locations: Davos, Switzerland, Palo, SIEM, cybersecurity, Palo Alto
☆ Frank Lloyd Wright's midcentury modern home designs are back, now in easy-to-assemble kit form
  + stars: | 2024-05-15 | by ( Lauren Edmonds | ) www.businessinsider.com   time to read: +3 min
Lindal Cedar Homes is now selling "kits" inspired by Wright's designs. "There's been a surge of interest in midcentury modern homes for the middle class that are affordable and aesthetically pleasing," Josefin Kannin, marketing director for Lindal Cedar Homes, said. Lindal Cedar Homes now brings those revered design sensibilities to the modern homeowner. The company's website offers nine options that embrace six of Wright's design principles, like open-floor plans and integration with nature. Representatives for Lindal Cedar Homes did not immediately respond to a request for comment from Business Insider.
Persons: —, Frank Lloyd Wright, There's, Maynard Buehler, Jacobs, Wright's, Wright Organizations: Service, Frank Lloyd Wright Foundation, Business, Lindal, Homes, San Francisco Chronicle, Hearst Newspapers, Getty, Wall Street Locations: Madison, Wisconsin
☆ 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
☆ Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years
  + stars: | 2024-05-15 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Cisco reported earnings and revenue for the fiscal third quarter that topped Wall Street's estimates, even with sales dropping from a year earlier. Net income fell 41% to $1.89 billion, or 46 cents per share, from $3.21 billion, or 78 cents per share, a year earlier. The deal lowered Cisco's adjusted earnings per share by a penny but provided $413 million in additional revenue. Cisco bumped up its fiscal 2024 revenue guidance to a range of $53.6 billion to $53.8 billion, from $51.5 billion to $52.5 billion in February. WATCH: Cisco CEO Chuck Robbins: $28 billion Splunk deal will be a significant financial growth driver
Persons: Chuck Robbins, Robbins, LSEG, Gary Steele, Jeff Sharritts Organizations: Cisco, Bloomberg, Economic, Networking Locations: Davos, Switzerland, U.S
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