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☆ DoorDash lays off 1,250 employees
▼ + stars: | 2022-11-30 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Tony Xu, co-founder and chief executive officer of DoorDash Inc., smiles during the Wall Street Journal Tech Live conference in Laguna Beach, California, U.S., on Tuesday, Oct. 22, 2019. Delivery service DoorDash is laying off 1,250 corporate workers as part of a continued cost-cutting effort, driven by tapering growth and overhiring, CEO Tony Xu said in a message to employees on Wednesday. 1, a decision that Xu told employees would give them "as much time possible to find a new job." DoorDash will set a termination date of March 2023 for H1-B visa holders, allowing overseas workers as much time as possible to find a new opportunity. DoorDash shares are down over 60% year-to-date.

☆ DoorDash cuts 1,250 jobs to rein in costs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Food delivery service DoorDash Inc (DASH.N) said on Wednesday it was cutting about 1,250 jobs in a bid to reduce costs in the face of a global economic slowdown. The company joins a list of multinational American firms that have laid off employees in recent weeks due to rising operating costs amid decades-high inflation. "We were not as rigorous as we should have been in managing our team growth ... That's on me. As a result, operating expenses grew quickly," said Chief Executive Tony Xu in a message to employees posted on the company's website. Reporting by Granth Vanaik in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Corporate America lays off thousands as recession worries mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +7 min

DoorDash Inc (DASH.N):The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees. Twitter Inc:The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover. Chime Financial Inc:The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Wall St rallies to close out soft week after jobs report
▼ + stars: | 2022-11-04 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

But the data also showed average hourly earnings rose slightly more than expected, as did job growth, pointing to a labor market that largely remains on firm footing. Nonfarm payrollsLabor market data has been a primary focus for markets as the Fed has repeatedly stated it is looking for some cooling before considering a pause in hikes. "This was not a report that shows the rate hikes are starting to take hold," said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. The Dow Jones Industrial Average (.DJI) rose 410.27 points, or 1.28%, to 32,411.52. Starbucks Corp jumped after it topped Wall Street estimates for quarterly comparable sales and profit, while DoorDash Inc's (DASH.N) revenue beat boosted the food delivery firm's shares.

☆ Wall St climbs as jobs data supports smaller rate hike prospects
▼ + stars: | 2022-11-04 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

"Powell should also be pleased that the unemployment rate went up from 3.6% to 3.7%. Traders' bets of a 75 basis point rate hike in December briefly rose to 64.5% after the release of the data but swiftly slipped back to around 60%. Meanwhile, CBOE's volatility index VIX, known as Wall Street's fear gauge, hit its lowest level since Sept. 9. Advancing issues outnumbered decliners by a 3.43-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and 15 new lows, while the Nasdaq recorded 40 new highs and 98 new lows.

☆ Futures rise with all eyes on key jobs data
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +3 min

Nonfarm payrolls is expected to have increased by 200,000 jobs last month after rising 263,000 in September, according to a Reuters survey of economists. The U.S. central bank on Wednesday hiked its benchmark rate by 75 basis points as expected while hinting at smaller increases ahead. However, Fed Chair Jerome Powell said the "ultimate level" of policy rate would likely be higher than previously estimated. ET, Dow e-minis were up 197 points, or 0.62%, S&P 500 e-minis were up 29 points, or 0.78%, and Nasdaq 100 e-minis were up 84.5 points, or 0.79%. Reporting by Shubham Batra, Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ DoorDash Shares Surge on Stronger-Than-Expected Earnings
▼ + stars: | 2022-11-03 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

DoorDash said its core U.S. restaurants business was profitable on an adjusted basis. DoorDash Inc. shares surged Thursday after it unveiled stronger-than-expected results for last quarter, saying consumers continue to spend more on delivery of food and household essentials even as restaurants have reopened and raised prices. DoorDash’s revenue in the three months through September grew 33% to $1.7 billion from a year earlier. That beat the average revenue estimate of $1.62 billion from analysts polled by FactSet.

Others have ground to a halt, sending companies back to technology that is less sci-fi, but can be deployed more quickly and cost-effectively. Some companies are satisfied their robots are doing the job. The perils of the outdoors are a big problem for delivery robots, in particular. Some people have also raised concerns that delivery robots could block wheelchair access on sidewalks or otherwise get in the way of humans, leading local authorities to limit or prohibit their use. Toronto, for example, last December banned delivery robots.

☆ DoorDash revenue beats estimates as appetite for food delivery holds up
▼ + stars: | 2022-11-03 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +1 min

Even though dining out has resumed in force, people are still ordering food online from the comfort of their homes like they did during lockdowns. DoorDash recorded 439 million orders in the quarter and a 30% rise in gross order value - the total value of all app orders and subscription fees - to $13.5 billion. It forecast fourth-quarter gross order value of between $13.9 billion and $14.2 billion, and reiterated full-year expectations for the key industry metric. The company's revenue rose 33% to $1.70 billion in the third quarter, surpassing analysts' estimates of $1.63 billion, according to IBES data from Refinitiv. However, the San Francisco-based firm's net loss widened to $295 million, or 77 cents per share, from $101 million, or 30 cents per share, a year earlier.

☆ Uber shares surge on solid profit forecast as rideshare recovery defies inflation
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Uber Technologies Inc (UBER.N) on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 13%. The logo for Uber Technologies is seen on a vehicle in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyThe company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which are yet to report results, were also trading higher.

☆ Uber share surge on solid profit forecast as rideshare recovery defies inflation
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Monthly active users on Uber's apps rose 14%, exceeding the levels seen in September 2019, helped by airport trips, while revenue from the rideshare segment rose 73% in the third quarter. The company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Reuters Graphics"It is just more confirmation that this can be a very profitable business," Fox Advisors CEO Steven Fox said. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which will report results later this month, also surged 9% and 4%, respectively.

☆ Uber shares surge as rideshare recovery powers operating profit forecast
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Uber Technologies Inc (UBER.N) on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 10%. "It is just more confirmation that this can be a very profitable business," Fox Advisors CEO Steven Fox said, highlighting Uber's goal of $5 billion in operating profit by fiscal 2024. The company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which are scheduled to report results later this month, were up about 5%.

☆ Saga of Wall Street's pandemic darlings ends with tears
▼ + stars: | 2022-10-12 | by ( Sinéad Carew | ) www.reuters.com time to read: +5 min

Its problems put a spotlight on other pandemic hot-shots like Zoom Video Communications (ZM.O), Nautilus Inc (NLS.N), DocuSign Inc (DOCU.O) and DoorDash Inc (DASH.N). Register now for FREE unlimited access to Reuters.com RegisterGrowth investors pushed Peloton stock to a $171.09 record in early 2021. Others bought exercize gear from Nautilus during the pandemic, sending its stock up to $31.30 in early 2021. So, while people might still be using the Peloton, not enough people are buying the Peloton," said Forrest. While one possible outcome for pandemic favorites with slowing growth could be a buyout by a larger company, Schleif is wary of making this bet.

☆ Souring Economy Gives Tech Freelancers a Lift
▼ + stars: | 2022-10-12 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Like most companies, he said, it enlists freelancers with specific skills across a range of capabilities, including AI and analytics. “The pandemic and, more recently, the turbulence in the economy, spurred demand for greater labor flexibility both among employers and workers,” Mr. Herbert said. Sebastián Siseles, a vice president at Freelancer.com, said freelance work also allows IT job seekers—especially younger workers—to reduce the risk of being dependent on a single employer. By adapting to remote work during the pandemic, employers “opened the window” to hiring more freelancers, Mr. Siseles said. Many tech-enabled companies such as Uber Technologies Inc., Lyft Inc. and DoorDash Inc., which rely heavily on gig workers, have opposed similar efforts in the past.

☆ Uber, Lyft slump as U.S. proposal on workers a potential blow to gig economy
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

read moreAnalysts said there is a lot of uncertainty around the proposal expected to come into effect next year, but the move was "a clear blow to the gig economy". Lyft said the move does not require a change of its business model, while Uber said it plans to engage with authorities. Gig companies have long been criticized for the lack of benefits they offer their independent contract workers, who have also faced a rise in living costs this year. The companies have rejected calls for reclassification, saying surveys showed the majority of their workers do not want to be employees. Slammed by the fears, Uber, Lyft and Doordash were set to erase over $10 billion in their collective market valuation.

, said in a statement that Drizly is one of the few places where her company can run multimedia ad campaigns. The database allows the company to charge above-market rates for ad placements, according to Mr. Patel. The company also hired Gina Hardy as its first chief customer officer to oversee all marketing operations. Mr. Patel declined to comment on specific growth goals for Drizly, but said the company sees significant potential in its advertising platform, which is independent of its parent company’s Uber Eats ad business. Drizly sales grew 517% from September 2019 to September 2021, according to market-research firm Bloomberg Second Measure.

☆ Seth Moulton bankrolls ring maker, Mark Green goes crypto, Mark Warner sells a 7-figure window-and-door investment
▼ + stars: | 2021-04-19 | by ( Dave Levinthal | Kimberly Leonard | ) www.businessinsider.com time to read: +10 min

Democratic Rep. Seth Moulton has made a major investment in a Finnish wearable tech firm. Sen. Mark Warner, a Democrat, sold a major investment in a high-end window company. Elon Musk would be proudRep. Mark Green, a Republican from Tennessee, purchased between $1,001 and $15,000 worth of cryptocurrency Dogecoin — the same day virtual currency platform Coinbase went public. According to Barron's, he paid $1.95 million to acquire 15,000 shares for $130 each, and paid $1.4 million for 10,000 shares for $140 each. He also bought between $1,000 and $15,000 worth of stock in Amazon.

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