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☆ 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 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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.

☆ BlackBerry expects up to 54% revenue growth in 2026, shares rise
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

May 17 (Reuters) - BlackBerry Ltd (BB.TO), on Wednesday forecast as much as 54% jump in 2026 sales from current year on the back of growth in its cybersecurity business, sending shares up 5%. The security software and services provider expects 2026 revenue to be between $880 million and $960 million. "Gross margin for the Cybersecurity business unit is expected to increase by between 400 bps and 600 bps by FY26," it said. BlackBerry in December said revenue from its cybersecurity business would remain flat in the first half of 2023, but grow in the latter half. The company on Wednesday also reiterated its 2024 revenue forecast of $665 million to $700 million, compared with analysts' estimates of $701 million, according to Refinitiv data.

☆ Comcast likely to sell Hulu stake to Disney by early 2024 - CNBC
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Comcast Corp (CMCSA.O) will likely sell its 33% stake in streaming platform Hulu to Walt Disney Co (DIS.N) early next year, CNBC reported on Tuesday, citing Comcast Chief Executive Brian Roberts. Disney said in 2019 it would take full control of Hulu in a deal with Comcast that ascribed a minimum equity value of $27.5 billion to Hulu, allowing either company to trigger a sale or purchase of the stake as early as January 2024. According to the CNBC report, Roberts suggested the final price for Hulu will likely be higher than the valuation set in 2019. Comcast, Disney and Hulu did not immediately respond to Reuters' requests for comment. Disney CEO Bob Iger said last week in an earnings call that he had "constructive" talks with Comcast about Hulu.

☆ Musk tells Tesla staff he must approve all hiring- memo
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

According to the email, Musk told executives to send him a list of hiring requests on a weekly basis, while also cautioning them to "think carefully" before submitting such requests. "No one can join Tesla, even as a contractor, until you receive my email approval", Musk said in the email on Monday. Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO last week. He said on Friday that hiring Yaccarino would allow him to spend more time to run Tesla. The billionaire is expected to address Tesla shareholders on Tuesday at the automaker's annual meeting at its headquarters in Austin, Texas.

☆ Lyft says CFO Paul to step down, appoints replacement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Lyft Inc (LYFT.O) said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed. The company said Paul, who has served as Lyft CFO since January 2022, was leaving on May 19, and announced Brewer's expected joining on July 10. Chief Accounting Officer Lisa Blackwood-Kapral will serve as finance chief in the interim. Brewer has previously served as the managing director, enterprise finance, at Charles Schwab & Co and head of strategy and finance at software company Atlassian. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ EV startup Arrival's cash and equivalents slump at end of first quarter
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - British electric vehicle start-up Arrival SA (47K0.F), said on Monday it had $130 million in cash and cash equivalents at the end of March, down nearly 37% from the end of December. The company, which did not provide any details on first-quarter results in its earnings release, said it has built three vans at its Bicester factory, with five more in progress. Earlier in April, Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N). The transaction would allow Arrival to access up to $283 million of cash "held in trust" for building its Charlotte, North Carolina factory and for developing its XL Van, Arrival said on Monday. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Musk tells Tesla staff he must approve all hiring - the Information
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowMay 15 (Reuters) - Tesla (TSLA.O) Chief Executive Elon Musk has said that the company can make no new hires unless he personally approves them, including contractors, the Information reported on Monday, citing an email to staff. According to the report, Musk told executives to send him a list of hiring requests on a weekly basis, while also cautioning them to "think carefully" before submitting such requests. Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO last week. He said on Friday that hiring Yaccarino would allow him to spend more time to run Tesla. The billionaire is expected to address Tesla shareholders on Tuesday at the automaker's annual meeting at its headquarters in Austin, Texas.

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