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☆ Broadcom falls as forecast pales before Nvidia's blowout results
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 1 (Reuters) - Broadcom shares (AVGO.O) fell 4.2% in premarket trading on Friday as the semiconductor maker's quarterly revenue forecast fell short of investors' lofty expectations following bigger rival Nvidia's (NVDA.O) AI-powered blockbuster results. "Off the back of Nvidia's blowout earnings update, anything less than stellar is being seen as disappointing," said Danni Hewson, head of financial analysis at AJ Bell. The company, which supplies chips that help glue together AI supercomputers and traditional servers, expects networking revenue to jump 20% in the fourth quarter. Broadcom's forward price-to-earnings ratio for the next 12 months stood at about 20, compared with Nvidia's 35, according to Refinitiv data.

Persons: Dado Ruvic, Danni Hewson, AJ Bell, Hargreaves, Sophie Lund, Yates, Chavi Mehta, Devika Organizations: Broadcom, REUTERS, trailblazer Nvidia, Thomson Locations: Bengaluru

☆ Broadcom forecasts fourth-quarter revenue below Wall Street expectations
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake Acquire Licensing RightsAug 31 (Reuters) - Broadcom (AVGO.O) forecast fourth-quarter revenue below Wall Street estimates on Thursday, on worries bleak enterprise spending and stiff competition in the networking chip space will outweigh benefits from a boom in artificial intelligence-led demand. The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Chavi Mehta, Krishna Chandra Organizations: Broadcom Limited, REUTERS, Broadcom, Wall, Thomson Locations: Irvine , California, U.S, Bengaluru

☆ Broadcom forecasts fourth-quarter revenue above Wall Street expectations
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

Aug 31 (Reuters) - Broadcom (AVGO.O) forecast fourth-quarter revenue slightly above Wall Street estimates on Thursday, on optimism generative artificial intelligence will keep demand for its AI networking chips solid and an expected boost in sales from Apple (AAPL.O) iPhone launch. The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Chavi Mehta, Krishna Chandra Organizations: Broadcom, Apple, Thomson Locations: Bengaluru

☆ Google introduces generative AI to Search in India, Japan
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Google logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsAug 30 (Reuters) - Alphabet's (GOOGL.O) Google said on Wednesday it introduced generative artificial intelligence to its Search tool for users in India and Japan that will show text or visual results to prompts, including summaries. Japanese users will be able to use the feature in their local languages, while it will be available in English and Hindi in India. Google's search feature is meant to be used for seeking information, such as locating something to purchase. Google's AI search competes with Microsoft's (MSFT.O) Bing.

Persons: Dado Ruvic, Bing, Chavi Mehta, Jeffrey Dastin, Krishna Chandra Organizations: REUTERS, Google, Thomson Locations: India, Japan, United States, Bengaluru, San Francisco

☆ CNN taps media veteran Thompson as CEO to spearhead turnaround
▼ + stars: | 2023-08-30 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

With Thompson, Warner Bros Discovery is turning to an executive with ample experience at the top level, unlike Licht - a former TV producer who had worked on "The Late Show With Stephen Colbert" and MSNBC's "Morning Joe". During his 8-year tenure as the CEO of the Times, Thompson helped transform the Gray Lady into a beacon for newspapers in the internet age by focusing on digital subscriptions. "Mark is a true innovator who has transformed for the digital age two of the world's most respected news organizations," Warner Bros Discovery CEO David Zaslav said. CNN Max is looking to capitalize on the immediacy of breaking news and analysis, differentiating it from CNN+, which featured lifestyle programs. Those estimates are for the CNN networks that operate in the United States, including CNN en Español and CNN International.

Persons: Mark Thompson, Neil Hall, Thompson, Chris Licht, Donald Trump, Stephen Colbert, David Zaslav, Joe Biden, Ron Desantis, CNN Max, Paolo Pescatore, Licht, Jeff Zucker, Aditya Soni, Chavi Mehta, Shinjini Organizations: BBC, REUTERS, Warner Bros Discovery, CNN, New York Times, Republican U.S, Times, Trump, Democratic, Warner Bros, Atlantic, P Global Market Intelligence, Español, CNN International, Fox News, MSNBC, Nielsen, Thomson Locations: London, Florida, Trump, United States, Bengaluru

☆ Apple to host fall event on Sept 12, analysts expect new iPhones
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The Apple Inc logo is seen at the entrance to the Apple store in Brussels, Belgium November 28, 2022. REUTERS/Yves Herman Acquire Licensing RightsAug 29 (Reuters) - Apple (AAPL.O) said on Tuesday it would host its fall event on Sept. 12, setting the stage for what analysts believe will be the unveiling of a new line of iPhones and smartwatches. The event will be hosted at the Steve Jobs Theater at its headquarters in Cupertino, California, according to invites from the world's most valuable company. Apple posted a 2.4% decline in iPhone sales for its fiscal third quarter - a rare drop for the product that has for years powered the company's growth. Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman Acquire, Steve Jobs, TF International Securities analyst Ming, Chi Kuo, Chavi Mehta, Sriraj Organizations: Apple, REUTERS, Steve, Wall Street, TF International Securities analyst, Bloomberg, Thomson Locations: Brussels, Belgium, Cupertino , California, Bengaluru

☆ Private equity firm Veritas makes takeover offer for BlackBerry, source says
▼ + stars: | 2023-08-25 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsAug 25 (Reuters) - Private equity firm Veritas Capital has made an offer to buy BlackBerry Ltd (BB.TO), according to a person familiar with the matter, months after the Canadian technology company began a strategic review. Veritas and Blackberry did not immediately respond to Reuters requests for comment. Veritas has made an offer for the entire company, the source said, adding that BlackBerry is also in talks with other potential buyers. Morgan Stanley (MS.N) and Perella Weinberg Partners are acting as financial advisors to BlackBerry for the strategic review. Bloomberg News reported the talks between Veritas and BlackBerry earlier on Friday.

Persons: Mike Blake, Morgan Stanley, Perella Weinberg, Chavi Mehta, Shweta Agarwal, Grant McCool Organizations: REUTERS, Veritas Capital, BlackBerry, Veritas, Malikie Innovations, Perella Weinberg Partners, Bloomberg News, Thomson Locations: Irvine , California, U.S, Canadian, Bengaluru

☆ Private-equity firm Veritas makes a takeover offer for BlackBerry, source says
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

The Blackberry logo is shown on a office tower in Irvine, California, U.S., October 20, 2020. REUTERS/Mike Blake Acquire Licensing RightsAug 25 (Reuters) - Private equity firm Veritas Capital has made an offer to buy Canadian software company BlackBerry (BB.TO), according to a person familiar with the matter. Veritas and Blackberry did not immediately respond to Reuters requests for comment. It pulled the plug on its smartphones business last year and has since been trying to sell its legacy patents related to its mobile devices. In May, BlackBerry said it will continue with the previously announced sale of the patents related to its mobile devices to Malikie Innovations Limited for up to $900 million.

Persons: Mike Blake, BlackBerry, Chavi Mehta, Greg Roumeliotis, Shweta Agarwal Organizations: REUTERS, Veritas Capital, BlackBerry, Veritas, Malikie Innovations, Thomson Locations: Irvine , California, U.S, Bengaluru

☆ Veritas is said to consider a takeover offer for BlackBerry - source
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: 1 min

The Blackberry logo is shown on a office tower in Irvine, California, U.S., October 20, 2020. REUTERS/Mike Blake Acquire Licensing RightsAug 25 (Reuters) - Private equity firm Veritas Capital is considering a takeover offer for Canadian software company BlackBerry (BB.TO), according to a person familiar with the matter. Veritas and Blackberry did not immediately respond to Reuters' requests for a comment. BlackBerry had said in May it would conduct a review of strategic alternatives, which includes the possible separation of one or more of its businesses. Reporting by Chavi Mehta in Bengaluru and Greg Roumeliotis; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, BlackBerry, Chavi Mehta, Greg Roumeliotis, Shweta Agarwal Organizations: REUTERS, Veritas Capital, Canadian, BlackBerry, Veritas, Thomson Locations: Irvine , California, U.S, Bengaluru

☆ Digital World slides as Trump returns to X, formerly Twitter
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsAug 25 (Reuters) - Shares of Digital World Acquisition Corp (DWAC.O), which has agreed to merge with Donald Trump's media company, fell 5% in premarket trading on Friday after the former U.S. president returned to social media platform X. He had over 88 million followers on the platform before the ban, while he had 6.39 million followers on Truth Social as of Friday. Blank-check firm Digital World said in October 2021 it had agreed to merge with TMTG, in a deal that would infuse the Truth Social parent with $1.3 billion in cash. The deal, however, faced scrutiny for months and Digital World settled fraud charges with the U.S. securities regulator earlier this year that had delayed its closing. Digital World earlier this month pushed the deadline for the merger by over three months to Dec. 31, in the latest extension.

Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, Trump, Elon Musk, Chavi Mehta, Sriraj Organizations: Fair, REUTERS, Trump Media & Technology, Twitter, U.S, Capitol, Nasdaq, Thomson Locations: Iowa, Des Moines , Iowa, U.S, Fulton County Jail, Georgia, Bengaluru

Nvidia's stock rose as high as $502.66, topping a record hit earlier this week, The first trillion-dollar chip maker pared some gains and was last up 0.8%% at $474.6. The technology-heavy Nasdaq Composite (.IXIC), buoyed by Nvidia, rose in early trade before falling by 1.36%. Reuters GraphicsMore than 20 brokerages raised their target price on Nvidia after the earnings. The median analyst price target on the stock has nearly doubled to $600 since May when the company forecast a 50% jump in second-quarter revenue. Short sellers of Nvidia's stock have made $826 million in mark-to-market losses on Thursday, data from analytics firm S3 Partners showed.

Persons: Ann Wang, Michael James, James, Elazar, Tom Plumb, Plumb, Matthew Tuttle, Susan Mathew, Chavi Mehta, Medha Singh, Shreyashi Sanyal, Shristi Achar, Amruta, Noel Randewich, Varun H, Shinjini Ganguli, Sharon Singleton, David Gregorio Our Organizations: REUTERS, Nvidia, Philadelphia Semiconductor, Marvell Technology, Devices Inc, Intel, Nasdaq, Wedbush Securities, Reuters, Elazar Advisors, Rosenblatt Securities, Plumb Funds, Partners, Tuttle Capital Management, Thomson Locations: Taipei, Taiwan, Clara , California, Bengaluru, Chibuike, New York, Oakland , California

☆ Nvidia results burnish AI rally, lift global tech shares
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

Nvidia's shares rose to $510.14 in premarket trading, set to surpass a record high of $481.87 hit earlier this week. That represents another three-fold increase in the stock's value from current levels. Elsewhere, shares of Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW), which supplies to Nvidia, rose 2.2%. A lot rested on Nvidia posting strong results, as most of the S&P 500's over 15% year-to-date gains have come from the AI-driven rally in Nvidia and other Big Tech stocks. Investing.com analyst Thomas Monteiro said Nvidia's results validated "the narrative that has been propping tech stocks in general this year."

Persons: Ann Wang, ”, Hargreaves, Sophie Lund, Yates, Elazar, Bernstein, Stacy Rasgon, Ipek Ozkardeskaya, Thomas Monteiro, Susan Mathew, Chavi Mehta, Varun Organizations: REUTERS, Nvidia, Elazar Advisors, Rosenblatt Securities, Devices, Micron Technology, Broadcom, Marvell Technology, Taiwan Semiconductor Manufacturing, ASM International, BE Semiconductor, Aixtron, Swissquote Bank, Big Tech, Thomson Locations: Taipei, Taiwan, Bengaluru

The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. Nvidia's stock price, though, has more than tripled this year and was set to hit an all-time high after Wednesday's results. The company has a near-monopoly on the computing systems used to power services like ChatGPT, OpenAI's blockbuster generative AI chatbot. Huang declined to comment on whether the AI boom will last past next year. The company said the biggest sales driver this quarter was its HGX system, which is an entire computer built around Nvidia's chip.

Persons: Tyrone Siu, Huang, Jensen Huang, quashing, Kinngai Chan, Chan, Dylan Patel, SemiAnalysis, Patel, We're, Stephen Nellis, Max Cherney, Chavi Mehta, Sonali Paul Organizations: Nvidia Corporation, REUTERS, Nvidia, Reuters, Microsoft, Summit, Thomson Locations: Taipei, Taiwan, OpenAI, San Francisco

☆ Nvidia's forecast lifts AI stocks and Nasdaq futures
▼ + stars: | 2023-08-23 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

S&P 500 E-Mini futures rose 0.5% and Nasdaq E-Mini futures climbed 0.9%, suggesting Wall Street is likely to open with gains on Thursday. Investors this week had anticipated Nvidia's results report as a potential spark to reignite gains in a sluggish U.S. stock market. Nvidia's forecast added to investor optimism. Big Tech and AI-related stocks saw their stock market values increase by over $70 billion, on top of Nvidia's increased value, as their shares climbed following the report. Nvidia forecast third-quarter revenue of about $16 billion, plus or minus 2%.

Persons: Ann Wang, Jacob Bourne, Noel Randewich, Chavi Mehta, David Gregorio, Bill Berkrot Organizations: REUTERS, Santa, Nasdaq, Nvidia, Intelligence, Big Tech, Microsoft, Google, Palantir Technologies, Devices, Broadcom, Marvell Technology, Micro, Refinitiv, Thomson Locations: Taipei, Taiwan, U.S, Santa Clara , California, Oakland, Calif, Bangalore

☆ Nvidia forecasts third-quarter revenue above Wall Street expectations
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

Aug 23 (Reuters) - Chip designer Nvidia (NVDA.O) forecast third-quarter revenue above Wall Street targets on Wednesday, boosted by soaring demand for its chips that power nearly all the world's major artificial intelligence apps. The company forecast third-quarter revenue of about $16.00 billion, plus or minus 2%. Analysts polled by Refinitiv on average were expecting $12.61 billion. Reporting by Chavi Mehta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Nvidia, Chavi Mehta, Maju Samuel Organizations: Wall, Refinitiv, Thomson Locations: Bengaluru

☆ SpaceX working with Cloudflare to speed up Starlink service- The Information
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

SpaceX logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsAug 23 (Reuters) - Elon Musk-owned SpaceX is working with Cloudflare (NET.N) to boost the performance of its satellite internet service Starlink, the Information reported on Wednesday, citing a person with direct knowledge of the project. Starlink is one of a growing number of makers of small satellites that are focused on providing satellite-based internet, including Amazon.com's (AMZN.O) Kuiper, Britain's OneWeb and venture capital-backed Planet. Cloudflare did not immediately respond to a Reuters request for comment. Reporting by Jose Joseph and Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elon Musk, Starlink, Cloudflare, Jose Joseph, Chavi Mehta, Shailesh Organizations: SpaceX, Elon, REUTERS, Thomson Locations: Bengaluru

Nvidia shares have nearly tripled in value this year, adding more than $700 billion to the company's market valuation and making it the first trillion-dollar chip firm. If Nvidia shows weakness, we could be in for quite a substantial correction in the market." Nvidia has only forecast revenue below estimates once in the past two years. Citi analysts said last week they were only modeling a revenue forecast of around $12 billion, but buy-side expectations have gone up to $14 billion. AMD expects to start shipping the chip in the fourth quarter and could control roughly 10% of the AI chip market next year, analysts said.

Persons: Ann Wang, Inge Heydorn, Heydorn, Piper, Harsh Kumar, doesn't overcharge, Kumar, Chavi Mehta, Aditya Soni, Anil D'Silva Organizations: REUTERS, Nvidia, Big Tech, GP, AMD, Citi, Google, Reuters, Thomson Locations: Taipei, Taiwan, China, Bengaluru

☆ AMC Entertainment to effect 10:1 reverse split on Aug. 24
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mario AnzuoniAug 14 (Reuters) - AMC Entertainment Holdings (AMC.N) said on Monday its 10-to-1 reverse stock split will take place on Aug. 24 and its preferred shares "APE" will be converted to common stock on Aug. 25. The common shares of the theatre chain operator fell 38% to $3.25 in premarket trading, while its preferred shares rose 18% to $2.09. AMC aims to increase its Class A common stock to 550 million from about 524 million, it said in a regulatory filing. The company would make a settlement payment of one Class A common stock for every 7.5 Class A shares to the entitled shareholders after the reverse stock split. AMC was sued in February for allegedly rigging a shareholder vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.

Persons: Mario Anzuoni, Chavi Mehta, Arun Koyyur Organizations: AMC, REUTERS, AMC Entertainment Holdings, Thomson Locations: Burbank , California, U.S, Delaware, Bengaluru

☆ Fox's legal head to step down in another major exit after Dominion settlement
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday that Chief Legal Officer Viet Dinh was stepping down, a high-profile exit that follows its $787.5 million settlement in April of a defamation lawsuit filed by Dominion Voting Systems over its 2020 U.S. election coverage. Top-rated host Tucker Carlson agreed to part ways with Fox in April, just days after the legal resolution. As part of a separation agreement, Dinh will get a lump-sum cash payment of $23 million, Fox said. He will become a special adviser to the company after leaving the role of legal head. In June, Fox Corp also settled a lawsuit by former Fox News producer Abby Grossberg, who claimed gender discrimination and accused the network's lawyers of pressuring her to make misleading statements in the Dominion Voting Systems case.

Persons: Mike Segar, Dinh, Tucker Carlson, Fox, George W Bush, Bancroft PLLC, Kirkland & Ellis, Ng, Abby Grossberg, Chavi Mehta, David Thomas, Anil D'Silva, Shilpi Majumdar Organizations: Fox, News Corporation, Fox News, REUTERS, Fox Corp, Dominion Voting Systems, Dominion, Patriot, U.S, D.C, Kirkland &, Voting, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Bengaluru, Chicago

☆ Fox's chief legal officer to step down
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Aug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday Viet Dinh would step down from his role as chief legal officer and become a special adviser to the company, effective Dec. 31. Dinh joined FOX as chief legal and policy officer in 2018 and has led the news company's legal, compliance, and regulatory matters, as well as overseen government affairs. This follows the $787.5 million defamation settlement earlier this year with Dominion Voting Systems, which sued Fox in 2021 over Fox News' coverage of false vote-rigging claims about the voting technology firm. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'Silva and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Viet Dinh, Dinh, Chavi Mehta, Anil D'Silva, Shilpi Majumdar Organizations: Fox Corp, FOX, Dominion Voting Systems, Fox, Fox News, Thomson Locations: Viet, Bengaluru

☆ Disney hikes streaming prices, focuses on costs as Iger moves to reassure investors
▼ + stars: | 2023-08-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +5 min

Disney also posted quarterly revenue below expectations and fell slightly behind analyst projections for U.S. subscribers of Disney+. A sign is shown at one of the entrances to Disney Studios in Burbank, California, U.S., July 25, 2023. It added 800,000 Disney+ subscribers, 100,000 subscribers shy of analyst estimates, and shed 12.5 million subscribers to the Disney Hotstar service in India, or nearly a quarter of its subscribers, as it gave up rights to Indian Premiere League cricket matches. Disney's direct-to-consumer business reported a 9% increase in revenue to $5.5 billion, as the average revenue per subscriber rose at Disney+ and Hulu. The unit had lower operating income at its domestic parks, due to decreases at Walt Disney World Resort in Orlando, Florida.

Persons: Walt Disney, Bob Iger, ’, “, I've, ” Iger, Wall, Iger, Mike Blake, Jesse Cohen, Dawn Chmielewski, Chavi Mehta, Aditya Soni, Peter Henderson, Sayantani Ghosh, Matthew Lewis Organizations: ESPN, Disney, Hulu, Netflix, Disney Studios, REUTERS, Indian Premiere League, Investing.com, Shanghai Disney Resort, Walt Disney World, Thomson Locations: Hollywood, Europe, Canada, Burbank , California, U.S, India, Disney's, Orlando , Florida, Los Angeles, Bengaluru

☆ News Corp beats profit estimates on cost cuts, touts AI boost to future sales
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Rupert Murdoch's News Corp (NWSA.O) on Thursday beat quarterly profit estimates thanks to its cost-cutting efforts and talked up how generative artificial intelligence will support future results. For the first time, digital revenue accounted for over half of the company's total revenue for the full year, News Corp said. Higher digital subscription revenue in its fiscal fourth quarter helped News Corp absorb the impact of a 11.5% decline in advertising revenue. Revenue in its professional information business, which includes data and analytics platforms such as Oil Price Information Service, rose 10%. Excluding items, News Corp earned 14 cents per share, beating estimates of 8 cents, according to Refinitiv data.

Persons: Rupert, Robert Thomson, OpenAI, Thomson, Chavi Mehta, Dawn Chmielewski, Anil D'Silva, Stephen Coates Organizations: Rupert Murdoch's News Corp, News Corp, Sunday Times, Wall Street, Associated Press, Corp, Revenue, Price Information Service, New York Times Co, Fox Corp, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ Disney cost cuts exceeding targets but quarterly revenue misses
▼ + stars: | 2023-08-09 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

The entertainment conglomerate also said it fell slightly behind analyst projections for U.S. subscribers of Disney+. It added 800,000 Disney+ subscribers, 100,000 subscribers shy of analyst estimates, and shed 12.5 million subscribers to the Disney Hotstar service in India, or nearly a quarter of its subscribers, as it gave up rights to Indian Premiere League cricket matches. Disney's traditional television business continued its decline, with lower revenue and operating income across the company's broadcast and cable TV business. TV revenue for the quarter decreased 7% to $6.7 billion, while operating income fell 23% to $1.9 billion. Disney's direct-to-consumer business reported a 9% increase in revenue to $5.5 billion, as the average revenue per subscriber rose at Disney+ and Hulu.

Persons: Mike Blake, Walt Disney, Bob Iger, Iger, Disney, Strange, Disney's, Dawn Chmielewski, Chavi Mehta, Aditya Soni, Peter Henderson, Sayantani Ghosh, Matthew Lewis Organizations: Disney Studios, REUTERS, Disney, Indian Premiere League, Hulu, Guardians, Shanghai Disney Resort, Walt Disney World, Thomson Locations: Burbank , California, U.S, India, Orlando , Florida, Los Angeles, Bengaluru

☆ WeWork shares sink after warning of bankruptcy risk
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File photoAug 9 (Reuters) - WeWork (WE.N) on Tuesday warned of a possible bankruptcy after reporting yet another quarterly loss, in a stunning reversal of fortune for the shared workspace provider that was valued at $47 billion in 2019. WeWork said it may need to consider strategic options, including raising more money or obtaining relief under the U.S. Bankruptcy Code. WeWork eventually went public in 2021 through a SPAC (special purpose acquisition company) merger amid persistent doubts over its business model. WeWork burnt $646 million in cash in the first six months of 2023 and as of June end is left with $205 million in hand.

Persons: Brendan McDermid, WeWork, Adam Neumann, Neumann, Ananta Agarwal, Chavi Mehta, Shivansh, Abhijith, Anil D'Silva, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, U.S, Thomson Locations: New York City, U.S, Bengaluru

☆ Take-Two forecasts second-quarter net bookings below estimates
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File PhotoAug 8 (Reuters) - Take-Two Interactive Software (TTWO.O) forecast second-quarter net bookings below Wall Street targets on Tuesday, in a sign that spending on games was under pressure amid persistent inflationary pressures. Spending on videogame content was flat in the first half of the year, while console sales rose 23%, according to data from gaming research firm Circana. The videogame publisher forecast net bookings between $1.4 billion and $1.45 billion, compared with analysts' average estimate of $1.45 billion, according to Refinitiv data. Adjusted sales rose 20% to $1.20 billion in the quarter ended June 30, compared with analysts' average estimate of $1.21 billion, according to Refinitiv data.

Persons: Andrew Kelly, Chavi Mehta, Shilpi Majumdar Organizations: Inc, REUTERS, PlayStation, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

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