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☆ Amazon, Embracer strike deal to make 'Lord of the Rings' video game
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Hobbiton Movie Set, a location for The Lord of the Rings and The Hobbit film trilogy, is pictured in Matamata, New Zealand, December 27, 2020. REUTERS/Praveen MenonMay 15 (Reuters) - Amazon.com Inc (AMZN.O) and Swedish game developer Embracer Group have agreed to develop and publish a massively multiplayer online (MMO) game based on fantasy series "The Lord of the Rings", the companies said on Monday. The game, which is in the early stages of development, will be set in Middle-earth, featuring stories of "The Hobbit" and "The Lord of the Rings" literary trilogy written by J.R.R. Video game publisher Electronic Arts also launched its mobile game "The Lord of the Rings: Heroes of Middle-earth" earlier this month. Earlier in 2021, Amazon had canceled an online role-playing game based on "The Lord of the Rings", which was announced in 2019.

May 12 (Reuters) - Elon Musk has named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO, as the company tries to reverse a plunge in ad revenue. "I am excited to welcome Linda Yaccarino as the new CEO of Twitter!" Last month, NBC parent Comcast said NBCUniversal CEO Jeff Shell was leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation. Musk, the CEO of electric-vehicle maker Tesla Inc (TSLA.O), completed his purchase of Twitter in October for $44 billion. On Thursday, Musk tweeted that he had found a CEO without identifying Yaccarino.

☆ Factbox: Linda Yaccarino: the advertising executive Musk picked as new Twitter CEO
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +2 min

May 12 (Reuters) - Elon Musk has named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO, as the company tries to reverse a plunge in ad revenue at the social media platform. Yaccarino has been a key figure in modernizing the advertising business at NBCUniversal, which is owned by Comcast Corp (CMCSA.O). NEARLY 20 YEARS AT TURNER ENTERTAINMENTBefore NBCU, Yaccarino was at Turner Entertainment for about two decades in the roles of chief operating officer and executive vice president across its advertising sales, marketing and acquisitions divisions. Turner Entertainment operates CNN and is owned by Warner Bros Discovery (WBD.O). INTERVIEW WITH MUSKYaccarino interviewed Musk at an advertising conference in Miami last month, where she lauded his work ethic.

May 10 (Reuters) - Roblox Corp (RBLX.N) on Wednesday topped quarterly bookings estimates on Wednesday, as a wider audience swarmed to the platform for games such as "Adopt Me!" However, adjusted loss of 44 cents per share was bigger than analysts' expectation of 40 cents loss per share, according to Refinitiv data. Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. "We also expect our operating expenses to increase significantly in future periods", the company said, adding it intends to continue to make investments to grow its business and hire more people. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Roblox quarterly loss widens on higher expenses, shares tank
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Roblox Corp (RBLX.N) posted a larger-than-expected quarterly loss on Wednesday, hurt by higher expenses to support the expansion of its business, sending the company's shares down 12% in premarket trading. California-based Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. Net loss attributable to common stockholders was $268.3 million, or 44 cents per share, in the reported quarter, compared with net loss of $160.20 million, or 27 cents per share, a year earlier. However, the company posted net bookings of $773.8 million in the first quarter, compared with $631.2 million a year earlier. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Shares of SUV maker Fisker and truck maker Nikola Corp (NKLA.O), which reported early on Tuesday, fell 7% and 13%, respectively. Shares of Lucid, which makes luxury sedans, dropped 6% on Tuesday after its results late on Monday. Fisker lowered its annual production target to between 32,000 and 36,000 vehicles from its earlier target of 42,400 cars, blaming supply-chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has $652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at $240 million as it produced 63 vehicles.

☆ Nikola to pause truck production after posting bigger quarterly loss
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Nikola Corp (NKLA.O) on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks. "At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks," Nikola said. Earlier in the day, Fisker Inc (FSR.N) cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss. Nikola's net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier. Reporting by Tanya Jain and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ EV startup Fisker cuts annual production forecast
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

May 9 (Reuters) - Fisker Inc (FSR.N) on Tuesday cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and posted a smaller first-quarter loss. The California-based company now expects between 32,000 and 36,000 units to be produced in 2023, compared with its previous target of 42,400 cars. For the second quarter, the company expects to produce between 1,400 and 1,700 vehicles. The company reported a net loss of $120.6 million, or 38 cents per share, for the first quarter, compared to a loss of $122.07 million, or 41 cents per share, a year earlier. Reporting by Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Fisker cuts production forecast as challenges mount for EV startups
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

The results follow weak earnings and a production outlook cut overnight from Lucid Group Inc (LCID.O), sending its stock tumbling 10%. U.S. EV startups' hopes of shaking up the industry collided with rising interest rates and sluggish demand, with many grappling with production challenges. Fisker now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. The company blamed the cut on supply chain issues and an updated timing for homologation, or the certification for roadworthiness. As of March 31, Fisker had about $652.5 million in cash and cash equivalents, compared with $1.04 billion a year earlier.

☆ AMC earnings a hit on Wall Street as 'Ant-Man' attracts more moviegoers
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel's "Ant-Man" drove more moviegoers to theaters. Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading before the bell. AMC has been trying different combinations to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences. Revenue for the quarter was $954.4 million, compared with analysts' expectation of $948.5 million, according to Refinitiv IBES data. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Cash-strapped Lordstown may tap the brakes on Endurance production
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

Foxconn will make Fisker Inc's (FSR.N) PEAR electric compact car at the Ohio factory starting next year, the EV startup has said. Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier. Lordstown Motors and its EV peers have been struggling as access to capital tightens from rising interest rates and mounting economic uncertainty. The company had resumed production of Endurance in March after a pause in February to address quality issues. Lordstown Motors had previously warned of substantial doubt about its ability to continue as a going concern, citing liquidity issues.

May 4 (Reuters) - Paramount Global Inc (PARA.O) missed first-quarter revenue estimates on Thursday amid a weak advertising market in its TV business and cut its dividend. The company incurred a $1.7 billion charge in connection with its plan to integrate Showtime into its Paramount+ streaming service and remove certain programming. Paramount Global said its dividend cut to 5 cents per share will result in approximately $500 million in annualized cash savings. Paramount+, the company's flagship streaming platform, added 4.1 million subscribers during the quarter, compared with 9.9 million in the preceding quarter. Sales for its TV media segment declined by 8% from a year earlier and advertising revenue fell by 11%.

Paramount invested in original content to try to attract subscribers to its streaming platform, but is up against competition from established players such as Netflix (NFLX.O) and Walt Disney Co's (DIS.N) Disney+. Paramount+, the company's flagship streaming platform, added 4.1 million subscribers during the quarter, compared with 9.9 million in the preceding quarter. Sales for its TV media segment declined by 8% from a year earlier, and advertising revenue fell by 11%. Investment in original content and expansion of its streaming platform are consuming cash at the owner of the CBS network. The operating loss was $1.23 billion for the quarter, compared with an operating income of $775 million a year earlier.

☆ AMD's lackluster forecast sparks selloff in shares
▼ + stars: | 2023-05-03 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

The stock fell more than 6% in early trading and was set to erase nearly $9 billion in market value. Intel, whose shares rose last week on a more upbeat PC market outlook, gained more than 2%. The PC market has been in a slump for the past few quarters after a demand surge during the pandemic, while data center spending has also slowed as the economic outlook worsens. AMD, whose smaller and more efficient data center chips had helped it take market share from Intel last year, missed estimates for both PC and data center chip sales in the first quarter. "AMD results were more vulnerable (to the PC slump) than Intel's because most AMD-based PC customers were consumers.

☆ Fisker partners with Ample for electric SUVs with swappable batteries
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Electric vehicle maker Fisker Inc (FSR.N) said on Tuesday it would start delivering its sports utility vehicle Ocean with swappable batteries made by Ample by the start of next year. The partnership with the battery startup will help Fisker increase scale and adoption of its EVs in the United States and Europe, the electric car maker said, adding that Ample will share revenue related to the battery swapping mechanism. Battery-swapping, replacing a depleted battery with a freshly charged one, is fast emerging as an alternative to charging EVs at utility stations. Fisker added that the initial customer for Ample-powered EVs will be fleet operators who are looking to "transition to electric mobility without economic or operational compromises." Ample aims to make its batteries and swapping process more widely available to different brands of carmakers.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "There is substantial doubt regarding our ability to continue as a going concern," Lordstown said in a filing, referring to its dispute with Foxconn over the investment deal. Their course of conduct has resulted in material — and what is becoming irreparable — harm to the company," Lordstown said in a statement. Lordstown shares, which at one point tumbled more than 50% on Monday, closed down 23%, or 12 cents, at 40 cents, in heavy trading.

☆ Google, Apple submit proposal to fight misuse of Bluetooth location-tracking devices
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

May 2 (Reuters) - Alphabet Inc-owned Google (GOOGL.O) and Apple Inc (AAPL.O) said on Tuesday they have submitted a proposed industry specification to help combat the misuse of Bluetooth location-tracking devices for unwanted tracking. They said they have support from companies such as Samsung Electronics (005930.KS). Reporting by Tiyashi Datta in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Lordstown said Foxconn cited the delisting notice the Ohio-based company received from Nasdaq in a letter alleging the breach. Lordstown shares were trading mid-morning at $0.39, down 13 cents a share. Lordstown warned that "there is substantial doubt regarding our ability to continue as a going concern". Without a resolution with Foxconn, other funding or partners, it said it could be forced to file for bankruptcy. Lordstown Motors bought a former General Motors (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

May 1 (Reuters) - Lordstown Motors (RIDE.O) shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy. Lordstown warned in a U.S. Securities and Exchange Commission filing on Monday that "there is substantial doubt regarding our ability to continue as a going concern." Without a resolution with Foxconn, other funding or new partners, it could be forced to file for bankruptcy or cease operations, it added. Lordstown shares were trading mid-afternoon at 27 cents, down 25 cents. Lordstown Motors bought a former General Motors Co (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

☆ Amazon's cloud warning rattles investors
▼ + stars: | 2023-04-28 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Growth in Amazon.com Inc's (AMZN.O) lucrative cloud business is slowing and investors are worried. Shares fell 4% on Friday as Amazon's cloud business slowed in April after posting its weakest quarterly growth since the company began breaking out the unit's sales in 2015. The results are in contrast to those of Microsoft Corp's (MSFT.O) Azure cloud business, which grew at 27%. Still, analysts were largely upbeat about Amazon's cloud prospects, with about 17 raising their price targets on the stock, compared with the 10 that lowered their view. "Amazon is the clear market share leader in cloud computing and they will remain that way," Sundaram said.

☆ Microsoft signs 10-year deal with Spain's Nware after UK blocks Activision bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The agreement marks the latest effort by Microsoft to ease fears its purchase of Activision would hinder competition in cloud gaming, which was the reason cited by the Competition and Markets Authority to veto the biggest deal in gaming. In its decision on Wednesday, the CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure. The Activision deal is the biggest involving technology companies the regulator has blocked. Microsoft shares were slightly lower in U.S. premarket trading, while those of Activision ticked up 0.2%. Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra ELuriOur Standards: The Thomson Reuters Trust Principles.

☆ Mobileye lowers annual revenue forecast
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Mobileye Global Inc (MBLY.O) on Thursday lowered its forecast for annual revenue, hurt by increasing competition from start-ups as well as automakers developing their own driver-assistance products. The autonomous driving technology company now expects revenue to range between $2.07 billion and $2.11 billion from $2.19 billion and $2.28 billion estimated previously. The timeline for autonomous vehicle deployment due to tough regulatory scrutiny and delayed commercial adoption of the technology has also left investors worried. Mobileye, however, posted revenue of $458 million in the first quarter, compared with analysts' estimates of $454.7 million, according to Refinitiv IBES data. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Spotify investigates issues after reports of outage
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Spotify Technology (SPOT.N) said on Thursday it was investigating some issues with its web page, following reports the audio streaming platform was down for thousands of users. There were more than 15,000 incidents of people reporting issues with Spotify, according to Downdetector, which tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. my music isn't playing and i need motivation before i head to work," a user tweeted. Spotify in April crossed the half-billion mark for monthly active users for the first time. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple supplier Corning rides on price hikes to beat profit estimates
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +2 min

April 25 (Reuters) - Specialty glass maker Corning Inc (GLW.N) beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown. Corning's core sales fell 10% to $3.37 billion in the first quarter, but they were better than estimates of $3.34 billion. Revenue from its optical communications division fell 6% during the quarter, while sales in specialty materials business, which makes Gorilla glass, declined 18%. Corning said it expects net sales between $3.4 billion and $3.6 billion for the second quarter, compared with analysts' estimate of $3.58 billion. Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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