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REUTERS/Dado Ruvic/IllustrationApril 24 (Reuters) - A quarter into record layoffs, investors in U.S. tech giants will scrutinize if the cost cuts boosted profits to their satisfaction, while the companies emphasize how artificial intelligence will be their next growth driver. Microsoft Corp (MSFT.O), Google parent Alphabet Inc (GOOGL.O), Instagram owner Meta Platforms Inc (META.O) and Amazon.com Inc (AMZN.O) all report quarterly results this week. From a year earlier, profit is expected to slump nearly 16%, on average, with Microsoft expected to perform the least poorly with a 0.5% slip. These three companies, along with Amazon, said between November and March they would slash 70,000 jobs in a rapidly weakening economy, following a pandemic-led hiring boom. "There are expectations that companies could create or do even more with AI ... every tech investor is expecting those companies to be in the frontier."

☆ AT&T's dismal cash flow sparks selloff in telecoms sector
▼ + stars: | 2023-04-20 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

April 20 (Reuters) - U.S. wireless carrier AT&T Inc (T.N) missed market estimates for first-quarter revenue and free cash flow, underscoring the toll from strained consumer wallets and sparking a selloff in the telecoms sector on Thursday. In the first three months of the year, AT&T added 424,000 postpaid phone subscribers, almost in line with a Factset estimate of 422,800 additions. The metric is closely watched by Wall Street as postpaid customers pay a recurring monthly bill, making them valuable to the carriers. "It was not all bad news, and some aspects of AT&T's operations came in above estimates, but it is the free cash flow figure that seems to have caused all the damage, given that it points to likely lower dividend payouts going forward," said Stuart Cole, head macro economist at Equiti Capital. AT&T's free cash flow came in at $1 billion, compared with the $2.61 billion estimated by 18 analysts polled by Visible Alpha.

☆ AT&T misses quarterly revenue estimates; shares down
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Still, AT&T added 424,000 postpaid phone subscribers in the latest quarter, above Factset estimate of 422,800 additions. Analysts and investors generally watch postpaid phone figures closely as those customers pay a recurring monthly bill, making them valuable to the carriers. Total revenue for the first quarter rose 1.4% to $30.1 billion, compared with $29.7 billion a year earlier. AT&T said the growth was also driven by higher revenue in broadband services, partly offseting lower equipment sales. Income from continuing operations was $4.5 billion, or 57 cents per share, in the quarter, compared with $5.1 billion, or 65 cents per share, a year earlier.

☆ Virgin Orbit blames 'dislodged filter' for January launch failure
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Virgin Orbit building is seen after the company paused operations last week, in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake/File PhotoApril 19 (Reuters) - Virgin Orbit Holdings Inc on Wednesday blamed a dislodged filter for its failed rocket launch in January and said it was planning a flight later this year as the issue has been fixed. The satellite launch company, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection earlier this month as it struggled to secure long-term funding following the failed launch. The January mission using Virgin Orbit's centerpiece LauncherOne rocket, the first rocket launch out of Britain, failed to reach orbit and sent its payload of commercial and defense-related research satellites plunging into the ocean. "Ground test results matched flight data, confirming the dislodging of the filter as the initiation event of the January launch failure," Virgin Orbit said on Wednesday.

April 19 (Reuters) - Netflix Inc's (NFLX.O) shares fell nearly 3% on Wednesday after the streaming pioneer forecast current-quarter revenue and profit below Wall Street estimates, hit by a delay in the wider roll-out of its solution to password sharing. The company will now launch paid sharing widely, including in the U.S., between April and June. It reported a rise in subscriber growth in the first quarter in Canada - one of the markets where it has cracked down on password sharing. The move is expected to result in some knee-jerk churn and near-term earnings risks but should ultimately pay off, analysts said. "The next few months will likely be noisy as paid sharing headline risk grows louder, but we'd be buyers of related pullbacks," J.P.Morgan analyst Doug Anmuth said.

☆ Factbox: Broadcasters go silent on Twitter after 'government-funded' label
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

April 18 (Reuters) - Public broadcasters ranging from U.S.-based National Public Radio to Canadian Broadcasting Corp have stopped posting on Twitter in recent days after the Elon Musk-owned social media platform labeled their accounts as "government-funded". ** Canadian Broadcasting Corporation (CBC)CBC said on Monday it would pause its use of Twitter after the platform labeled it as "69% government-funded media". The Twitter label on the CBC account previously showed "70% government-funded media", but was changed to the current one after the CBC asked Twitter to re-examine the designation. ** Public Broadcasting Service (PBS)PBS, which has around 2.2 million followers on Twitter, halted publishing on Twitter after it was labeled as "government-funded media", according to media reports. ** Hawaii Public RadioHawaii Public Radio, a member station of NPR, said it would stop sharing its content on Twitter after the micro-blogging site labeled NPR's Twitter handle as "government-funded media".

☆ Factbox: Tesla cuts more prices in a bid to spur demand
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

In February, however, the carmaker raised prices of the performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China. The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper. GERMANYTesla cut prices on the Model 3 and the Model Y by about 1% to almost 17%, depending on the configuration, in January. SINGAPORETesla cut prices of its Model 3 and Model Y vehicles by between 4.3% and 5% in April. Tesla cut prices on real-wheel drive version of both Model 3 and Model Y by S$4,000 ($3,020), and dual motor all-wheel drive version of the two models by S$5,000, its website showed.

☆ Trump-backed SPAC Digital World names new CFO
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, on Thursday named Katherine Chiles as its chief financial officer. The development comes after Digital World in March ousted Chief Executive Patrick Orlando, saying that due to "unprecedented headwinds faced by the company" the board had agreed to select a new management team. The company also named Alexander Cano as president and secretary on March 11, according to a filing on Thursday. In October 2021, Trump's newly formed media company, Trump Media & Technology Group, announced a deal to go public by merging with Digital World. Late last year Digital World's Chief Financial Officer Luiz Braganza left the company.

☆ Warner Bros Discovery unveils its revamped 'Max' streaming service
▼ + stars: | 2023-04-12 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +1 min

April 12 - Warner Bros Discovery Inc(WBD.O) said on Wednesday it will launch on May 23 its long-awaited new streaming service, christened "Max", which combines HBO Max's scripted entertainment with Discovery's reality shows. The opportunity to better capitalize on the streaming video revolution was one of the justifications for the merger of Discovery and WarnerMedia in 2022. "We are not trying to win the direct-to-consumer spending war," Zaslav assured investors, shortly after the merger was finalized. Zaslav repudiated his predecessor's COVID-19 era strategy of releasing new movies simultaneously in theaters and in the home, via HBO Max. Instead, Warner Bros films would enjoy a traditional theatrical release, and reap box office proceeds, before becoming available on the streaming service.

☆ Warner Bros Discovery unveils revamped 'Max' in push for streaming growth
▼ + stars: | 2023-04-12 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

Warner Bros Discovery eliminated "HBO" from the name of the streaming service, which for some viewers connotes bespoke series but repels others. He repudiated his predecessor's COVID-19 era strategy of releasing new movies simultaneously in theaters and in the home, via HBO Max. Instead, Warner Bros films would enjoy a traditional theatrical release and reap box office proceeds before becoming available on the streaming service. It licensed some of these shows to other streaming services, as Warner Bros Discovery looked for new ways to monetize its film and television libraries. Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them.

☆ France considering antitrust action against Apple - Axios
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

April 11 (Reuters) - France's antitrust regulator is expected to go ahead soon with an investigation into Apple Inc (AAPL.O) over complaints tied to changes that the iPhone maker made in 2021 to its app tracking policies, news website Axios reported on Tuesday. French regulators are in favor of issuing a formal "Statement of Objections" to parties involved in the matter in coming weeks, the report said. Apple and France's antitrust regulator did not immediately respond to requests for comment. Reporting by Tiyashi Datta in Bengaluru;Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ YouTube reveals prices of NFL Sunday Ticket subscription
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Alphabet Inc's (GOOGL.O) YouTube said on Tuesday its pricing plans for the Sunday Ticket package of National Football League (NFL) games will be between $249 and $489. In a blog post, YouTube said the full season of Sunday Ticket will be available for a presale offer price of $249 - $100 cheaper than the retail price - for people who subscribe to YouTube TV's base video-service plan. Consumers who want the Sunday games package without a subscription to YouTube TV's other offerings will have to pay $449, while a bundle consisting of Sunday Ticket and NFL Redzone is available at a retail price of $489 for the season. Joining deep-pocketed companies that sought to grow their dominance in live sports streaming, YouTube in December signed a multi-year deal to exclusively stream the NFL's Sunday Ticket package of games in the United States. Sunday Ticket lets subscribers watch all local and out-of-market U.S. games of the day, while football fans otherwise in any given market can only watch a limited number of games.

☆ Global PC shipments slide in first quarter, Apple takes biggest hit, IDC says
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

In separate reports published on Monday, market research firms IDC and Canalys blamed weak demand, excess inventory and a bleak economic outlook for the shipment declines of 29% and 33%, respectively. Of the top five PC makers analysed in the reports, Apple saw the largest drop with a fall of more than 40%. Both the research firms also predicted the market could start to recover later this year and gather momentum in 2024 if the economic outlook improves. "We expect significant market upside as consumers look to refresh, schools seek to replace worn-down Chromebooks, and businesses move to Windows 11," IDC said. Reporting by Bharat Govind Gautam and Tiyashi Datta in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ AI stocks tumble after short-seller attack on C3.ai
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

Shares of C3.ai were down 10% in early trading, while those of Thai security firm Guardforce AI (GFAI.O) fell more than 14%. Data analytics firm BigBear.ai (BBAI.N) lost 7% and conversation intelligence company SoundHound AI (SOUN.O) declined 4%. C3.ai was one of the trending stocks on investor-focused social media platform Stocktwits.com. Kerrisdale had disclosed its short position in C3.ai last month and accused the company of "poor customer traction, failing sales partnerships and financial pressures." "It is not necessarily a systemic risk and should not affect other AI stocks near-term.

April 3 (Reuters) - World Wrestling Entertainment Inc (WWE.N) will combine with Endeavor Group-owned (EDR.N) mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about $21 billion, the companies said on Monday. Hollywood power broker and Endeavor CEO Ari Emanuel will take the helm at the merged entity. In January, WWE said it would explore strategic options that could include a sale, shortly after long-time CEO McMahon's return to the company. McMahon had retired in July last year as the company's CEO and chair, following an investigation into his alleged misconduct. Co-CEO Stephanie McMahon, who single-handedly managed the mantle when her father exited, resigned a week after he returned in January.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ Timeline: Canada gives final nod on C$20 bln Rogers-Shaw merger
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Canada on Friday gave the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. The green light came as Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc (QBRb.TO) under some conditions. Here is the snapshot of key events in Rogers-Shaw merger:Reporting by Yuvraj Malik, Aditya Soni, Tiyashi Datta and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ China's JD.com to spin off industrial, property units in Hong Kong float
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 30 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK) said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange. Upon completion of the proposed spin off of JD Industrials and JD Property, JD.com said it would continue to indirectly hold more than 50% of the shares in both the units, which will remain as subsidiaries of the company. The size and structure of JD.com units' initial public offerings have not yet been finalised. The e-commerce firm, which missed fourth-quarter revenue forecasts, said earlier this month that rebuilding consumer confidence would take time after the lifting of strict pandemic-related curbs late last year. Reporting by Twinnie Siu in Hong Kong and Tiyashi Datta in Bengaluru; Editing by Sharon Singleton and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Streaming device maker Roku to cut 200 jobs in second round of layoffs
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Roku Inc (ROKU.O) will lay off 6% of its workforce, or 200 employees, in its second round of job cuts, the U.S. streaming device maker said, sending its shares up nearly 3% before the bell on Thursday. In a bid to lower expenses, the company also decided to exit and sub-lease office facilities that it did not currently occupy. Majority of the restructuring charges will be incurred in the first quarter of fiscal 2023, while the job cuts will be completed by the end of the second quarter, the company said. Earlier this month, Roku said it had about $487 million, or 26% of its cash and cash equivalents, in deposits with SVB Financial Group (SIVB.O), which was closed down by California banking regulators. Reporting by Tiyashi Datta in Bengaluru; Editing by Arun Koyyur and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ China's Alibaba to break up empire into six units as Jack Ma returns home
▼ + stars: | 2023-03-29 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

Alibaba said the biggest restructuring in its 24-year history would see it split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. Zhang will continue as chairman and CEO of Alibaba Group, which will follow a holding company management model, and also serve as CEO of Cloud Intelligence Group. The exception would be Taobao Tmall Commerce Group that handles China commerce businesses and will remain a wholly owned unit of Alibaba Group. Investors said the split signals the clearing of regulatory worries and allays concerns that Alibaba had lost the potential to grow. [1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021.

☆ AMC Entertainment shares jump on report Amazon exploring a deal
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) jumped more than 18% on Tuesday, set for their biggest gain in a month, after a report that ecommerce giant Amazon.com Inc (AMZN.O) was looking to buy the theater chain. Amazon founder Jeff Bezos has dispatched his investment advisers and top entertainment chiefs to explore acquisition plans for AMC, The Intersect reported, citing sources familiar with the discussions. AMC and Amazon did not immediately respond to Reuters requests for comment. AMC's shares, which posted a 12-fold jump in 2021 in a Reddit-fueled surge, have gained about 11% this year to Monday's close. Reporting by Tiyashi Datta and Akash Sriram in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Alibaba to split into six units
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Alibaba Group Holding Ltd (9988.HK) said it plans split its business into six main units covering e-commerce, media and the cloud, adding that each of the units will explore fundraising or initial public offerings. STUART COLE, HEAD MACRO ECONOMIST AT EQUITI CAPITAL, LONDON"I am not sure how quickly Alibaba could be broken up. To me, it suggests something that Alibaba has been wanting to do for some time, but has been waiting for the opportunity to do so." With this expectation, investors will be more positive on Alibaba. It may reflect a new round of development for the business and reduce worries of regulatory issues."

☆ Lyft shares jump as Wall Street welcomes CEO change
▼ + stars: | 2023-03-28 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

Lyft said on Monday co-founders Logan Green and John Zimmer would step down as CEO and president, respectively, handing the reins to David Risher who has been a board member since 2021. Risher was among the first employees at Amazon.com Inc(AMZN.O) and served as the e-commerce giant's first head of product. Risher's experience on Lyft's board also gives him a strong command of the business relative to the average incoming CEO, RBC Capital Markets said. Lyft's shares were trading at $10.20 on Tuesday. Rival Uber also had a CEO change in 2017, when it hired then Expedia Inc (EXPE.O) top boss Dara Khosrowshahi.

☆ Alibaba to break up empire into six units, seek IPOs
▼ + stars: | 2023-03-28 | by ( Josh Horwitz | ) www.reuters.com time to read: +3 min

The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence Group. Each business group and other investments will retain the flexibility to raise outside capital and seek an initial public offering, it said, with the exception being Taobao Tmall Commerce Group that handles its China commerce businesses and will remain an Alibaba Group wholly owned unit. Each business group, he said, had to actively tackle the rapid changes in the market and each Alibaba employee had to "return to the mindset of an entrepreneur." The restructuring "does inject an element of flexibility and adaptability into the company, which currently is something of a behemoth," he added.

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