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☆ Despite gen AI hype, venture capitalists are still largely on the sidelines
▼ + stars: | 2024-04-03 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

The dearth of dealmaking shows that, despite a rebound in tech stocks last year and continuing hype around generative AI, venture capitalists are still largely on the sidelines. The Federal Reserve has indicated that cuts to its benchmark interest rate are likely coming in 2024, but for the moment they remain steady. Fed Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain. There were 2,882 venture deals in the first quarter, the lowest since the third quarter of 2017, according to PitchBook. According to PitchBook, Reddit and Astera made up 73.4% of the total exit value in the U.S. in the first quarter.

Persons: Jerome Powell, PitchBook, Astera, Gary Tann Organizations: PitchBook, Federal, Astera Labs Locations: U.S, Rubrik

☆ Jon Stewart says Apple asked him not to interview FTC Chair Lina Khan
▼ + stars: | 2024-04-02 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Comedian Jon Stewart said Apple asked him not to interview Federal Trade Commission Chair Lina Khan on a podcast while he was hosting his Apple TV+ show "The Problem With Jon Stewart." "I gotta tell you, I wanted to have you on a podcast, and Apple asked us not to do it, to have you," Stewart told Khan during an episode of "The Daily Show" on Monday. Stewart asked Khan why the company might be "afraid" to have certain conversations out in public. Stewart's comments came nearly two weeks after the Department of Justice sued Apple in a landmark antitrust case. The FTC under Khan has taken similar action against other major tech companies.

Persons: Jon Stewart, Apple, Lina Khan, Stewart, Khan Organizations: Federal Trade, Apple, Department of Justice, DOJ, Apple Watch, FTC, Google, Amazon, Meta, The New York Times Locations: China

☆ UnitedHealth Group has paid more than $3 billion to providers following cyberattack
▼ + stars: | 2024-03-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

UnitedHealth Group has paid out an additional $1 billion to providers that have been impacted by the Change Healthcare cyberattack since last week, bringing the total amount of funds advanced to more than $3.3 billion, the company said on Wednesday. UnitedHealth, which owns Change Healthcare, discovered in February that a cyber threat actor had breached part of the unit's information technology network. The interruptions left many health-care providers temporarily unable to fill prescriptions or get reimbursed for their services by insurers. Many health-care providers rely on reimbursement cash flow to operate, so the fallout has been substantial. Federal agencies like the Centers for Medicare & Medicaid Services have introduced additional options to ensure that states and other stakeholders can make interim payments to providers, according to a release.

Persons: UnitedHealth, it's, Mandiant, Jamie Raskin, Andrew, Raskin, Biden Organizations: UnitedHealth, Healthcare, SEC, CNBC, American Hospital Association, Medicare, Medicaid Services, U.S . Department of Justice, of State, Wednesday, United Health, Palo Alto Networks, Change Healthcare Locations: Palo

☆ Neuralink shares video of patient playing chess using signals from brain implant
▼ + stars: | 2024-03-20 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

Elon Musk's startup Neuralink streamed a live video on Wednesday that showed a patient using the company's brain implant to move a mouse and play chess on a computer. A BCI is a system that deciphers brain signals and translates them into commands for external technologies. Dr. Nader Pouratian, chair of the Department of Neurological Surgery at UT Southwestern Medical Center, said researchers have been developing and studying BCI technology for years. It is not clear how many patients are participating in Neuralink's trial, or what the trial is trying to demonstrate. There is reason to be hopeful about Neuralink's technology, said Dr. Marco Baptista, chief scientific officer of the Christopher & Dana Reeve Foundation, which provides resources to people who have become paralyzed.

Persons: Elon, Noland Arbaugh, Musk, Arbaugh, there's, Neuralink, Nader Pouratian, we've, Pouratian, Marco Baptista, Christopher, Dana Reeve, " Baptista Organizations: BCI, Blackrock, Neuroscience, SpaceX, Department of Neurological, UT Southwestern Medical Center, CNBC, U.S . Food, Drug Administration, Dana Reeve Foundation, PubMed Locations: Brussels, Belgium, Synchron, U.S, Neuralink

☆ Shares of Micron pop 14% on earnings beat driven by AI boom
▼ + stars: | 2024-03-20 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

The company, which makes memory and storage for computers, said it has benefitted from the artificial intelligence boom. Here's how the company did:Earnings per share: 42 cents adjusted vs. 25 cent loss expected by LSEG, formerly known as Refinitiv. Revenue: $5.82 billion vs. 5.35 billion expected by LSEG. For its fiscal third quarter, Micron expects to report revenue of $6.6 billion, above the $6.02 billion expected by analysts. "We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI," Micron CEO Sanjay Mehrotra said in a release.

Persons: Sanjay Mehrotra Organizations: Micron, LSEG, Nvidia

☆ Outperforming fund manager says this software stock is set to be a 'serious player' in a corner of AI, gives it nearly 60% upside
▼ + stars: | 2024-03-19 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

One stock is a "promising AI investment" and set to be a "serious player" in a corner of the space, according to Brian Stutland of Equity Armor Investments. They are really starting to become very creative in the AI world," Stutland, a portfolio manager at the firm, told CNBC's "Street Signs Asia " last week. Palantir has been scaling its Artificial Intelligence Platform, or AIP, and Karp said the company carried out nearly 600 pilots with the technology last year. Shares of Palantir jumped nearly 10% on March 6 after Palantir announced its Tactical Intelligence Targeting Access Node was selected by the U.S. Army . TITAN uses artificial intelligence to provide targeting information for missiles.

Persons: Brian Stutland, That's Palantir, CNBC's, Alex Karp, Palantir, Karp, Stutland, Morningstar, Dan Ives, Ives, — CNBC's Ashley Capoot, Keris Lahiff Organizations: Equity, Investments, AIP, Intelligence, U.S . Army, Fund, Wedbush, Securities, Global TAM Locations: U.S

☆ Nvidia and Johnson & Johnson to develop new AI applications for surgery
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Johnson & Johnson on Monday announced it is working with Nvidia to develop and scale new artificial intelligence applications for surgery. For instance, the companies are using AI to analyze surgical video and automate the time-consuming documentation required after a procedure. Powell said Nvidia has worked in medical devices and imaging for more than a decade. More accessible surgical video means residents will not have to solely depend on the insight and availability of the more experienced physicians at their institutions. They look at game tape, and they get better over time as they look at themselves," Jegatheeswaran told CNBC in an interview.

Persons: Johnson, Kimberly Powell, Powell, Shan Jegatheeswaran, J MedTech, Jegatheeswaran Organizations: Nvidia, CNBC

☆ UnitedHealth Group has paid more than $2 billion to providers following cyberattack
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

UnitedHealth Group said Monday that it's paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare. "We continue to make significant progress in restoring the services impacted by this cyberattack," UnitedHealth CEO Andrew Witty said in a press release. "We know this has been an enormous challenge for health care providers and we encourage any in need to contact us." It also introduced a temporary funding assistance program to help health-care providers experiencing cash flow trouble because of the attack. A survey published by the American Hospital Association on Friday found that 94% of hospitals have experienced financial disruptions from the Change Healthcare attack.

Persons: it's, Andrew, UnitedHealth, Rick Pollack, Biden, UnitedHealth hasn't, Scott Gottlieb Organizations: UnitedHealth, Change Healthcare, Healthcare, Medicare, Medicaid Services, American Hospital Association, Administration, U.S . Department of Health, Human Services, Office, Civil Rights, Palo Alto Networks, Google Locations: Palo

☆ Doctors are turning medical generative AI into a booming business
▼ + stars: | 2024-03-16 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

"There isn't a better place to be," Kenneth Harper, general manager of DAX Copilot at Microsoft, told CNBC in an interview. At HIMSS, Stanford Health Care announced it is deploying DAX Copilot across its entire enterprise. Gary Fritz, chief of applications at Stanford Health Care, said the organization had initially started by testing the tool within its exam rooms. Dr. Christopher Sharp, chief medical information officer at Stanford Health Care and one of the physicians who tested DAX Copilot, said it is "remarkably seamless" to use. Fritz said it is still early in the product life cycle, and Stanford Health Care is still working out exactly what deployment will look like.

Persons: Suki, Shiv Rao, Athenahealth, Kenneth Harper, DAX Copilot, DAX, Harper, Gary Fritz, Fritz, Dr, Christopher Sharp, Sharp Organizations: Companies, CNBC, HIMSS, Microsoft, Stanford Health Care, Stanford Locations: Orlando , Florida, HIMSS

☆ Biden administration investigating Change Healthcare cyberattack as disruptions continue
▼ + stars: | 2024-03-13 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

The OCR enforces the Health Insurance Portability and Accountability Act's security, privacy and breach notification rules, which most health plans, providers and clearinghouses such as Change Healthcare are required to follow to protect health information. "OCR's investigation of Change Healthcare and UHG will focus on whether a breach of protected health information occurred and Change Healthcare's and UHG's compliance with the HIPAA Rules," the department said. Change Healthcare offers electronic prescription software and tools for payment and revenue cycle management. Parent company UnitedHealth discovered that a cyber threat actor breached part of the unit's information technology network on Feb. 21, according to a filing with the U.S. Securities and Exchange Commission. In late February, Change Healthcare said that ransomware group Blackcat was behind the attack.

Persons: UnitedHealth, Blackcat Organizations: U.S . Department of Health, Human Services, UnitedHealth Group, Healthcare, U.S, HHS, Civil Rights, Change Healthcare, U.S . Securities, Exchange Commission, CNBC, SEC, Department of Justice

☆ Signos uses a glucose monitor patch and AI to help you eat healthier. Here's what it's like
▼ + stars: | 2024-03-09 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +13 min

SignosFounded in 2018, Signos uses continuous glucose monitors, or CGMs, and an artificial intelligence-powered app to help people better understand their metabolisms. But Signos' CGM system is meant for average consumers, so it is not intended for diabetes management. The Signos app walked me through the process step by step, offering a one-minute video and a series of GIFs I could watch. Another activity had me try and guess what I thought my glucose levels were at different points throughout the day. After eating a meal, I would often get a "Fast Rise" notification from my Signos app, which indicates that a glucose spike is occurring.

Persons: Ashley Capoot, I've, Signos, Dexcom, Sharam Fouladgar, you've, it's Organizations: CNBC, Abbott Laboratories, Centers for Disease Control, U.S . Food, Drug Administration, Dexcom Ventures, Bluetooth Locations: U.S, Mercer

☆ Salesforce announces new AI tools for doctors
▼ + stars: | 2024-03-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Salesforce on Thursday announced new data and artificial intelligence solutions for health-care workers that could help lessen their burdensome administrative workloads. The first tool is called Einstein Copilot: Health Actions, and it will allow doctors to book appointments, summarize patient information and send referrals by prompting AI with conversational language, according to a release. Salesforce said doctors can use Einstein Copilot: Health Actions to generate a patient summary that includes details like patients' medications, clinical service requests, diagnoses and tests. Salesforce said its Assessment Generation tool will be generally available this summer, and Einstein Copilot: Health Actions will be available for use at the end of the year. All Einstein Copilot features and functionalities are also expected to comply with HIPAA regulations as of this summer, the company added.

Persons: Einstein, Salesforce Organizations: Labor, Google, Amazon Web Services, CNBC PRO Locations: Athenahealth

☆ UnitedHealth working to restore Change Healthcare systems by mid-March, company says
▼ + stars: | 2024-03-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

UnitedHealth Group on Thursday said it expects to restore Change Healthcare's systems by mid-March, offering a potential resolution to the ransomware attack that has disrupted crucial operations across the U.S. health-care system. There is "no indication" that any other UnitedHealth systems were compromised in the attack, the company said in the release. On Friday, UnitedHealth announced a temporary funding assistance program to help health-care providers that are experiencing cash flow problems as a result of the attack. In late February, Change Healthcare said that ransomware group Blackcat was behind the cybersecurity attack. Ransomware attacks can be particularly dangerous within the health-care sector, as they can cause immediate harm to patients' safety when life-saving systems go dark.

Persons: UnitedHealth, Andrew, Blackcat Organizations: UnitedHealth, Securities and Exchange Commission, Healthcare, U.S . Department of Justice

☆ Dexcom announces its first-ever over-the-counter CGM Stelo has been cleared by the FDA
▼ + stars: | 2024-03-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

This means Stelo will be accessible to people who do not have insurance coverage for CGMs, Dexcom said. There are more than 25 million Type 2 diabetes patients in the U.S. that do not use insulin, according to the release from Dexcom. Dexcom shared Stelo's name, as well as the fact that the device had been submitted to the FDA for review in February. Jake Leach, chief operating officer at Dexcom, told CNBC in February that Stelo will have its own unique platform and branding. Leach said as Dexcom is able to demonstrate the benefits of Stelo, the company believes insurance companies will eventually pay for it.

Persons: Dexcom, it's, Dr, Jeff Shuren, Jake Leach, Stelo, It's, Leach Organizations: U.S . Food, Drug Administration, FDA's Center, Devices, Radiological, FDA, CNBC, CNBC PRO Locations: U.S

☆ Facebook, Threads and Instagram are down for some users
▼ + stars: | 2024-03-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Meta 's social media platforms Instagram, Facebook and Threads were down for many users Tuesday morning. Facebook and Threads seem to be particularly impacted. Instagram feeds aren't refreshing for some users, while others are still able to access the app. The service disruption follows a major outage in 2021, when Facebook, Instagram and WhatsApp were down for more than six hours. At the time, Facebook, now Meta, said the outage was caused by "configuration changes on backbone routers."

Persons: Andy Stone Organizations: Facebook, Meta

☆ Venture capital firm's plan to buy nonprofit hospital system has Ohio community on edge
▼ + stars: | 2024-03-02 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +17 min

In late 2022, Harrison joined venture firm General Catalyst, which has backed tech highfliers like Stripe, Snap and Airbnb . This is the first holistic transformation of a health system to a thoughtful combination of digital and in-person care." "It just makes people a little nervous, and it doesn't feel quite aligned with this concept of health care being a human right." To revolutionize how we care for patients, we in health care are doing the same." "This is not like a turnaround, this is not a distressed system," Harrison said.

Persons: Marc Harrison, who's, Astrid Stawiarz, Mark Zuckerberg, Elon Musk, He's, screeds, Harrison, Catalyst, HATCo, Fitch, Ceci Connolly, Connolly, She's, Freddy Krueger, John Bass, Bass, he's, Chris Bischoff, Bischoff, it's, Harrison isn't, Michael Greeley, Greeley, Beaumont, Cliff Deveny, hadn't, Deveny, Ben Sutton, Sutton, Shammas Malik, James Hardy, Hardy, Mayor Malik, Malik, we've, Capital's Greeley, Catalyst's Organizations: Healthy, CNBC, Intermountain Healthcare, Catalyst, Summa Health, Health Assurance Transformation Corporation, Summa Health Medina, Urban Institute, Fitch Ratings, Alliance of Community Health, General Catalyst, HCA Healthcare, University of California Davis Health, Intermountain, Flare Capital Partners, Beaumont Health, Health, Akron, Ideastream Public Media, HATCo Locations: New York City, Silicon Valley, Utah, Ohio, Harrison, PitchBook, U.S, Canada, Israel, Michigan, Beaumont, Akron, Summit County, Akron's

☆ Change Healthcare sets up new electronic prescription service, funding program as cyberattack drags
▼ + stars: | 2024-03-01 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

UnitedHealth Group , Change Healthcare's parent company, is also launching a temporary funding assistance program to help providers manage their "short-term" cash flow needs, the company said. Change Healthcare offers tools for payment and revenue cycle management that help carry out transactions between providers and most major insurance companies. On the site, UnitedHealth said it's establishing a temporary funding assistance program to help providers whose payment distributions have been interrupted. The company added that the program is not meant for providers that are experiencing disruptions to their claims submissions. UnitedHealth recommends using manual workarounds for claims, and said it's working to address the 15% of claims that workarounds cannot address.

Persons: it's, UnitedHealth Organizations: UnitedHealth, SEC, Healthcare

☆ Dell shares have best day since return to stock market in 2018
▼ + stars: | 2024-03-01 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Dell is having its best day since founder Michael Dell brought the company back to the stock market in 2018. Shares of the PC and server manufacturer surged 30% on Friday to $121.88, after the company posted fiscal fourth-quarter results that beat estimates. For the latest quarter, Dell reported revenue of $22.32 billion, down 11% from the year-ago quarter but eclipsing the $22.16 billion analysts were expecting, according to LSEG, formerly known as Refinitiv. "The strength of AI server orders, backlog, pipeline, and expanding CSP/enterprise customer base show DELL's AI story is early days and gaining momentum," they wrote. Wells Fargo, citing Dell's AI strength and dividend increase, hiked its price target to $140 and maintained an overweight rating, while Citi increased its target price to $125 and reiterated a buy rating.

Persons: Dell, Michael Dell, It's, Morgan Stanley, Wells Fargo, — CNBC's Michael Bloom, Ashley Capoot Organizations: Dell, Citi

☆ Dell shares soar 15% after beating earnings expectations, cites rising demand for AI servers
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Shares of Dell Technologies popped more than 15% during extended trading Thursday after the company released fourth-quarter results that beat analysts' estimates and showed strong demand for its artificial intelligence servers. The company reported net income $1.16 billion, up 89% from the $614 million it posted in the same period last year. Servers and networking revenue made up the bulk of that, with $4.9 billion in revenue driven by "AI-optimized servers." The company's Client Solutions Group (CSG) reported $11.7 billion for the quarter, down 12% year over year. For its first quarter, Dell said during its quarterly call with investors that it expects to report revenue between $21 billion and $22 billion.

Persons: LSEG, Yvonne McGill, Jeff Clarke, Dell Organizations: Dell Technologies, LSEG, Solutions, CNBC PRO

☆ Apple expands self-service repair program to latest M3 Macs
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Apple on Thursday said it is expanding its self-service repair program to include its MacBook Pro and iMac models powered by the latest M3 chip. The program, which Apple announced in 2021, allows consumers to fix their own devices by giving them access to the company's manuals and legitimate Apple parts. Parts are available to customers through Apple's self-service repair online store. The program has covered earlier models of Apple's iPhones and Macs, but the expansion will cover iMac and MacBook Pro models that use its M3 chip, announced in October. In a release Thursday, Apple said its repair program helps extend its devices' longevity, which is "good for users and good for the planet."

Persons: Tim Cook, Apple Organizations: Apple Locations: Cupertino , California

☆ Ransomware group Blackcat is behind cyberattack on UnitedHealth division, company says
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange. The company said it's working with Mandiant, which is owned by Google , and cybersecurity software vendor Palo Alto Networks . In a since-deleted post on the dark web, Blackcat said Wednesday that it was behind the attack on Change Healthcare's systems. Change's parent company UnitedHealth Group said it discovered that a cyber threat actor breached part of the unit's information technology network on Feb. 21, according to a filing with the SEC. Brett Callow, a threat analyst at the cybersecurity company Emsisoft, said ransomware groups will often make posts like these in an effort to bring victims to the negotiating table.

Persons: that's, Blackcat, Brett Callow, Emsisoft, Callow, they're, UnitedHealth, John Riggi, Riggi Organizations: New York Stock Exchange, Healthcare, CNBC, Google, Palo Alto Networks, UnitedHealth, SEC, U.S . Department of Justice, Change Healthcare, American Hospital Association Locations: U.S

☆ Outages from Change Healthcare cyberattack causing financial 'mess' for doctors
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +7 min

Small private practices and health-care providers are facing mounting financial pressures as crucial reimbursement systems remain down for the ninth day, following the cyberattack on Change Healthcare. Change Healthcare offers tools for payment and revenue cycle management that help facilitate transactions between providers and most major insurance companies. As of Thursday, Change Healthcare has not shared any updates about when it expects its systems to be back online. Change Healthcare on Thursday said that ransomware group Blackcat is behind the attack. He said it's not clear whether Change Healthcare will take on the responsibility of processing all the claims or if he'll need to hire additional staff to help.

Persons: Purvi, hasn't, Parikh, Kiranjit, immunologist, Dan Inder Sraow, it's, Sraow, Dr, Jesse Ehrenfeld, Ehrenfeld, Ravi Parikh Organizations: Healthcare, Change Healthcare, UnitedHealth Group, U.S . Securities, Exchange Commission, CNBC, U.S . Department of Justice, Google, Palo Alto Networks, Kiranjit Khalsa, Khalsa, American Medical Association, UnitedHealth, DOJ, Wall Locations: New York City, Scottsdale , Arizona, Phoenix , Arizona, U.S

☆ Outages from cyberattack at UnitedHealth's Change Healthcare extend to seventh day as pharmacies deploy workarounds
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +7 min

Change Healthcare's systems are down for the seventh day after a cyber threat actor gained access to its network last week. Change Healthcare offers tools for payment and revenue cycle management, and its system outages have disrupted operations in pharmacies and health systems across the country. Change Healthcare merged with Optum in 2022. Rising number of health-care cyberattacksThe attack on Change Healthcare comes after 2023 set a grim record for health-related cybercrime. Impact of Change Healthcare's breachUnitedHealth has not specifically disclosed exactly which Change Healthcare systems have been affected, but the fallout from the cyberattack has caused a ripple of problems across the U.S. health-care system.

Persons: UnitedHealth, John Riggi, Riggi, Cliff Steinhauer, Steinhauer, Cary Brazeman, Brazeman, hadn't Organizations: New York Stock Exchange, UnitedHealth Group, U.S . Securities, Exchange, Change Healthcare, Change, Optum, Healthcare, Palo Alto Networks, Google, CNBC, American Hospital Association, National Cybersecurity Alliance, CVS Health, Walgreens Locations: U.S, Palm Springs

☆ Hims & Hers soars 32% on rapid growth in mental health, weight loss and dermatology treatments
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

The New York Stock Exchange with a Hims & Hers Health, Inc banner is pictured as a person runs past in the Manhattan borough of New York City, New York, January 21, 2021. Hims & Hers is an online platform where patients can meet with providers and get personalized support for skincare, mental health, sexual health, weight loss and hair care. For the first quarter, Hims & Hers expects revenue growth of at least 40% from a year earlier to between $267 and $272 million. He said newer specialties like weight loss, mental health and Hers Dermatology are seeing increased adoption, and could each deliver more than $100 million in revenue in 2025. WATCH: Ro CEO on telehealth and the impact of weight loss drugs

Persons: They're, Andrew Dudum, Dudum, Jefferies Organizations: New York Stock Exchange, Revenue, Jefferies, Deutsche Bank Locations: Manhattan, New York City , New York

☆ Bumble to lay off 350 employees, or about 37% of its workforce
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Bumble on Tuesday announced plans to lay off about 350 employees, or about 37% of its workforce, as part of a restructuring plan. Bumble had more than 950 full-time employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million it reported in the same period last year. Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share. Bumble is the latest company in the tech sector to announce cuts in recent months, as investors continue to push for efficiency.

Persons: Bumble, Lidiane Jones, Jones Organizations: Tuesday, U.S . Securities, Exchange Commission, Google, CNBC PRO Locations: New York

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