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Sino-U.S. friction has worsened in recent years as Washington tries to restrict China's access to key technologies including cutting-edge chip technology, and Beijing looks to reduce its reliance on American tech. A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "This is textbook Chinese Communist Party behavior - promote PRC (People's Republic of China) national champions in telecommunications, and slowly squeeze Western companies' market access," Gallagher, a Republican, told Reuters. The drop in the technology sector weighed on the three main U.S. stock indexes, particularly the tech-heavy Nasdaq Composite, which closed down 0.9%. IPHONE SLOWDOWNChina has been a bright spot for Apple in an otherwise tough period for iPhone sales.

Persons: chipmaker SMIC, Jake Sullivan, Sullivan, Thomas Peter, Biden, Mike Gallagher, Gallagher, Mark Warner, Rick Meckler, Susannah Streeter, Hargreaves Lansdown, Streeter, Aditya Soni, Jaspreet Singh, Shristi Achar, Diane Bartz, David Gaffen, Shounak Dasgupta, Devika Organizations: Apple, Street, Washington, Huawei, HK, U.S . Commerce Department, National, Air Force, BofA Global Research, Qualcomm, REUTERS, Beijing, Communist Party, People's, Republican, Reuters, U.S, Senate Intelligence Committee, planemaker Boeing, Micron, Broadcom, Texas, Nasdaq, Cherry Lane Investments, Hargreaves, Thomson Locations: Beijing, US, China, U.S, Kirin, People's Republic of China, Bengaluru

☆ Apple tumbles, drags tech stocks lower as fears grow over China iPhone curbs
▼ + stars: | 2023-09-07 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. Apple suppliers and companies with large China exposure including Broadcom (AVGO.O), Qualcomm (QCOM.O) and Texas Instruments (TXN.O) fell between 1.4% and 4.7%. The moves by Beijing also come at a time when Apple is grappling with a decline in iPhone sales, with China being a bright spot in what was an otherwise disappointing quarterly earnings report last month. The sanctions had hammered Huawei's sales in its home country and allowed Apple to take some market share from the national favourite. Apple could, however, see a demand boost after an event next week where it is expected to unveil its iPhone 15 line-up, as well as new smartwatches.

Persons: Thomas Peter, D.A Davidson, Tom Forte, chipmaker SMIC, Aditya Soni, Jaspreet Singh, Shounak Dasgupta Organizations: Apple, REUTERS, company's, Broadcom, Qualcomm, Texas, Reuters, Beijing, planemaker Boeing, Street, HK, Huawei, Bofa Global Research, Thomson Locations: Beijing, China, Washington, The U.S, U.S, Kirin, Bengaluru

☆ Salesforce rallies as profitability push pays off
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. Salesforce raised its annual forecast for adjusted operating margin on Wednesday to about 30% from 28%, with CFO Amy Weaver stressing the new figure "is a floor, not a ceiling". Wall Street analysts lauded the move, noting the benefits from an aggressive profitability push at a company that has traditionally focused on growing bigger through acquisitions. While the 11% rise in second-quarter revenue was much slower than historic growth rates of around 20% to 30%, the figure breezed past Wall Street expectations, and Salesforce also raised its annual revenue forecast. Salesforce trades at 25 times its forward 12 months earnings estimates, compared with the industry median of 15.14.

Persons: Brendan McDermid, Salesforce, Amy Weaver, Marc Benioff, Raymond James said, Raymond James, Aditya Soni, Shounak Dasgupta Organizations: REUTERS, Wall Street, Thomson Locations: New York City, U.S, Bengaluru

☆ Warner Bros Discovery taps media veteran Thompson as CEO of CNN
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

The exterior of the Warner Bros. With Thompson, 66, 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." "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 in a statement. A big focus area for Thompson is likely to be the recently announced round-the-clock news service called CNN Max, which will be available on Warner Bros Discovery's streaming platform. Those estimates are for the CNN networks that operate in the United States, including CNN en Español and CNN International.

Persons: Alyssa Pointer, Mark Thompson, Thompson, Chris Licht, Donald Trump, Stephen Colbert, David Zaslav, CNN Max, Aditya Soni, Shinjini Organizations: Warner Bros . Discovery, REUTERS, Warner Bros Discovery, CNN, New York Times, BBC, Republican U.S, Times, Warner Bros, P Global Market Intelligence, Español, CNN International, Fox News, MSNBC, Nielsen, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, United States

☆ 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

☆ Factbox: What are global companies saying about China's economy?
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

People cross a street near office towers in the Lujiazui financial district in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 29 (Reuters) - United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become "uninvestible", pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy. Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country's economy from a pandemic slowdown. Following are comments from some of the top firms on their China business during the latest reporting season:Compiled by Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Edited by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gina Raimondo, Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Shinjini Ganguli, Shounak Organizations: REUTERS, United States, Thomson Locations: Shanghai, China, U.S

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

☆ 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

☆ 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

☆ Amazon soars on 'game-changing' quarter, iPhone slump drags Apple
▼ + stars: | 2023-08-04 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

FILE PHOTO-The logo of Amazon is seen at the company's logistics center in Bretigny-sur-Orge, near Paris, France, November 25, 2022. Online retail giant Amazon's shares closed at a near one-year high and added more than $109 billion to its market value. "The second quarter is a game-changing quarter for Amazon; we would call it an-all clear moment," said SVB MoffettNathanson analyst Michael Morton. The surge in Amazon's stock reflected analysts' increased estimates for its earnings. But its services business was a bright spot and helped Apple top profit expectations for the June quarter.

Persons: Benoit Tessier, SVB, Michael Morton, —, Dan Coatsworth, AJ Bell, Aditya Soni, Samrhitha, Joice Alves, Noel Randewich, Chavi Mehta, Amanda Cooper, Saumyadeb Organizations: REUTERS, Google, Microsoft, Wall Street, Amazon, Refinitiv, Apple, Thomson Locations: Bretigny, Paris, France, Apple's, Bengaluru, London

☆ Amazon surges on 'game-changing' quarter, iPhone slump drags Apple
▼ + stars: | 2023-08-04 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

FILE PHOTO-The logo of Amazon is seen at the company's logistics center in Bretigny-sur-Orge, near Paris, France, November 25, 2022. Online retail giant Amazon was set to add about $120 billion to its market value, based on premarket movements. "The second quarter is a game-changing quarter for Amazon; we would call it an-all clear moment," said SVB MoffettNathanson analyst Michael Morton. But its services business was a bright spot and helped Apple top profit expectations for the June quarter. "It is time for Apple to launch something new and innovative, not just another variation of its core products."

Persons: Benoit Tessier, SVB, Michael Morton, —, Dan Coatsworth, AJ Bell, Aditya Soni, Samrhitha, Joice Alves, Amanda Cooper, Saumyadeb Organizations: REUTERS, Google, Apple, Microsoft, Wall Street, Amazon, Thomson Locations: Bretigny, Paris, France, Apple's, Bengaluru, London

☆ Qualcomm tumbles after signalling more pain from smartphone slump
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Qualcomm (QCOM.O) tumbled nearly 9% on Thursday after a gloomy forecast signalled more pain for the largest maker of smartphone chips from the ongoing slump in the consumer electronics market. The stock has risen 19% this year, but has underperformed the broader chip industry (.SOX) on worries about smartphone demand. The company disappointed investors on Wednesday with a current-quarter revenue forecast that was below market estimates, as well as adjusted sales that missed expectations. "Huawei headwinds are new (and larger than we would have thought), and (Qualcomm) stock is admittedly un-sexy," Bernstein analyst Stacy Rasgon said. Qualcomm has a 12-month forward price-to-earnings ratio of 14.05, much lower than Nvidia's (NVDA.O) 43.94 and the industry median of 20.51.

Persons: Dado Ruvic, Piper Sandler, Piper, Bernstein, Stacy Rasgon, Aditya Soni, Anil D'Silva Organizations: Qualcomm, REUTERS, Huawei, Thomson

☆ Equinix projects quarterly revenue below estimates, shares slip
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

The logo of Equinix is pictured at the entrance of a data center in Pantin, outside Paris, France, December 7, 2016. REUTERS/Benoit Tessier/File PhotoAug 2 (Reuters) - Equinix (EQIX.O) forecast third-quarter revenue below market estimates on Wednesday, a sign that demand for data centers was slowing as businesses curtail spending in an uncertain economy. Shares of the company fell more than 2% in extended trading, having risen by nearly a fourth so far this year. Equinix said it expects revenue of between $2.04 billion and $2.07 billion in the current quarter, compared with analysts' estimates of $2.08 billion, according to Refinitiv data. In the three months ended June 30, Equinix's revenue jumped 11% to $2.02 billion, in line with Wall Street expectations.

Persons: Benoit Tessier, Equinix, Aditya Soni, Maju Samuel Organizations: REUTERS, Digital Realty, Thomson Locations: Pantin, Paris, France

☆ Paycom results beat estimates on steady demand for payroll services
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Paycom (PAYC.N) projected third-quarter revenue in line with market estimates on Tuesday and beat earnings expectations for the April-June period as demand for its human resource and payroll services withstood an uncertain economy. The results follow a strong report from rival Automatic Data Processing (ADP.O) and show a stable labour market is feeding demand for payroll services providers, even as rising interest rates and still-high inflation cloud the industry's outlook. Paycom forecast current-quarter revenue between $410 million and $412 million, compared with estimates of $412 million, according to analysts polled by Refinitiv. It also nudged up both the bottom and top end of its full-year revenue forecast by $2 million to a range of $1.715 billion to $1.717 billion. Paycom has in recent years benefited from rising demand for its Beti service, which allows for self-payroll and automation.

Persons: Chad Richison, Paycom, Zaheer Kachwala, Aditya Soni, Devika Organizations: Refinitiv, Thomson Locations: Canada

☆ Intel results boost chip stocks on optimism PC market slump is ending
▼ + stars: | 2023-07-28 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

Intel is poised to add about $10 billion to its market value, based on its current price of $37. Intel's results lifted Advanced Micro Devices (AMD.O) and Nvidia (NVDA.O) by 3.2% and 2.3%, respectively, while Qualcomm (QCOM.O) advanced 2.6%. Although a titan of the American chip industry, Intel has fallen behind rivals such as Taiwan's TSMC and Nvidia both in terms of margins and market value as the PC market downturn and stiff competition in the data center market battered its business. Earnings reports from other chipmakers including Samsung (005930.KS) have also shown that the glut in the smartphone and PC markets is ending, but the outlook for demand from customers outside the AI industry remains gloomy. Intel has a 12-month forward price-to-earnings ratio of 31.10, compared with Nvidia's 43.26 and an industry median of 19.95.

Persons: Glenn O'Donnell, Forrester, Pat Gelsinger, Aditya Soni, Chavi Mehta, Savio D'Souza, Shounak Organizations: Intel, Devices, Nvidia, Qualcomm, Samsung, Rosenblatt Securities, Thomson Locations: KS, Bengaluru

☆ What are global companies saying about China's economy?
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: 1 min

July 28 (Reuters) - Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season:Reporting by Savyata Mishra and Arunima Kumar in Bengaluru; Additional reporting by Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Editing by Sriraj Kalluvila, Eileen Soreng and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Sriraj Kalluvila, Eileen Soreng, Maju Samuel Organizations: Thomson Locations: China, Bengaluru

☆ Meta rallies as AI-powered ad sales drive 'monster' forecast
▼ + stars: | 2023-07-27 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

While Meta's 12% rise in second-quarter ad revenue surpassed the 3% growth at Alphabet's Google, earnings reports from both the digital ad behemoths reinforced a recovery in the sector. Smaller rival Snap (SNAP.N), however, disappointed on ad sales as advertisers stick to tried and true platforms. CEO Mark Zuckerberg said Reels now has an annual revenue run rate exceeding $10 billion, up from $3 billion last fall. Unsurprisingly, Reels monetization keeps improving," said Morningstar analyst Ali Mogharabi. "There is an element of uncertainty in CapEx spending growth for 2024.

Persons: Mark Shmulik, Bernstein, Mark Zuckerberg, Ali Mogharabi, Mark Mahaney, Aditya Soni, Saumyadeb Organizations: Google, Meta, Reuters Graphics, Evercore ISI, Thomson Locations: Bengaluru

☆ Alphabet rallies as Google Search unfazed by challenge from Microsoft's Bing
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

July 26 (Reuters) - Alphabet (GOOGL.O) rallied nearly 7% on Wednesday on signs its dominant Google Search business was faring well in an uncertain advertising market and remained unscathed in the face of competition from an AI-powered Microsoft Bing. Wall Street analysts said the company's better-than-expected quarterly earnings showed the strong position of Google Search, steady growth in the cloud business and that Alphabet was well placed to compete with Microsoft in AI. "Don't call it an AI comeback," said analysts at Jefferies, adding that Google has been AI-first company seven years. The median price target on Alphabet now stands at $138, which is nearly 13% higher than the stock's last close. The company has a 12-month forward price-to-earnings ratio of 20.51, compared with Microsoft's 31.11 and the industry median of 15.29.

Persons: Microsoft Bing, Jefferies, Aditya Soni, Saumyadeb Organizations: Google, Microsoft, Wall Street, Jefferies, Windows, Thomson

☆ Seagate forecast disappoints on China weakness, weak enterprise spending
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Seagate Technology (STX.O) forecast first-quarter revenue below market estimates on Wednesday on weakness in major market China and lower tech spending by businesses worried about an uncertain economy. The midpoint of that was below the analysts' estimate of $1.74 billion, according to Refinitiv data. The "performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the uncertain macroeconomic environment," CEO Dave Mosley said. In the quarter to June 30, Seagate's revenue sank by nearly 40% to $1.60 billion, missing estimates of $1.68 billion. The company's gross margin shrank to 19% from 28.9% a year ago as an oversupply of data storage equipment weighed on prices.

Persons: Dave Mosley, Aditya Soni, Arun Koyyur Organizations: Seagate Technology, Seagate, Thomson Locations: China, Bengaluru

☆ Amazon lowers iRobot deal price by 15% after Roomba maker incurs fresh debt
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Amazon.com (AMZN.O) has slashed the price it will pay for iRobot (IRBT.O) by about 15% to around $1.42 billion after the maker of Roomba vacuum cleaners incurred fresh debt, the companies said on Tuesday. Under the amended deal, Amazon will pay $51.75 in cash for each share of iRobot, compared with the original price of $61.00. The deal price change will be largely offset by the planned increase in iRobot's net debt after it entered a $200 million financing facility to fund its operations, the companies said. "We've reached an amended agreement with Amazon that reflects the incurrence of iRobot's new debt," said Colin Angle, chairman and CEO of iRobot. Amazon and iRobot said on Tuesday they were working with the relevant regulators in their review of the merger.

Persons: We've, Colin Angle, iRobot, Aditya Soni, Shounak Dasgupta Organizations: iRobot, Amazon, European Commission, Thomson Locations: Europe

☆ Twitter is rebranding to X. Here are 5 more tech companies that controversially changed their names or faced backlash.
▼ + stars: | 2023-07-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +8 min

Here are five more tech companies which changed their names — some controversially, and others leading to success. From The Facebook to Facebook, then MetaMark Zuckerberg at Harvard University, three months after The Facebook was created. But the business plan was first written for a company called Cadabra, as in a magician's "Abracadabra." Before Twitter became X, X.com became PayPalPeter Thiel, left, and Elon Musk, right, hold VISA credit cards branded with the X.com company logo on October 20, 2000. Paul Sakuma/APElon Musk cofounded the online payment company X.com in 1999 before it merged with Peter Thiel's Confinity a year later.

Persons: Elon Musk, Musk, Mark Zuckerberg, Rick Friedman, Sean Parker, Justin Timberlake, Zuckerberg, that's, Frances Haugen, Sergey Brin, Larry Page, Martin Magunia, Brin, Sundar Pichai, Mike Krieger, Kevin Systrom, Stephen Chernin Instagram, Andreessen Horowitz, Krieger, Systrom, Instagram, Jeff Bezos, Evan Agostini, —, Bezos, Mackenzie Scott, X.com, PayPal Peter Thiel, Paul Sakuma, AP Elon Musk, Peter Thiel's Confinity, Jimmy Soni's, Thiel, Walter Isaacson Organizations: Twitter, PayPal, Morning, Facebook, Harvard University, Meta, VR, Reality Labs, Google, Getty, Stanford, Microsoft, REUTERS, Baseline Ventures, Stanford University, Inc, Amazon, AP Elon, eBay Locations: Burbn

☆ TikTok launches text-only posts to rival Elon Musk's Twitter
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Chinese short-video app TikTok is allowing users to create text-only posts, in the latest attempt by a social media firm to capitalize on the turmoil at Twitter since its buyout by Elon Musk last year. The move, announced on Monday, would allow TikTok users to choose from a variety of backgrounds for their text posts that can feature hashtags and allow people to tag other users. The posts, which look similar to Instagram Stories, have a 1,000-character limit, according to tech news website the Verge. Meta Platforms (META.O) Chief Executive Mark Zuckerberg launched Threads in July, another text-only application that could pose a threat to Musk's Twitter. Musk on Monday renamed Twitter to X, and removed the iconic blue bird logo, in his bid to create "an everything app".

Persons: Elon Musk, Mark Zuckerberg, Musk, Aditya Soni, Zaheer Kachwala, Anil D'Silva Organizations: Twitter, Elon, Thomson

Both Amazon and Alphabet will likely report their lowest-ever growth for the cloud computing business at 9.8% and 24.4%, respectively, according to analysts polled by Refinitiv. Meanwhile Microsoft Intelligent Cloud, home to Azure, is expected to grow at 13.7%, the slowest rate since 2017. The digital ad market recovery will also aid Alphabet, whose Google Search has so far avoided any meaningful market share loss to Microsoft's AI-powered Bing. Alphabet is expected to report 4.5% revenue growth in the April-June period, its best in three quarters. Microsoft and Alphabet will report quarterly results on July 25, Meta on July 26 and Amazon on Aug. 3.

Persons: Lucy Nicholson, Kingsley Crane, Rishi Jaluria, Jaluria, Bernstein, Yuvraj Malik, Aditya Soni, Shounak Dasgupta Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, Refinitiv, RBC Capital, Facebook, Meta, BofA Global Research, Thomson Locations: Los Angeles , California, Bengaluru

Getting more cars on the road would help Tesla maintain its dominant U.S. market share in "turbulent times" and give it access to precious usage data needed to train the artificial intelligence models behind its self-driving technology. The billionaire believes full self-driving (FSD) could one day account for most of Tesla's value and give it a cushion rivals lack as they try to turn their EV operations profitable. "They're not an AI play the way Microsoft or Nvidia is an AI play," said Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments. "They're more of an AI play the way a regular business is an AI play, except that this race to full self-driving has always been an AI issue, and it's always been based on data. Wells Fargo analysts said FSD's adoption could be impeded by its price, which Musk said was low.

Persons: Elon, Musk, Tesla, Gene Munster, Lucy Nicholson, John Tomlinson, Thomas Martin, it's, Wells, Peter Henderson, Aditya Soni, Akash Sriram, Dhanya Ann Thoppil Organizations: Tesla, Deepwater Asset Management, REUTERS, Global, Research, Beta, Microsoft, Nvidia, Globalt Investments, Dojo, Thomson Locations: Los Angeles , California, U.S

☆ Activision, Microsoft extend deal deadline to secure UK approval
▼ + stars: | 2023-07-19 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Activision Blizzard (ATVI.O) and Microsoft (MSFT.O) on Wednesday extended the deadline for the close of their $69 billion deal by three months to Oct. 18 as the American companies work to secure UK approval for the biggest gaming deal in history. The extension will "provide ample time to work through the final regulatory issues," Microsoft President Brad Smith said in a tweet. Strength in those titles helped Activision beat market estimates for second-quarter net bookings and adjusted profit in the second quarter, it announced on Wednesday. The deadline extension came after the companies had to contend with varying concerns from regulators in the UK and the United States. Microsoft responded to these concerns by offering 10-year licensing deals to rivals after the deal closes.

Persons: Brad Smith, Bobby Kotick, Chavi Mehta, Yuvraj Malik, Devika Organizations: Activision, Microsoft, Reuters, HK, Sony, Diablo, FTC, Nintendo, PlayStation, CMA, Sony Group, Xbox, Thomson Locations: United States, Bengaluru

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