Tag Archives: company

Lawyers representing FTX in the firm’s Chapter 11 bankruptcy proceedings called the company’s swift demise earlier this month “the most abrupt and difficult collapse in the history of corporate America” in comments before a Delaware bankruptcy court Tuesday. “Your honor, what we have is a worldwide organization that was run effectively as the personal fiefdom of Sam Bankman-Fried,” James Bromley, newly appointed counsel to FTX’s new management, said. Substantial investments, according to… Source link

Analysts at Bank of America downgraded shares of Coinbase (COIN) on Friday as the fallout from FTX’s stunning implosion continues to ripple through crypto markets. Shares of Coinbase were down as much as 5.5% in early trading on Friday. “We think Coinbase (COIN) likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX,” analysts led by Jason Kupferberg wrote in a note to clients. They added: “As a result, we downgrade COIN to… Source link

In something of a change this earnings season, an electric carmaker (other than Tesla) actually reported a profit for the quarter. Polestar (PSNY), the Swedish-based company backed by Volvo and China’s Geely, reported its first gross profit as a public company since completing its SPAC merger earlier this year. For the quarter, Polestar reported: Though Polestar did miss on the top line, sales were up 105% for the quarter versus last year, and it was enough to eke out a $4 million gross… Source link

Meta’s (META) recent mass layoff marks a turning point for a company whose business model once seemed untouchable despite years of controversies over privacy and Russian election interference. While some might blame Meta’s fall on CEO Mark Zuckerberg’s obsession with the immersive online world known as the metaverse, that’s only one factor that helped send its stock price plummeting 70% in the last year. Other major blows include the rise of short-form video platform TikTok, Apple… Source link

Even Alphabet, the parent company of Google and one of the internet’s most entrenched businesses, was not immune to the punishing blows of the global economy and a sharp slowdown in the online advertising that is essential to the company’s profits. Alphabet on Tuesday reported a net profit of $13.9 billion in the third quarter, down 27 percent from a year earlier, while revenue climbed 6 percent to $69.1 billion. The earnings fell short of analysts’ estimates of $16.9 billion in profit… Source link

U.S. stock futures hinted at another choppy session Thursday as third-quarter financial results from companies continued to barrel in against a backdrop of persisting growth concerns on Wall Street. Futures tied to the S&P 500 (^GSPC) rose 0.1%, while futures on the Dow Jones Industrial Average (^DJI) added 110 points, or 0.4%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) slipped 0.1% below the flatline. Meanwhile, Treasury yields held at multi-year highs, with the… Source link

Four years ago Microsoft dedicated a glowing portrait to KC Lemson in order to properly celebrate her contribution as the creator of its unofficial yet beloved Ninja Cat mascot. On Monday, the trailblazing “maestro of fun, mastermind of memes,” as Microsoft described her, found out she had been laid off from the software company she loved after more than two decades. “I’ve got a good network and sent a lot of feelers out today, but there just aren’t many openings,” she posted late… Source link

This week, Major League Baseball (MLB) became the first of the four major U.S. sports leagues to sign a CBD sponsor. The league is teaming up with Colorado CBD company Charlotte’s Web for a multi-year deal that includes a line of MLB-branded products. According to MLB, the deal will provide “increased CBD visibility to their professional athletes, millions of fans and communities.” Charlotte’s Web CEO Jacques Tortoroli joined finance to discuss the partnership, misconception about… Source link

Google has silently acquired a widely-used K-12 data and analytics company. The tech giant confirmed, in an email to EdSurge, that it’s picked up BrightBytes for an undisclosed amount. The acquisition does not appear to have been publicly announced. And Google declined to provide any details, including when the sale had taken place. But an email about the deal sent by Google to a school district in early May, obtained by EdSurge, cites May 17th as the expected date of the transaction. The… Source link

Twitter’s lawyers fired back at Tesla CEO Elon Musk in a court filing Thursday, accusing the company’s recalcitrant buyer of engaging in “mischief and delay” with his renewed bid for the company. Twitter said Musk’s latest proposal to buy the company for $44 billion can’t be trusted. The claim came in a court document opposing Musk’s earlier request on Thursday for a Delaware judge to halt the court proceedings against him in the parties’ merger deal gone sour. The case was set for… Source link