Amazon forecast current-quarter sales below estimates and said wary retailers are looking for cheaper shopping options, sending shares down 5%. The after-hours drop in shares came despite second-quarter earnings and cloud computing sales that beat Wall Street estimates. Amazon CFO Brian Olsavsky said on a call with reporters that consumers are becoming more careful with … Read more
Apple on Thursday forecast steady growth after third-quarter iPhone sales topped Wall Street targets, even as overall results in China disappointed. The company’s shares rose 1% in extended trading. Apple said revenue in the fiscal fourth quarter would grow at a similar level to the 4.9% growth it posted in the April-June period. Its sales … Read more
Chipmaker Intel Corp. is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals such as Nvidia and AMD. In a memo to staff, Intel CEO Pat Gelsinger said Thursday the company plans to save $10 billion by 2025. “Simply … Read more
Meta ditched the AI-powered celebrity chatbot — featuring images of A-listers and social media influencers like Tom Brady, Charli D’Amelio, MrBeast and Paris Hilton — after the tool failed to generate interest in the year since it launched . The tech giant — which came under fire this week after its AI-trained software made inaccurate … Read more
A global Microsoft Azure outage that affected a range of consumer services on Tuesday — from blocked Outlook email reports to ordering problems on the Starbucks mobile app — was caused by a distributed denial-of-service cyberattack, according to the technology giant. Microsoft Azure, a cloud computing platform used by companies and organizations around the world, … Read more
Meta Platforms beat market expectations for second-quarter revenue on Wednesday and issued a rosy third-quarter sales forecast, signaling that strong digital ad spending on its social media platforms could cover the cost of capital investment. of artificial intelligence. The company’s shares rose 4% after the bell. The parent company of Facebook and Instagram said it … Read more