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(Reuters) -Snap forecast current-quarter results below expectations on Thursday as the Snapchat owner grapples with stiff competition from larger rivals for advertising dollars in an uncertain economy, sending its shares down 22% after-market. Its biggest competitors – Facebook and Instagram parent Meta Platforms and Bytedance’s TikTok – far outrank it in terms of scale and …

Snap forecasts downbeat revenue as competition rises, shares tumble 22% Read More »

(Reuters) – Merck KGaA is seeing a faster-than-expected improvement in its semiconductor materials business, the German pharma and technology company said on Thursday. It has seen an inflection point in the second quarter for advanced nodes and materials for AI applications, it said, having previously said it expected a recovery in the semiconductor market in …

Merck reports earlier-than-expected improvement in semiconductor market Read More »

By Mathieu Rosemain PARIS (Reuters) -Societe Generale cut a key target for its French retail division on Thursday, overshadowing a quarterly earnings beat and sending the French bank’s shares tumbling. Shares of France’s third-biggest listed bank by market value were down by more than 7% in early Paris trading, losing more ground against European rivals, …

SocGen’s shares drop on renewed cuts to French retail targets Read More »

BERLIN (Reuters) – Volkswagen will prolong sales of combustion engine cars and potentially add new models but without increasing total investment, its CEO said on Thursday, with planned expenditure from 2025-2029 to fall to around 165 billion euros. “Overall we will decrease investment. When we talk about adding combustion engines, it has to be compensated,” …

Volkswagen to prolong combustion engine line-up without adding investment Read More »

By Huw Jones LONDON (Reuters) -London Stock Exchange Group’s listings pipeline is “looking up”, helped by rule changes introduced this week that will not lower standards, CEO David Schwimmer said on Thursday. Britain’s Financial Conduct Authority (FCA) rolled out on Monday the biggest reform of UK listings rules in decades in a bid to help …

LSE says listings shake-up improves London IPO outlook without lowering standards Read More »

By Lawrence White and Sinead Cruise LONDON (Reuters) -Barclays announced a new 750 million pound share buyback and upgraded its longer term earnings guidance on Thursday, driven in part by an upswing in trading income that offset a 9% profit fall over the first half of 2024. The British bank now expects to make a …

Barclays announces $960 million buyback, lifts outlook as investment bank shines Read More »

By Anna Peverieri and Michal Aleksandrowicz (Reuters) -ArcelorMittal, the world’s No. 2 steelmaker, reported second-quarter core profit tumbled 38% on low steel prices but the result was somewhat better than expected as shipments picked up from the previous quarter. Steel prices in Europe and the U.S. are below the marginal cost of production and excess …

ArcelorMittal’s Q2 core earnings slide but ahead of expectations Read More »

By Pranav Kashyap (Reuters) -Financials and auto stocks weighed European shares down on Thursday, bucking a global rally sparked by the U.S. Federal Reserve opening the door to easing in September. The pan-European STOXX 600 index lost 0.5% by 0825 GMT, after touching a two-week high in the previous session. The banking sector fell the …

European shares buck global rally as financials, auto stocks drag Read More »

By Andy Bruce (Reuters) – British factories recorded their best month for two years during July, with output and hiring rising and optimism building after Prime Minister Keir Starmer’s landslide election victory, a survey showed on Thursday. The S&P Global UK Manufacturing Purchasing Managers’ Index rose to 52.1 from 50.9, its highest reading since July …

UK manufacturers show fresh signs of life after election, PMI shows Read More »

By Jonathan Stempel (Reuters) – CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers. In a proposed class action filed on Tuesday night in the Austin, Texas federal court, shareholders …

CrowdStrike is sued by shareholders over huge software outage Read More »