Reuters US Business

By Trevor Hunnicutt and Steve Holland WASHINGTON (Reuters) -The White House on Tuesday expressed outrage on Tuesday at Exxon Mobil Corp’s record net profit in 2022 of $56 billion, a historical high not just for the company but for the entire Western oil industry. Oil majors are expected to break their own annual records due …

White House blasts Exxon over historical $56 billion annual profit Read More »

(Reuters) -Electronic Arts Inc lowered its annual bookings forecast on Tuesday, indicating that the downturn in the gaming market is set to continue this year as consumers are cautious about discretionary spending in the face of still-high inflation. The Redwood City, California-based company now expects annual bookings between $7.07 billion and $7.17 billion, compared with …

Electronic Arts lowers bookings expectation amid gaming slowdown Read More »

(Reuters) – Advanced Micro Devices on Thursday forecast first-quarter revenue below Wall Street estimates on fears of fewer orders due to worsening PC demand and slowing data center market. AMD’s forecast mirrored Intel’s gloomy outlook for the PC market, which, according to Intel Chief Executive Pat Gelsinger, is seeing “some of the largest inventory corrections …

AMD forecasts first-quarter revenue below expectations Read More »

(Reuters) -Match Group Inc on Tuesday forecast first-quarter revenue below estimates and recorded its first quarterly decline ever, as a tough economy and rising competition hit paying users on the Tinder owner’s dating apps. The company will also book charges of about $6 million in 2023, it said, following reductions to marketing spend, headcount and …

Tinder owner’s revenue view disappoints after first quarterly decline ever Read More »

By Sheila Dang (Reuters) -Snap Inc on Tuesday swung to a net loss in the fourth quarter and said revenue could decline in the current quarter by as much as 10% as it faces fierce competition from rivals like TikTok and weak advertising demand. Shares of Snap fell 13% to $10.30 in trading after the …

Snap swings to quarterly net loss, expects lower q1 rev; shares fall Read More »

(Reuters) -Mondelez International Inc beat market expectations for quarterly sales on Tuesday, as more consumers snacked on the Oreo maker’s chocolates and snacks over the holiday season even as inflation pinched pockets. Packaged food makers including Mondelez, Kraft Heinz and Cheerios owner General Mills have all been increasing product prices steadily in the face of …

Oreo maker Mondelez beats quarterly sales estimates on resilient snack demand Read More »

NEW YORK (Reuters) – Twitter Inc has made its first interest payment on a loan that banks provided to help finance billionaire Elon Musk’s purchase of the social media company last year, according to two people familiar with the matter. Twitter paid about $300 million to a group of banks last week, one of the …

Twitter makes first interest payment on Musk buyout debt -sources Read More »

(Reuters) – Amgen Inc on Tuesday said its fourth-quarter revenue fell slightly as a 4% increase in sales of its own drugs was offset by lower revenue from its deal to manufacture COVID-19 antibody treatments for Eli Lilly and Co. Amgen reported revenue of $6.84 billion in the quarter, down from $6.85 billion a year …

Amgen revenue falls slightly as Lilly COVID deal contributes less Read More »

By Lewis Krauskopf, Johann M Cherian and Shreyashi Sanyal NEW YORK (Reuters) – Major U.S. stock indexes closed higher on Tuesday as labor cost data encouraged investors about the Federal Reserve’s aggressive approach to taming inflation a day ahead of the central bank’s critical policy decision. Investors also digested a full plate of earnings reports, …

Wall St gains after encouraging inflation data with Fed next Read More »