Lyft Sees Rider Demand Improve In Late April, ‘On Path To Profitability’
Lyft Inc (LYFT.O) on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying…
Category: Business
T-Mobile Beats Phone Subscriber Estimates As Lockdown Creates Demand Surge
T-Mobile US Inc (TMUS.O) added more monthly bill paying phone subscribers than expected in the first quarter, thanks to a…
General Motors Posts $294 Million Profit In The First Quarter Despite Crippling Production And Sales From Coronavirus
General Motors said Wednesday it eked out a $294 million profit for the first quarter despite the fallout from the coronavirus pandemic that has…
GM To Practice Social Distancing At Car Factories Once They Reopen
GM’s factories in North America will reopen for the business of making cars on May 18, the automaker revealed in…
Where’s The beef? Wendy’s Turns To Chicken To Prop Up Sales
Wendy’s Co (WEN.O) said on Wednesday it would focus on marketing its chicken products as it grapples with beef supply…
Qatar Airways Expects To Re-Open Routes This Month
Qatar Airways said on Wednesday it would this month start to rebuild its network, in anticipation countries will ease air…
Samsung Heir Lee Apologises Over Succession, Won’t Hand Control To Children
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday made a rare apology over controversial succession…
Disney Earnings Plummet More Than 90% As Coronavirus Wipes Out More Than $1 Billion
Walt Disney Co. profit dove more than 90% in the second quarter, an example of the drastic effects on the…
California Sues Uber, Lyft Over Misclassifying Drivers As Contractors
California and three of its largest cities on Tuesday sued Uber Technologies Inc (UBER.N) and Lyft Inc (LYFT.O), accusing them…
BMW Cuts Margin Outlook For Cars Division, Citing Coronavirus Woes
BMW (BMWG.DE) on Tuesday lowered the outlook for the profitability of its automotive and motorcycles divisions, citing worse-than-expected demand which…
Lyft Offers New Cheaper Rides With More Waiting Time
Lyft Inc (LYFT.O) said on Tuesday it would expand its program that provides cheaper rides to customers willing to wait…
Airbnb To Lay Off 1,900 Employees
Airbnb Inc is laying off 25% of its workforce due to the coronavirus pandemic, impacting nearly 1,900 employees of the…
Virgin Atlantic To Cut 3,150 Jobs; Move Flights To Heathrow From Gatwick
British airline Virgin Atlantic said on Tuesday it planned to cut 3,150 jobs and would move its flying programme from…
Fiat Chrysler Plunges To Loss, But No Change To PSA Deal
Fiat Chrysler Automobiles (FCA) plunged to a first-quarter loss of $1.8 billion and scrapped its full-year earnings forecast on Tuesday,…
Lufthansa Has No Plans To Buy Rivals Hit By Coronavirus Crisis
Lufthansa (LHAG.DE) is not planning to buy rivals weakened by the coronavirus crisis, Chief Executive Carsten Spohr told shareholders at…
AIG Takes $272 Million In Covid-19 Losses And Withdraws Guidance
American International Group Inc. was hit by about $272 million in costs tied to the coronavirus as the insurance industry braces for…
Victoria’s Secret Owner Unveils Plan B After Sycamore Walks Away
L Brands Inc. agreed to cancel a deal that would have given private equity firm Sycamore Partners control of beleaguered…
Wall Street Snaps Two-Day Slump On Lift From Tech Titans
U.S. stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns…
Will Disney Open In June?
We may get a better estimate of when Walt Disney’s (NYSE:DIS) theme parks worldwide will potentially reopen when the media giant reports its fiscal…
Apple, Google Ban Use Of location Tracking In Contact Tracing Apps
Apple Inc and Alphabet Inc’s Google on Monday said they would ban the use of location tracking in apps that…
Coronavirus: Firms Rush To Secure New Lockdown Survival Loans
Businesses have raced to secure loans under a new scheme to help smaller firms through the lockdown crisis. The Bounce…
O2 And Virgin Media In Talks To Merge
Mobile operator O2 may be set to merge with broadband giant Virgin Media to create one of the country’s largest…
Dunkin’, Starbucks, Chipotle And Other Restaurant Chains Have Seen Business Shift To Different Times Of Day Due To Coronavirus
Dunkin’ Brands Group Inc.’s quarterly results suffered as customers brewed their own morning coffee at home while locked down due…
J. Crew Files For Bankruptcy As Preppy Retailer Succumbs To COVID-19 Fallout
J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding…
Tesla Applies To Become UK Electricity Provider
U.S. electric carmaker Tesla Inc has applied for a licence to supply electricity in the United Kingdom, The Telegraph reported…
Warren Buffett Says The Coronavirus Cannot Stop America, Or Berkshire Hathaway
Billionaire investor Warren Buffett on Saturday said the United States’ capacity to withstand crises provides a silver lining as it…
Netflix May Have Edge On Competition As Coronavirus Keeps People Looking For New Shows
While most prominent tech companies are fretting about the effects of the COVID-19 pandemic, Netflix Inc. may become even more…
Shell Cuts Dividend For First Time Since WWII
Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss –…
Rolls-Royce Considering Cutting Up To 15% Of Its Workforce
British aero-engine maker Rolls-Royce Holdings Plc (RR.L) is considering cutting up to 15% of its workforce, a source close to…
Elon Musk Tweet Wipes $14bn Off Tesla’s Value
Tesla’s founder Elon Musk wiped $14bn off the carmaker’s value after tweeting that its share price was too high. The…