Chevron is in talks with the Venezuelan government to gain more control over their joint venture and help Caracas boost oil production. Bloomberg reported that the negotiations are being led by the chief of Chevron’s Venezuelan division, Javier La Rosa, and PDVSA’s president, Asdrubal Chavez, according to unnamed sources in the know. The two had […]
Category: Top News
Amazon Prime Fee Rising to $180, Not $139, for Many Members
When Amazon.com Inc. announced it was raising the price of its Prime program, the company said an annual subscription would climb $20 to $139. But slightly more than half of Prime members will end up forking over almost $180 a year. That’s because they pay each month, a fee that’s rising to $14.99 from $12.99. […]
Nasdaq regains ground after choppy week driven by big tech earnings
Another bumpy ride on Wall Street ended on Friday as Amazon’s positive earnings capped a run of mixed big-tech numbers, with the Nasdaq recovering much of its losses from the previous session and all three benchmarks ending the week in positive territory. Results from megacap growth stocks have dictated market moves this week, as investors […]
Amazon has a $31 billion a year advertising business
Amazon revealed Thursday just how big its advertising business has become. It generated $31.2 billion in revenue in 2021, with fourth-quarter sales rising 32%, according to the retailer’s fourth-quarter earnings statement. The disclosure follows years of Amazon investing in the advertising business and keeping details private. At that scale, it’s larger than several other entities […]
Chip shortage forces Ford to cut production of F-150, Bronco and other important vehicles
DETROIT – Ford Motor is cutting production next week of several key products due to an ongoing global shortage of semiconductor chips. The automaker on Friday confirmed production downtime next week for the Ford Bronco and Explorer SUVs; the Ford F-150 and Ranger pickups; the Ford Mustang Mach-E electric crossover; and the Lincoln Aviator SUV […]
Snap shares rocket as much as 62% on first-ever quarterly net profit
Snap reported its first quarterly net profit on Thursday, and beat analyst estimates for the fourth quarter on earnings, revenue and user growth. The report comes a day after Facebook parent Meta delivered disappointing guidance for the first quarter that dragged down several social media stocks with it. Snap fell 23.6% Thursday prior to its […]
PayPal reveals 4.5 million accounts were ‘illegitimate’, shares plummet
Discussing Q4 earnings with analysts, PayPal CFO John Rainey disclosed that 4.5 million accounts had been shut down after “bad actors” took advantage of incentives and rewards programmes, resulting in shares falling by 25%, according to Bloomberg. On the conference call, PayPal representatives revealed that inflation and supply chain disruption were to blame for customers […]
Amazon is raising the price of Prime to $139 per year
Amazon Prime is increasing in price for the first time since 2018. The company used its latest earnings to reveal that it’s raising the fee to $15 per month (previously $13), or $139 per year (previously $119). The higher rates kick in February 18th for new customers, but they won’t take effect for existing customers […]
Facebook stock plummets 26% in its biggest one-day drop ever
Shares of Facebook parent Meta closed down more than 26% Thursday after the company forecasted weaker-than-expected revenue growth in the next quarter. It also said it’s taking a big hit from Apple’s privacy changes, and showed the first quarterly decline in daily active users on record. The stock finished with its biggest one-day drop ever, […]
Spotify plunges after Q4 earnings on weak guidance amid Rogan outcry
Spotify (SPOT) reported fourth quarter financial results on Wednesday that beat Wall Street expectations — although the stock plunged after the company gave weak guidance on monthly active users for Q1 2022. Here is how Spotify performed this quarter, compared to analyst expectations, according to Bloomberg consensus estimates: Revenue: $3.025 billion (+24% Y/Y, +8% Q/Q) versus […]
Inflation hits Facebook, stock tanks
Meta Platforms, formerly Facebook, is the latest casualty tied to inflation, and shares plummeted in the extended session. “We’re hearing from advertisers that macroeconomic challenges like cost inflation and supply chain disruptions are impacting advertiser budgets,” the company disclosed in its fourth-quarter earnings release. The stock traded as low as $257.65 as of 4:40 p.m. […]
Card Processor Revolution Lets Customers Pay by Text
Credit card processor Revolution Payments has made text payments available for its gateway customers in the U.S. The text-to-pay solution supports credit cards and ACH payments, the Virginia-based company said in a news release this week. “The integration of text-to-pay is in direct response to growing customer demand for these services,” said Revolution, whose customer […]