Shares in Robinhood fell as much as 16% in pre-market trading on Friday after the stock trading app’s fourth quarter results missed analysts’ estimates. The firm posted a net loss of $423 million, or 49 cents a share, prompting its shares to fall below $10 in pre-market trading. Monthly active users were down eight per […]
Brooks Brothers and Citi Retail Services are extending their consumer credit card alliance in a collaborative drive to revolutionize omnichannel payment options, according to a press release on Friday (Jan. 28). The new agreement between the two iconic brands supports their common goal to advance omnichannel engagement and develop customer relationships that span generations. Brooks […]
Small-business customer communications platform Weave has surpassed the $1 billion mark in payments processed through its Weaves Payments tool, the company announced in a news release Friday (Jan. 28). “Communication serves as the foundation of everything a small business does,” said Roy Banks, Weave’s CEO. “It’s our job to help our customers deliver seamless and […]
A gauge the Federal Reserve prefers to measure inflation rose 4.9% from a year ago, the biggest gain going back to September 1983, the Commerce Department reported Friday. The core personal consumption expenditures price index excluding food and energy was slightly more than the 4.8% Dow Jones estimate and ahead of the 4.7% pace in […]
Goldman Sachs (GS.N) is forecasting that the U.S. Federal Reserve will raise interest rates five times in 2022, versus four previously, with a hike expected in March, according to a note from its economists late on Friday. Economists have scrambled to update rate hike expectations since the Fed on Wednesday said it was likely to hike interest […]
Deafening chatter about the theoretical hellscape that is the metaverse has seemingly encouraged every exec to give their take, but notably missing from the scrum is a certain Cupertino-based company. On Thursday, we finally heard from Apple CEO Tim Cook who gave a restrained endorsement. When asked about the metaverse during Apple’s latest earnings call, […]
The Federal Aviation Administration says it has reached an agreement with AT&T and Verizon (Engadget’s former parent company) regarding the rollout of their C-Band 5G networks at and around airports. The agency said the three sides have found common ground “on steps that will enable more aircraft to safely use key airports while also enabling […]
Inflation in December was the hottest in nearly 40 years, according to the Federal Reserve’s favored gauge, released this morning. U.S. consumers have been confronted with higher prices for everything from gasoline to groceries, cars to dishwashers. There’s one industry, though, that’s undergoing a pricing war that has prevented increases. Have you looked at your […]
The latest decline in weekly jobless claims masks what’s really happening with many of the country’s unemployed: Millions of workers are out of work and can’t receive any benefits. About 3.8 million jobless individuals can’t collect because they exhausted their pandemic or state jobless benefits last year, according to The Century Foundation a progressive, nonpartisan […]
Apple CEO Tim Cook said on Thursday that the company’s supply chain challenges were improving, sending shares up about 5% in extended trading, while delivering a solid beat on earnings. Apple beat analyst estimates for sales in every product category except iPads and overall revenue was up 11% annually. Here is how Apple did in the quarter […]
Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Federal Reserve, the latest GDP report and corporate earnings. The Dow Jones Industrial Average closed little changed at 34,160.78. The blue-chip average was up more than 600 points at its highs. The S&P 500 ticked down 0.5% to 4,326.51, and the […]
Stock-trading app Robinhood gave a bleak revenue forecast for the first quarter of 2022 on Thursday as its latest earnings report showed a decline in active users. Shares of Robinhood tanked 15% in after hours trading. The newly public brokerage anticipates first-quarter revenue of less than $340 million, down 35% compared with 2021. Wall Street’s […]
