Alphabet underperformed earnings and EPS in the third quarter. YouTube, network revenue decline.next here
- technology giantAlphabet Inc.goog Google reported its third-quarter results, and its stock plunged in after-hours trading.
- Alphabet’s third quarter revenue was $69.09 billion, up 6% year-over-year. The total was below Street’s estimate of $70.9 billion.
- The company reported earnings per share of $1.06, missing an estimated $1.27.
LinkedIn launches fake profile hunt after reports of fake Apple, Amazon employee accounts
- Microsoft’sMSFTMore social networking platformLinkedInhas rolled out a new profile feature to detect and remove fake accounts.
- On Tuesday, LinkedIn introduced a series of features as well as enhanced automated systems to “keep fake profiles and activity off the platform.”
Lyft Aggressively Gains Market Share, Cuts Fees by Nearly 50%
- Lift Co., Ltd.lift Lyft Pink has relaunched its monthly subscription plan, Lyft Pink, at half the previous price.
- For $9.99/month or $99/year, the new Bouquet offers perks like free priority pickup and “at least” 5% off on Preferred, Lux, and XL vehicles.
- New terms include 3 free cancellations per month, 1 free bike or scooter unlock per month, free Sixt rental car upgrades, up to 4 car roadside assistance per year and Grubhub+ discounts .
Intel raises $861 million in self-driving technology Mobileye IPO, starts trading today
- IntelINTC Owned self-driving technology companyMobileye Global Inc.41 million shares priced at $21 per share, raising $861 million.
- Private equity firm General Atlantic has agreed to purchase $100 million worth of stock in a private placement in conjunction with its IPO.
Clorox recalls some Pine-Sol brand cleaners due to risk of exposure to bacteria
- CloroxCLX US consumer safety regulators are recalling several Pine-Sol cleaning products after discovering bacteria.
- The Consumer Product Safety Commission (CPSC) said testing had identified bacteria in recalled products, including those manufactured between January 2021 and September 2022.
AstraZeneca touts positive data from two experimental drugs in breast cancer setting
- AstraZenecaAZN Topline Positive Phase 3 CAPItello-291 Trial of Capivasertib in Combination with Faslodex (Fulvestrant) in Patients with Advanced or Metastatic Breast Cancer After Relapse or Progression on or After Endocrine Therapy shared the data.
- The capivasertib + faslodex combination demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS) compared to placebo + faslodex.
- AstraZeneca also reported topline data from the Phase 2 SERENA-2 trial of kamizestrant. The data met the primary endpoint of demonstrating a statistically significant and clinically meaningful PFS benefit.
Boeing Defense Business Suffers $2.8 Billion Loss, Expects Positive Free Cash Flow In Fiscal Year 22
- Boeing CompanyBachelor The Defense, Space and Security segment recorded a loss of $2.8 billion on certain fixed-price development programs. This is due to rising estimated manufacturing and supply chain costs, as well as technical challenges.
- Third quarter sales for this unit were down 20% to $5.31 billion.
- Overall revenue increased 4% to $15.96 billion, falling short of consensus of $17.83 billion. Adjusted loss per share widened to $6.18 from his $0.60 a year ago.
Despite a slowdown in China’s luxury market, Tapestry seeks to tap smaller cities
- Unprecedented expansion in ChinaTapestry Co., Ltd.TPR+ Free Alerts
- plans to open US brand Coach stores in the next 12 months.
- Tapestry is willing to expand into low-rise cities, where most Western competitors are reluctant to set foot and where China’s luxury sales are in a severe slump.
- The company will consider other Tier 4 cities as candidates for opening 30 new stores this fiscal year.
Mercedes-Benz plans to exit Russian market, sell stake to local investors
- Mercedes-Benz Group ADR(over the counter:MBGYY) became the latest automaker to exit Russia.
- Luxury car maker exits Russian market, sells stakeIndustrial and financial services subsidiary to local investors.
- However, the exit plan will not affect Mercedes shares.Russian truck manufacturer KAMAZ.
Audi leaps over the formula bandwagon to take on Mercedes-Benz
- Volkswagen AGVWAGYMore VWAPY Audi has chosen Sauber as a strategic partner for the project and will acquire a stake in the Sauber Group.
- Sauber develops and builds its race cars at its site in Hinwil (Switzerland), while Audi builds its power units at Audi’s motorsport competence center in Neuburg an der Donau.
- VW CEO Herbert Diess said participating in F1 was the most important way to raise the value of the Audi and Porsche brands.
- Technological change presents a unique opportunity to start competing in franchises.Mercedes-Benz Group AGDMLRY.
Heineken hints at shrinking consumer demand
- Dutch brewerHeineken NVHaney suggests weak consumer demand following Q3 FY22 earnings.
- Organic beer sales volume growth in the third quarter was 8.9%, below analyst expectations of 11.8% on average.
- Heineken’s net profit in the first nine months was 2.2 billion euros, down 29% year-on-year.
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Warner Bros. Discovery Pouch Marvel Veteran Adds Spark to Superman and Other Super Heroes
- Warner Bros. Discovery, Inc.WBDMore The veteran director and producer team of James Gunn and Peter Safran have been appointed co-chairmen and CEOs of DC Studios, effective November 1.
- Gunn and Safran have extensive experience in the superhero genre and have brought some of the most popular characters from the Marvel Cinematic and DC Universes to life.
- WBD CEO David Zaslav says he wants a 10-year plan to rebuild DC and make it more competitive.walt disney companyDIS DIS Marvel Studios.
Photo by Spencer E Holtaway via Flickr.