Google-owner Alphabet posted lower net income for fourth quarter 2022, and a smaller revenue increase, as the tech behemoth sees a decline in online ad spending, coming at a time when employee unions are criticizing the firm for firing thousands of workers. California-based Google made $76.05 billion in revenues for the fourth quarter, up 1…
Alphabet Net Income Falls 34 Percent in Fourth Quarter, Revenue Growth Slower as Ad Spending Eases
Amazon Posts Biggest Annual Loss on Record, Poor Fourth-Quarter Sales
The stock price of retail and tech giant Amazon dropped in late trading on Feb. 2 after the company posted a mixed bag of results for the fourth quarter, reporting its first unprofitable holiday period since 2014. The Jeff Bezos-headed company on Thursday reported a net income of $278 million for the quarter, or $0.03 per…
Global Shares Trade Mixed Ahead of US Jobs Report
February 3, 2023
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TOKYO—Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7 percent in early trading to 7,116.31, while Germany’s DAX dipped 0.9 percent to 15,362.64. Britain’s FTSE 100 added 0.2 percent to 7,832.20. U.S. shares were set to drift lower with…
Corporate Lawsuit Dodge Imperiled After Court Rejects J&J Bankruptcy Tactic
Attorney Greg Gordon, a partner at the Jones Day law firm, offered an innovative solution to Johnson & Johnson and other major companies that faced mountains of lawsuits alleging their products sickened or killed people: They could use the bankruptcy system to force all plaintiffs into one settlement. It required fancy legal footwork—creating a subsidiary…
Ferrari Vows ‘Even Stronger’ 2023 With More New Models
MILAN—A procession of new models will continue to boost earnings at Ferrari, the Italian luxury sports car maker said on Thursday, as it promised “even stronger” results this year after a 16 percent jump in 2022 core earnings. Deliveries jumped almost a fifth to 13,221 cars last year, led by the established Ferrari Portofino M…
Zara Starts Charging for Clothing Returns From Home in Spain
MADRID—Fashion giant Zara has started charging shoppers in Spain for returns of online purchases, the company announced on Wednesday, though store returns remain free. Customers now have to pay 1.95 euros ($2.13) if they wish to return pieces from home, with the cost deducted from their refund, Zara said on its Spanish website. However, items…
Microsoft Rolls out Chatgpt-Powered Teams Premium
Microsoft Corp. on Wednesday rolled out a premium Teams messaging offering powered by ChatGPT to simplify meetings using the AI chatbot that has taken Silicon Valley by a storm. The premium service will cost $7 per month in June before increasing to $10 in July, Microsoft said. OpenAI-owned ChatGPT will generate automatic meeting notes, recommend…
Clorox Exec Says No More Price Hikes, Layoffs Coming as It Lifts Annual Profit
Clorox Co. Chief Financial Officer Kevin Jacobsen said on Thursday that the bleach maker has no more price hikes planned through June, and is readying for more layoffs as it looks to recover margins following sky-high inflation. The Pine-Sol manufacturer on Thursday raised its forecast for annual adjusted profit after reporting a surprise rise in…
Ford Posts Lower Profit, Issues Downbeat Outlook; Shares Drop
DETROIT—Ford Motor Co. on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week’s robust report from rival General Motors Co. Ford blamed chip shortages and other supply chain issues and production “instabilities” that raised costs, along with…
Democrat Lawmakers Demand IRS Answer Key Tax Questions on Data Sharing
Members of Congress are demanding the Internal Revenue Service (IRS) investigate tax preparation software companies for allegedly sharing taxpayer information with Facebook. Several news outlets, including The Markup, reported in November 2022 that several services, including H&R Block, TaxAct, and TaxSlayer, sent personal and financial information to Facebook after users filed their taxes. That included filers’…
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