David Solomon is sharpening the axe again. The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank’s ongoing review to cull poor performers, the Wall Street Journal reported on FridayGoldman’s cuts will affect between 3% and 4% of Goldman’s 45,000-strong workforce, the Journal added, citing people familiar with the matter. The cuts are part of the bank’s annual performance reviews that cull those believed to have performed poorly. Getty ImagesThe layoffs have already started and will conti ...

Disney CEO Bob Iger said he is laser-focused on finding his replacement by the time he steps down in 2026 — after his previous CEO pick blew up.Iger told Kelly Ripa on her podcast earlier this month that the search has “obsessed” him following his return to the top job in 2022. “I think it would be safe to assume that I think about [CEO succession] all the time,” he told Ripa. “I could say that ‘I’m obsessed with it’ would be probably an understatement, and actually, the board and I established when I retur ...

Amazon is hopeful that selling its goods through TikTok, Facebook, Instagram and Snapchat will reignite sluggish e-commerce growth as American shoppers pare back spending in a hyper-inflationary environment.The Seattle-based online retailer held two years of high-stakes negotiations with the CEOs of other tech giants, which culminated in a partnership despite dissent within Amazon’s ranks, according to a report.Andy Jassy, the CEO of Amazon, met separately with his Meta counterpart Mark Zuckerberg as well a ...

Core Viewpoint - Birkenstock shares fell over 15% after the company reported quarterly profits that missed expectations due to a global expansion plan impacting margins [1][2]. Financial Performance - The company reported an adjusted profit per share of 54 cents, below the expected 58 cents [1]. - Revenue was $624.6 million, a 19% increase year-over-year, but slightly below estimates of $625.6 million [2]. - Gross profit margin decreased by 220 basis points to 59.5% in the third quarter due to production expansion efforts [4]. Strategic Initiatives - Birkenstock is focusing on rapid international expansion, opening stores in markets like India and Japan to enhance sales [3][5]. - The company is investing in new manufacturing channels and updating existing facilities, including a new plant in Pasewalk, Germany [3][4]. - CEO Oliver Reichert noted a shift towards in-store purchases, prompting the company to expand its retail presence [2]. Market Position - Despite the earnings miss, Birkenstock continues to gain market share at major retailers such as Nordstrom and Foot Locker, driven by strong demand for its products [5]. - The company maintained its annual sales and profit forecasts, indicating confidence in its growth strategy [5].

Dollar General’s shares slumped 29% to a more-than-six-year low on Thursday after the discount retailer slashed its annual sales and profit forecasts, as competition for budget-conscious shoppers intensifies in the US.Dollar stores have come under pressure as deep-pocketed rivals such as Walmart and Target have doubled down on offering low-priced daily essentials. The rapid rise of Temu, China’s PDD Holdings’ e-commerce platform, has also weighed on the business.“(Dollar General’s results) show the challeng ...

Core Points - Google is facing significant legal challenges due to its alleged digital advertising monopoly, with a judge accusing the company of "clear abuse of privilege" for automatically deleting employee chat records [1][3] - The automatic deletion policy resulted in employee messages being erased after 24 hours, which the judge criticized as irresponsible corporate behavior [3][4] - The potential consequences for Google include the breakup of its digital advertising empire, which generated over $300 billion in revenue last year [3] - The trial is set to begin on September 9, following a previous ruling that found Google in violation of antitrust laws regarding its online search business [3] - The judge indicated that significant evidence may have been destroyed, which could adversely affect Google's defense strategy [4][6] - Google has faced ongoing criticism for its failure to preserve relevant employee chat records during various antitrust investigations [4][6] - The CEO of Google, Sundar Pichai, has stated that actions have been taken to end the auto-erase policy [6] - Other judges have also expressed strong criticism of Google's evidence handling, with one describing it as a "frontal assault on the fair administration of justice" [7]

Wednesday evening, computer chip and software maker Nvidia announced it made $30 billion in revenue last quarter — double what it made a year ago, and beating Wall Street expectations.With market cap of $3 trillion, Nvidia is now considered one of the nation’s most valuable companies, second only to Apple.Nvidia is the American dream writ big. Founder Jensen Huang moved to the United States as the child of Taiwanese immigrants. He graduated from high school in Oregon at age 16, and ended up with a master’s ...

Nvidia posted strong quarterly results after Wednesday’s closing bell but forecast a third-quarter gross margin that could miss market estimates — putting a damper on investors who have driven a dizzying rally in the AI chip giant.Shares of the Santa Clara, Calif.-based company — which have risen more than 150% this year — fell 3% in extended trading after it closed the regular session down 2%.The world’s second most valuable company, led by CEO Jensen Huang, took a slight hit after it forecast revenue of $ ...

Ford said it will scale back its DEI initiatives and scrap participation in an LGBTQ-backed “corporate equality index” — joining several high-profile companies that have recently curtailed their controversial programs, according to a statement from the Detroit auto giant’s boss.Robby Starbuck, the right-leaning influencer who has successfully mounted social media campaigns that have forced companies to abandon diversity, equity and inclusion policies, posted a statement on his X account Wednesday from Ford ...

Disney and DirecTV are locked in a carriage dispute that could see ESPN go dark just as the college football season begins and “Monday Night Football” kicks off with the New York Jets battling the San Francisco 49ers. The Mouse House, which owns ESPN, is locked in renewal discussions with DirecTV ahead of its current deal’s expiration on Sunday. If the two sides do not reach an agreement by then, DirecTV’s more than 11 million subscribers will be forced to scramble for an alternative to watch Disney content ...