Apple on Thursday reported a return to sales growth in its fiscal third quarter as iPhone revenue topped Wall Street targets, helping cushion a bigger-than-expected sales decline in major market China.The company said revenue rose 4.9% to $85.78 billion in the three months ended June 29, beating the average analyst estimate of $84.53 billion, according to LSEG data.Sales of iPhones fell 0.9% to $39.30 billion, a smaller decline than the 2.2% drop analysts expected, as demand picked up ahead of the launch of ...

Amazon forecast current quarter sales below estimates, and shares fell sharply after hours even though second-quarter profit beat Wall Street estimates.Amazon’s focus on successes in its AWS cloud computing did not cheer investors who sent shares of the Seattle-based company down more than 6% in extended trading.“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued re-acceleration in AWS growth,” CEO Andy Jassy said in a release announcing the results.Amaz ...

Core Insights - Wayfair's shares have dropped over 11% following the CEO's statement that demand for household goods has reached levels comparable to the "financial crisis" of 2008 [1] - The company reported second quarter earnings that fell short of Wall Street expectations, indicating ongoing struggles since the pandemic [1] - High interest rates and inflation have contributed to a slowdown in new home purchases, further impacting demand for home furnishings [1] Company Actions - Wayfair has implemented significant workforce reductions, cutting 5% of its staff (approximately 870 jobs) last year and an additional 1,650 jobs in January [1] - The company acknowledges over-hiring during the pandemic and is working to return to its core principles [1] - To attract customers, Wayfair is offering substantial discounts, including 60% off bedding and bath linens, which is atypical for this time of year [3] Industry Context - The home furnishings sector is experiencing a significant correction, with demand declines similar to those observed during the 2008-2010 recession [3] - The finance chief of Wayfair noted that the current category correction resembles a GDP recession, highlighting the severity of the situation [3]

Core Insights - Hershey has reduced its yearly profit and sales guidance following a 17% decline in second-quarter sales, reflecting a broader trend of consumer pullback amid persistent inflation [1][2] - The company's stock initially dropped 4.5% but later rebounded by 5% [1] - Hershey's market capitalization stands at $38.83 billion, and it has historically maintained or grown its market share during economic downturns [1] Financial Performance - Second-quarter net sales decreased to $2.07 billion, falling short of analysts' expectations of $2.31 billion [2] - North America segment sales, which typically account for 80% of revenue, fell to $1.58 billion from $1.99 billion year-over-year [2] - Adjusted earnings per share dropped to $1.27, a 36.8% decline from the previous year, and below the expected $1.43 [2] - Organic volume saw an 18% decrease, while gross margin fell to 40.2%, down from 45.5% the previous year [2] Guidance and Market Trends - The company now anticipates a sales growth of 2%, revised down from a previous estimate of 2% to 3% [3] - Adjusted earnings per share are expected to experience a slight decline, contrasting with earlier expectations of no change [3] - CEO Michele Buck noted the impact of cautious consumer spending but highlighted growth in the confection category and momentum in the Salty Snacks portfolio [3] Segment Performance - The North America Salty Snacks segment reported net sales of $289.9 million, a 6.4% increase from the previous year, attributed to volume growth [4] - Salty snack segment income rose to $52.2 million, up 19.2% year-over-year [4] - Conversely, the North America Confectionery segment experienced a 20.7% decline in net sales, with income down 29.3% from the same period last year, totaling $464.5 million [4]

Meta Platforms beat Wall Street estimates for second-quarter revenue on Wednesday and issued a rosy sales forecast for the September quarter, signaling confidence that robust digital ads spending can cover the cost of its AI investments.Shares of the company rose 8% after the bell.The Facebook and Instagram parent, headed by Mark Zuckerberg, expects third-quarter revenue of $38.5 billion to $41 billion, largely above analysts’ average estimate of $39.14 billion, according to LSEG data.Mark Zuckerberg’s Meta ...

A global Microsoft Azure outage that impacted a range of services for consumers Tuesday — from reports of stalling Outlook emails to trouble ordering on Starbucks’ mobile app — was triggered by a distributed denial of service cyberattack, according to the tech giant.Microsoft Azure, a cloud computing platform used by companies and organizations worldwide, confirmed the attack in a status update — and said an error in the platform’s defense response may have “amplified the impact” rather than initially mitig ...

Boeing announced Wednesday it has tapped Robert “Kelly” Ortberg to replace outgoing CEO Dave Calhoun following a months-long search as the plane manufacturer struggles to bounce back from several safety crises — including the midair blowout of a door panel. Ortberg, a longtime aerospace industry veteran, faces a multitude of issues, including reviving jet production and rebuilding trust with regulators, the industry and the public. He will start on Aug. 8.The 64-year-old Ortberg previously led aviation comp ...

Microsoft predicted quarterly growth for its Azure cloud platform below estimates on Tuesday and said its capital spending would rise this fiscal year, in another sign the payoff in hefty AI investments may take longer than first thought.Shares fell 7% after the company gave the spending forecast on a call with analysts but quickly pared losses to trade down 3% after it said Azure growth would accelerate in the second half of fiscal 2025.Microsoft – widely seen as the frontrunner in the race to make money f ...

Microsoft said Tuesday that is probing outages impacting its 365 office applications and services after the global CrowdStike chaos earlier this month. The tech giant said some of its 365 services are experiencing problems that are keeping customers from using the cloud-based apps, which include Word, PowerPoint and Outlook. “We’re currently investigating access issues and degraded performance with multiple Microsoft 365 services and features,” Microsoft said in a post on X. “More information can be found u ...

Elon Musk’s Tesla is recalling nearly 2 million US vehicles because the hood of the car could pop open without alerting the driver, the company said on Tuesday. An unlatched hood could fully open and obstruct the driver’s view, raising the risk of a crash, according to the National Highway Traffic Safety Administration.Last month, the electric vehicle pioneer began rolling out an over-the-air software fix to detect an unlatched hood, the NTSA said. The updated software detects an open hood and alerts driver ...