Western Digital Tumbles as Guidance Comes in Well Below Expectations

Western Digital Tumbles as Guidance Comes in Well Below Expectations

Text size Western Digital’s guidance missed analysts’ forecasts. Dreamstime Western Digital stock tumbled in premarket trading despite beating fourth-quarter earnings estimates. The problem was with the guidance. Western Digital (ticker: WDC ) said it expects first-quarter adjusted earnings per share to range between 35 cents and 65 cents, well below consensus estimates for $1.88, according … Read more

Virgin Galactic Stock Tumbles as Commercial Service Again Delayed

Virgin Galactic Stock Tumbles as Commercial Service Again Delayed

Text size Courtesy Virgin Galactic Shares of Virgin Galactic were tumbling Friday after the space tourism company pushed back the launch of commercial service to the second quarter of 2023. Virgin Galactic (ticker: SPCE) last said it expected to start commercial space-tourism service in the first quarter of next year. That was after pushing back … Read more

Block’s Earnings Beat Estimates but the Stock Drops. Here’s Why.

Block’s Earnings Beat Estimates but the Stock Drops.  Here’s Why.

Text size Jack Dorsey co-founded Block and remains its chair but is no longer CEO. Joe Raedle/Getty Images Block said Thursday that Bitcoin revenue at its Cash App unit dropped 34% in the second quarter, but the fintech co-founded by Jack Dorsey still managed to beat Wall Street estimates by 2 cents. In aftermarket trading, … Read more

Cloudflare stock rallies 20% following earnings beat, raised revenue outlook

Cloudflare stock rallies 20% following earnings beat, raised revenue outlook

Cloudflare Inc. shares surged in the extended session Thursday after the cybersecurity company reported results that topped Wall Street expectations and hiked its revenue outlook for the year. Cloudflare NET, +0.12% shares rallied about 21% after hours, following a 0.1% advance in the regular session to close at $58.43. The company reported a second-quarter loss … Read more

Warner Bros. Discovery Had an Ugly Quarter. It’s Combining HBO Max and Discovery+.

Warner Bros. Discovery Had an Ugly Quarter.  It’s Combining HBO Max and Discovery+.

In its first quarter as a combined company, Warner Bros. Discovery missed Wall Street’s estimates across the board, saw streaming subscriber growth slow, and watched its leverage rise. Warner Bros. Discovery stock (ticker: WBD) was down about 12% in after-hours trading on Thursday. Warner Bros. Discovery is the product of a spring merger between Discovery … Read more

Coinbase Has Rallyd 90% This Week. Could This Be Another GameStop Moment?

Coinbase Has Rallyd 90% This Week.  Could This Be Another GameStop Moment?

Text size Brian Armstrong, chief executive and co-founder, Coinbase (Photo by PATRICK T. FALLON/AFP via Getty Images) Shares in beaten-down cryptocurrency exchange Coinbase Global have thorn higher this week. Investors are likely witnessing a “short squeeze” that is driving the stock higher — similar to GameStop ‘s eye-popping stock rocket during the “meme stock” trading … Read more

Coinbase Stock Soars as Crypto Exchange Forms Partnership With BlackRock

Coinbase Stock Soars as Crypto Exchange Forms Partnership With BlackRock

Text size BlackRock is partnering with Coinbase to offer Bitcoin trading services. Michael Nagle/Bloomberg BlackRock is partnering with Coinbase Global two victims Bitcoin trading services to institutional clients, representing a push into cryptocurrencies for the world’s largest asset manager and a ringing endorsement for the embattled crypto exchange. Institutional investors who use BlackRock ‘s Aladdin … Read more

SoftBank Is Ready to Slash Its Massive Stake in Alibaba. Here’s Why.

SoftBank Is Ready to Slash Its Massive Stake in Alibaba.  Here’s Why.

Text size SoftBank’s Masayoshi Son was a major early investor in Alibaba. Koki Nagahama/Getty Images SoftBank is positioned to sharply sell down its stake in the Chinese tech giant Alibaba through a flurry of deals that have provided much-needed cash to the investment group amid a market downturn, according to a report. The Japanese tech … Read more

Forget Disruption. Tech Needs to Fetishize Stability

Forget Disruption.  Tech Needs to Fetishize Stability

I used two co-run a software company. My cofounder is Lebanese, so we built a team in Beirut with an office right on the Levantine Sea. Great software engineers over there, excellent front-end talent. But Lebanon has been going through it. And not just in the normal “wedged between factions in an eternal global crisis … Read more

Chip Maker AMD Prospers as Rival Intel Struggles

Chip Maker AMD Prospers as Rival Intel Struggles

Advanced Micro Devices reported a sharp increase in quarterly sales, driven by strength in its data center business where rival Intel has been stumbling, but issued a muted outlook for the current period. AMD on Tuesday said sales reached $6.6 billion in its second quarter, up 70% from a year earlier and ahead of Wall … Read more