Breaking News
Apr 27, 2023
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Ride-hailing company Lyft Inc confirmed its plan to lay off 1,072 corporate employees, about 26% of its total 4,000 staff, the company said in an SEC filing Thursday.
The company has also decided to scale back hiring and eliminated over 250 open positions.
In connection with the plan, the company estimated a cost of approximately $41 million to $47 million related to severance and employee benefits in the second quarter of 2023, all of which will be future cash expenditures.
In the second quarter, the company also expects to incur an additional cost related to stock-based compensation and the corresponding payroll tax expense related to employees who were impacted by this restructuring, the estimated charges will be reported once available in an amended regulatory filing. -
Ameriprise Financial, Inc declined 5.6% to $295.27 after the company released its latest quarterly results.
Revenue in the first quarter increased 3% to $3.7 billion from $3.6 billion and net income dropped 49% to $417 million from $825 million and diluted earnings per share to $3.79 from $7.10 a year ago.
Total assets under management declined 9% to $1.0 trillion from $1.1 trillion a year ago. -
Cadence Design Systems Inc declined 5.1% to $202.09 after the semiconductor design software developer reported its quarterly results.
Revenue in the first quarter increased to $1.02 billion from $901 million and net income rose to $241.8 million from $235.3 million and diluted earnings per share increased to 89 cents from 85 cents a year ago.
For the second quarter, the company estimated total revenue in the range of $960 million to $980 million and operating margin in the range of 29% to 30% and diluted earnings per share in the range of $0.73 to $0.77. -
PepsiCo Inc rose 2.4% to $189.99 after the food and beverage maker reported better-than-expected quarterly results.
The company said first quarter revenue increased 10.2% to $17.8 billion and net income of $1.3 billion.
The company lifted its full-year 2023 growth estimate of organic revenue to 8% from the previous estimate of 6% and core constant currency earnings per share to 9% from 8%. -
United Parcel Service, Inc dropped 8.9% to $178.40 after the company reported weaker-than-expected quarterly results.
Ameriprise Financial, Inc decreased 5.8% to $294.47 despite the financial services provider reported better-than-expected earnings.
Consolidated revenue in the first quarter declined 6% to $22.9 billion and net income declined 28.8% of $1.9 billion from $2.6 billion and diluted earnings per share fell to $2.19 from $3.03 a year ago.
The parcel delivery company said the full-year 2023 revenue is likely to be near the low end of its previously released revenue and earnings range.
The company estimated full-year consolidated revenue of $97 billion and adjusted operating margin of 12.8% and capital expenditure of $5.3 billion.
The company estimated a dividend of $5.4 billion and set the share repurchase target of $3.0 billion. -
Alphabet Inc said revenue in the first quarter ending in March rose 3% to $69.8 billion, sharply slower than the 23% increase in the quarter a year ago.
Net income in the quarter fell to $15.1 billion from $16.4 billion and diluted earnings per share eased $1.17 from $1.23 a year ago.
Google advertising, which includes Google search, network ad YouTube ads, edged slightly lower to $54.5 billion from $54.7 billion and cloud ads increased to $7.4 billion from $5.8 billion a year ago. -
Microsoft Corp said revenue in the March quarter increased 7% to $52.9 billion, driven by the jump in cloud segment revenue.
Cloud segment revenue increased $22.1 billion, productivity and business processes increased 11% to $17.5 billion and personal computing segment decreased 9% to $13.3 billion. Microsoft search and news advertising revenue excluding traffic acquisition costs increased 10% but Windows OEM revenue plunged 28%.
Net income increased to $18.3 billion from $16.7 billion and diluted earnings per share advanced to $2.45 from $2.22 a year ago.
Microsoft returned $9.7 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2023. -
Corning Inc was unchanged at $32.89 after the optical fiber maker reported first quarter sales decreased 7% to $3.14 billion.
The company swung to a net income of $176 million from a loss of $36 million and diluted earnings per share was 20 cents compared to a loss of 4 cents a year ago.
The company forecasted second-quarter sales, earnings per share, and cash flow to increase sequentially, with core sales in the range of $3.4 billion to $3.6 billion and core earnings per share in the range of $0.42 to $0.49. -
CoStar Group Inc rose 0.4% to $68.75 after the real estate information services provider reported higher revenue and bookings in the first quarter.
Revenue in the first quarter increased 13% to $584 million and net income declined to $87 million from $89 million and diluted earnings per share fell to 21 cents from 23 cents a year ago.
The company forecasted revenue in the range of $2.465 billion to $2.48 billion for the full year of 2023, an increase between 13% and 14% and revenue for the second quarter in the range of $603 million to $608 million, an increase of 13% from a year ago at the midpoint of the range.
The new outlook range for non-GAAP net income per diluted share is $1.21 to $1.24 based on 407 million shares, an increase of $0.15 per diluted share compared to the prior outlook.
For the second quarter of 2023, the company expects non-GAAP net income per diluted share in a range of $0.29 to $0.30 based on 407 million shares. -
McDonald's Corp decreased 0.5% to $290.24 after the fast food chain reported a surge in sales and earnings.
Sales in the first quarter rose 4% to $5.9 billion and net income soared 63% to $1.8 billion from $1.1 billion and diluted earnings per share increased to $2.45, including 18 cents of restructuring charges, from $1.48 a year ago.
Global comparable store sales increased 12.6% and systemwide sales increased 9% from a year ago.
Apr 26, 2023