Huawei reported net profit for 2022 of 35.6 billion yuan ($5.18 billion), down 69% year-on-year. That’s the biggest annual drop since 2011, according to CNBC’s calculations. Huawei blamed rising commodity prices, tight pandemic controls in China last year and a one-time gain from the sale of Honor last year as reasons for the profit slump. … Read more
Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees at a town hall meeting on Thursday. The company will lay off all but 100 employees, according to audio of the 5 p.m. ET meeting obtained by CNBC. Shareholders unloaded the stock in extended … Read more
A For Sale sign is displayed in front of a home for sale on February 20, 2023 in San Francisco, California. Justin Sullivan | Getty Images Now may seem like the perfect time to put your home up for sale. Buyers are returning to the market, mortgage rates have fallen from recent highs and there … Read more
Picture: EA Publishing giant Electronic Arts, the company behind everything from The Sims For Apex Legends For Fifa And mad—today announced that approximately 6% of its global workforce, or between 700 and 800 people, will be laid off as the company focuses “on our entire portfolio”. This mini Sega arcade cabinet filled with retro games … Read more
CNN — Buffalo Bills safety Damar Hamlin said Wednesday that when he played football as a child, he never thought about CPR or whether an automated external defibrillator (AED) was nearby. At an event on Capitol Hill, the NFL player shared facts he learned after going into cardiac arrest and collapsing on the field during … Read more
JetBlue is preparing to cut dozens of weekly flights in the New York area this spring and summer in response to a shortage of air traffic controllers. Last week, the Federal Aviation Administration unveiled a new plan to help avoid a repeat of the 2022 flight disruptions. “We don’t want to disrupt flights,” CEO Robin … Read more
Macy’s CEO Jeff Gennette. Getty Images Macy’s CEO Jeff Gennette will retire early next year after a four-decade career with the company, the department store chain announced Wednesday morning. Gennette, 61, plans to retire in February. He will be replaced by Tony Spring, CEO of the company’s upscale department store banner, Bloomingdale’s. In addition to … Read more
MINNEAPOLIS — Minnesota Attorney General Keith Ellison personally opened his state’s case against Juul Labs on Tuesday, accusing the e-cigarette maker of using “clever products, clever ads and appealing flavors” to hook kids nicotine as the first of thousands of cases against the company reached trial. Minnesota is seeking more than $100 million in damages, … Read more
WASHINGTON (AP) — The Army is scrambling to quickly round up new recruiting ads to run during NCAA Final Four basketball games this weekend after being forced to pull ads featuring the actor Jonathan Majors, following his arrest. last Saturday. Army chiefs had been delighted to feature the majors in ads, as part of their … Read more
The Walmart logo is displayed outside their store near Bloomsburg. Paul Tisserand | Light flare | Getty Images The U.S. Equal Employment Opportunity Commission sued Walmart for firing a North Carolina employee with Crohn’s disease after the retail giant allegedly refused to grant her disability leave . The EEOC lawsuit, filed in federal court in … Read more
