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News
Sandisk forecasts upbeat quarterly revenue on AI-driven demand
25+ min ago (250+ words) Aug 5 (Reuters) – Sandisk forecast quarterly revenue above estimates on Wednesday, banking on rising demand for its memory chips used in AI data centers. Shares of the Milpitas, California-based company fell more than 3% in extended trading, after rising more than five-fold…...
Western Digital forecasts upbeat revenue but shares fall on lofty expectations
40+ min ago (227+ words) Aug 5 (Reuters) – Western Digital forecast quarterly revenue slightly above Wall Street estimates on Wednesday, betting on strong AI-driven demand for its hard disk drives. Still, its shares dropped more than 9% in extended trading, after the forecast failed to impress investors…...
Block lifts 2026 profit forecast on Cash App growth, resilient spending
38+ min ago (316+ words) Aug 5 (Reuters) – Block raised its full-year gross profit forecast on Wednesday after the payments firm posted market-beating results, driven by resilient consumer spending and strong growth at its Cash App business. Shares of the Jack Dorsey-led company rose more than…...
Etsy lays off 12% of workforce as part of restructuring plan
53+ min ago (288+ words) (Corrects last paragraph to reflect that Etsy is reporting results on Wednesday, not Thursday) NEW YORK, NY, Aug 5 (Reuters) – Crafting marketplace Etsy Inc. is laying off approximately 220 employees, or 12% of its workforce, as part of a restructuring plan it hopes…...
Bank of America tech executive Liu leaving for competitor, memo says
3+ hour, 24+ min ago (132+ words) NEW YORK, Aug 5 (Reuters) – Senior Bank of America technology executive Ed Liu has resigned and plans to join a competitor, the bank said in an internal memo on Wednesday. Liu served as vice chairman of technology and global head of…...
Major Wall Street hedge funds targeted in attempted cyberattacks, Bloomberg News reports
4+ hour, 48+ min ago (226+ words) Aug 5 (Reuters) – Hackers attempted a series of sophisticated cyberattacks on major Wall Street money managers in recent days, targeting their information systems, Bloomberg News reported on Wednesday, citing people familiar with the matter. Some of the world’s largest hedge funds,…...
Google shakes up AI leadership as DeepMind chief shifts role
4+ hour, 57+ min ago (784+ words) SAN FRANCISCO, Aug 5 (Reuters) – Google parent company Alphabet on Wednesday announced a leadership overhaul of its AI division, with AI chief Demis Hassabis leaving his main managerial role and several leaders of its Gemini model, including veteran engineer Jeff Dean,…...
SpaceX attracts retail buyers after post-earnings share slide
5+ hour, 9+ min ago (247+ words) Aug 5 (Reuters) – Retail investors continued to pile into SpaceX shares on Wednesday, buying the dip after a sharp drop following the company’s first ever earnings report as a public company. Mom-and-pop traders bought a net $22.7 million in SpaceX shares in the…...
US service sector maintains strong growth pace in July
7+ hour, 27+ min ago (441+ words) WASHINGTON, Aug 5 (Reuters) – The U.S. services sector maintained a strong pace of growth in July as an acceleration in new orders was offset by higher prices for inputs and a decline in employment. The Institute for Supply Management said on…...
GlobalFoundries tops second quarter estimates on AI chip demand
7+ hour, 26+ min ago (137+ words) Aug 5 (Reuters) – GlobalFoundries reported second-quarter revenue above Wall Street estimates on Wednesday, as growing demand for its chips used in data centers boosted sales. • The company reported second-quarter revenue of $1.79 billion; analysts on average estimated $1.77 billion, according to data compiled…...