Snap shares climbed more than 20% on Wednesday after the company issued its third-quarter earnings, reporting revenue that beat analysts expectations and a $500 million stock repurchase program. Here is how the company did compared with Wall Street’s expectations: Earnings per share: Loss of 6 cents. That figure is not comparable to analysts’ estimates. Revenue: $1.51 billion…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Stocks were staging a comeback following a nasty selloff on Tuesday. But the rally has not been concentrated in AI-related names. It has developed as…
Nikolas Kokovlis | Nurphoto | Getty Images Pinterest shares tanked nearly 20% on Tuesday after the company reported third-quarter financial results that missed on earnings per share and provided weak guidance. Here’s how the company did, compared to analysts’ consensus estimates from LSEG: Earnings per share: 38 cents adjusted vs. 42 cents expected Revenue: $1.05…
META CEO Mark Zuckerberg (L) and Microsoft CEO Satya Nadella. Getty Images As tech giants increase their already breathtaking spending on artificial intelligence, their respective digital advertising businesses have also gained momentum. Quarterly earnings reports this week from Meta, Amazon, Alphabet and Microsoft all showed healthy revenue on the ads front. The rising online advertising…
Evolve Bank CEO Bob Hartheimer booking photo. Source: Shelby County Jail Bob Hartheimer, CEO of Tennessee’s Evolve Bank & Trust, was fired after U.S. law enforcement officials caught him propositioning a law enforcement officer posing as a 15-year-old boy on gay dating app Grindr. On Oct. 19, an employee of the Federal Bureau of Investigation…
Meta Platforms shares were taking a beating in extended hours trading on Wednesday after management raised its expense guidance and took a massive tax charge. Revenue in the three months ended Sept. 30 climbed 26% year over year to $51.24 billion, easily outpacing the consensus estimate of $48.14 billion, according to LSEG. Adjusted earnings per share…
Meta Chief Product Officer Chris Cox said on Thursday that smart glasses are the future of computing devices. “We talk to them, we will see with them, we will use gestures the same way we interact with each other to interact with our computers,” Cox told CNBC’s Julia Boorstin. “The interfaces will get more natural, and so…
In this photo illustration a virtual friend is seen on the screen of an iPhone on April 30, 2020, in Arlington, Virginia. Olivier Douliery | AFP | Getty Images The Federal Trade Commission on Thursday announced it is issuing orders to seven companies including OpenAI, Alphabet, Meta, xAI and Snap to understand how their artificial…
U.S. Federal Trade Commission Commissioner Rebecca Slaughter raised questions on Friday about the status of an artificial intelligence chatbot complaint against Snap that the agency referred to the Department of Justice earlier this year. In January, the FTC announced that it would refer a non-public complaint regarding allegations that Snap’s My AI chatbot posed potential…
Boonchai Wedmakawand | Moment | Getty Images The founder of the company behind the IRL social media app was charged with defrauding investors of $170 million in the company’s 2021 funding round, the Department of Justice said Wednesday. A federal grand jury in the Northern District of California indicted Abraham Shafi, 38 of Hawaii, with…
