Money

Google is providing a deeper look into the financials of its cloud business, and it doesn’t look great. Google Cloud posted an operating loss of $1.2 billion in the final quarter of 2020, 4% worse than a year earlier, the tech giant reported Tuesday. The unit lost $5.6 billion for the full year, an increase

Starship SN9, SpaceX’s early prototype for a rocket the company hopes will carry the first humans to Mars, launched a high-altitude test flight Tuesday that saw the vehicle travel a few miles up in the air, hover for a moment, and then conduct a belly flop-like maneuver on descent before making an explosive landing back

Wall Street surged for a second day in a row as GameStop mania appears to be calming down. Reddit’s favorite stock fell 60% Tuesday, adding to Monday’s sizable losses. Hedge funds on Wall Street are catching a break from the short squeeze that ensued after retail investors rapidly pushed up the share price of GameStop,

Google will stop making video games, less than two years after launching its highly publicized Stadia gaming platform. The company is shutting down Stadia Games and Entertainment (SG&E), its internal game development service, Phil Harrison, Stadia’s vice president and GM, announced in a blog post Monday. “Creating best-in-class games from the ground up takes many

Pfizer expects to earn approximately $15 billion in revenue from its Covid-19 vaccine this year, the company said Tuesday. Its fourth-quarter earnings report was the first since Pfizer’s Covid-19 vaccine received emergency-use authorization from the US Food and Drug Administration in December — the first vaccine to receive such approval. Since then, the vaccine, developed

Tesla is recalling 135,000 Tesla Model S sedans and Model X SUVs because their large center touchscreens can fail. Tesla had previously objected to a push to issue a recall from regulators, as it claimed that the problem wasn’t a safety issue. The recall applies to some 2012 through 2018 Model S and 2016 through

Uber’s future used to be self-driving cars. Now it’s delivering alcohol. On Tuesday, the company announced that it is acquiring alcohol delivery startup Drizly for $1.1 billion in stock and cash. The deal, which is not yet complete, will result in Drizly being integrated into Uber’s food delivery app while also remaining a standalone app.

Nintendo keeps having one blowout quarter after another. But analysts say it’s going to need new games and hardware to keep that momentum going. On Monday, the Japanese gaming company reported 229.7 billion yen ($2.2 billion) in operating profit for the quarter ended December, topping analyst expectations. Sales of its Switch console reached a record

UPS is celebrating Black History Month with a special design on Express delivery packages, part of a campaign to support Black-owned small businesses. It’s the first time UPS has commissioned art for any of its delivery boxes, and the design was created by 25-year-old Sophia Yeshi, a graphic illustrator who is Black and southeast Asian

Facebook said Monday that it is testing a new pop-up alert for iPhone and iPad users that stresses the benefits of its apps collecting personal data. The test comes ahead of an Apple privacy change with the potential to upend the social network’s core business. Apple is set to introduce a new requirement for users

The number of employed Americans won’t return to its pre-pandemic level until 2024, but the broad economy is expected to fully recover by the middle of this year, according to a Congressional Budget Office report issued Monday. The projection shows just how long the job market still has to go to heal after suffering the

ExxonMobil lost $22.4 billion in 2020, its first annual loss since the 1999 merger that created the nation’s largest oil company. It’s the latest company to report its worst year on record during the Covid-19 pandemic. The fossil fuel industry has suffered from a plunge in oil prices as stay-at-home orders around both the nation

Google has reached a multimillion-dollar settlement with the US Labor Department over allegations of pay and hiring discrimination, the agency said Monday. The company is expected to pay more than $2.5 million to roughly 5,500 employees and job applicants who allegedly were under-compensated or faced hiring discrimination. The settlement resolves allegations that the company had

It’s no secret that GameStop mania has put Wall Street on edge. What’s happening: The Dow and S&P 500 just logged their worst weeks since October, and strategists are watching for ripple effects as hedge funds that were burned by the Reddit rebellion remove risk. But institutions like Goldman Sachs, JPMorgan Chase and BlackRock think

Investing for the first time can be downright intimidating. It can bring up a whole host of nerve racking questions: Is it too risky? Is now the right time to invest? But allowing fear to stop you from investing can be a big mistake. In fact, the sooner you begin investing, the better off your