By Frank Pallotta, CNN Business Spotify has had a rough couple of weeks. Its stock took a big hit Wednesday because of a slowing growth forecast, and the company has seen creators from the music and podcasting world desert the platform because of comments by comedian and podcast host Joe Rogan. While the departures are
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By Chris Isidore and Matt McFarland, CNN Business Federal safety regulators are mulling a probe after Tesla owners complained that their cars were stopping for no reason. The issue may stem from Tesla’s automatic braking feature hitting the brakes when there is no need to do so. A spokesperson for the National Highway Traffic Safety
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By Anneken Tappe, CNN Business Meta ruined things for the stock market on Thursday. Wall Street was deep in the red as the tech company formerly known as Facebook plummeted following its earnings report. The Nasdaq Composite finished the day down 3.7%. The S&P 500, the broadest measure of the US stock market, fell 2.4%.
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By Danielle Wiener-Bronner, CNN Business Stress eating is about to get more expensive: Hershey is raising prices this year. “Pricing will be an important lever for us this year and is expected to drive most of our growth,” Hershey CEO Michele Buck said in prepared remarks discussing the company’s financial results Thursday. In its 2022
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By Anna Bahney, CNN Business More people are flipping homes, but they are making less of a profit. Investors looking to get a piece of skyrocketing home prices by buying a home, fixing it up and then quickly putting it back on the market, aren’t getting quite the returns they used to. Finding a home
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By Reuters Nintendo Co Ltd sold 18.95 million Switch video game consoles in the nine months to the end of December, the Japanese company said on Thursday, taking total sales past 100 million and beating the lifetime sales of its Wii console. Although the figure undershot the 24.1 million Switch units sold in the same
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By Celine Alkhaldi and Eoin McSweeney, CNN Almost 90% of Dubai’s population is made up of foreigners who flocked to the Gulf business hub for its yearlong sunshine, a chance for prosperity and, of course, zero taxes. But this week, the United Arab Emirates, of which Dubai is part, announced the introduction of a corporate
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By Julia Horowitz, CNN Business Amazon and Facebook’s Meta are two of the market’s biggest players. Both have come under pressure during a recent sell-off in tech stocks. But this morning, the direction of these companies and their stocks couldn’t look more different. What’s happening: Facebook’s earnings report triggered a 26% collapse in its stock
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By Chris Isidore, CNN Business Elon Musk has trained his Twitter guns on top Democrats such as Bernie Sanders and Elizabeth Warren. Now he’s going after Joe Biden. Last week, after Biden praised General Motors’ announcement that it would invest $7 billion to build EV pickups and batteries in Michigan, Musk tweeted that the president
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By Anneken Tappe, CNN Business The Omicron variant put a massive speed bump in the road to America’s recovery this winter. The first signs of trouble could show up in the January jobs report Friday. The White House on Monday prepared Americans for disappointment about the jobs numbers: Jared Bernstein, a member of the White
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By Julia Horowitz, CNN Business Competition from TikTok. A stagnant user base in key markets. A pricey bid to invest in virtual reality that could take years to pay off. These are just a few reasons investors are dumping Facebook’s Meta after a disastrous earnings report, which could wipe more than $200 billion off the
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By Jordan Valinsky, CNN Business US airlines canceled thousands more flights Thursday as a powerful winter storm packing ice, rain, sleet and several inches of snow is stretching from the Midwest to the South and eventually parts of the Northeast. On Thursday, there were more than 4,200 cancellations within, into, or out of the United
Continue Reading By Jordan Valinsky, CNN Business US airlines canceled thousands more flights Thursday as a powerful winter storm packing ice, rain, sleet and several inches of snow is stretching from the Midwest to the South and eventually parts of the Northeast. On Thursday, there were more than 4,200 cancellations within, into, or out of the United
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By Charles Riley, CNN Business Life is about to get much more expensive for tens of millions of Brits. A cap on how much UK consumers can be charged for energy will increase by 54% in April, according to energy regulator Ofgem. That means the 22 million households covered by the cap will be paying
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By Michelle Toh, CNN Business Two of the world’s biggest video game companies are feeling the pressure as the console wars heat up. Shares of Sony and Nintendo, the makers of the PlayStation and Switch respectively, stumbled Thursday as the two Japanese giants cut their forecasts for sales of the consoles. The fall comes as
Continue Reading By Anneken Tappe, CNN Business The Omicron variant put a massive speed bump in the road to America’s recovery this winter. The first signs of trouble could show up in the January jobs report Friday. The White House on Monday prepared Americans for disappointment about the jobs numbers: Jared Bernstein, a member of the White
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By Brian Stelter and Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Jeff Zucker is a singular figure in American media. That’s why his sudden undoing is a seismic moment — and why we’re going to unpack it as
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Winter weather continues to stick around in the Mid-Missouri, several businesses in the area have had to make the decision on whether to stay open or close.
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By Frank Pallotta, CNN Business Spotify CEO Daniel Ek addressed the controversy around comedian and podcast host Joe Rogan on Wednesday, saying that the company is “trying to balance creative expression with the safety of our users.” “Of course, this is a very complicated issue,” Ek said in the company’s post-earnings call on Wednesday. “But
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By Clare Duffy, CNN Business Facebook rattled investors on Wednesday by posting a rare profit decline, driven by the company’s heavy spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services. The company, formerly known as Facebook, posted net income of nearly $10.3 billion in the final three
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