Magna Q4 earnings plummet
The quarterly and annual earnings drops for Magna, the world's fourth-largest supplier by annual sales to automakers, reflect the broader financial struggles parts suppliers have faced during the last year......»»
Zuckerberg: Threads on track to be a billion-person app that’s ‘more positive’ than its competitor
While people on Twitter (currently known as X) are quick to downplay the popularity of Threads, all indications are that the platform is thriving. During Meta’s quarterly earnings call today, CEO Mark Zuckerberg offered an update on the Threads, sa.....»»
Penske Automotive Q3 net income falls 23% to $264.4 million
A strong performance from the auto retailer's North American automotive and commercial truck operations were offset amid lower earnings from its United Kingdom automotive operations, higher interest expenses and lower equity earnings from its investm.....»»
AT&T says iPhone 15 pre-orders were the highest ‘in many years’
While there have been concerns about iPhone 15 sales in China, early signs in the United States are more positive. Speaking during AT&T’s Q3 earnings call last week, CEO John Stankey said the carrier saw “the strongest iPhone pre-orders we’ve h.....»»
GM Financial Q3 net income down 19%
GM Financial Q3 2023 earnings: GMF's net income dropped to $558M in the third quarter of 2023. But General Motors CFO Paul Jacobson said the captive finance company still "had a strong quarter.".....»»
Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback
Big tech companies are continuing a turnaround from last year, as Alphabet, Microsoft and Snap kicked off earnings season with strong sales results for the quarter ended in September......»»
Asbury Q3 net income down 17% with fewer stores
Asbury Auto Q3 2023 earnings: The car dealership group's third-quarter net income fell 17 percent from a year earlier to $169 million, while revenue dropped 5.2 percent to $3.7 billion. But Asbury had 10 fewer locations than Q3 2022, and it is about.....»»
GM, Ford Q3 earnings an early look at UAW strike toll
The strike is expected to cause limited harm to the automakers' third-quarter results being reported this week, but its repercussions will linger into 2024 even if a deal is reached in the coming weeks......»»
Supplier earnings to provide early glimpse into UAW strike"s financial impact
Third-quarter earnings reports released by publicly traded suppliers in the coming days will provide a glimpse into how the UAW strike, slowdowns at the U.S.-Mexico border and other supply chain challenges are impacting supplier finances......»»
TSMC earnings back reports of relatively weak iPhone 15 demand
The latest TSMC earnings report appears to provide further evidence for recent reports of relatively weak iPhone 15 demand – when compared to last year’s iPhone 14 lineup. While the iPhone 15 Pro and Pro Max models appear popular, it seems dem.....»»
iPhone 15 fails to save TSMC from lowest profits in five years
Apple's iPhone processor manufacturer TSMC has posted its greatest drop in profits since 2019, despite the quarter ending with the release of the iPhone 15 range.Ahead of its July 2023 earnings report, analysts had correctly predicted that TSMC's pro.....»»
Tesla in no rush to build Mexico plant, focuses on difficult Cybertruck ramp, Musk says
After disappointing third-quarter earnings, Tesla CEO Elon Musk strikes a pessimistic tone on the global auto market due to high interest rates. The Cybertruck will launch Nov. 30, but volume production won't happen until 2025......»»
Tesla"s Q3 earnings to reflect lower sales, falling margins, analysts say
Tesla remains the dominant EV player in the U.S., with about half of the segment, but sales of three of its four models fell in the third quarter despite price cuts, Cox Automotive said......»»
Morgan Stanley trims Apple price target to $210 on iPhone delays
Supply issues with the iPhone 15 Pro and iPhone 15 Pro Max will push sales into the next quarter, says Morgan Stanley, which has consequently cut its Apple price by $5.iPhone 15 Pro colorful lineupAhead of Apple's next earnings call, typically held a.....»»
Magna debuts new seating material that"s 100% recyclable
Magna International debuted a new foam and trim product line for vehicle seats that is 100 percent recyclable, helping automaker customers reach sustainability targets and keeping seating materials out of landfills......»»
Apple to announce 2023 fourth quarter earnings on November 2
Apple revealed on Wednesday that its earnings for the fourth fiscal quarter will be announced on November 2, along with the usual conference call with CEO Tim Cook and CFO Luca Maestri.Apple ParkThe fourth fiscal quarter is a historically slow one fo.....»»
Ford Bronco seating supplier lays off 650 in Detroit due to UAW strike
The joint venture between Magna International and minority-owned LAN Manufacturing made the move in response to the UAW strike that has halted production of the Ford Bronco in nearby Wayne, Mich......»»
European bumblebee populations projected to plummet
Populations of European bumblebees are projected to fall drastically in the coming decades due to climate change and habitat loss, researchers warned on Wednesday......»»
Incarceration results in drops in short-term economic activity, but has limited long run impacts
The U.S. criminal justice system has expanded considerably since the 1970s. At the same time, male employment rates have dropped and racial earnings inequality has grown. Former inmates perform worse in the labor market than those who have not been i.....»»
Despite uncertainty, supplier spending surges to meet EV, AV demand
Suppliers such as Hyundai Mobis, Denso, Magna and Robert Bosch are among those to have recently announced major investments in their manufacturing and R&D capabilities......»»
Stellantis offers 14.5% raises to UAW; union calls it "deeply inadequate"
The proposal compares to initial offers of 15% by Ford Motor Co. and 16% by General Motors, though Stellantis wants to structure the raises in a way that would have a larger effect on workers' future earnings......»»