Nvidia stock drops as China COVID shutdowns weaken outlook

Nvidia Corp. shares fell in the extended session Wednesday after COVID shutdowns in China and the war in Ukraine shaved half a billion dollars off the chip maker’s outlook for the current quarter, while the company reported record results. For the fiscal second, or current, quarter, Nvidia NVDA, +5.08% forecast revenue of $7.94 billion to … Read more

Snowflake stock slides after earnings as company says macro issues are impacting some customer activity

Shares of Snowflake Inc. tumbled in after-hours trading Wednesday after the software company delivered a forecast for the current quarter that came in below expectations at the midpoint and acknowledged that some customers have consumed less than expected due to macroeconomic factors. The company posted a fiscal first-quarter net loss of $166 million, or 53 … Read more

Apple says it will raise pay for corporate and retail employees in tight labor market

Steve Proehl | Corbis Unreleased | Getty Images Apple said on Wednesday that it will raise pay for corporate and retail workers later this year. The move comes during a historically tight labor market in the US and as employees contend with increased inflation and cost of living. Apple’s move comes after Google, Amazon and … Read more

Russia’s central bank cuts key interest, citing decreased stability risks

MOSCOW, Russia: The Russian central bank has cut its key interest rate by 300 basis points for a third time since its emergency hike in late February, citing cooling inflation and a recovery in the ruble. KIRILL Kudryavtsev | AFP | Getty Images The Central Bank of Russia on Thursday cut its key interest rate … Read more

Rival fintechs Revolut and Wise are still recruiting

Nikolay Storonsky, founder and CEO of Revolut. Harry Murphy | Sportsfile for Web Summit via Getty Images Not all fintech unicorns are cutting jobs. After Klarna announced plans to lay off 10% of its workforce Monday, some rival fintechs are making it clear that they have no intention of cutting jobs or freezing hiring. Revolut, … Read more

European stocks open to close, data WEF, Fed minutes

LONDON — European stocks are expected to open mixed Thursday as markets digest the latest signals from the US Federal Reserve regarding rate hikes. The UK’s FTSE index is seen opening 4 points lower at 7,526, Germany’s DAX up 7 points at 14,040, France’s CAC 40 up 2 points at 6,310 and Italy’s FTSE MIB … Read more

Twitter agrees to pay millions in fines after US government alleges privacy violations

According to the federal lawsuit, Twitter failed to tell its users for years that it used their contact information to help marketers target their advertising — in violation of a 2011 privacy settlement with the Federal Trade Commission. “This practice affected more than 140 million Twitter users, while boosting Twitter’s primary source of revenue,” FTC … Read more

Jack Dorsey steps down from Twitter board: report

FOX Business host Stuart Varney discusses the upcoming Twitter shareholder meeting during the opening bell. Twitter co-founder Jack Dorsey has stepped down from the company’s board effective today, according to The Hill. The move was not unexpected following Tesla CEO Elon Musk’s multi-billion-dollar bid to purchase the platform. GET FOX BUSINESS ON THE GO BY … Read more