A typo in Lyft’s earnings report overstated a key profit metric by a factor of 10 — sparking a 67% spike in its stock late Tuesday before management corrected the error and sent the shares tumbling. Late Tuesday after the close of regular trading, the ride-hailing app told investors in an investor slideshow that its … Read more
Disney CEO Bob Iger is making big bets on Taylor Swift, “Fortnite,” and football — investments he claims will fuel “significant growth” as the Mouse House scrambles to recover from years of lackluster results. Iger on Wednesday made a series of sweeping announcements after Disney reported lower-than-anticipated quarterly revenue of $23.5 billion in an attempt … Read more
Levi Strauss forecast annual sales and profit below Wall Street expectations on Thursday and said it would cut 10% to 15% of global corporate jobs as the denim maker seeks to rein in costs amid weakness in its wholesale business. Levi attributed the weak forecast to plans to exit its Denizen brand and cut back on off-price sales, … Read more
Netflix on Tuesday blew past Wall Street subscriber estimates in the fourth quarter, driven by a strong slate of shows that included the final season of the long-running royal drama “The Crown” and David Fincher’s original film, “The Killer.” The company reported it added 13.1 million subscribers in the December quarter, its largest fourth-quarter subscriber growth … Read more
