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(Reuters) -Chinese e-commerce giant JD.com exceeded market expectations for quarterly revenue on Thursday as deep discounts and government subsidies encouraged customers to spend, driving up strong year-end sales. U.S.-listed shares of the company rose more than 6% in premarket trading. Vinci Zhang, analyst at M Science, said it is a strong set of results overall. However, most of the revenue beat was driven by electronics and home appliances which is, in turn, being driven by government subsidies. “So how much of the overall beat is happening organically, we don’t really know,” he said. The country’s government has ramped up fiscal…
(Reuters) – Zscaler raised its fiscal 2025 revenue forecast on Wednesday, signaling increasing demand for its cloud-based cybersecurity services. Shares of the California-based company rose 6% in extended trading. Enterprises continue to spend on AI-powered comprehensive cybersecurity services to curb rising digital scams and online hacking, ramping up sales for companies such as Zscaler. Zscaler now expects annual revenue for fiscal 2025 to be between $2.64 billion and $2.65 billion, compared with its prior outlook of $2.62 billion to $2.64 billion. It also raised its forecast for annual adjusted earnings per share to a range of $3.04 to $3.09, compared…
By Jonathan Stempel (Reuters) – Intel (INTC) won the dismissal of a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry business, leading to job cuts and a dividend suspension that wiped out more than $32 billion of market value in one day. In a decision made public on Tuesday, U.S. District Judge Trina Thompson in San Francisco rejected claims that Intel took too long to reveal a $7 billion fiscal 2023 operating loss linked to its business of making chips for outside customers. Intel did not disclose the loss until last April, when it made changes…
By David Shepardson WASHINGTON (Reuters) -President Donald Trump agreed to delay tariffs for one month on some vehicles built in North America after a call with the CEOs of General Motors and Ford and the chair of Stellantis, the White House said Wednesday. The automakers had urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the 2020 U.S.-Mexico-Canada Agreement’s rules of origin. The move will benefit U.S. automakers and other foreign automakers that are in compliance. “We are going to give a one-month exemption on any autos coming through USMCA… so they are not…
(Reuters) -Major stock indexes fell in volatile trade on Tuesday, with the Nasdaq Composite index at one point down 10% from its December record high, while Treasury yields also seesawed as the United States hit Canada, Mexico and China with steep tariffs. The tariff move by U.S. President Donald trump fueled investor worries about the impact on the economy, and also weakened the dollar as investors moved into safe haven Treasuries, pushing yields lower. The Dow Jones Industrial Average unofficially closed down 1.63%, the S&P 500 down 1.3% and the Nasdaq Composite, down 0.34%. The 10-year Treasury yield was last…
By Greg Bensinger (Reuters) -Amazon.com has formed a new group focused on agentic artificial intelligence to help users and customers automate more of their lives, according to an internal email viewed by Reuters on Tuesday. The new group will be led by AWS executive Swami Sivasubramanian, the email, from AWS CEO Matt Garman, said. “Agentic AI has the potential to be the next multi-billion business for AWS,” Garman wrote. Sivasubramanian, previously vice president of AI and data, will report directly to Garman, according to the email. Agentic AI is meant to automate tasks for users so that they do not…
By David Shepardson WASHINGTON (Reuters) -A trade group representing nearly all major automakers warned on Tuesday that new 25% tariffs on imports from Canada and Mexico imposed by U.S. President Donald Trump will lead to drastic price hikes. “All automakers will be impacted by these tariffs on Canada and Mexico,” said John Bozzella, who heads the Alliance for Automotive Innovation that represents all major automakers in the U.S. except Tesla. Members include General Motors Ford, Toyota, Volkswagen, Hyundai and Stellantis. “Most anticipate the price of some vehicle models will increase by as much as 25% and the negative impact on…
By Medha Singh and Kanchana Chakravarty (Reuters) -Shares of U.S. companies were under pressure after the latest escalation in Washington’s trade war, with new tariffs on Canada and Mexico expected to hit earnings in several sectors, including automobiles, aerospace, retail and housing. Economically sensitive stocks such as airlines and banks led declines on Wall Street’s main indexes on Tuesday on the new tariffs. Monday, the benchmark S&P 500 suffered its worst day of this year after the U.S. tariffs were confirmed. [.N] U.S. President Donald Trump imposed 25% tariffs on imports from Mexico and Canada, effective Tuesday. The action covers…
(Reuters) -Wall Street’s main stock indexes tumbled late Monday to end sharply lower after President Donald Trump announced the start of 25% tariffs on Canada and Mexico. Trump said on Monday that there was no chance for Mexico or Canada to prevent 25% tariffs from taking effect on Tuesday. “They’re going to have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,” Trump said at the White House. The S&P 500 lost 1.75%, to end at 5,850.31 points, while…
By Scott Murdoch and Zoey Zhang SYDNEY (Reuters) -Chinese electric vehicle maker BYD said on Tuesday it had raised $5.59 billion in a primary share sale that was increased in size, making it the largest of its kind in Hong Kong in four years. The company said it sold 129.8 million primary shares in the deal, up from the original 118 million shares planned when the deal launched on Monday. BYD’s Hong Kong shares opened down 8% on Tuesday, in line with the discount the stock was sold at in the deal, while the Hang Seng Index was off 1.5%.…