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DoorDash Reports Widening Loss in Q4 2023 Despite Surge in Delivery Orders

Despite a spike in delivery orders, DoorDashs most recent financial report showed a largerthanexpected deficit for the fourth quarter of 2023, ascribe

Despite a spike in delivery orders, DoorDashs most recent financial report showed a largerthanexpected deficit for the fourth quarter of 2023, ascribed to higher labour expenses. A 9.3% increase in total costs impacted the companys profitability. DoorDash expects to absorb early expenses and reduce them over time. Still, in response to new rules, it has increased the minimum wage for delivery workers. Despite significant marketing expenditures and service diversification efforts, such as grocery and alcohol delivery, DoorDashs estimated quarterly profitability indicator failed to meet analyst projections. The corporation launched a $1.1 billion share repurchase programme to fight Ubers rivalry. Looking ahead, DoorDash hopes to increase Gross Order Value GOV in 2024 from $66.8 billion in 2023 to $74 billion to $78 billion. Read More..

B2B Tech News | 1 years ago        

JPMorgan Chase and Co JPM.N Faces $350 Million in Civil Penalties for Trading Data Reporting Failures

In a regulatory filing, JPMorgan Chase & Co. JPM.N revealed that it would reimburse authorities for civil fines amounting to about $350 million, for w

In a regulatory filing, JPMorgan Chase & Co. JPM.N revealed that it would reimburse authorities for civil fines amounting to about $350 million, for which it failed to notify surveillance platforms of incomplete trade data. Most of the missing data was related to specific order and trading data from its Corporate and Investment Bank division that needed to be included in its trade monitoring systems. Even though the gaps found only made up a small portion of the total activity, it was noteworthy that one venue—sponsored client access activity—was left out. JPMorgan made it clear that there was no proof of employee wrongdoing or damage to customers or the market. While talks with a third regulator are still underway, the fines are anticipated to settle the issue with two US agencies. Read More..

B2B Tech News | 1 years ago        

Westpac Banking Corp Forecasts Potential Monetary Policy Easing in Australia

Westpac Banking Corp WBC.AX believes that monetary policy in Australia may be eased in the coming year as the countrys economy continues to grow despi

Westpac Banking Corp WBC.AX believes that monetary policy in Australia may be eased in the coming year as the countrys economy continues to grow despite the central banks attempts to control inflation. CEO Peter King stated that a less stringent monetary policy may be possible due to the slowing economy and declining inflationary pressures. The bank reported an unaudited net profit for the first quarter of A$1.5 billion $978.60 million, 6% less than the quarterly average for the previous six months. The bank attributed the reduction to noteworthy items associated with hedge accounting. As demonstrated by its standard equity tier 1 ratio, which stood at 12.3% at Decembers end, Westpac is committed to controlling credit quality and keeping a sound balance sheet despite obstacles, including exposure to the real estate market and growing interest rates. Read More..

B2B Tech News | 1 years ago        

Seven Group Holdings Offers A$1.9 Billion to Acquire Rest of Boral

The building materials group producer Boral BLD.AX has seen a bid of A$1.9 billion $1.24 billion from Australian diversified investor Seven Group Hold

The building materials group producer Boral BLD.AX has seen a bid of A$1.9 billion $1.24 billion from Australian diversified investor Seven Group Holdings SVW.AX, which currently controls approximately 72% of the company. The offer, which includes A$1.50 in cash and 0.1116 Seven Group shares, represents a minimum of A$6.05 per Boral share. It was made public on Monday. With this proposal, Boral is valued at A$6.67 billion $4.35 billion, 3.4% more than its most recent closing price. With Boral restructuring its companies to take advantage of rising government infrastructure programmes, Seven Groups action demonstrates confidence in Australias infrastructure investment boom. Following the announcement, shares of Boral increased 3.7%, while shares of Seven Group decreased 1%. Read More..

B2B Tech News | 1 years ago        

Super Micro Computer Inc SMCI.O Shares Plunge 20% After Record High

After hitting a record high earlier, Super Micro Computer Inc. SMCI.O shares sharply declined, plummeting 20% on Friday. The stock fell from a peak of

After hitting a record high earlier, Super Micro Computer Inc. SMCI.O shares sharply declined, plummeting 20% on Friday. The stock fell from a peak of $1,077.87 to $803.32 after the session, marking the worst oneday percentage decrease since August. Before this, the stock had increased for nine straight days. The fact that SMCI is still far higher than its closing price in 2023, despite this fall, suggests that it has made significant gains in the last year. The stock has received varying levels of analyst coverage. Wells Fargo began coverage with a $960 price target and an "equal weight" rating. At the same time, BofA Global Research offered the highest analyst rating of $1,040 with a buy target. Read More..

B2B Tech News | 1 years ago        

Nintendo Shares Fall 6% Amid Reports of NextGeneration Console Delay

After speculations surfaced suggesting that Nintendos nextgeneration system might not ship later this year but rather in early 2025, the companys stoc

After speculations surfaced suggesting that Nintendos nextgeneration system might not ship later this year but rather in early 2025, the companys stock saw a 6% fall. Although the Kyotobased gaming business has not made an official statement about its future hardware plans, it is widely assumed that it is getting ready to launch a replacement for its venerable Switch system. Despite this delay, Nintendo recently increased its fullyear sales projection for the Switch, highlighting its dedication to maintaining the momentum of its popular hybrid homeportable gadget. At an earnings briefing, Nintendo President Shuntaro Furukawa reiterated this pledge earlier this month. Read More..

B2B Tech News | 1 years ago        

Nigerias Naira Hits Record Lows Amidst Stock Market Decline

The Naira saw historic lows on Nigerias official and black markets on Monday, while the stock market saw its worst oneday drop in more than a year. Th

The Naira saw historic lows on Nigerias official and black markets on Monday, while the stock market saw its worst oneday drop in more than a year. The Naira dropped to 1,712 per dollar despite Central Bank Governor Olayemi Cardosos assertions of increased foreign currency availability. This decrease comes after a recent survey revealed that inflation, caused mainly by rising food costs, is nearly 30% yearly. The worsthit sectors on Nigerias AllShare Index were industrial, consumer goods, and financial shares, which fell 3.15 per cent. Cardoso increased open market rates to combat economic difficulties and draw investors to government notes in the face of rising inflation. Still, the fall of the Naira implies that more changes would be required. Read More..

B2B Tech News | 1 years ago        

ANZ Groups Acquisition of Suncorps Banking Business Cleared by Australian Competition Tribunal

The Australian Competition Tribunal has approved the A$4.9 billion $3.2 billion acquisition of Suncorps banking division by ANZ Group, enabling ANZ to

The Australian Competition Tribunal has approved the A$4.9 billion $3.2 billion acquisition of Suncorps banking division by ANZ Group, enabling ANZ to move forward with the deal. The tribunal reversed the Australian Competition and Consumer Commissions ACCC ruling, which concluded that the agreement would not materially lessen competition in Australias home loan sector. After the verdict, Suncorps price increased while ANZ shares initially decreased. Suncorps home state of Queensland and Australian Treasurer Jim Chalmers must yet approve the acquisition. The CEO of ANZ reaffirmed the companys commitment to closing the deal while highlighting additional requirements that must be satisfied. The CEO of Suncorp praised the choice and stated that after selling the bank, he will concentrate on insurance operations. Read More..

B2B Tech News | 1 years ago        



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1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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