Samsung, the South Korean electronics giant, witnessed a significant decline in its Q1 operating profit as prices for its memory chips continued to fall, and demand remained weak. The company’s revenue for the quarter stood at 63.75 trillion Korean won (approximately $47.6 billion), which is on par with its own guidance. However, it fell below
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After suffering from three quarters of revenue declines, Meta, formerly known as Facebook, has seen a boost in their first-quarter sales, thanks to Chinese retailers. The company’s Chief Financial Officer, Susan Li, revealed during their earnings call that the social networking giant experienced a surge in Chinese advertisers targeting users in other markets. The increase
According to the Bank of England’s Chief Economist, Huw Pill, companies and workers are reluctant to accept that they are worse off due to inflation and are trying to pass the impact of inflation onto each other. This behavior risks persistent inflation. In an episode of Columbia Law School and the Millstein Center’s “Beyond Unprecedented”
Japanese lunar exploration company, ispace, recently attempted to land its first cargo mission on the moon. The company’s Mission 1 lunar lander was expected to softly touch down around 12:40 p.m. ET in the Atlas Crater, located in the northeastern sector of the moon. ispace’s uncrewed mission carried scientific research and other payloads, making it
Kristin N. Johnson, a commissioner at the Commodity Futures Trading Commission (CFTC), has stated that the regulatory body is in talks with Binance to address concerns about the cryptocurrency exchange’s conduct. The CFTC has sued Binance, its CEO Changpeng Zhao, and its former chief compliance officer, alleging that the platform solicited US users and allowed
The ongoing conflict in Sudan may spread beyond the country’s borders and have far-reaching consequences, warn analysts, as a new ceasefire seeks to enable Sudanese citizens and foreign nationals to flee. The fighting began 10 days ago as a result of a power struggle between the Sudanese Armed Forces (SAF) under President Gen. Abdel-Fattah Burhan
UBS has reported a 52% decline in net profit for the first quarter of 2019, reaching $1.03 billion. This comes in below analyst expectations of a net profit nearing $1.75 billion for the period. Although these are the bank’s first results since announcing its takeover of rival Credit Suisse, UBS CEO Sergio Ermotti resumed his
As the US economy slows down, the competition between the East and West coast ports to be the top trade volume hub intensifies. However, the pie is shrinking as future orders for ocean freight continue to decline. The latest trade data from the Port of New York and New Jersey, the country’s largest container port
US stock futures remained stagnant on Monday night as traders awaited corporate earnings announcements from several Big Tech companies and consumer discretionary names, as well as new economic data. Dow Jones Industrial Average futures slipped by less than 0.01%, while S&P 500 and Nasdaq 100 futures inched down 0.05% and 0.02%, respectively. In after-hours trading,