Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it “simply had no other way to bring its spending in line with its revenue.” McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of … Read more
The Wayfair app on a smartphone arranged in Hastings-on-Hudson, New York. Tiffany Hagler-Geard | Bloomberg | Getty Images Wayfair’s sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. Wayfair beat Wall Street’s expectations … Read more
Omar Marques | Lightrocket | Getty Images UnitedHealth Group CEO Andrew Witty on Wednesday told lawmakers that data from an estimated one-third of Americans could have been compromised in the cyberattack on its subsidiary Change Healthcare, and that the company paid a $22 million ransom to hackers. Witty testified in front of the Subcommittee on … Read more
Vehicles are seen on display at a Carvana dealership in Austin, Texas, on Feb. 20, 2023. Brandon Bell | Getty Images Shares of Carvana popped more than 30% during after-hours trading Wednesday after the automaker reported record quarterly results and turned a profit during the first quarter. Here is how the company performed in the … Read more
It’s finally here: the long-predicted consumer pullback. Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald’s said it has adopted a “street-fighting mentality” to compete for value-minded diners. For months, economists have … Read more
A Bally Sports display is shown in the eighth inning of the game between the Houston Astros and Minnesota Twins at Target Field on April 9, 2023 in Minneapolis, Minnesota. The Astros defeated the Twins 5-1. David Berding | Getty Images Sport | Getty Images Comcast customers lost access to Bally Sports’ regional networks a … Read more
Aerial view of the Viking Jupiter cruise ship anchored in the port of Montevideo, on January 5, 2022. Ivan Pisarenko | AFP | Getty Images Viking is not your typical cruise operator. Aboard its smaller, upscale vessels, you won’t find any kids. In fact, the cruise line doesn’t hide the fact that it is going … Read more
Johnson & Johnson on Wednesday said it will pay $6.5 billion to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer. The deal would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management. More CNBC health coverage It … Read more
The tail of a Qantas plane is seen at take off from Sydney International Airport on February 22, 2024 in Sydney, Australia. Jenny Evans | Getty Images News | Getty Images Qantas on Wednesday apologized after some customers using the Australian airline’s app were shown the name, flight details and loyalty status of other passengers. … Read more
A Pizza Hut store is seen on November 01, 2023 in Austin, Texas. Brandon Bell | Getty Images Yum Brands on Wednesday reported quarterly earnings and revenue that missed analysts’ expectations as Pizza Hut and KFC struggled to attract customers. Shares of the company fell 3% in premarket trading. Here’s what the company reported compared with what … Read more
