Business
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Zscaler results, outlook top Street view, but shares dip amid tough cloud-software environment
Zscaler Inc. shares declined in the extended session Thursday after the cybersecurity company’s results and forecast topped Wall Street expectations amid a tough cloud-software environment. Zscaler shares ZS, +5.40% slipped about 1% after hours, following a 0.3% decline in the regular session to close at $135.09. The company forecast adjusted earnings of about 49 cents a…
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Dell stock pulls back after forecast suggests record sales decline will continue
Dell Technologies Inc.’s revenue plunged in the fiscal first quarter by the largest percentage on record for the company, and executives expect a similar drop in the current quarter. On Thursday, Dell DELL, +3.98% reported first-quarter earnings of $578 million, or 79 cents a share, on sales of $20.9 billion, down nearly 20% from $26.12…
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WeQuit: WeWork bonds sink after top executives resign from cash-burning company
WeWork Inc. bonds have been sinking deeper into distressed territory after two top executives left the company on the heels of a complex debt restructuring. WeWork’s roughly $163 million of 7.875% bonds due May 2025 were trading hands at about 45 cents on the dollar on Thursday, down from about 55 cents in mid-May, according…
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Twitter’s head of trust and safety resigns: reports
Ella Irwin, Twitter’s head of trust and safety, resigned Thursday, according to multiple reports. Fortune first reported her departure, which was later confirmed by the Wall Street Journal and Reuters. Irwin took over the job in November after the previous head of trust and safety, Yoel Roth, resigned shortly after Elon Musk bought the company.…
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Netflix shareholders reject executive pay packages in symbolic vote
In a largely symbolic vote, Netflix Inc. shareholders on Thursday rejected lucrative compensation packages for the streaming company’s top executives. Netflix’s NFLX, +2.00% board had unanimously recommended the pay packages, and can overrule the vote the next time it meets. The Writers Guild of America, whose members are striking over issues that include pay, had…
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Bilibili shares slip in Hong Kong amid growth concerns
Bilibili’s shares fell in early Asian trading Friday, as investors weighed tepid near-term growth prospects even as the company’s bottom line improved in its latest quarterly results. Bilibili’s Hong Kong-traded shares HK:9626 were 3.3% lower at HK$120.00, bucking a rally in tech stocks in the Asian financial hub. The Hang Seng Tech Index was up…
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Nvidia created an AI bubble, and software stocks are already paying the price
Nvidia Corp. increased the fervor for artificial intelligence on Wall Street, but plunging software stocks showed Wednesday why betting that the chip maker’s AI revenue will quickly ripple through the rest of the tech sector is a losing proposition. After Nvidia’s NVDA prediction of record revenue — in part fueled from AI — led to…
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CrowdStrike stock drops more than 10% after less-than-perfect earnings outlook
CrowdStrike Holdings Inc. shares fell in the extended session Wednesday after the cybersecurity company’s forecast failed to wow Wall Street. CrowdStrike shares CRWD dropped nearly 12% after hours, following a 1% rise in the regular session to close at $160.13. The software company’s executives forecast adjusted fiscal second-quarter earnings of 54 cents to 57 cents…
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AI startup C3.ai’s stock plunges 22% after softer revenue guidance
Shares of white-hot Ai startup C3.ai Inc., which had been hurtling toward record highs earlier this week, took an abrupt U-turn Wednesday. The company’s stock AI skidded 14% in after-hours trading in the minutes leading up to its quarterly financial results. When C3.ai reported mere minutes before its earnings call at 5 p.m. Eastern, the…
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Salesforce predicts record earnings, but the stock is still falling
Salesforce Inc. executives predicted record adjusted earnings in the second quarter and increased their guidance for record profit for the full year Wednesday, but shares still declined about 6% in after-hours trading. Salesforce CRMhas easily been the biggest gainer among Dow Jones Industrial Average DJIAcomponents this year, increasing more than 65% amid a wave of…