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Shopify narrowing its ambition, sells Deliverr, cuts staff

Published Sat, 02 Nov 2024 11:22:03 GMT

NEW YORK (AP) — Shopify, the e-commerce company viewed as a growing competitor to Amazon, is selling the two biggest pieces of its fulfillment network and abandoning its logistics ambitions. The company announced Thursday in a blog post it will also cut about 20% of its workforce, the second mass layoff its had in less than a year. Last year, Shopify trimmed 10% of its workforce and reportedly laid off dozens of other employees before and after that announcement. The company said Thursday those affected will receive 16 weeks of severance pay and medical benefits. “There’s no way to make this good news, but we designed a package that will attempt to make it the best possible version of a bad day,” Shopify CEO Tobias Lütke said in the blog post.The business changes are also a remarkable reversal after the Canadian company’s multiyear effort to build its own warehousing and delivery services. But investors welcomed the company’s move to focus more on its retail business on ...

InterDigital: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — InterDigital Inc. (IDCC) on Thursday reported first-quarter earnings of $105.3 million.On a per-share basis, the Wilmington, Delaware-based company said it had profit of $3.58. Earnings, adjusted for costs related to mergers and acquisitions and stock option expense, were $4.21 per share.The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.The wireless research and development company posted revenue of $202.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $97.4 million.For the current quarter ending in June, InterDigital expects its per-share earnings to range from $1.19 to $1.29.The company said it expects revenue in the range of $100 million to $104 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $103.6 million._____This story was gener...

MFA Financial: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

NEW YORK (AP) — NEW YORK (AP) — MFA Financial Inc. (MFA) on Thursday reported earnings of $72.8 million in its first quarter.The New York-based company said it had profit of 62 cents per share. Earnings, adjusted for non-recurring gains, came to 30 cents per share.The real estate investment trust posted revenue of $132.2 million in the period. Its adjusted revenue was $39.4 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MFA at https://www.zacks.com/ap/MFASource

IRadimed: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

WINTER SPRINGS, Fla. (AP) — WINTER SPRINGS, Fla. (AP) — IRadimed Corp. (IRMD) on Thursday reported earnings of $3.4 million in its first quarter.The Winter Springs, Florida-based company said it had net income of 27 cents per share. Earnings, adjusted for stock option expense, came to 30 cents per share.The maker of IV devices that can be used in MRI machines posted revenue of $15.5 million in the period.For the current quarter ending in June, iRadimed expects its per-share earnings to range from 30 cents to 32 cents.The company said it expects revenue in the range of $15.6 million to $15.8 million for the fiscal second quarter.IRadimed expects full-year earnings in the range of $1.26 to $1.35 per share, with revenue ranging from $62 million to $63.5 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRMD at https://www.zacks.com/ap/IRMDSource

US claims for unemployment aid jump, but remain low

Published Sat, 02 Nov 2024 11:22:03 GMT

The number of Americans applying for unemployment benefits jumped last week but remain low overall, even as the Federal Reserve has furiously raised interest rates to beat down inflation and cool the labor market.The Labor Department reported Thursday that applications for jobless claims for the week ending April 29 rose by 13,000 to 242,000 from 229,000 the previous week. The weekly claims numbers are considered a proxy for layoffs.The four-week moving average of claims, which flattens some of the week-to-week volatility, rose by 3,500 to 239,250.Overall, 1.81 million people were collecting unemployment benefits the week that ended April 22, about 38,0000 fewer that the previous week.American workers are enjoying unusual job security despite rising interest rates, economic uncertainty and fears of a looming recession.Source

Itron: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

LIBERTY LAKE, Wash. (AP) — LIBERTY LAKE, Wash. (AP) — Itron Inc. (ITRI) on Thursday reported a loss of $11.8 million in its first quarter.On a per-share basis, the Liberty Lake, Washington-based company said it had a loss of 26 cents. Earnings, adjusted for non-recurring costs, were 49 cents per share.The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.The energy and water meter company posted revenue of $494.6 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $468.3 million.For the current quarter ending in June, Itron expects its per-share earnings to range from 25 cents to 35 cents.The company said it expects revenue in the range of $510 million to $525 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $497.7 million._____This story was generated by Automated Insights (http://automatedin...

Suspect in deadly shooting in Midtown Atlanta has been charged with 1 count of murder, 4 counts of aggravated assault

Published Sat, 02 Nov 2024 11:22:03 GMT

ATLANTA (AP) — Suspect in deadly shooting in Midtown Atlanta has been charged with 1 count of murder, 4 counts of aggravated assault.Source

Ferrari: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

MARANELLO, Italy (AP) — MARANELLO, Italy (AP) — Ferrari NV (RACE) on Thursday reported profit of $318.6 million in its first quarter.The Maranello, Italy-based company said it had net income of $1.74 per share.The luxury sports car maker posted revenue of $1.53 billion in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RACE at https://www.zacks.com/ap/RACESource

MDU Resources: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

BISMARCK, N.D. (AP) — BISMARCK, N.D. (AP) — MDU Resources Group Inc. (MDU) on Thursday reported earnings of $38.3 million in its first quarter.The Bismarck, North Dakota-based company said it had profit of 19 cents per share. Earnings, adjusted for non-recurring costs, were 23 cents per share.The energy, mining, construction and utilities company posted revenue of $1.74 billion in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MDU at https://www.zacks.com/ap/MDUSource

Telus International: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 11:22:03 GMT

VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Telus International Inc. (TIXT) on Thursday reported first-quarter earnings of $14 million.On a per-share basis, the Vancouver, British Columbia-based company said it had profit of 5 cents. Earnings, adjusted for one-time gains and costs, came to 28 cents per share.The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.The digital services provider posted revenue of $686 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $693.1 million.Telus International expects full-year earnings in the range of $1.20 to $1.25 per share, with revenue in the range of $2.97 billion to $3.03 billion._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TIXT at https://ww...