Category: Business
SAP reported a 25% increase in second-quarter cloud revenue, reaching 4.15 billion euros, driven by strong demand for its business planning software.
Keywords: SAP, cloud revenue, business planning software
Source: WTAQ
Update At: 7/23/2024
Meta reported fourth-quarter earnings with a 21% increase in sales and a 49% rise in net income, reaching $20.8 billion. CEO Mark Zuckerberg expressed optimism about redefining relationships with governments and highlighted the growth of Meta AI, which surpassed 700 million monthly active users. He emphasized the importance of an open-source standard in AI, particularly in light of competition from international models.
CNBC
Tesla's fourth-quarter earnings report revealed a 2% revenue increase to $25.17 billion, but automotive revenue fell 8% to $19.8 billion. Net income dropped 71% to $2.32 billion. The company is focusing on affordability and plans to launch unsupervised Full Self-Driving services. Despite challenges, Tesla's energy business saw a 113% revenue increase to $3.06 billion.
Microsoft's shares fell 5% after disappointing fiscal second-quarter results, with slower growth in Azure cloud services and a lower revenue forecast. The company reported a 12.3% year-over-year revenue increase, the slowest since mid-2023, and a net income rise to $24.11 billion. Azure revenue growth slowed to 31%, and Microsoft plans to revamp its sales strategy to adapt to market conditions.
Many American companies are scaling back their diversity, equity, and inclusion (DEI) initiatives due to pressure from activists and legal concerns, while others, like Apple, Costco, Goldman Sachs, JPMorgan Chase, and Microsoft, are maintaining their DEI policies despite pushback.
Fox Business
CEOs are feeling relieved by the rollback of diversity, equity, and inclusion (DEI) policies following President Trump's executive order banning such programs in the federal government. Many executives see this as an opportunity to prioritize meritocracy over diversity in hiring, citing financial losses attributed to DEI initiatives. The legal implications of maintaining DEI policies are also a concern, especially after recent Supreme Court decisions. While some CEOs are retracting their DEI commitments, others continue to defend them, leading to public debates on the future of corporate social responsibility.
New York Post
Costco and the Teamsters union have reached a tentative agreement on a new contract, avoiding a strike. The agreement, which needs member approval, affects 18,000 workers across six states. Union members demand a contract that reflects Costco's significant profit growth, with the company reporting a revenue increase to $254 billion and a net income of $7.36 billion.
NBC New York
The U.S. Postal Service reversed its ban on inbound mail and packages from China and Hong Kong, which was initially imposed due to new tariffs on Chinese goods. The reversal aims to prevent disruptions for online shopping platforms that rely on low-cost shipping from these regions. The USPS will work with Customs and Border Protection to implement a collection process for the new tariffs.
PBS NewsHour
The US Postal Service will continue accepting international parcels from China and Hong Kong after initially announcing a suspension due to new tariffs and the elimination of the de minimis exemption. This exemption allowed packages under $800 to enter the US without duties. The suspension posed a threat to e-commerce businesses like Shein and Temu, which rely on low-cost imports. Experts warn that implementing the new tax collection could significantly disrupt package delivery.
CNNMoney
Workday is laying off 1,750 employees, reducing its workforce by 8.5% as part of a strategy to expand globally and prioritize AI. CEO Carl Eschenbach communicated the decision as necessary for the company's future, offering affected U.S. employees at least 12 weeks of pay and additional support. The layoffs mark a significant shift for Workday, which had previously avoided mass layoffs.
USA TODAY
Workday is laying off approximately 1,750 employees, representing 8.5% of its workforce, as part of a restructuring plan aimed at enhancing growth and focusing on artificial intelligence investments. The company will notify affected employees and provide severance packages. Despite the layoffs, Workday plans to continue hiring in specific areas. The restructuring is expected to incur costs between $230 million and $270 million.
The Associated Press