Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected. “The complex consumer environment that exists in many markets around the globe has contributed to pronounced regional sales variations, which has caused our system-sales growth to fall short of our long-term algorithm this year,” CEO David Gibbs ...
Boeing machinists approved a new labor deal Monday, ending a more than seven-week strike that halted most of the aircraft production at the company that was already struggling with mounting losses. Machinists voted 59% in favor of the new contract, which includes 38% wage increases over four years and other improvements. The approval is a relief for Boeing’s new CEO Kelly Ortberg, ...
TGI Fridays, an American casual dining chain, said on Saturday that it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore. In a filing with the U.S. bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to ...
The Greek media company Antenna Group is in talks to acquire Time from Salesforce co-founder Marc Benioff, according to people familiar with the matter. No deal is assured and the talks are still early, said the people, who asked not to be named because the discussions are private. “There is no agreement to sell Time,” said a Time spokesperson, who ...
In March, Super Micro Computer was added to the S&P 500 after an epic run that lifted the stock by more than 2,000% in two years, dwarfing even Nvidia’s gains. As it turned out, S&P was calling the top. Less than two weeks after the index changes were announced, Super Micro reached its closing high of $118.81 and had a market cap of almost $70 billion. ...
Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the co-founder of Apple Fitness+ to be its next CEO and president. Stern, the president of Ford Integrated Services, primarily oversees the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team. Stern is slated to step down from his role at Ford and ...
Alphabet executives, donning Halloween costumes, faced questions from concerned employees at an all-hands meeting on Wednesday, following comments on the company’s earnings call suggesting that more cost cuts are coming. “There is a reality to it,” said Brian Ong, vice president of Google recruiting, according to a recording of the meeting reviewed by CNBC. “We are hiring less than we did ...
Nondairy milk lovers, rejoice. Starting next week, Starbucks will stop charging coffee drinkers who wish to customize their drinks with nondairy milk options an extra fee, the company announced Wednesday. The change will go into effect on Nov. 7, the day the company will launch its holiday menu, Starbucks said in a release. Starbucks said dropping the extra charge will ...
Starbucks CEO Brian Niccol shared more details about the company’s turnaround strategy during the company’s quarterly conference call on Wednesday. For three straight quarters, Starbucks has reported declining sales. But the coffee chain is hoping that some easy tweaks to its U.S. business will pay off and help reverse the trend as it plots a more ambitious and comprehensive game plan. Many of the coming ...
Dropbox is laying off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff. The company is in a “transitional period” as its file sync and share business and its Dash artificial-intelligence search feature mature, Houston wrote. “Navigating this transition while maintaining our current structure and investment levels is no longer sustainable,” ...