Uber’s head of tech resigns amid plans to cut 5,400 jobs as lockdown measures bite

Alejandro Arrieche

Uber said its chief technology officer will leave the business, amid reports that the troubled ride-hailing platform plans to lay off 5,400 workers to cut costs. The San Franciso-based firm said chief technology officer Thuan Pham (pictured) will resign, according to a SEC filing on 24 April. Pham leaves the business, which has never made…

Samsung says virus will have a ‘significant’ effect on TV and smartphone sales

Siraj Sarwar

Samsung Electronics said it expects sales to fall over the coming months to June due to the coronavirus pandemic. The South Korean giant warned that revenues from smartphones and TVs are “expected to decline significantly as COVID-19 affects demand and leads to store and plant closures globally.” Samsung, the world’s largest producer of computer chips,…

In this photo a smartphone on a table with Amazon logo on a screen.

Amazon Had 4bn Visitors in March, more than eBay, Apple, Walmart, Rakuten Combined

Justinas Baltrusaitis

Leading online retail platform Amazon (NASDAQ: AMZN) had a significant number of unique visitors in March compared to competitors. Data gathered by Learnbonds.com shows that Amazon had 4.06 billion visitors which was more compared to eBay, Apple, Walmart, Rakuten, Samsung.com, and Apple.com combined visitors of 3.85 billion. From the data, eBay received at least three…

Scandal-hit Luckin Coffee raided by Chinese regulators over $310m accounting probe

Mohit Oberoi

Scandal-hit Luckin Coffee has had its offices raided by Chinese regulators, as the coffee chain faces a $310m accounting probe. China’s State Administration for Market Regulation swooped on the chain’s headquarters on Tuesday, based in Xiamen, southeast China, after the business admitted earlier this month that it had uncovered $310m (£250m) in fake transactions. The…

Amazon stock soars 30% from March Low, lockdown poised to see it beat earnings estimates this week

Siraj Sarwar

Amazon (NASDAQ: AMZN) stock price gained more than 30% of the value from March lows as investors are expecting the Big Tech giant to post strong top-line numbers on Thursday for the first quarter due to stay-at-home demand due to the coronavirus pandemic. The consensus revenue estimate is $73.5bn for the first quarter, indicating close…

Spotify earnings preview: Revenues higher, but consumers prefer to watch TV than listen to music during lockdown

Alejandro Arrieche

Spotify Technology (SPOT) is set to report its quarterly earnings this Wednesday and analysts are expecting much better numbers compared to last year, as a result of a potential surge in the number of people subscribed to its audio streaming platform. Analysts from Alpha Street are forecasting that the company’s first-quarter revenues will close the…

Alphabet earnings preview: Google gains from stay-at-home restrictions

Alejandro Arrieche

Alphabet, Google’s parent company is scheduled to release its earnings for the first quarter of 2020 and the stock is already performing positively ahead of it, as analysts expect steady revenue and earnings growth from higher internet traffic boosted by stay at home restrictions caused by the coronavirus pandemic. Estimates from various sources, including Zacks.com…

Gilead Sciences

Gilead Sciences stock falls after poor trial results leaked

Siraj Sarwar

Gilead Sciences (NYSE: GILD) stock price plunged below $80 after the World Health Organization (WHO) accidentally uploaded a report that said coronavirus treatment remdesivir (pictured) performed poorly in its first randomised clinical trial. The  antiviral drug failed to reduce the virus presence in the bloodstream of COVID-19 patients in phase 3 clinical trial, said a…