The demise of several United States regional banks including PacWest has come amid the rise of top banks – like Bank of America, and JPMorgan – and Fintechs – like Binance, and Coinbase Global.
Los Angeles-based PacWest is considering several strategic options, including a sale, amid a banking crisis-induced stock plunge.
The company explained a 17-per cent drop in revenue by a tough macroeconomic environment and a “broad downturn” in the semiconductor sector.
Chegg is optimistic it can turn things around with its upcoming Cheggmate beta, an AI-focused student learning platform.
PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses.
Chegg is facing massive disruptions in its education business amid the rapid growth of AI platforms. To contain this, Chegg is building its own AI platform CheggMate in collaboration with OpenAI.
Amid lower fossil fuel costs, BP’s profits tanked in comparison to the bumper profits recorded in 2022.
According to the report, the company experienced a 133% annual reduction in its earnings per share for the quarter.
In case of a scenario where the First Republic Bank fails, the FDIC will likely want to avoid systemic risk and offer insurance to all the bank’s depositors, even those not covered by insurance.
The market still remains very tipsy and while the tech sector is largely holding up with backing from technology development, other industries also have to step up in order to be able to stay resilient.
Amazon has feeling the pinch for its cloud infrastructure business as companies continue to trim their cloud spend in this challenging macro environment.
Snap reported adjusted earnings per share of 1 cent versus a loss per share of 1 cent expected by analysts surveyed by Refinitiv.
Earlier this week, Mattel and Hasbro announced that they have entered into multi-year licensing agreements to create co-branded toys and games from some of their most popular brands.
Affected by reduced demand for Covid drug Molnupiravir, Merck has published reduced revenue figures according to its Q1 2023 report.
The company said its Peacock subscribers grew by more than 60% or 22 million compared year-over-year.