Subway is still the nation’s biggest fast-food chain — but its lead keeps getting smaller. The struggling sandwich giant — which has lately tussled with franchisees over controversial ad campaigns and allegations of corrupt regional managers — shuttered 1,043 more outlets across the US than it opened in 2021, according to public filings this week. … Read more
Angry Netflix employees took to Twitter Thursday after learning they had been laid off at the streaming giant, home to hit shows like “Inventing Anna,” “Squid Game” and “Bridgerton.” Although the exact number of layoffs could not be immediately learned, many of the employees were writers or editors working for Netflix’s Tudum division, which was … Read more
Stocks rallied on Wall Street Thursday as technology companies clawed back some of the ground they had lost recently. The Dow Jones Industrial Average rose 614 points, or 1.85%, to 33,916.39, and the Nasdaq climbed 3%, or 382.60, to 12,871.53. The S&P 500 rose 2.5%. The gains erased weekly losses for most of the major … Read more
Snap Inc. will roll out new features to make it easier for brands to create augmented reality shopping experiences on its Snapchat app as well as a flying camera, the company said Thursday at its annual presentation to showcase new technology. The Santa Monica, Calif.-based company announced the pocket-sized camera called Pixy, which can fly a few … Read more
Elon Musk’s decision to provide SpaceX Starlink satellite internet to assist Ukraine during the Russian invasion has been a major boost to the country’s military, a Ukrainian soldier who has been fighting since mid-March reportedly said this week. Musk shipped Starlink terminals to Ukraine in late February at the request of top government officials, who … Read more
Elon Musk reportedly faces a Federal Trade Commission probe into whether he violated federal disclosure rules while amassing an approximately 9% stake in Twitter – a move that preceded his blockbuster $44 billion takeover of the social media giant. The feds are examining whether Musk erred under the Hart-Scott-Rodino Act, a 1976 antitrust provision requiring … Read more
Menu price hikes and a new loyalty program helped McDonald’s beat estimates for quarterly sales and profit on Thursday, despite inflationary pressure on consumers, the war in Ukraine and COVID-19 lockdowns in China. Shares of the Chicago-based company rose nearly 3% to $253.82. Pinched by higher costs for gas, rent and groceries, lower-income customers are starting to buy cheaper or … Read more
The Food and Drug Administration on Thursday issued a long-awaited proposal to ban menthol cigarettes and flavored cigars, a major victory for anti-smoking advocates but one that could dent sales at tobacco companies. The proposal, which comes a year after the agency announced the plan, still needs to be finalized and can take years to … Read more
The number of Americans applying for unemployment benefits fell again last week with numbers still at historically low levels. Jobless claims in the US declined by 5,000 to 180,000 for the week ending April 23, the Labor Department reported Thursday. First-time applications generally reflect the number of layoffs. The four-week average for claims, which evens … Read more
Mark Zuckerberg downplayed recent employee turnover at Facebook’s parent company Meta, even as the tech giant reported strong earnings that sent its shares soaring on Thursday. During the company’s first-quarter earnings call, an analyst asked Meta executives to address the state of its “employee retention” and whether the company’s sinking share price in recent months … Read more