Consumer Spending - CybAI news

16 Aug

Taiwan Turns Less Upbeat on Exports in Lowering Economic Outlook

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Taiwan revised down its estimate for economic growth in 2024 after three straight upgrades, projecting a smaller increase in exports but remaining optimistic about overseas demand for artificial intelligence-related products.Gross domestic product is set to expand 3.9% this year, down from a previous estimate of 3.94% by the statistics bureau in May, according to a statement on Friday. In the first projection of next year’s growth, it said GDP will grow 3.26%. Source link lol

15 Aug

Alibaba’s Revenue Misses Estimates in a Blow to Revival Effort

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Alibaba Group Holding Ltd. posted a disappointing 4% rise in revenue, after aggressive promotions and new shopping features failed to drive spending in a patchy Chinese consumer environment.The domestic e-commerce leader reportedBloomberg Terminal revenue of 243.2 billion yuan ($34 billion) in the June quarter, versus the average projection for about 249.9 billion yuan. Net income fell about 27% to 24.3 billion yuan, reflecting the heavy cost of attracting and retaining shoppers. Source link lol

15 Aug

CK Hutchison Profit Declines as Global Headwinds Persist

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CK Hutchison Holdings Ltd. has vowed to explore more deals with long-term value to navigate increasing geopolitical and financial market risks, as the Hong Kong conglomerate reported slumping profit for the first half of the year.The group, founded by billionaire Li Ka-shing, saw net income in the first half this year fall 9% to HK$10.2 billion ($1.3 billion), it said in a filing Thursday. Total revenue rose 4% to HK$232.6 billion during this period. Source link lol

08 Aug

Chinese Swap Handbags for Trips as ‘Experience Economy’ Booms

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Watching orders dwindle as China’s housing market slumped, factory owner Zheng Weirong decided to take action and protect his steel business from the real estate downturn.Betting on a tourism revival, he wound down a production line making metal bars in 2021 and shifted investment to producing container-sized cabins, often used as guest houses. The pivot paid off, with demand exploding last year after Chinese travel rebounded following the lifting of pandemic restrictions. Source link lol

07 Aug

Gig Economy Emerges as a Bright Spot Amid Gloomy Tech Earnings

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It has been a tough earnings seasonBloomberg Terminal for the technology industry, and markets more broadly.Big Tech companies failed to convince Wall Street that their massive investments in artificial intelligence are paying off. Growth in their core businesses underwhelmed. Their results, combined with broader concerns about the health of the US economy, triggered a meltdown that, at one point, had erased some $6.4 trillion from global stock markets. Source link lol

07 Aug

Shopify’s Second-Quarter Results Exceed Estimates; Shares Rise

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Shopify Inc. reported second-quarter results that exceeded analysts’ estimates, suggesting that the Canadian e-commerce company is managing to navigate cautious consumer spending. Revenue for the period came in at $2.05 billion, up about 21% year-over-year and beating the $2 billion average estimate of analysts surveyed by Bloomberg. Profit, excluding one-time items, was 26 cents a share, above the 20 cents expectation. Source link lol

07 Aug

Instacart Posts Sales Beat, Issues Strong Earnings Outlook

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Instacart posted better-than-expected sales in the second quarter, signaling that the grocery-delivery business has a strong enough user base to support its longer-term bet on advertising.Revenue gained to $823 million, far surpassing analysts’ expectations of $806 million. The value of orders placed during the quarter totaled $8.19 billion, also beating estimates. That’s even while the San Francisco firm reported that overall orders grew at a slower pace than expected. Source link lol