In this article HOOD Robinhood CEO Vlad Tenev said Tuesday in a press release that the fintech company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad
In this article CHTR CMCSA Brian Roberts, CEO of Comcast (L), and Tom Rutledge, chief executive officer of Charter Communications Drew Angerer | Getty Images Comcast and Charter, the two largest U.S. cable companies, have a broadband growth problem. As tens of millions of Americans canceled their cable TV subscriptions in the past decade, the
St. Louis Federal Reserve President James Bullard said Wednesday that the central bank will continue raising rates until it sees compelling evidence that inflation is falling. The central bank official said he expects another 1.5 percentage points or so in interest rate increases this year as the Fed continues to battle the highest inflation levels
In this article TREE For parents already stretching budgets to pay for groceries and gasoline, stocking up on school supplies will be a little harder this year. “Back-to-school shopping is stressful even in the best economic times,” said Matt Schulz, the chief credit analyst at LendingTree. “With inflation running rampant and supply chain issues lingering,
People wait to visit a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Wany Ying | Xinhua News Agency | Getty Images Mortgage applications inched up last week for the first time since June 24. Total mortgage demand increased 1.2% as the average 30-year fixed mortgage
In this article PYPL Dan Schulman, president and chief executive officer of PayPal Holdings Inc., arrives for the morning session of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 10, 2019. The 36th annual event gathers many of America’s wealthiest and most powerful people in media, technology,
Owner Stephen Ross of the Miami Dolphins looks on prior to the game against the Buffalo Bills at Hard Rock Stadium on September 19, 2021 in Miami Gardens, Florida. Michael Reaves | Getty Images Miami Dolphins owner and real estate developer Stephen Ross has been fined $1.5 million and suspended from participating in team events
James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard said Tuesday that he still thinks the economy can avoid a recession, even though he expects the central bank will need to keep hiking rates to control inflation. “I think that inflation has come in hotter than what I would have expected
In June 2012, at 34 years old and after 13 years of working in investment banking, I wanted out. So I decided to negotiate a severance, retire early, and live off passive income through my rental properties, stock dividends and e-book sales. But just one year in, I realized that the life of travel and leisure
d3sign | Moment | Getty Images Would-be travelers looking to fly this fall may want to book their plane trips now, with travel app Hopper reporting that airfares are dropping this month from peak summertime prices. “September and early October will be the cheapest times to travel, while August and early September will be the
In this article AMD AMD reported results for the quarter ended in June that beat estimates for profit and revenue, but the chipmaker gave a forecast for the current quarter that trailed Wall Street expectations. AMD stock fell 6% in extended trading. Here’s how the company did: EPS: $1.05, adjusted, versus $1.03 expected, according to
In this article SBUX An employee hands a bag to a customer at the drive-thru of a Starbucks coffee shop in Hercules, California, on Thursday, July 28, 2022. David Paul Morris | Bloomberg | Getty Images Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, fueled by demand in the U.S. for its cold coffee
A sign is posted outside of the PayPal headquarters in San Jose, California. Justin Sullivan | Getty Images Check out the companies making headlines in extended trading. Match Group — Shares of the dating app operator tumbled as much as 23% after the company reported revenue of $795 million for the second quarter, compared with
If you want Jack Sweeney to stop publicly tracking your private jet on Twitter, take a leaf out of Mark Cuban’s book and offer the 19-year-old something better than money: friendship. Sweeney, a sophomore at the University of Central Florida, is the teenager responsible for 30 automated Twitter accounts that collectively track the flights of
Insta_photos | Istock | Getty Images Many Americans are pessimistic about the future of Social Security, and the pandemic has made it even worse. A recent survey found 59% of people now worry more about Social Security running out of funding than they did before the onset of Covid-19, according to Nationwide Retirement Institute. And
Los Angeles Ron_Thomas | Getty Images As rising interest rates and surging property values prevent more families from buying a home, the demand for rentals has soared, with the highest rent prices in the sunniest states. Rent prices for single family homes swelled during the first half of 2022, hitting a national average of $2,495
Preliminary Revenue and Economic Estimates Net Revenue Long-run GDP Wages FTE Jobs Source: Tax Foundation General Equilibrium Model, July 2022. Last-week’s Democrat-sponsored Inflation Reduction Act (IRA), successor to the House-passed Build Back Better Act of late 2021, has been touted by President Biden to, among other things, help reduce the country’s crippling inflation. Using the
In this article JBLU JetBlue Airways Airbus A320 passenger aircraft landing at John F. Kennedy International Airport in New York City. Nik Oiko | LightRocket | Getty Images JetBlue Airways shares tumbled Tuesday after a surge in costs drove it to another quarterly loss just as it plans its takeover of Spirit Airlines. The New
In this article RACE-IT The Ferrari SP38 seen at Goodwood Festival of Speed 2022 on June 23rd in Chichester, England. Martyn Lucy | Getty Images Ferrari raised its guidance for 2022 after reporting record results for the second quarter amid unprecedented demand for its high-priced sports and grand touring cars. The Italian supercar maker has
Billions of dollars of value have been wiped off the cryptocurrency market in recent months. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs. Yu Chun Christopher Wong | S3studio | Getty Images Hackers drained almost $200 million in cryptocurrency from