Google Fires Workers, Pepsi Grows, GM Reports Strong Profits
1 week ago
Google fired at least 20 more workers in the aftermath of protests over technology the company is supplying the Israeli government amid the Gaza war, bringing the total number of terminated staff to more than 50, a group representing the workers said.
It’s the latest sign of internal turmoil at the tech giant centered on “Project Nimbus,” a $1.2 billion contract signed in 2021 for Google and Amazon to provide the Israeli government with cloud computing and artificial intelligence services.
Workers held sit-in protests last week at Google offices in New York and Sunnyvale, California. The company responded by calling the police, who made arrests.
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PepsiCo beat Wall Street expectations for first-quarter revenue and profit on Tuesday as demand for its sodas and snacks like Cheetos and Doritos in international markets drove growth even as it witnessed a slowdown in the United States.
Consumers across Europe, Asia Pacific and China shelled out money for PepsiCo’s pricey sodas and chips, while customers in the U.S. cut back on the products due to strained budgets.
“We’ve had three years of … massive consumer inflation and that has to be absorbed and I think the cumulative impact of that put a bit of strain on the consumer. But we expect that to abate as time goes on,” PepsiCo CFO Jamie Caulfield said.
The company’s average prices jumped 5% in the first quarter. Its organic volume slipped 2%, compared to a 4% drop seen in the fourth quarter.
International business accounted for about 40% of PepsiCo’s fiscal 2023 revenue, while its North America businesses accounted for the remaining.
PepsiCo has been expanding its portfolio in developed and emerging markets to drive demand by launching items such as flavored Quaker instant oats and Celsius energy drink, CEO Ramon Laguarta said.
Shares of the company, which also maintained its fiscal 2024 forecasts, fell 1.5%.
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Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
The automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it’s not seeing the price erosion across its lineup that other companies have experienced.
GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion. That topped the $41.15 billion that analysts polled by FactSet were calling for.
Excluding one-time items the company made $2.62 per share, easily beating Wall Street estimates of $2.13 per share.
Dan Ives of Wedbush said in a note to clients that GM delivered a solid performance as it concentrates on profitability and managing expenses.
It’s the latest sign of internal turmoil at the tech giant centered on “Project Nimbus,” a $1.2 billion contract signed in 2021 for Google and Amazon to provide the Israeli government with cloud computing and artificial intelligence services.
Workers held sit-in protests last week at Google offices in New York and Sunnyvale, California. The company responded by calling the police, who made arrests.
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PepsiCo beat Wall Street expectations for first-quarter revenue and profit on Tuesday as demand for its sodas and snacks like Cheetos and Doritos in international markets drove growth even as it witnessed a slowdown in the United States.
Consumers across Europe, Asia Pacific and China shelled out money for PepsiCo’s pricey sodas and chips, while customers in the U.S. cut back on the products due to strained budgets.
“We’ve had three years of … massive consumer inflation and that has to be absorbed and I think the cumulative impact of that put a bit of strain on the consumer. But we expect that to abate as time goes on,” PepsiCo CFO Jamie Caulfield said.
The company’s average prices jumped 5% in the first quarter. Its organic volume slipped 2%, compared to a 4% drop seen in the fourth quarter.
International business accounted for about 40% of PepsiCo’s fiscal 2023 revenue, while its North America businesses accounted for the remaining.
PepsiCo has been expanding its portfolio in developed and emerging markets to drive demand by launching items such as flavored Quaker instant oats and Celsius energy drink, CEO Ramon Laguarta said.
Shares of the company, which also maintained its fiscal 2024 forecasts, fell 1.5%.
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Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
The automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it’s not seeing the price erosion across its lineup that other companies have experienced.
GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion. That topped the $41.15 billion that analysts polled by FactSet were calling for.
Excluding one-time items the company made $2.62 per share, easily beating Wall Street estimates of $2.13 per share.
Dan Ives of Wedbush said in a note to clients that GM delivered a solid performance as it concentrates on profitability and managing expenses.
