Beyond Meat to Cut Workers Across the Globe to Reduce Costs
The El Segundo, California-based company said it will cut 44 employees. It's also halting operations in China, which will result in about 20 job cuts, or 95% of its workers in that country. The moves are an effort to reduce costs and strengthen the company's financial profile, according to a statement on Wednesday.
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6 minutes ago
- Entrepreneur
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Yahoo
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- Yahoo
Meta profits surge helps drive Zuckerberg's AI ambitions
Social media giant Meta Platforms says its profits soared and it is pumping billions of dollars more into artificial intelligence (AI) projects. The firm - which owns Facebook, Instagram and WhatsApp - says revenue for the three months to the end of June rose 22% from the same period last year to $47.5bn (£35.86bn), while profits jumped by 36% to $18.3bn. At the same time expenses are also rising - up 12% to $27bn - as the company ploughs money into fulfilling chief executive Mark Zuckerberg's AI ambitions, and its spending is expected to keep rising. Meta says the cost of building infrastructure, including servers and data centres, and workers' pay packages will be its biggest expenses. Before Meta's earnings announcement on Wednesday, Zuckerberg posted a video on Instagram describing his plans for developing what he called "AI Superintelligence" that surpasses "human intelligence to solve complex problems". He also said Meta will create "personal superintelligence" that uses advanced AI for everyday tasks such as helping users remember things like wedding anniversaries and then making reservations or ordering a gift. Mike Proulx from research and advisory firm Forrester said Meta is helping "future-proof itself as a growth company" in the event that its current offerings falter. Meta has been seeking to catch up with rival artificial intelligence developers like OpenAI and Google after the release of Llama 4 family of large language models (LLMs) left some users and investors disappointed. It has offered $100m pay packages to top AI talent to lure them away from competitors. Meta has also spent more than $14bn on a stake in artificial intelligence firm ScaleAI and brought in its chief executive Alexandr Wang to help spearhead its efforts. Zuckerberg's strategy has been to use the strength of Meta's core businesses to help fund its AI projects. He said 3.4 billion people around the world use at least one Meta app every day. Meta has also deployed AI to improve its advertising business. But the the cost of developing superintelligence have raised concerns among some analysts. "AI-driven investments into Meta's advertising business continue to pay off, bolstering its revenue as the company pours billions of dollars into AI ambitions like superintelligence,' said Minda Smiley from market research firm Emarketer. 'But Meta's exorbitant spending on its AI visions will continue to draw questions and scrutiny from investors who are eager to see returns,' she added. Meta's shares jumped by more than 10% in extended trading in New York after its earnings announcement. What is AI and how does it work? Sign up for our Tech Decoded newsletter to follow the world's top tech stories and trends. Outside the UK? Sign up here.
Yahoo
2 hours ago
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Can Lucid Pull Off a Beat This Earnings Season? Things to Note
Lucid Group LCID is slated to release second-quarter 2025 results on Aug. 5, after market close. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 22 cents a share on revenues of $253.4 million. The loss per share estimate for the second quarter of 2025 has narrowed by 2 cents over the past seven days. The bottom-line projection indicates a year-over-year improvement of 24%. The Zacks Consensus Estimate for quarterly revenues suggests year-over-year growth of 26%. In the trailing four quarters, this California-based electric vehicle (EV) startup missed EPS estimates thrice and beat once, with the average negative earnings surprise being 6.13%. Lucid Group, Inc. Price and EPS Surprise Lucid Group, Inc. price-eps-surprise | Lucid Group, Inc. Quote Q2 Earnings Whispers for LCID Our proven model predicts an earnings beat for Lucid this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That's the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. LCID has an Earnings ESP of +3.08% and a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here. Factors Shaping Lucid's Q2 Results Lucid sold 3,099 vehicles in the June quarter, a new record for the company. Deliveries rose 38% on a yearly basis and 6% on a sequential basis. A boost in deliveries is likely to have driven revenues in the to-be-reported quarter. Production in the second quarter of 2025 came in at 3,863 units, up 83% from the corresponding period of 2024. Lucid doesn't break out delivery numbers for its Air and Gravity models, but these two are clearly driving sales. In May, Lucid offered up to $22,500 in discounts on the Air sedan—nearly 25% off its $90,000 price tag. The Gravity SUV launch has also been well received, with many buyers being former Tesla owners looking for a fresh start amid growing backlash tied to Elon Musk's antics. In early 2025, about half of Lucid's customers had switched from Tesla. For Gravity, over 75% of the orders came from first-time Lucid buyers. This suggests growing interest in Lucid's premium EVs. Other Stocks With Favorable Combination Here are a couple of other players from the auto space, which, according to our model, have the right combination of elements to post an earnings beat for the quarter to be reported: Rivian Automotive RIVN will release second-quarter 2025 results on Aug. 5. The company has an Earnings ESP of +8.53% and a Zacks Rank #3. The Zacks Consensus Estimate for Rivian's to-be-reported quarter's bottom and top line is pegged at a loss of 65 cents per share and $1.26 billion, respectively. Rivian surpassed earnings estimates in two of the trailing four quarters for as many misses, with the average surprise being 10.8%. American Axle & Manufacturing Holdings AXL will release second-quarter 2025 results on Aug. 8. The company has an Earnings ESP of +17.59% and a Zacks Rank #3. The Zacks Consensus Estimate for American Axle's to-be-reported quarter's earnings and revenues is pegged at 13 cents per share and $1.5 billion, respectively. American Axle surpassed earnings estimates in the trailing four quarters, with the average surprise being 591%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Axle & Manufacturing Holdings, Inc. (AXL) : Free Stock Analysis Report Lucid Group, Inc. (LCID) : Free Stock Analysis Report Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
