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Chinese electric car company Xpeng predicts chip shortage will last another quarter
In this articleXPEVXpeng Motors launches the P5 sedan at an event in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third production model and features so-called Lidar technology.Arjun Kharpal | CNBCBEIJING — Chinese electric car start-up Xpeng expects the global chip shortage will persist for at least another three months.Automakers around the world have had to cut production due to a shortfall in semiconductors, or chips. High demand for electronics, U.S.-China trade tensions and a major factory fire have affected the highly specialized industry’s ability to manufacture enough chips.”What we’ve seen is that this tight situation will continue for the next quarter or so,” Brian Gu, vice chairman and president of Xpeng, said Friday on CNBC’s “Squawk Box Asia.”The challenge is “the visibility of chip supplies is by the minute,” Gu said. “We are paying very, very close attention to the situation. Right now, the impact is limited and it’s reflected in our guidance.”Xpeng’s U.S.-listed shares fell nearly 4.9% in Thursday’s trading session despite the start-up reporting greater-than-expected revenue of 2.95 billion yuan ($456.7 million) for the first quarter.The stock is now down nearly 45% for the year so far, but still holds gains of more than 50%
Tesla's Model Y slumps in China sales rankings, data shows
In this articleTSLAZang Yi charges her Tesla car at a charging point in Beijing, China, April 13, 2018.Thomas Peter | ReutersBEIJING — Sales of Tesla’s newest model for the Chinese market lost steam in April, according to data from China’s Passenger Car Association.The budget Wuling Hongguang Mini EV held onto its rank in April as the best-selling new energy vehicle in China, the association said Wednesday.Tesla’s Model 3 ranked second, followed by BYD’s “Han” luxury sedan.But Tesla’s Model Y, which launched to customers in China in January, fell to sixth place, down from third earlier this year, the data showed.Elon Musk’s automaker has faced growing scrutiny from regulators in China, with mounting negative press reports of brake failures, crashes and explosions.U.S.-listed Chinese electric car start-up Li Auto sold more of its SUV — which comes with a fuel tank to extend the battery’s driving range — than Tesla’s Model Y in April, according to the report.However, Chinese electric car start-up Nio’s ES6 ranked even lower, in 13th place. The company has said the global chip shortage would affect its deliveries in the second quarter.U.S.-listed Xpeng’s P7 sedan ranked 14th, the association said. Some in the industry have cast doubt on
Disney+ subscriber growth is slowing like Netflix — with one worrisome difference
In this articleDISA performer dressed as Mickey Mouse entertains guests during the reopening of the Disneyland theme park in Anaheim, California, U.S., on Friday, April 30, 2021.Bloomberg | Bloomberg | Getty ImagesDisney seems to have picked up a bit of Netflix-itis.Just as Netflix added fewer than 4 million global subscribers in the first quarter, disappointing investors, Disney announced it now has 103.6 million Disney+ subscribers, far less than the 109 million analysts estimated. Disney shares slumped about 4 percent in after-hours trading.Superficially, both Disney and Netflix can explain away the disappointing growth by citing the surge in viewers earlier in the pandemic. The logic is simple: Far more people signed up for Disney+ and Netflix in the first six months of the pandemic than the companies had counted on. Given the surge, it’s only natural that growth would pull back to more “normal” levels as the pandemic winds down.Further, both Disney and Netflix can safely assume that subscriber growth will accelerate in the second half of the year as show production begins again in earnest and high-profile content — such as “Loki” and “Luca” for Disney — come to streaming video later this year.But there’s one significant difference between the
Airbnb says first-quarter revenue rose 5% as vacationers return to travel
In this articleABNBAirbnb CEO Brian Chesky attends the Cannes Lions on June 20, 2016, in Cannes, France.Richard Bord | Getty ImagesAirbnb said revenue increased 5% in the first quarter, beating analysts’ estimates, as the rapid pace of vaccinations led to more travel. The company’s net loss tripled because of debt repayments and restructuring costs.Here’s how the company did:Earnings: Loss of $1.95 per shareRevenue: $886.9 million, vs. $714.4 million as expected by analysts, according to Refinitiv.The increase in year-over-year revenue followed a 22% decline in the fourth quarter.The coronavirus pandemic considerably curtailed rental activity on Airbnb, but the business appears to be recovering as vaccines becomes more widely available and governments lift travel restrictions. The company reported 64.4 million nights and experiences booked, up 39% from the fourth quarter and up 13% year over year. Analysts polled by FactSet had expected 62.5 million nights and experiences booked.Booking nights dropped in every quarter last year compared with the same period in 2019.Gross booking value, Airbnb’s way of tracking host earnings, service fees, cleaning fees and taxes, totaled $10.3 billion, up 52% year over year and above the $7.87 billion FactSet consensus.Airbnb’s net loss tripled as it repaid debt for loans it took out early
Disney misses on subscriber expectations, parks revenue still hurt by Covid restrictions
In this articleDISIn this handout photo provided by Walt Disney World Resort, guests stop to take a selfie at Magic Kingdom Park at Walt Disney World Resort on July 11, 2020 in Lake Buena Vista, Florida.Matt Stroshane | Walt Disney World Resort | Getty ImagesDisney reported second quarter results Thursday, posting lower-than-expected revenue and subscriber counts for its streaming service.The company’s stock dipped around 3.5% in after-hours trading.Earnings per share: 79 cents vs 27 cents expected in a Refinitiv survey of analystsRevenue: $15.61 billion vs $15.87 billion expected in the surveyStreamingThe company missed on subscriber estimates for Disney+, coming in at 103.6 million paid subscribers. It was expected to post 109 million, according to FactSet.The streaming service had been bolstering the company’s success as it was losing out on business from Covid restrictions, but it seems the rapid growth is starting to slow. Still, the company reiterated its plans to see between 230 million to 260 million subscribers to Disney+ by 2024.”This quarter’s numbers were exactly as we projected internally, so no disappointment here,” CEO Bob Chapek told CNBC’s Julia Boorstin.Average monthly revenue per user dipped 29% year over year to $3.99, which the company attributed to the launch of
DoorDash shares rise as delivery company boosts outlook, investors shrug off driver shortage
In this articleDASHSign reading We Deliver With Doordash, referencing the Doordash food delivery service, San Ramon, California, September 12, 2020.Smith Collection/Gado | Archive Photos | Getty ImagesDoorDash on Thursday reported a wider-than-expected quarterly loss, blaming a short-term shortage of delivery drivers as consumer demand outstripped its forecast.But the company raised its forecast, cheering up investors. The stock rose more than 6% in extended trading after hitting an all-time low earlier on Thursday. DoorDash shares began publicly trading in December.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Loss per share: 34 cents vs. 26 cents expectedRevenue: $1.08 billion vs. $993.3 million expectedThe delivery company reported fiscal first-quarter net loss of $110 million, or 34 cents per share, narrower than the loss of $129 million, or $2.92 per share, a year earlier. Analysts surveyed by Refinitiv were expecting a loss per share of just 26 cents.Delivery drivers were in short supply, dragging margins down further, but the issue was resolved by the end of the quarter, the company said.”Stronger-than-expected consumer demand, along with extreme weather events and the impact of stimulus checks, resulted in a meaningful undersupply of Dashers in the latter
Disney's 'Shang-Chi' and 'Free Guy' will have 45-day theatrical run, CEO says
In this articleDISSimu Liu stars as Shang-Chi in Marvel’s “Shang-Chi and the Legend of the Ten Rings.”DisneyDisney said “Shang-Chi and the Ten Rings” and “Free Guy” will play exclusively in theaters for 45 days.The decision to release the two movies exclusively in theaters comes “amidst recent signs of consumer confidence and moviegoing,” said CEO Bob Chapek during an earnings call Thursday.The news comes just hours after the company said its blockbuster film “Jungle Cruise” would debut in theaters and on Disney+ Premier Access on July 30. Disney has used a similar tactic for “Mulan” and “Raya and the Last Dragon” and plans to use it for the debut of the upcoming films “Cruella” and “Black Widow.””Free Guy,” a Ryan Reynolds feature, is slated to hit theaters Aug. 13, while “Shang-Chi,” a new Marvel film starring Simu Liu, is slated for Sept. 3.Pandemic restrictions are loosening around the country as vaccination rates rise and the number of Covid-19 cases declines. Notably, the Centers for Disease Control and Prevention said Thursday that fully vaccinated people don’t need to wear face masks in most settings. That recommendation should help give the public more confidence about returning to normal activities and allow states to
MLB says Oakland A's can explore new markets, but it's not clear where they'd go
A general view of the Oakland Athletics playing against the Houston Astros with a limited capacity crowd at RingCentral Coliseum on April 03, 2021 in Oakland, California.Ezra Shaw | Getty ImagesPerhaps Major League Baseball is bluffing as it plays a game of baseball liar’s dice to help the Oakland Athletics secure a new ballpark site.Major League Baseball said on Tuesday that the Oakland Athetics could explore other cities if a $12 billion waterfront development project, which would include a new stadium, isn’t approved.The team wants out of the Oakland Coliseum, which first opened in 1966. To get a sense of how old the Coliseum is, the Atlanta Braves and Texas Rangers have landed two new stadiums since the A’s began playing at the Coliseum in 1968.The frustration from this dice game is well described in Marcus Thompson’s recent article in The Athletic. Saying goodbye to the A’s was the theme.It’s sort of like the scene from the second “Pirates of the Caribbean” movie when Davy Jones played pirates liar’s dice with Will Turner and his dad. The game is built on deception and bluffing, but eventually a liar will be revealed and lose the game.”It’s just another pebble in a
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