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Chipmaker Texas Instruments Inc forecast fourth-quarter revenue and profit below estimates as it expects demand across most of its end markets to decline, sending its shares down 5%. After a two-year boom in the chip industry, triggered by tight supply and high demand, a downturn is setting in as personal electronics makers and retailers, who are sitting on bloated inventories due to inflation-hit demand, cut orders for chips. On the earnings call, TI said order cancellations increased during the third quarter. Chip…

Google parent Alphabet Inc's disappointing ad sales sparked worries across the digital media sector as advertisers cut back on their spending in the face of an economic slowdown. Alphabet called out slowing spending by advertisers on YouTube, said financial services spending was cooling on Google, and plans to cut hiring by more than half. The negative results shattered many expectations that Google, which is the world's largest digital advertising platform by market share, would remain strong in a weakening economy and…

When Snap Inc kicks off the third-quarter earnings season for tech and social media companies, investors are expecting modest revenue growth across most of the sector as results will be compared with a difficult 2021 when Apple Inc privacy changes began to upend the advertising industry. But a possible recession next year makes forecasting 2023 financials a guess at best, say some analysts, while investors are wary of reading too deeply into "signs of life" like ad spending around the fall shopping season as indicators of…

Alphabet unit Google could face EU antitrust charges next year over its digital advertising business, putting the company at risk of its fourth fine in the EU of more than a billion euros, people familiar with the matter said. Google's ad business, which generated over $100 billion in sales last year, is Alphabet's biggest moneymaker. It accounted for about 80% of annual revenue, despite efforts over the past decade to push into selling hardware, subscription services and cloud computing technology. The European…

Tesla Inc announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy. "The economy around the edges is still having a negative impact for Tesla that's mostly logistical. But that I think there…

Micron Technology, the first major chipmaker to sound an alarm about falling demand for PCs and smartphones earlier this year, warned of even tougher times ahead and said it was cutting its investments. "We made significant reductions to capex and now expect fiscal 2023 capex to be around $8 billion, down more than 30% year over year," Chief Executive Sanjay Mehrotra said on an earnings call. Still, Micron forecast strong revenue growth in the second half of fiscal 2023 as demand starts to recover early next year. Shares…

Plug Power Inc has signed a deal with Amazon.com Inc to supply liquid green hydrogen, the companies said on Thursday, sending the hydrogen fuel cell maker's shares up over 12% in early trade. Green hydrogen is often touted as the future of energy, as the flexible and zero-emission fuel can be used for transportation and electricity generation. Amazon said Plug Power will supply 10,950 tons of green hydrogen every year starting 2025 that it will use to replace grey hydrogen, diesel, and other fossil fuels. The companies,…

Semiconductor equipment maker Applied Materials Inc eased fears of a slowdown with a strong revenue forecast for the fourth quarter, though sticky supply chain snarls pinched its margins. Chipmakers Intel and Micron Technology Inc have recently warned of an inventory build-up and declining spending on electronics, sparking worries that the industry's years-long growth run was at an end. Chief Executive Gary Dickerson allayed the concerns, saying Applied Materials can overcome the dour economic outlook and that he remains…

Electric-vehicle maker Rivian Automotive Inc. forecast a wider operating loss for the year and also said many of its current models will not qualify for new federal tax incentives. Shares dropped more than 2 percent in after-hours trade. The young company observed that its R1 series of premium pickups and SUVs is not likely to benefit from tax incentives in the new energy and climate bill passed by the US Senate. But Rivian could qualify for subsidies of up to $40,000 per vehicle for large electric commercial vans similar…

Coinbase Global Inc reported a larger-than-expected quarterly loss as investors worried by this year's rout in risky assets shied away from trading in cryptocurrencies, sending its shares down 6% after the bell on Tuesday. Trading volumes at the cryptocurrency exchange more than halved to $217 billion in the second quarter, with retail participation sinking 68% and institutional trading falling 46%. Coinbase said it expects trading volumes to fall further in the current quarter, underscoring the turmoil brought to the…