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Top News in Finance for July 11, 2023

by 11. Jul 2023 @ 11:12News, Top Market Insights for Today

KEY POINTS

Dive into this week’s key financial happenings with our succinct, easy-to-understand summaries of the most crucial economic events. Designed to keep you up-to-date, our roundup empowers you to navigate the week ahead and seize unfolding opportunities

  • Amazon expects an 11% increase in revenue from Prime Day, their annual sale.
  • Microsoft is preparing for a new round of job cuts, adding to those made earlier this year.
  • Uber CFO, Nelson Chai, departs, leaving a gap in the executive leadership.
  • Used car prices show a decreasing trend, hinting at potential easing of inflation.
  • Apple expands its reach in China by opening an online store on WeChat.

Amazon Foresees Prime Day Revenue Boost

As Prime Day, Amazon’s flagship annual online sale kicks off, the e-commerce giant anticipates a revenue upswing of 11%. This optimism comes despite recent recession concerns and a slowed revenue growth for the company.

Microsoft Gears up for Further Job Reductions

Following a significant downsizing earlier this year, Microsoft has now confirmed plans for additional job cuts. While the exact number remains undisclosed, it’s evident that roles across sales and customer support have been impacted.

Uber Faces Executive Reshuffling with CFO Departure

Uber’s Chief Financial Officer, Nelson Chai, steps down from his role, marking a major change in the executive lineup since the company’s IPO in 2019. This development has caused a minor dip in Uber’s pre-market trading.

Dip in Used Car Prices Suggests Inflation Relief

As investors brace for the Consumer Price Index inflation report, a decline in used car prices for the third consecutive month in June indicates possible easing of inflation. The largest monthly drop on record was noted in June, providing a sense of relief amid economic uncertainties.

Apple Infiltrates Chinese Market via WeChat

In an effort to tap into the substantial Chinese market, Apple has launched an online store on Tencent’s WeChat, the leading messaging platform in China. Despite a drop in smartphone sales, Apple’s iPhone sales surged by 6% in China, year-over-year.

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