Shares for Snap were down more than 25% in after-hours trading Monday after the company warned investors of slowed growth in the months ahead.
Why it matters: The news comes as the entire tech sector, but particularly social media companies, struggle to maintain the unprecedented growth levels they saw during the pandemic.
Driving the news: The average age of vehicles on the road hit an all-time high for the fifth straight year, reaching 12.2 years in 2022, according to an annual report released today by S&P Global Mobility.
Airbnb will remove all Chinese homes and experiences from its platform by mid-summer, a source familiar with the situation tells Axios.
Why it matters: Airbnb’s exit from China, first reported by CNBC, is another example of a U.S. company finding the costs and risks of operating in the Chinese market as outweighing the benefits.
DAVOS, Switzerland — Hopes of a robust global economic recovery in 2022 have been replaced by expectations for high inflation, lower real wages and further supply shocks, according to the quarterly Chief Economists Outlook from the World Economic Forum (WEF).
The big picture: The primary reasons for the gloomy forecast are Russia's invasion of Ukraine and the resulting sanctions and shortages, as well as new COVID-19 outbreaks and lockdowns, particularly in China.
Arby’s is known for being about "the meats" and for the first time in its nearly 60-year history, the fast-food chain is adding a burger to its menu.
Driving the news: In the early days of COVID, restaurants cut menus and are now adding new options or bringing back items like the return of Taco Bell’s Mexican Pizza.
Private equity fundraising for the past decade has been monolithic in its ease, with humility as the only real limiting factor. But now there's legitimate uncertainty.
Why it matters: Private equity fundraising cycles are long, so what happens today could impact deal activity for years to come.
Broadcom is in talks to buy VMware, the cloud computing giant controlled by Michael Dell, per multiple reports. VMware had a $40 billion market cap prior to the news, and its stock price spiked nearly 20% at this morning's open.
Why it matters: Broadcom has become one of tech's biggest acquirers, even if it doesn't get lumped into "Big Tech."
It’s no secret that Americans’ newfound remote work lifestyles drove demand for larger homes with more comfortable workspaces.
What's new: That demand may be responsible for more than half of the surge in real estate prices during the pandemic, according to a working paper published by the National Bureau of Economic Research.
Economic growth is on track to slow way down in the months ahead, according to an emerging consensus among forecasters. And that may be exactly what the U.S. economy needs.
Why it matters: If earlier projections of continued speedy growth were coming true, it would be mean rising, rather than falling, inflation pressures. The latest round of forecasts is more consistent with the economy downshifting toward normal.
Trust in democracies is rising in response to the war in Ukraine, according to an Edelman Trust Barometer released Monday morning as the Davos economic forum opens.
Driving the news: People in the U.S., U.K., Germany and France reported notably higher levels of confidence in their institutions in May compared to January, according to the survey of 14,000 people in in 14 countries over the past month.
President Biden announced Monday that 13 countries were joining a new, U.S.-led Asia-Pacific trade pact designed to counterbalance the influence of China's government in the region while strengthening ties with allies.
Driving the news: The Indo-Pacific Economic Framework for Prosperity (IPEF) "will enable the United States and our allies to decide on rules of the road that ensure American workers, small businesses, and ranchers can compete in the Indo-Pacific," per a White House statement.
Legendary actress Michelle Yeoh leads in the arthouse film "Everything Everywhere All at Once," which has overtaken “Uncut Gems" as the highest grossing A24 movie stateside.
Why it matters: A24, an indie studio which has produced Oscar winner "Moonlight" and the highly acclaimed "Lady Bird," likely has its next Oscar contender in “Everything, Everywhere.”
