Intel (INTC)
Intel shares fell after reporting quarterly results which missed analyst expectations. Fourth quarter adjusted revenue of $14.04 billion came in below the Wall Street’s consensus estimate of $14.49 billion. The chip maker’s adjusted earnings per share came in at 10 cents versus expectations of 19 cents. Guidance for the first quarter also came in light.
The company anticipates cost reductions between $8 billion and $10 billion by the end of 2025.
Hasbro (HAS)
The toymaker announced it will implement organizational changes which include cutting 1,000 jobs in order to reduce costs. The cuts represents about 15% of the workforce. The reductions will start to take effect within the next several weeks.
The company announced, “With these actions, along with ongoing systems and supply chain investments, the Company is on track to achieve its goal of $250M-300M in annual run-rate cost savings by year-end 2025 to drive profitability and reinvestment in core brand growth.”
Visa (V)
Shares of the payment company are up after reporting quarterly results. Revenue rose to $7.94 billion versus Wall Street expectations of $7.69 billion. Adjusted earnings per share came in at $2.18 versus estimates of $2.00. Visa also said effective February 1st, Ryan McInerney will be taking over as chief executive officer.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Source: finance.yahoo.com