stock drops 20% as weak revenue forecast overshadows earnings beat Holdings Inc. shares dropped in the extended session Thursday after the business automation software company’s revenue outlook struggled to exceed Wall Street expectations. BILL, +8.18% shares fell as much as 20% after hours, following an 8.2% gain in the regular session to close at $128.91. The company reported a second-quarter loss of $95.1 … Read more

PayPal, Salesforce cut hundreds more employees as tech layoffs continue

Hundreds of PayPal Holdings Inc. employees have begun to be notified that their jobs are being cut on the same week that Chief Executive Dan Schulman announced thousands of layoffs. According to a PayPal PYPL, +4.88% filing with the state of California, the online-payments company is laying off 319 employees at its San Jose, Calif., … Read more

Align Tech’s stock surges 30% to lead S&P 500 as Invisalign sales resume growth

Align Technology Inc. shares rallied Thursday, making one of the worst stocks of 2022 among the best of 2023 so far. Align ALGN, +25.37% surged as much as 30% to an intraday high of $368.87, making it the best-performing stock on both the S&P 500 SPX, +0.98% and the Nasdaq 100 NDX, +2.84% Thursday, with … Read more

Okta CEO says layoffs were ‘the last thing I wanted to do’ as company cuts 300 jobs

The wave of software layoffs continued Thursday as Okta Inc. announced that it was cutting 300 jobs. Chief Executive Todd McKinnon disclosed the layoffs, which will affect about 5% of Okta’s OKTA, +4.87% employees, in an email to staffers Thursday that was also posted to the company’s corporate blog. “A workforce reduction like this is … Read more

Comcast sells nearly 6 million shares of its Buzzfeed stake amid sharp rally

Comcast Corp. has sold part of its stake in Buzzfeed Inc., which has seen its shares surge in recent days amid enthusiasm for the publisher’s artificial-intelligence efforts. Comcast CMCSA, +1.58% disclosed Wednesday in a filing with the Securities and Exchange Commission that it sold 5,726,385 shares of Buzzfeed BZFD, -5.22% in the open market between … Read more

Tech stocks have been minting money this year, but many investors fear getting burned if they buy the rally now

Microsoft kicked off a slate of technology earnings earlier this week, reporting largely solid numbers that could have quickly been deemed a victory for technology stocks overall if not for CEO Satya Nadella’s cautious guidance. Investors surmised that the technology sector broadly could be in for some hard knocks — even after its impressive January … Read more

Biden’s plan to curb credit-card late fees could undercut Apple, Google app stores

President Joe Biden’s push to curb credit-card late fees means consumers could expect lower prices charged by Apple Inc. and Alphabet Inc.’s Google on their mobile app stores, and more competition on digital platforms. As part of Biden’s plan to eliminate “junk fees” associated with consumer services for concert tickets, mobile plans and air travel, … Read more

Electronic Arts stock on track for worst decline of pandemic as ‘rare’ disappointment resets expectations

Electronic Arts Inc. shares were on track for their worst decline of the COVID-19 pandemic Wednesday, as Wall Street reset its expectations for the videogame publisher amid a forecast miss and game delays. EA EA, -10.52% shares fell as much as 14% to an intraday low of $112.80, and were last down about 12%, on … Read more

Amazon, Apple, Microsoft set records with their spending on Washington lobbying Inc., Apple Inc. and Microsoft Corp. set records in their disclosed annual spending on Washington lobbying last year, as each tech giant shelled out more in a year than it ever has before amid pressure from Congress and the Biden administration. Amazon AMZN, -0.86% and three subsidiaries shelled out a total of $21.38 million … Read more

Splunk to lay off 4% of its staff in latest sign of software cutbacks

Splunk Inc. intends to lay off about 4% of its staff as cutbacks in the software industry intensify. The move will impact about 325 employees at Splunk SPLK, +1.34%, mainly in North America. “This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing our processes, cost structure … Read more