BUSINESS NEWS FEBRUARY 8TH 2016
YELP SURPRISES WITH EARLY EARNINGS RELEASE
On Wall Street, stocks trimmed sharp losses but still ended broadly lower for the day. Online review website Yelp released its fourth-quarter results today, well ahead of schedule. The release caught the markets by surprise. The company told Business Insider, that the results were leaked because of an error by PR Newswire; the vendor responsible for distribution. The company swung to a net loss of $22.2 mn in the fourth quarter and earned net revenues of $153.7 mn. Yelp has also announced that its Chief Financial Officer, Rob Krolik, will be stepping down.
HASBRO'S QUARTERLY REVENUES JUMP ON STRONG 'STAR WAR' TOY SALES
Hasbro reported its biggest rise in quarterly revenue in nearly five years, beating analysts' estimates, driven by demand for toys based on the "Star Wars: The Force Awakens" and "Jurassic World" movies. Revenue from toys targeted at boys, including action figures based on the two top-grossing movies of 2015, surged 35% in the fourth quarter. The category accounts for about 40% of the company's total revenue.
MASSIVE DROP IN GAS PRICES
Consumers throughout the United States are worried about gas prices being too high. However, recent findings may put these concerns to rest. A study conducted by GasBuddy.com shows that eight states have gas prices down to $1.25. Tom Kloza, chief analyst for the Oil Price Information Service has said that it is unlikely for gas to sell below $1, but cheap wholesale gas has become fairly common.
TWITTER TO INTRODUCE ALGORITHM TIMELINE CHANGES
Twitter is planning to introduce an algorithmic timeline this week, according to a report in BuzzFeed News. The timeline will reorder tweets based on what Twitter’s algorithm thinks people most want to see, a departure from the current feed’s reverse chronological order. It is unclear whether Twitter will force users to use the algorithmic feed, or it will merely be an option.
GOOGLE OFFERS 2 GB OF DRIVE SPACE FOR COMPLETING ACCOUNT SECURITY CHECKUP
Google is offering account holders an extra 2GB of Drive storage absolutely free if you complete a checkup to ensure your account is secure. The checkup includes things like reviewing your account recovery options, services with permissions to use your account, your connected devices and 2-step verification settings. Google is offering this promotion to mark 'Safer Internet Day.'
INDIA IMPLEMENTS NET NEUTARLITY GUIDELINES
In a first step towards digital equality, the Indian government barred Internet service providers from having different pricing policies on different parts of the Internet. While this policy may be beneficial on a small scale, critics argue that other smaller companies, as well as startups, will be at a disadvantage under these new rules. In a statement, the Telecom Regulatory Authority of India has said that ISP’s would not be allowed to discriminate in pricing.