Salesforce shares drop on disappointing earnings; co-CEO Keith Block to step down
Salesforce.com Inc. CRM, -2.51% shares were down 3.5% in after-hours trading Tuesday after the cloud-based enterprise software provider reported fourth-quarter earnings that were shy of Wall Street estimates, and announced co-Chief Executive Keith Block is stepping down. Company co-founder and co-CEO Marc Benioff remains. Salesforce reported a loss of $248 million, or 46 cents a share, in the quarter, compared with net income of $362 million, or 46 cents a share, in the year-ago fourth quarter. Revenue improved 35% to $4.85 billion from $3.6 billion a year ago. Analysts surveyed by FactSet had expected a loss of 2 cents a share on sales of $4.76 billion. Salesforce shares are up 11.5% over the last 12 months. The broader S&P 500 index SPX, -3.03% has gained 12% in the last year.
Virgin Galactic reports wider Q4 loss
Richard Branson’s space-tourism venture Virgin Galactic Holdings Inc. reported a wider loss in the quarter and year ended in December on higher costs tied to its public listing.
Virgin Galactic, which plans a commercial launch this year, reported the fourth-quarter net loss surged to $72.8 million, including costs tied to the public listing. It ended the year at a $210.9 million loss, compared with a loss of $138.1 million in 2018.
Meanwhile, revenue dropped to about $529,000 in the December quarter, from $1.3 million a year earlier, and ended the year at $3.8 million.
Virgin Galactic, which has some U.S. government contracts, generates revenue from transporting scientific payloads and offering engineering services.
The current company was born from the merger of Mr. Branson’s Virgin Galactic and Social Capital Hedosophia, a special-purpose acquisition company, or SPAC. It went public in October but remains a "controlled company," with more than half of the voting power concentrated in the hands of earlier investors.
Virgin Galactic competes with companies like Jeff Bezos’ Blue Origin LLC and Elon Musk’s Space Exploration Technologies Corp., or SpaceX, to carry paying passengers outside the atmosphere.
On Tuesday, Virgin Galactic said more than 600 people had reserved a spot, putting down a deposit, and nearly 8,000 people had expressed interest in flight reservations as of Feb. 23.
Virgin Galactic ended the year with $480 million in cash.
Shares, which have been trading near record levels, closed Tuesday at $34.04.
Write to Maria Armental at [email protected]
Bob Iger on Disney Plus: 'There's nothing like it'
New York (CNN Business)Bob Iger has stepped down as CEO of the Walt Disney Company (DIS), effective immediately.
Bob Chapek is the new CEO, the board of directors announced on Tuesday. He most recently served as chairman of Disney Parks, Experiences and Products.
Iger has assumed the role of executive chairman and will direct the company’s creative endeavors, the company said.
This is a developing story. It will be updated
US STOCKS SNAPSHOT-Dow, S&P 500 fall 3% as coronavirus spread fans fears
NEW YORK, Feb 25 (Reuters) – The Dow and S&P 500 tumbled 3% on Tuesday in their fourth straight day of losses as the coronavirus spread further around the world and investors offloaded risky assets as they struggled to gauge the economic impact.
Based on the latest available data, the Dow Jones Industrial Average fell 880.79 points, or 3.15%, to 27,080.01, the S&P 500 lost 97.59 points, or 3.03%, to 3,128.3 and the Nasdaq Composite dropped 255.67 points, or 2.77%, to 8,965.61. (Reporting by Caroline Valetkevitch Editing by Chris Reese)
Kingston curling historian looks back at the first time the city hosted a Brier
Preparations continue as Kingston gets ready to host the 2020 Tim Hortons Brier.
The Canadian men’s curling championship begins on Saturday at the Leon’s Centre, marking the second time the Limestone City has entertained the best in the country.
The first time Kingston hosted the Brier was 63 years ago. Curling Canada has posted a 30-minute video highlighting the tournament in 1957.
Disney replaces Bob Iger, names Bob Chapek as CEO
The Walt Disney Co. has named Bob Chapek CEO, replacing Bob Iger, effective immediately.
Iger will become executive chairman. Chapek was most recently chairman of Disney Parks, Experiences and Products.
Iger will remain chairman through the end of his contract Dec. 31, 2021.
Iger said it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service in November.
Chapek is only the seventh CEO in Disney history.
Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years.
Chapek was head of the parks, experiences and products division since it was created in 2018. Before that he was chairman of Walt Disney Parks and Resorts since 2015. Before that, he was president of the Disney Consumer Products segment from 2011 to 2015.
Greg Kinnear Sets Broadway Debut In ‘To Kill A Mockingbird’
Greg Kinnear will take over the role of Atticus Finch in Broadway’s To Kill A Mockingbird, producers announced today. Kinnear, in his Broadway debut, will follow Ed Harris, who took over the role last fall from Jeff Daniels.
Kinnear, a 1998 Oscar nominee for As Good As It Gets, will begin performances in Aaron Sorkin’s stage adaptation of the Harper Lee novel on April 21; Harris’ final performance is April 19.
Harris has been playing Atticus since November, when he took over for Daniels, who had originated the role with a Tony Award-nominated performance a year earlier.
Kinnear’s casting was announced by lead producers Scott Rudin and Barry Diller. Kinnear’s upcoming film projects include Ira Sachs’ Frankie, Philippa Lowthorpe’s comedy Misbehaviour, and Nicholas Jarecki’s thriller Dreamland. His previous credits include Sabrina, You’ve Got Mail and Mystery Men, among others.
Tomorrow, Harris and the rest of the Broadway cast will perform To Kill A Mockingbird at Madison Square Garden in a free performance for 18,000 New York public school students. Spike Lee will emcee the event that producers are calling the largest single performance of a theatrical work ever.
A Mockingbird national tour starring Richard Thomas is set to kick off in August, and Rhys Ifans will play Atticus in London’s West End production at the Gielgud Theatre, opening in May.