2 days Ago
V2images Listen below or on the go on Apple Podcasts and Spotify Earnings Snapshot: Baidu ( BIDU ) Q4 beats top-line and bottom-line estimates. (00:26) OpenAI said to mull special voting rights to block hostile bids. (01:34) Southwest expands cost-cutting by announcing 15% reduction in corporate overhead workforce.
(02:17) This is an abridged transcript. Baidu reported earnings today ahead of market open beating top-line and bottom-line estimates for Q4. Baidu Non-GAAP EPADS of $2.
63 beats by $0.78, revenue of $4.67B beats by $70M.
Ahead of the reporting, shares of Baidu in Hong Kong fell about 7% on Monday after CEO Robin Li was not seen at a meeting between China's President Xi Jinping and top corporate executives, Reuters reported. Shares fell as much as 8.8% before closing down -6.
94% to HK$89.850 in Hong Kong. Baidu lost about $2.
4B in market value on Monday, according to the report. Shares closed 0.4% higher on Tuesday.
Xi held a meeting in Beijing with the country's top industry tycoons, including Alibaba's ( BABA ) founder Jack Ma and Huawei's CEO Ren Zhengfei, however, there was no sign of Li attending the meeting, the report added, citing two sources. Baidu did not immediately respond to a request for comment from Seeking Alpha. The meeting with Xi indicated the government's support for China's technology sector with an aim to bolster economic growth amid an intensifying China-U.
S. technology tussle. OpenAI is weighing special voting rights for its non-profit board to preserve its directors' decision-making power.
If granted, the special voting rights would allow the non-profit board to overrule major OpenAI investors like Microsoft (NASDAQ: MSFT ) and SoftBank ( OTCPK:SFTBY ). Sources told the Financial TimesThe special voting rights are among new governance measures being evaluated by OpenAI CEO Sam Altman and board members as the company transitions to a for-profit structure. OpenAI last week turned down a $97.
4B takeover offer by a consortium led by Elon Musk, who co-founded the company in 2015, but chose to leave in 2018. After announcing a couple of decisions in January, including reducing pilot head count at a couple of bases and a pause on hiring, Southwest Airlines (NYSE: LUV ) on Monday announced slashing about 15% of its corporate jobs or 1,750 people in a cost saving measure. The workforce reduction of approximately 1,750 roles is focused almost entirely on corporate overhead and leadership positions and represents approximately 15% of corporate positions, including senior leadership and directors.
Eleven senior leadership positions (Vice President and above), also representing 15% of the Company's senior management committee, will be eliminated as part of this restructuring. Separations will be substantially complete by the end of second quarter 2025. The Company estimates partial year 2025 savings to be approximately $210 million and full-year 2026 savings to be approximately $300 million.
The company paused corporate hiring and suspended most of its summer internships in January. The carrier also reduced pilot positions by 270 at its Denver and Atlanta hubs as part of the carrier’s cost-cutting and aircraft efficiency efforts. What’s Trending on Seeking Alpha: Short sellers reduce bets against information technology stocks in January Tesla's FSD approval in China could be used for bargaining amid trade tensions - report South Korea plans to secure 10,000 GPUs for AI computing center - report Catalyst watch: Now let’s take a look at the markets ahead of the opening bell.
Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.8% at nearly $72/barrel.
Bitcoin is down 0.4% at $95,000. In the world markets, the FTSE 100 is up 0.
1% and the DAX is down 0.2%. The biggest movers for the day premarket: Delta Air Lines (NYSE: DAL ) shares slipped over 3% after one of its regional jets lost control upon landing in icy, windy conditions at Toronto Pearson International Airport.
On today’s economic calendar: Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange.
Please be aware of the risks associated with these stocks..
