Uber's growing string of scandals almost certainly played a role in the discounted valuation. The most recent problem was made public on Tuesday in a federal courtroom in San Francisco. Federal prosecutors are investigating allegations that Uber deployed an espionage team to plunder trade secrets from its rivals. The revelation triggered a delay in a high-profile trial over whether the beleaguered ride-hailing service stole self-driving car technology from a Google spinoff.
In late June, BlackBerry reported quarterly earnings that missed analysts' forecasts due to an unexpected sales decline, ramping up pressure on the company to meet its goal of boosting software and services revenue by 10 percent to 15 percent this year. BlackBerry declined to comment on the stock price, but QNX manager Grant Courville said it expected to sign deals with at least three major companies to get QNX into self-driving vehicles.
Japanese technology company SoftBank Group Corp. has reported a 98 percent drop in its April-June profit on losses stemming from investments in the Chinese e-commerce company Alibaba. SoftBank said Monday its quarterly net profit was 5.5 billion yen ($50 million), down from 254 billion yen the previous year. Quarterly sales added 3 percent to 2.19 trillion yen ($20 billion). The Tokyo-based company's operating profit, which highlights core operations, logged a 50 percent increase year-on-year as its U.S. mobile carrier Sprint boosted profitability. Softbank, which sells the Pepper robot, did not give an annual forecast, which is not unusual for the company.
FILE - This Tuesday, May 6, 2014, file photo shows a sign outside Fiat Chrysler Automobiles world headquarters in Auburn Hills, Mich. Fiat Chrysler and Google said Tuesday, April 25, 2017, for the first time will offer rides to the public in the self-driving automobiles they are building under an expanding partnership.
Larry Page's five-year tenure as CEO of Google -- and now its new corporate parent Alphabet -- is reminding investors that patience pays off, despite a letdown in the first quarter. After lagging its peers in the early stages of Page's reign, the Internet's most powerful company has since delivered returns that trounced both the Standard & Poor's 500 and Apple shares. Since Page took the helm in 2011, Alphabet's stock has soared 163 percent, creating an additional 300 billion in shareholder wealth. The S&P 500 rose 58 percent during the same period; Apple's stock is up 115 percent. Some of Alphabet's gains evaporated late Thursday after the company announced first-quarter earnings and revenue that fell below analyst projections.