Business News

Peloton is losing money on its exercise equipment, but CEO Barry McCarthy is not phased. According to CNBC, in the second quarter of 2023, Peloton lost $42.8 million on its connected fitness products resulting in the company’s division’s gross margin being negative 11.2%. However, despite the negative margins, McCarthy is focusing on the positive aggregate margins produced by Peloton’s subscription revenue. “We take a holistic view of...

Samsung introduced its new Galaxy S23 smartphone line on Wednesday. The new models feature an improved camera, enhanced gaming quality and will reportedly be going “head-to-head” with Apple’s iPhone 14 model, according to CNBC. The Galaxy S23 line will include 3 new models: the S23 ($799), the S23+($1,000), and the S23 Ultra ($1,200). All three of these models are available for pre-order now and will show...

Starbucks announced that changes will be made to its popular rewards program starting on Feb. 13. Rewards members will now have to spend more money to redeem their points for free items. In other words, free drinks are going to cost more. Starbucks broke the news to customers in an email detailing the changes. Customers will now have to redeem 100 stars to get a free hot...

Paramount Global has plans to integrate Showtime into its streaming service, the company announced on Monday. The battle for subscribers has been raging on as streaming services navigate the rapidly changing industry. According to CNN, “Merging Showtime and Parmount+ on streaming will be a far more compelling offering to consumers versus trying to convince them to subscribe to each service separately.”  The product of the merger will...

Top Apple analyst, Ming-Chi Kuo, claims Apple will be slowing the pace of iPad releases for the rest of the year with something bigger on the horizon: a foldable iPad. “I'm positive about the foldable iPad in 2024 and expect this new model will boost shipments and improve the product mix,” Kuo wrote in a series of tweets posted on Monday. Although other manufacturers make foldable devices,...

Shou Zi Chew, CEO of TikTok, will be testifying before the House Energy Commerce Committee at a hearing in March 2023. Chew will be addressing the social media app’s security and privacy practices as well as the ties it has to China. House Energy and Commerce Committee Chair, Cathy McMorris Rodgers made the announcement on Monday. “...

An ongoing pharmacist shortage has forced CVS and Walmart to alter pharmacy hours. The Wall Street Journal reported that CVS has plans to cut or alter pharmacy hours at two-thirds of its locations throughout the U.S. by March. As for Walmart, by March, the retailer plans to close its pharmacies two hours early at most locations. The changes from CVS and Walmart are proof that pharmacies are...

The CEO of the Madison Square Garden Entertainment Corporation (MSG), James Dolan, is using facial recognition to ban lawyers that are suing the group from attending events. “At Madison Square Garden, if you’re suing us, we’re just asking of you – please don’t come until you’re done with your argument with us,” Dolan told Fox 5. “And yes, we’re using facial recognition to enforce that.” Dolan claimed...

While many reports of companies resorting to store closings have made the news recently, Walmart-owned Sam’s Club has plans to do the opposite. On Thursday, the wholesale retailer announced plans to open more than 30 new store locations in the U.S. over the next few years, making this the most aggressive expansion plan in years, according to CNBC. Due to inflation, many customers have become more cost-conscious...

A winter storm on Wednesday caused hundreds of flights to be canceled and more than half of them were on Southwest’s schedule. According to CNN, “As of 10:30 am ET, the cancellations had totaled 482 flights to, from or within the United States.” Southwest made up 235 of those flights. Although this was an inconvenience for travelers on Wednesday, it barely compares to the absolute disaster that...