By Noah Rothstein Uber ridership strongly recovered in the second quarter of 2021 from the pandemic lows seen last year. Still, a continuing driver shortage and uncertainty about the delta variant have pushed the company's shares down more than 5%. Uber's ride business has been profitable, yet its capital-intensive food delivery service has dragged down [...]
By Noah Rothstein Chipotle Mexican Grill reported that its quarterly revenue surpassed pre-pandemic levels thanks to the return of dine-in customers. Chipotle reported a fiscal second-quarter net income of $188 million, or $6.60 per share, up from $8.2 million, or 29 cents per share, the year previous. Due to menu price hikes and lower beef [...]
By Noah Rothstein Many ready-to-drink beverage startups are gearing up to take advantage of the uptick in venture funding in their sector in response to the economic downturn caused by the pandemic. Three Spirit, a London-based nonalcoholic cocktail alternative company, is one of the latest examples. Three Spirit raised a $3 million seed round in [...]
By Noah Rothstein According to the Federal Trade Commission (FTC) data, consumers have lost more than $500 million due to COVID-related fraud. The FTC has received more than 567,000 reports from consumers related to the pandemic since the beginning of 2020. Over 60% of the complaints were associated with fraud, citing an aggregate loss of $501 [...]
By Noah Rothstein Zoom Video Communications has agreed to pay $85 million and enhance its security practices to settle a lawsuit that claimed the company violated users’ privacy rights by sharing personal data with Google, LinkedIn, and Facebook. On Saturday, July 31, a preliminary settlement filed still requires approval by U.S. District Judge Lucy Koh [...]
By Noah Rothstein Consumers have played a pivotal role in America’s economic recovery. Consumer spending increased by 2.8% in the second quarter, covering declines in other sectors of the economy. This renewed wave of spending has been fueled by widespread vaccination efforts, decreasing coronavirus cases -- allowing Americans to get back to in-person [...]
By Noah Rothstein On July 29, Yum! Brands reported quarterly earnings and revenue that topped analyst predictions as sales at its three major brands, KFC, Pizza Hut, and Taco Bell, outperformed pre-pandemic levels, opening new restaurants at a record pace. According to CNBC, shares of Yum! closed at $130.31, up 6.28%, after reaching [...]
By Noah Rothstein On July 29, the House Agriculture Committee held a hearing on the importance of controlled environment agriculture’s (CEA) role in protecting, securing, and fortifying America’s food supply chain and infrastructure. COVID-19 and extreme weather have tested America’s fragile food systems. One solution proposed is the building of controlled environment agriculture in conjunction [...]
By Noah Rothstein Due to the inflation surge, many consumer product brands and grocery stores have been affected by a tactic known as “shrinkflation,” where manufacturers reduce the size of their products but often have the same prices. When costs rise, manufacturers of consumer goods look for ways to offset the increases they [...]
By Noah Rothstein Disinfectants and hand sanitizer have been in high demand since the COVID-19 pandemic, but now Lysol maker Reckitt is facing slowing sales of disinfectants and rising inflation. Trends of record sales and high demand for things like Lysol spray and Dettol soap and wipes have faded in recent months as [...]
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