#onlinedating | Technology Shares Move Higher, Bucking Trend of the Broader Market — Tech Roundup | #bumble | #tinder | #pof


Shares of technology companies continued to rally.

Shares of Match Group jumped 9% after the online-dating company said in a letter to shareholders Tuesday that it had seen a “noticeable increase” in activity among users across its brands and geographies.

Uber Technologies said it is cutting about 14% of its workforce and is looking for more ways to save money as its ride-hailing business has dropped dramatically amid the coronavirus pandemic. Chief Executive Dara Khosrowshahi also agreed to waive his base salary for the rest of the year.

After the market closed, shares of Lyft spiked higher as it reported earnings. The company’s bumpy road to profitability is getting rougher during the COVID-19 pandemic, but Lyft brought in more sales than expected amid the coronavirus spread.

Last week, Lyft said it was cutting 17% of its workforce and putting some employees on unpaid furloughs as well as trimming salaries.

Samsung’s de facto leader Lee Jae-yong said he doesn’t intend to pass down management of the South Korean conglomerate to his children, trying to put recent scandals behind him and the company by vowing to end a dynastic pattern of family control.

 

Write to Amy Pessetto at amy.pessetto@dowjones.com



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