Lululemon shares have plunged by more than 20% after it cut its annual profit forecast, as the company navigates tariffs and fears about the US economy slowing. “We experienced lower store traffic in the Americas, partially reflective of economic uncertainty, inflationary pressures, lower consumer confidence, and changes in discretionary spending,” Lululemon said in a statement....
PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50% drop in profit as US President Donald Trump’s trade policies added to its struggles in its home country. US-listed shares of the e-commerce giant fell by more than 13% on Tuesday, after the firm said its profits for the first...
Lily Jamali Reporting fromSan Francisco Reuters Tesla boss Elon Musk says he will cut back his role in the Trump administration as the company’s profits and revenues plunged during the first three months of the year. Sales slumped and the brand has faced backlash as Musk became a political fixture in the White House. On...
Natalie Sherman Business reporters, BBC News Getty Images Stock market turmoil deepened on Friday, as China hit back at tariffs announced by Donald Trump, raising the likelihood of an extended trade war and damage to the global economy. All three major stock indexes in the US plunged more than 5%, with the S&P 500 dropping...
Tesla’s sales plummeted to their lowest level since 2022 in a surprise to analysts amid a backlash against its boss Elon Musk. The electric car maker delivered almost 337,000 electric vehicles in the first three months of this year, a 13% drop from a year ago. Shares of Tesla tumbled after the release of the...