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  • Business
    Reuters

    Liftmaker Otis beats first-quarter profit estimates on high demand for maintenance

    The Farmington Connecticut-based company operates globally through two segments - new equipment which manufactures and installs passenger and freight elevators, escalators and moving walkways, and service segment which offers maintenance, repair and upgradation services. Its maintenance and repair portfolio grew more than 4% year-on-year. On an adjusted basis, Otis reported a first-quarter profit of 88 cents per share, beating analysts' average expectation of 87 cents per share, according to LSEG data.

  • Business
    The Canadian Press

    Volkswagen revamps its approach in China in bid to overtake upstart EV makers

    BEIJING (AP) — As auto giant Volkswagen AG races to catch up with upstart Chinese competitors, it has drivers like 26-year-old Ren Yiling in mind. She is young and wants to play video games in her car. The digital features of her Zeekr 001, a European-designed electric car from China's Geely Holding Group, appeal to her. She uses her smartphone to help her parents adjust their seats and tells an animated voice assistant to open the window or play music. “I once sung karaoke in the car when trave

  • Business
    Reuters

    Texas Instruments' upbeat Q2 forecast pushes chip stocks higher

    The company is seen as a bellwether for semiconductor demand, as its products are used across industries ranging from automotive to industrial and consumer electronics including smartphones. Shares of Nvidia, Advanced Micro Devices, Arm Holdings and Micron Technology rose between 1% and 3%. Texas Instruments said on Tuesday it expects revenue with a midpoint of $3.8 billion for the second quarter, compared with LSEG estimates of $3.77 billion.

  • Business
    Reuters

    Toymaker Hasbro posts quarterly profit beat, slower sales decline

    The Play-Doh maker has grappled with weakening demand over the past year amid a pullback in discretionary spending and tight inventory planning by mass retailers like Walmart and Target. However, efforts to clean up its inventory throughout 2023, along with cost efficiencies, helped its operating margin expand to 15.3%, from 1.8% last year. Revenue for the Wizards of the Coast and Digital Gaming segment grew 7% in the quarter, driven by the popularity of its "Baldur's Gate III" and "Monopoly Go!" games.