Meta Projects expects a significant increase in expenses in 2026 due to heavy investments in AI infrastructure, including data centers and talent, despite reporting strong Q3 earnings of $2.71 billion which included a $15.9 billion one-time tax charge. The company aims to balance long-term AI growth with short-term profitability, with revenue projections of $56-$59 billion for the year, while its Reality Labs unit continues to incur substantial losses. Shares declined after the earnings report, reflecting investor concerns over rising costs and delayed returns on AI investments.
Amazon plans to cut up to 30,000 corporate jobs to reduce expenses and address overhiring during pandemic peak demand, marking its largest layoffs since late 2022.
Lloyd Howell Jr., former NFL Players Association leader, resigned after an investigation revealed he charged union expenses for visits to strip clubs, including a $738 car service and a $2,426 outing at a strip club, raising questions about expense policy violations and leadership conduct.
Retired New Yorkers need approximately $50,997 annually to cover living expenses after Social Security, totaling about $1.27 million in savings for a 25-year retirement, making New York the fifth most expensive state for retirees. The study highlights significant regional differences, with Hawaii being the most costly and West Virginia the least.
Aaron Phypers's divorce petition reveals that Denise Richards earns over $250,000 monthly through her entertainment work and spends lavishly, with monthly family expenses totaling $105,000, including $25,000 on food and $20,000 on clothing.
The article explores the high costs and social pressures of living in the Hamptons, highlighting the financial strain, social competition, and the facade of wealth that residents and visitors maintain to keep up appearances.
A Gurugram resident's LinkedIn post reveals that maintaining a luxury lifestyle in an expensive neighborhood requires a monthly pre-tax income of Rs 7.5 lakh, highlighting the high costs associated with affluent living and sparking online debate.
Bank of America's stock is down 3% despite beating earnings expectations, as investors are concerned about elevated expenses and charge-offs of bad loans. The bank reported a strong quarter with higher investment banking and trading revenues, but also saw a 5% decline in consumer banking revenue and a 7% drop in average deposits. While the bank added new checking accounts and saw gains in wealth management, it also faced increased charge-offs for bad loans, attributed to credit card issues and one-time expenses. Despite the dip, the bank is showing resilience in a turbulent economic environment, making it a consideration for investors seeking exposure to large national banking franchises.
Bank of America's trading business saw gains, but the company's elevated expenses and higher-than-expected charge-offs for soured loans failed to meet analyst expectations, with charge-offs totaling $1.5 billion, up 26% from the previous quarter, and exceeding analysts' estimates. Chief Financial Officer Alastair Borthwick noted that the increase in charge-offs on credit cards is a carryover from the previous quarter and is leveling off.
Citigroup's first-quarter profit fell to $3.4 billion, or $1.58 per share, due to increased costs for employee severance and deposit insurance. The bank expects a headcount reduction of 7,000 and $1.5 billion in annualized savings from reorganization. Despite a 2% drop in revenue, the bank's services and banking divisions performed well, while trading revenue fell 7%. Citigroup also faces challenges including regulatory problems and an unsettled workforce.
JPMorgan's shares fell after reporting that its net interest income slightly missed analyst estimates, indicating that the benefit of higher interest rates may be diminishing. The firm earned $23.1 billion in NII in the first quarter of 2024, up 11% from a year earlier, but lifted its guidance excluding the markets business to about $89 billion. Chief Financial Officer Jeremy Barnum stated that the lower expected markets-related NII would be "bottom-line neutral."
Trump Media's cofounders, Litinsky and Moss, were limited to economy flights and lodging under $150 per night as they attempted to establish the former president's media empire. The company, valued at nearly $7 billion, is facing lawsuits from the cofounders and attempting to claw back shares from them, alleging their failure to meet expectations. Despite the company's valuation, its financial performance has been poor, with minimal revenue and significant losses, leading to a substantial decline in Trump's net worth.
A study by Zillow reveals that the "singles tax" for living alone can cost thousands of dollars more per year, with New York City topping the list at an average of $20,100. Other expensive cities for solo dwellers include San Francisco, San Jose, Washington D.C., and Boston. The high cost is largely due to housing expenses, with New York City's average one-bedroom rent being 2.8 times the national average. Additionally, single individuals face higher expenses in food, transportation, and entertainment, making living alone financially challenging compared to couples.
Taylor Swift's private jet, a Dassault 7X, costs approximately $6,128 per hour in variable expenses, not including crew costs. With her extensive travel schedule, her total annual expenses for the jet amount to around $4,376,287, averaging about $11,989.83 per day, but likely much higher due to her above-average flight time.
Shopify's stock dropped over 10% after the company reported beating profit expectations but projected an increase in operating expenses for the current quarter, causing concern among investors on Wall Street.
