Costco Sales Rise as Inflation Continues to Weigh on Consumers

Costco COST -1.20% Wholesale Corp. posted higher sales in the most recent quarter, the latest indication that the warehouse retailer remains a haven for consumers dealing with persistent inflation. The Issaquah, Wash.-based company’s revenue rose 15% to $72.09 billion in the fourth quarter. The average estimate of analysts polled by FactSet was $72.04 billion. Newsletter … Read more

Meta Quietly Reduces Staff in Cost-Cutting Push

Meta Platforms Inc. META -2.72% is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans. The Menlo Park, Calif., company has begun quietly nudging out a significant number of … Read more

Meta and Google Are Cutting Staff. Just Don’t Mention Layoffs.

In response to stalling growth and intense competition, Meta META -1.75% Platforms Inc. executives have spoken of cost cuts, hiring freezes and “ruthless prioritization.” One word the company hasn’t used: layoffs. But Meta has begun quietly nudging out a significant number of staff by reorganizing departments and giving affected employees a limited window to apply … Read more

High Natural-Gas Prices Push European Manufacturers to Shift to the US

AMSTERDAM—A big winner from the energy crisis in Europe: the US economy. Battered by skyrocketing gas prices, companies in Europe that make steel, fertilizer and other feedstocks of economic activity are shifting operations to the US, attracted by more stable energy prices and muscular government support. As wild swings in energy prices and persistent supply-chain … Read more

Gap Is Cutting 500 Corporate Jobs

Gape Inc. GPS -2.99% is eliminating about 500 corporate jobs, according to people familiar with the matter, moving to reduce expenses at the apparel retailer amid declining sales and profits. The jobs are mainly at Gap’s main offices in San Francisco and New York, as well as in Asia, the people said. The company is … Read more

Food Supply Stays Tight as Disappointing US Harvest Adds to Global Challenges

A lackluster US harvest this year is setting back efforts to relieve a global food supply that has been constrained by Russia’s war in Ukraine, agriculture-industry executives said. Senior executives from companies such as Bayer AG BAYRY 0.99% Corteva Inc., CTVA 0.11% Archer Daniels Midland co. ADM 3.02% and Bunge Ltd. BG 2.01% said worldwide … Read more

Ford Warns Parts Shortages, Higher Supplier Costs Are Expected to Affect Earnings

Ford Motor Co. on Monday warned third-quarter earnings would be affected by about $1 billion in higher-than-anticipated supplier costs and parts shortages that have led to unfinished vehicles it could not sell during the period. The Dearborn, Mich., auto maker reaffirmed its year-end guidance for 2022, projecting adjusted operating results for the third quarter would … Read more

Private Oil Drillers Are Hitting Their Limits

Dozens of small drillers helped fuel a resurgence in the busiest US oil patch over the past two years. But they tapped many of their best drilling spots, and will have to ease their rapid pace of drilling as their inventory shrinks, analysts and executives say. Private oil companies in the Permian Basin of West … Read more

China’s EV Startups Suffer Widening Losses Despite Sales Boom

HONG KONG—China’s electric-vehicle market is booming, but the country’s hottest EV startups are seeing losses grow even as sales rise. Rising battery prices and supply-chain delays this year have driven up costs further for emerging EV makers. The startups are already burning cash to introduce newer, smarter models—complete with heated massage seats or battery-swapping services—to … Read more

Electric Bills Soar Across the Country as Winter Looms

US utility customers, faced with some of their largest bills in years, are set to pay even more this winter as natural-gas prices continue to climb. Natural-gas prices have more than doubled this year because of a global supply shortage made worse by the war in Ukraine, and they are expected to remain elevated for … Read more