EBay Forecasts Weaker Revenue and Profit

EBay on Wednesday forecasted weaker-than-expected revenue and profit for the current quarter and full year, as the online retailer tries to revamp its core business and manage the effects of the strong U.S. dollar.The San Jose, Calif. company forecast 2016 full-year adjusted profit of $1.82 to $1...

By Katie Kuehner-Hebert • Jan. 28, 2016

Facebook’s Posts Better-Than-Expected Q4 Earnings

Facebook posted better-than-expected earnings and revenue for the fourth quarter due to higher numbers of monthly active users and higher advertising revenues.The Menlo Park, Calif.-based company on Wednesday said that net income rose 46% from a year ago, to 79 cents per share, and that revenue r...

By Katie Kuehner-Hebert • Jan. 28, 2016

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

CFO Fights Ex-Colleague — on Court, and in Court

It makes sense that companies like to “eat their own cooking” — as happens when a software firm, say, deploys its products within internal systems, or a furniture manufacturer outfits its offices with its own wares.It’s no different for Ultimate Fighting Championship, the mixed martial arts promo...

By David McCann • Jan. 27, 2016

Tech Pros’ Average Pay Getting Close to $100K

Average technology industry salaries rose 7.7% to $96,730 a year in 2015, while the average bonus increased 7% to $10,194, according to a new survey.The tech job website Dice said the wage gains “paint a picture of an overall solid environment for technology professionals,” with the salary growth...

By Matthew Heller • Jan. 27, 2016

ArthroCare Execs Win Appeal of Fraud Convictions

An appeals court has thrown out the accounting fraud convictions of the former CFO and former chief executive of surgical device maker ArthroCare, saying the trial judge erred by excluding evidence that showed they were not aware of the $750 million fraud.The U.S. Fifth Circuit Court of Appeals o...

By Matthew Heller • Jan. 26, 2016

Obama Taking On Retirement-Savings Shortfall In 2017 Budget

President Barack Obama will include in his fiscal year 2017 budget a package of proposals to make it easier for workers to get access to retirement plans from their employers, Pensions & Investments reported Tuesday.“We have to promote new retirement security opportunities and test new models...

By Katie Kuehner-Hebert • Jan. 26, 2016

Delaware Judge Deals Blow to Shareholder Lawsuits

In a landmark ruling that could chill some takeover lawsuits, Delaware’s top corporate judge has rejected the proposed settlement of a shareholder class action, finding it would provide no benefit to investors to disclose additional information in proxy materials.So-called disclosure settlements ...

By Matthew Heller • Jan. 26, 2016

CFOs on the Move: Week Ending Jan. 22

Eric Lundberg has been named to lead the finance function at TheStreet. He takes over for interim CFO Richard Broitman, who will return to his role as chief accounting officer. Lundberg formerly headed finance at ALM Media.Jerome Rouquet Jerome Rouquet has been chosen to fill the top finance spot...

By Joan Urdang • Jan. 22, 2016

Electrolux Loses CFO After GE Deal Falls Apart

Tomas Eliasson is resigning as CFO of Electrolux, the second loss of a top executive at the Swedish company since it failed to acquire General Electric’s appliance unit.The $3.3 billion deal would have been Electrolux’s largest acquisition to date, but GE pulled out because of opposition from U.S...

By Matthew Heller • Jan. 22, 2016

Walmart Raises Pay for 1.2 Million Workers

More than 1.2 million Walmart U.S. and Sam’s Club associates are slated to receive pay increases under the second phase of the Bentonville, Ark.-based company’s two-year, $2.7 billion investment in workers.The pay raise, which takes effect Feb. 20, would be “one of the largest single-day, private...

By Katie Kuehner-Hebert • Jan. 21, 2016

IBM Forms New Cloud Video Unit

IBM on Thursday confirmed that it had acquired Ustream, a provider of cloud-based live video streaming services, to be part of a new cloud video services unit “to help enterprise clients unlock the value of video.”The terms were not disclosed, though Fortune, which on Wednesday broke the news tha...

By Katie Kuehner-Hebert • Jan. 21, 2016

IBM’s Q4 Results Don’t Ease Investor Doubts

Stronger-than-expected growth in cloud computing boosted IBM’s fourth-quarter results, but the stock fell more than 5% Wednesday about continuing investor doubts about its turnaround plan.CEO Ginna Rometty has been betting that IBM’s “strategic imperatives” including cloud, analytics, mobile and ...

By Katie Kuehner-Hebert • Jan. 20, 2016

IMF Cuts 2016 Global Growth Forecast to 3.4%

The International Monetary Fund is continuing to chip away at its global growth forecast for 2016 due to concerns over China’s economic slowdown, lower commodity prices, and strains in some large emerging market economies.In the latest update to its World Economic Outlook, the IMF downgraded grow...

By Matthew Heller • Jan. 20, 2016

WhatsApp Ditches Annual Subscription Fee

WhatsApp is moving toward a new business model, dropping its token annual subscription fee as it explores ways businesses can use the world’s most popular messaging service to connect with users.WhatsApp has been free for the first year and 99 cents for additional years. Founder Jan Koum announce...

By Matthew Heller • Jan. 19, 2016

‘Get Educated,’ Says CFO of Cybersecurity Juggernaut Palo Alto Networks

Shareholders’ ire over what they considered excessive executive compensation may have led companies to retreat from pay practices like tax gross-ups and to temper the value of severance packages, but stock-based compensation that can make executives very rich is still going strong.In some part th...

By David McCann • Jan. 19, 2016

Tiffany Reduces Guidance Due to Poor Holiday Sales

Luxury jeweler Tiffany’s profit for 2015 will fall about 10% due to soft holiday sales, the company said on Tuesday.The New York City firm reported a 3% currency-adjusted drop in world-wide sales and a 5% decline in sales at stores open at least a year. As a result, earnings per share for the fis...

By Katie Kuehner-Hebert • Jan. 19, 2016

Intel Earnings Beat Estimates

Intel reported fourth-quarter results that beat analysts’ estimates, but a decline in the growth rate of its data-center business raised concerns about its “post-PC” strategy.The chip maker said Thursday its profit fell 1% to $3.61 billion, or 74 cents a share, while revenue rose 1% to $14.9 bill...

By Matthew Heller • Jan. 15, 2016

CFOs on the Move: Week Ending Jan. 15

Martin McDermut has been named to the top finance spot at Applied Micro Circuits, replacing interim CFO Karen Rogge. Previously, McDermut was CFO and senior vice president of finance at Vitesse Semiconductor.Karri Callahan Karri Callahan has been promoted to finance chief at RE/MAX Holdings. She ...

By Joan Urdang • Jan. 15, 2016

Jobless Claims Still Show Strong Labor Market

New data show an unexpected increase last week in the number of Americans filing for unemployment benefits but claims were still short of indicating any weakening in the labor market.The U.S. Labor Department on Thursday said initial claims for state unemployment benefits increased 7,000 to a sea...

By Matthew Heller • Jan. 15, 2016

GoPro’s Stock Slides After Q4 Sales, Profit Warning

Projected lower sales and profits for the fourth quarter drove GoPro’s stock down “a double black diamond ski path” after the company’s late Tuesday warning, Investor’s Business Daily said.The video device company’s stock plummeted 23% in after-hours trading following the release of preliminary f...

By Katie Kuehner-Hebert • Jan. 14, 2016

MetLife Plans Separation of U.S. Retail Business

MetLife has announced it is planning to divest a large portion of its U.S. retail business, setting a possible precedent for other insurers concerned about new regulatory requirements.The move comes as the U.S. Federal Reserve is determining the stricter rules that “systemically important financi...

By Katie Kuehner-Hebert • Jan. 13, 2016

Room Rentals vs. Hotels: Buffett’s Revenge

For those exhausted by the festive season, now is the time to book a holiday. Hotels in New York’s Times Square cost four times more on New Year’s Eve than they do just a week into 2016; a room at the cheapest four-star property in Cancún in Mexico on December 31 was half as dear by January 7.The...

By Economist Staff • Jan. 13, 2016

Amazon Cited Over Workplace Injury Reporting

Federal officials have cited Amazon for failing to report at least 26 work-related illnesses and injuries at a New Jersey warehouse and recommended that it address other safety concerns.The citation stems from a July inspection of Amazon’s Robbinsville, N.J., fulfillment center by the Occupationa...

By Matthew Heller • Jan. 13, 2016

Kindred Healthcare to Pay $125M Over Medicare Fraud

Kindred Healthcare, the largest U.S. nursing home therapy provider, has agreed to pay $125 million to settle federal charges that it provided unreasonable and unnecessary services to patients to inflate Medicare billings.In announcing the settlement, the Department of Justice said Tuesday that Ki...

By Matthew Heller • Jan. 12, 2016

VC Firms Report Another Strong Fundraising Year

U.S. venture capital firms kept up a strong fundraising pace in 2015, with dollar commitments down 9% on 2014 but still well ahead of the annual average since 2006, according to a new report.Thomson Reuters and the National Venture Capital Association (NVCA) said firms raised $28.2 billion last y...

By Matthew Heller • Jan. 12, 2016