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A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg, Germany.Julian Stratenschulte| Picture Alliance | Getty ImagesGermany's automotive sector, long recognized for producing reliable and innovative internal combustion engine (ICE) cars, is struggling to preserve its relevance in the age of electrification.Major domestic manufacturers such as Volkswagen, Mercedes-Benz Group and BMW have issued profit warnings in recent weeks, citing economic weakness and sluggish demand in China, the world's largest car market.The headwinds, while not unique to Europe's largest economy, come on top of the specter of historic job cuts and possible German plant closures at Volkswagen, an abrupt end to Germany's electric car subsidy program late las...

Netflix logo is screened on a mobile phone for illustration photo. Krakow, Poland on October 17th, 2024.Beata Zawrzel | Nurphoto | Getty ImagesNetflix shares jumped Friday after the media streaming giant reported third-quarter earnings and revenue that beat expectations.Shares of Netflix were up 5.4% in U.S. premarket trading as of 4:39 a.m. ET.Netflix reported earnings per share of $5.40 for the three-month period ending Sept. 30, surpassing the $5.12 LSEG consensus estimate. Revenues also beat expectations, coming in at $9.83 billion, above the $9.77 billion anticipated by analysts.Crucially, Netflix saw momentum in its ad-supported membership tier, which jumped 35% quarter-over-quarter. While Netflix doesn't expect ads to become its primary growth drive until 2026, it said the ad-tier a...

LONDON — Cybersecurity firm Wiz is seeking to hit $1 billion of annual recurring revenues next year, the company's billionaire co-founder Roy Reznik told CNBC, adding that the firm will go public "when the stars align."Wiz makes software that connects to cloud storage providers like Amazon Web Services or Microsoft Azure and scans for everything it stores in the cloud, helping organizations identify and remove risks in their cloud environments. It was founded by four Israeli friends while they served in 8200, the intelligence unit of Israel's army, and most of Wiz's engineering personnel are still based in Tel Aviv, Israel.Earlier this year, the company rejected a $23-billion acquisition bid from Google, which would have marked the tech giant's largest-ever takeover. At the time, Wiz CEO A...

The head of the International Monetary Fund cautioned on Thursday that high debt and low growth remained major impediments to the global economy.IMF Managing Director Kristalina Georgieva told CNBC that while notable progress had been made in the global economic recovery, governments had become too accustomed to borrowing, with "anemic growth" adding to the challenges of servicing that debt."It's not yet time to celebrate," she told Karen Tso. "When we look into the challenges ahead of us, the biggest one is low growth, high debt. This is where we can and must do better," she added.While Georgieva commended the work of major central banks in taming inflation, she noted that the achievements had not been universal and that some economies were continuing to struggle with higher prices, which...

Pat Gelsinger, CEO, of Intel Corporation, testifies during the Senate Commerce, Science, and Transportation hearing on semiconductors titled Developing Next Generation Technology for Innovation, in Russell Senate Office Building on Wednesday, March 23, 2022.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesIntel is looking to sell at least a minority stake in its Altera unit in a transaction that would raise several billion dollars in cash for the struggling chipmaker, according to people familiar with the matter.Intel is looking for a deal that values Altera at around $17 billion, said the people, who requested anonymity to speak freely about confidential information. Intel purchased Altera for $16.7 billion in 2015.Following a steep drop in its stock price and extended stretch of market sh...