The Afterhours: Levi Strauss cuts its guidance; SEC sues Elon Musk
Published: 19:01 05 Oct 2023 EDT
Levi Strauss & Co (NYSE:LEVI) shares fell 1.6% in extended trading Thursday after the iconic denim apparel company slashed its full-year sales forecast and fell short of quarterly revenue expectations.
The company posted revenue of $1.51 billion, down slightly from $1.52 billion a year ago and below the $1.54 billion expected by analysts. Adjusted earnings were $0.28 per share, compared to $0.40 last year and Street expectations of $0.27.
Looking ahead, Levi said it now expects full-year revenue to be flat to up 1% year-over-year, down from its previous guidance of 1.5% to 2.5% growth.
Meanwhile, the US Securities and Exchange Commission (SEC) has sued Elon Musk in order to compel him to give testimony regarding his purchase of Twitter Inc (NYSE:TWTR) last year, according to a complaint filed Thursday in the Northern District of California.
Attorneys for the SEC alleged that Musk failed to appear for testimony on September 15 as required by a subpoena, which the attorneys said was served to Musk in May. The investigation concerns whether anyone committed securities fraud in purchasing Twitter stock last year as Musk was buying the company.
Elsewhere, Apple Inc (NASDAQ:AAPL) considered acquiring the Bing search engine from Microsoft Corporation (NASDAQ:MSFT) or launching a joint venture with the company in 2018, according to a transcript of testimony unsealed from the Department of Justice’s antitrust trial against Google.
The testimony, taken last week from Apple’s head of machine learning and former Google senior vice president of engineering John Giannandrea, reveals that Apple was considering using Bing instead of Google as the search engine for iPhones and Macs.
