US Foods reports quarterly income
US Foods Holding Corp. on Monday reported third-quarter net income of $64 million. The Rosemont, Illinois-based company said it had net income of 24 cents per share. Earnings, adjusted for non-recurring costs, came to 48 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share. The company posted revenue of $7.89 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $7.67 billion.
Latest Fed exit gives Biden three slots to fill
Randal Quarles announced Monday that he will resign from the Federal Reserve’s Board of Governors at the end of the year after completing a four-year term as the central bank’s top bank regulator, opening up another vacancy on the Fed’s influential board for President Joe Biden to fill.
Quarles had served as the Fed’s first vice chair of supervision, which gave him wide-ranging authority over the banking system. In that role, Quarles oversaw a broad loosening of the financial regulations that were put in place after the 2008-09 global financial crisis and recession.
Plenty of pitfalls await Zuckerberg’s ‘metaverse’
Mark Zuckerberg promises that the virtual-reality “metaverse” he’s planning to build will “let you do almost anything.” That might not be such a great idea. On the plus side, as Zuckerberg said in a late October presentation, the metaverse could let you attend virtual concerts with your friends, fence with holograms of Olympic athletes and — best of all — join mixed-reality business meetings.
But the dystopian downsides are also easy to imagine, ranging from much more detailed surveillance and data collection to online trolls who can shout into your face instead of just typing nasty messages.
Europe bolsters pioneering tech rules
European lawmakers have pioneered efforts to rein in big technology companies and are working to strengthen those rules, putting them ahead of the United States and other parts of world. While Europe shares values with the U.S., none of the big tech companies that dominate online life are based on the continent.
Some say that allowed European officials to make a more clear-eyed assessment of the risks posed by tech companies largely headquartered in the U.S. Drawing up a new package of digital rules for the 27-nation European Union is getting a boost from Facebook whistleblower Frances Haugen, who answered questions Monday in Brussels from a European Parliament committee.
Robinhood hit by personal data breach
Popular investing app Robinhood said Monday that it suffered a security breach last week where hackers accessed some personal information for roughly 7 million users and demanded a ransom payment.
The online trading platform said that it believes no Social Security numbers, bank account numbers or debit-card numbers were exposed and that customers have seen no financial losses because of the intrusion. For the vast majority of affected customers, the only information obtained was an email address or a full name. For 310 people, the information taken included their name, date of birth, and ZIP code, with 10 customers in that group having more extensive details revealed.