Going into earnings, analyst expectations were already low. The San Francisco-based bank was expected to earn 80 cents a share on revenue of $17.5 billion. Instead, Wells Fargo earned 74 cents on $17 billion in revenue. In the year-ago quarter, Wells Fargo reported profit of $1.38 a share on $20.3 billion in revenue. Copper prices fell to the lowest in 20 months on Friday as one of the world’s biggest miners warned of considerable headwinds.
According to a source, Alphabet’s Google may be considering using semiconductors created in-house for its laptop and tablet computers, making it the newest tech juggernaut trying to produce its own processors. According to Nikkei Asia on Wednesday, which cited three unidentified sources, Google aims to begin integrating custom processors into Chromebook laptops and tablets in 2023. Original July 14, 2022 4:54 pm ET; updated July 15, 2022 8:45 am ET Friday saw the continuation of the bank earnings season, with another another large American bank reporting numbers that fell short of analysts’ predictions. This time, Wells Fargo reported second-quarter numbers that fell short of expectations.
Copper was trading around $7,000 a ton on the London Metal Exchange having dipped as low as $6,980 a ton early Friday on recession fears. The metal, needed for everything from electronics to construction, is down 25.6% year-to-date, according to FactSet. Copyright © 2022 Dow Jones & Company, Inc. All Rights Reserved. Regarding the advantages of specially built CPUs, it appears that Apple served as Google’s inspiration. A new rumour today claims that the company is adopting the same strategy for future Chromebooks. The company has previously announced that the upcoming Pixel 6 smartphone will contain a Google-designed System on a Chip (SoC). Google said last month that it would introduce its first self-designed smartphone chip in the Pixel 6 series later this year following numerous leaks and our own exclusive reporting. It appears that the corporation has further goals. A recent source asserts that Google is currently producing chips for next Chromebooks.