Apr 27, 2023
The Weekly Scan April 27, 2023
Find out what’s happening in the world of business this week
Welcome to the Weekly Scan. Here’s what we’re following for the week of April 25, 2023.
Apple is beating Epic Games. The U.S. Ninth Court of Appeals sided with Apple in Epic Games’ lawsuit against the tech company, which claimed that Apple was being monopolistic. Epic filed the lawsuit after Apple kicked the gaming company from the app store in 2021. Epic has complained about Apple taking a 15% to 30% commission on subscriptions and transactions made through the app store.
Subway increases sales while looking to sell. Subway saw same-store sales increase 12.1% during the first quarter of 2023, as the sandwich chain looks to sell. The restaurant chain is working with JPMorgan to explore potential acquisitions and is looking for a $10 billion valuation. Now in a second round of its auction, Subway could reportedly be purchased by the end of May or early June.
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Manufacturing layoffs. 3M said that it will lay off 6,000 workers, in an effort to reduce layers of management and streamline its supply chain. The manufacturing company, which makes Scotch Tape, Command Strips, Post-it Notes, and more, expects to save $900 million annually by laying off workers. This layoff will be 3M’s second of the year. 3M laid off 2,500 people earlier this year. The company still expects sales to fall as much as 6% during 2023.
Bolt gets the boot. GM is removing the Chevrolet Bolt, its first mainstream electric vehicle, from production due to issues with the battery. Still, the carmaker also increased its full-year profit predictions since demand and car prices remain high. GM revised its 2023 profit guidance from an $11 billion to $13 billion range, up from $10.5 billion to $12.5 billion. On average, cars are going for $50,263 as of Q1, up 1% year-over-year.