Home Must See Business News Roundup, April 28

Business News Roundup, April 28

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The embattled leader of Uber’s self-driving car program stepped out of that role on Thursday, the latest development in a trade secret dispute between Uber and Waymo. Uber said he’ll take a lesser role on the team and won’t be involved in decisions relating to lidar, the technology that is the subject of the suit. A former Google employee, Levandowski is accused of stealing 14,000 documents that contained technology designs before leaving the company last year to start his own self-driving venture. Lyft also told investors in fundraising documents obtained by Bloomberg that it was beating internal growth targets, an encouraging sign for the No. 2 U.S. ride-hailing company. The company told prospective investors last month it expected $800 million in first-quarter gross bookings, more than double the same period a year ago, according to the fundraising documents. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share. The online retailer posted revenue of $35.71 billion in the period, also beating Street forecasts. Starbucks says a key sales figure rose 3 percent in the U.S., but that the increase was the result of higher average spending and that customer transactions were down. The coffee chain attributed the decline to a change in its loyalty program that led to people no longer splitting their orders to tally additional rewards points. Starbucks has also said the popularity of its mobile order-and-pay option has created congestion in some stores, causing some people who walk in to then leave without buying anything. Chief Financial Officer Scott Maw says the company has implemented changes to address the congestion and that sales improved throughout the quarter, and that April has been even stronger.

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