Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Earnings] Tesla reports Q3 results, including net income (GAAP) of $331 million on revenue of $8.77 billion. This led to shares jumping 5% and is Tesla’s fifth consecutive quarter of profits. Over60: CNBC
[Markets] Cybersecurity company McAfee is set to make its return to Wall Street on Thursday, priced at $20 a share, seeking to raise $740 million from the sale of 37 million shares.
Over60: CNN Business
[Aviation] IAG, the owner of British Airways, plans to operate only 30% of its regular flights for the rest of the year as the pandemic continues to hit demand. The news came as the firm reported a £1.17bn loss for the period from July to September. Over60: BBC
[Media] Short-form streaming company Quibi Holdings LLC is shutting down six months after going live. The platform specialized in high-quality content with five to ten-minute shows. However, Quibi was unable to compete with TikTok and YouTube freemium model.
[Regulation] Purdue Pharma, the maker of OxyContin, has agreed to an $8 billion settlement and will plead guilty to three federal charges for its role in creating America’s opioid crisis. The company will be dissolved, and its assets will be used to create a ‘public benefit company’ controlled by a trust for the benefit of the American public.