Tag Archives: Yum! Brands Inc

These fast food restaurants have the best drive-thrus, study says


New York
CNN
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Every second counts in drive-thru lanes for fast food chains. A recent study showed Chick-fil-A had the slowest one — but only because it’s so popular and there are so many cars in line.

Taco Bell led the pack in speed of service, with an average time of about 221 seconds, followed by Dunkin’ Donuts, KFC and Arby’s. But this metric doesn’t factor the number of cars in line. In that category, Chick-fil-A is the clear leader, with 16% of its lines surveyed counting ten or more cars. McDonald’s, which was in second place, only had 2% with that many customers.

Based on the total time cars spent in line, Chick-fil-A came out on top, with an average of about 107 seconds. McDonald’s came in second at 118 seconds, followed by Taco Bell and Arby’s.

QSR and Intouch Insight published its annual Drive-Thru Report, surveying more than 1,000 consumers who ranked ten industry leaders: Wendy’s, Burger King, Chick-fil-A, Dunkin’, McDonald’s, Arby’s, Carl’s Jr., Hardee’s, Taco Bell, and KFC.

Drive-thrus got bogged down last year mostly because of a shortage of restaurant workers, as thousands left the industry. The pandemic surge of drive-thru and pickup and delivery orders only exacerbated the issue

But luckily for customers, drive-thrus have gotten nearly 10 seconds faster compared to last year — and that can be a big advantage in this highly competitive industry.

“Mere seconds can be a make-it or break-it in terms of where a consumer decides to order,” Amanda Topper, a research director at Mintel, said to CNN Business last year.

However, the current average is still about 45 seconds slower than the 2019 pace. The study said pre-sell menu boards, order accuracy and friendliness helped decrease the wait times at drive-thrus this year.

During peak Covid, Chick-fil-A was one of the first brands to close its dining rooms, focusing its attention on bringing hospitality to the drive-thru outside.

“We believe that looking eye-to-eye with the customer allows for a connection that happens at the beginning of the drive-thru,” Matt Abercrombie, Chick-fil-A’s senior director of service and hospitality, said in the study.

The researchers found that Chick-fil-A had fine tuned the “check-point system,” which keeps customers engaged through different interactions with employees.

And that’s clear in consumer sentiment too — 88% of respondents said Chick-fil-A had friendly service, placing it at the top of the industry. Only 1.7% said the service was “not friendly.”

But when it comes to customer satisfaction, respondents said Arby’s had the most accurate orders filled, at 89.6%. McDonald’s and Burger King closely followed.

Wendy’s founder Dave Thomas named the first modern drive-thru in 1970, coining the term “Pick-Up Window.” And though the company this year announced a makeover that places an “emphasis on convenience, speed and accuracy,” it has lagged behind its competitors in the survey.

The chain plans to redesign its interiors and implement new pick-up windows and a more technologically advanced kitchen.

The pandemic has opened up a new consumer demand for the drive-thru, pressuring fast food companies to upgrade signage, sanitation and technology.

In the survey, Wendy’s came in 7th for speed of service and was also the lowest for order accuracy, at 79.4%. CNN Business has reached out to Wendy’s for comment.

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Beyond Meat suspends operating chief Doug Ramsey after arrest for alleged nose biting

Douglas Ramsey

Source: Washington County, Arkansas

Beyond Meat said its operating chief Doug Ramsey has been suspended, effective immediately, after he was arrested Saturday evening for allegedly punching a man and biting his nose.

The company said in a statement on Tuesday afternoon that Jonathan Nelson, the company’s senior vice president of manufacturing operations, will oversee Beyond’s operations activities on an interim basis.

Ramsey, 53, was charged with terroristic threatening and third-degree battery and booked in the Washington County jail after allegedly assaulting a driver in a parking garage near Razorback Stadium.

Ramsey allegedly punched through the back windshield of a Subaru after it made contact with the front tire of Ramsey’s car, according to a preliminary police report obtained by CNBC. The Subaru owner then got out of his car, and Ramsey allegedly started punching him and bit his nose, “ripping the flesh on the tip of the nose,” according to the report. The victim and a witness also alleged that Ramsey told the Subaru owner he would kill him.

Ramsey has been Beyond Meat’s chief operating officer since December. The news of his arrest after a University of Arkansas football game brought more scrutiny to the vegan food company, which has been struggling with disappointing sales and investor skepticism over its long-term growth prospects. The stock has fallen 75% this year, dragging its market down to $1.02 billion. Just three years ago, the company was valued at $13.4 billion.

Prior to joining Beyond Meat, Ramsey spent three decades at Tyson Foods, overseeing its poultry and McDonald’s businesses. Beyond Meat was relying on his experience to help the company successfully pull off big launches, particularly with fast-food companies like Taco Bell owner Yum Brands and McDonald’s.

Ramsey did not respond to a request for comment from CNBC.

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Panera Bread terminates SPAC deal with Danny Meyer’s investment group

Florida, Spring Hill, Nature Coast Commons, shopping mall, Panera Bread bakery.

Jeff Greenberg | Universal Images Group | Getty Images

Danny Meyer’s SPAC and Panera Bread have called off a deal to take the sandwich chain public again, citing market conditions.

In November, the parent company of the sandwich chain, Caribou Coffee and Einstein Bros. Bagels announced it was preparing to go public and had secured an investment from USHG Acquisition, Meyer’s special purpose acquisition company.

It was an unusual deal for a SPAC, which typically uses bank financing and the proceeds from an initial public offering to take privately held companies public. The planned arrangement would have exchanged shares of USHG Acquisition for the sandwich chain’s stock and allowed the company to survive a merger with Panera’s subsidiary Rye Merger.

At the time of the deal, SPACs were still booming, backed by eager investors who liked their accessibility, and the broader market was still riding high. But high-profile busts and the threat of regulation have made SPACs less popular, while the war in Ukraine, soaring inflation and recession fears have deferred many companies’ hopes for going public.

The merger had to be completed by Thursday, otherwise either party could terminate the deal. On Friday, Panera delivered written notice to USHG that it would end the agreement after passing the deadline, according to a regulatory filing.

“Based on current capital market conditions, it is unlikely that an initial public offering for Panera will happen in the near-term, and so we have agreed not to extend our partnership beyond its existing June 30 expiration date,” Meyer said in a statement.

The Shake Shack founder added that his SPAC will keep looking for investments.

Panera went private in 2017 after JAB Holding bought the company for $7.5 billion. As a privately held company, the chain has kept investing in technology, boosting its digital sales and maintaining its reputation as a leader in the restaurant industry.

The termination of the deal is a blow to JAB, which has been trimming its portfolio over the last year. The company, which is the investment arm of the Reimann family, sold Au Bon Pain to a Yum Brands franchisee last June. Under JAB’s ownership, many Au Bon Pain locations were converted into Panera restaurants, shrinking its footprint from roughly 300 locations to 171. Then, in July, Krispy Kreme went public again after being owned by JAB since 2016.

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U.S.-listed China stocks are volatile but analysts urge caution

The Baidu Inc. logo is displayed on the company’s headquarters on July 3, 2019 in Beijing, China.

Wan Xiaojun | Visual China Group via Getty Images

Some analysts remain pessimistic on U.S.-listed Chinese stocks, warning the road ahead remains uncertain despite signs that they’re at less risk of being delisted from U.S. exchanges.

“Global investors may be jumping the gun a little bit. Everything is very, very premature right now,” said Shehzad Qazi, managing director of China Beige Book International.

March was a volatile month for Chinese stocks, which dived then surged as Beijing signaled more support for its firms listed overseas.

The MSCI China index spiked almost 24% for the month, turning around from a 25% tumble in the first half. This index tracks all Chinese stocks, including those listed in Hong Kong, the mainland and the U.S. Its top constituents are mostly tech stocks. CNBC’s China ADR index, which tracks U.S.-listed Chinese stocks, has jumped about 25% between mid March and April 1.

“I get the sense that a lot of investors right now are very happy with the progress but not really focusing on the fact that there’s a lot of uncertainty out there, a lot of unknowns,” Qazi told CNBC’s “Squawk Box Asia” Monday.

Harvey Pitt, who was chairman of the U.S. Securities and Exchange Commission from 2001 to 2003, added: “This is clearly an effort by the Chinese government to create an appearance that there will be more transparency. The real devil will be in the details.”

“The only question will be: are people who are investing now in Chinese companies doing so with their eyes wide open?” asked Pitt, who is now the CEO of consulting firm Kalorama Partners.

Earlier in March, shares of Chinese companies came under pressure when the U.S. Securities and Exchange Commission started identifying Chinese companies that could be delisted if they didn’t comply with audit requirements. Those included tech giant Baidu, biopharmaceutical firm BeiGene and fast food restaurant business Yum China.

On Friday, New York-listed Chinese stocks jumped further after a report that China is considering granting U.S. authorities full access to company audits. This would allow those companies to continue trading publicly in the U.S. The China Securities Regulatory Commission told CNBC that it told some accounting firms to consider preparing for joint inspections.

Over the weekend, Beijing also proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to cooperation between both countries on audits, Reuters reported.

Qazi said: “Yes, there have been recent rule changes in China and they seem to suggest a positive step forward. But the truth is, at the end of the day, we don’t know the specifics of which companies will the SEC be able to audit according to U.S. rules and regulations.”

“So if the biggest players … Baidu, Alibaba, Tencent — are these companies going to open up their books to U.S. regulators for audits? Because if they don’t, you’re taking off a bunch of market capitalization,” he added.

Too early to call it a ‘dragon market run’

Other analysts also urged investors to stay cautious.

“Concrete policy action to stabilize China’s property market will likely be required to sustain this market rally. China’s zero-COVID policy and activity restrictions will also weigh on consumption and sentiment in the near-term, while its relationship with Russia means the threat of U.S. sanctions will hang over markets,” Seema Shah, chief strategist at Principal Global Investors, said in a note last week.

The property debt crisis has loomed over China’s economy. The Hong Kong exchange recently suspended trading in over 30 stocks that failed to report earnings on time, including Chinese developers Sunac China, Shimao and Kaisa.

Read more about China from CNBC Pro

“Although China may be resuming a market-friendly stance, it is still too early to call this a new dragon market run,” said Shah.

Kieran Tompkins of research firm Capital Economics added that the near-term outlook for growth continues to deteriorate, with high oil prices, renewed lockdowns and other factors threatening earnings growth.

“What’s more, even if domestic policymaking does become less of a concern for investors, the war in Ukraine and China’s alliance with Russia have ignited fears that the invasion will accelerate the process of decoupling of the country’s financial system with the US,” the assistant economist said in an April 1 note.

“As such, we suspect that China’s stock market will remain under pressure, even though its valuation relative to other MSCI equity indices is relatively low,” he added.

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Why the next fast-food chicken sandwich war may be a fake one

Vegan chicken quick-serve restaurants like San Antonio, Texas-based Project Pollo are aiming directly at Chick-fil-A and its fried chicken sandwich as the plant-based meat industry rises against one of fast-food’s recent best-selling menu items.

Bloomberg | Bloomberg | Getty Images

In an iconic scene from 1970’s film “Five Easy Pieces,” a young Jack Nicholson orders a chicken sandwich without the chicken.

The waitress is incredulous. “You want me to hold the chicken?” she retorts.

Half a century later, this nix-the-chicken request would hardly register an eye-roll. While the chicken sandwich war that kicked off back in summer 2018 between Popeye’s and Chick-fil-A has not reached an official cease-fire, and has spread to additional fast food giants, a new contender is poised to slay its competitors on the battlefield: a chicken sandwich that, well, holds the chicken.

Could a vegan chicken sandwich war be on the way? Beyond Meat and Impossible Foods have both recently added plant-based chicken options for restaurants and grocery stores — just this week, Impossible Foods debuted its first chicken nugget product; in July, Impossible Foods launched chicken tenders for restaurants after an earlier effort to sell frozen nuggets in grocery stores ended in failure.

Impossible Foods’ chicken substitute at Fuku

Source: Katelyn Perry

If the local vegan fast-food scene around the U.S. is any indication, the idea may yet makes its way up the national food chain.

‘The future of chicken’ vs. Chick-fil-A

During the past year, Texans who pull into a familiar fast-food drive-thru craving a fried chicken sandwich might instead encounter a Project Pollo, a new quick serve chain that serves soy-based fried “Chikn” sandwiches and other plant-based comfort foods such as mac and cheese, wings and burgers. Since launching as a food cart at a San Antonio brewery in September 2020, Project Pollo has expanded its fledging empire with phenomenal speed, launching a new location roughly every month. When the company recently announced on Instagram that it would be taking over defunct Whataburgers in Houston and Corpus Christi in the coming fall, a growing cult following with handles like @vegan_dad_bod_killer and @nosh.on.plants erupted in jubilant emojis.

Every shuttered traditional fast-food outlet that relaunches as a Project Pollo, from a Church’s Fried Chicken to a Jack in the Box, represents a single victory in CEO Lucas Bradbury’s grand strategy: 100 locations by 2024. In the quest for world, or at least national, domination, Bradbury — who grew up as a Kansas farm boy raising chickens and cattle and went on to work in many fast-food industry executive positions — plans to drive Chick-fil-A out of business entirely within the next two decades.

Bradbury, who drained his bank accounts and sold his house to finance the first Project Pollo — with a new baby, and in the middle of a pandemic, no less — admitted he was operating without a Plan B, only the mission of making vegan food available to everyone. His entrepreneurial lightbulb moment occurred in the first months of the pandemic, when he challenged his extended family — his wife is already vegan — to go vegan for 30 days. They didn’t meet the target, he admits, but not for lack of desire: it was simply too expensive to dine out while eating a plant-based diet.

The rising cost of a plant-based diet is a typical stumbling block for the average American, he tells CNBC. “The only way to challenge the system is for plant-based eating to be more approachable.”

He told National Restaurant News in July, “This isn’t a fried piece of tofu. This is the future of chicken.”

A Chick-fil-A spokesperson said in an emailed statement that the company didn’t “have anything to share right now on this topic,” but added it is always exploring new options for the menu and does already include vegetarian items such as salads.

The plant-based meat consumer

As vegan upstarts appear in former fast-food franchises, analysts say there is reason to expect the fast-food chicken war will have a zero-cluck wave?

Overall, consumption of plant-based alternatives is up over the past two years, according to Darren Seifer, an industry analyst who tracks food and beverage trends for the NPD Group. Shipments of plant-based proteins from foodservice distributors to commercial restaurants increased by over 60% in April 2021 year over year, a rise accentuated by pandemic restrictions a year ago. Shipments are up over 16% compared to April 2019, according to NPD. Its data shows that plant-based chicken, specifically, grew by over 82% in April compared to a year ago, and over 25% compared to April 2019. 

It isn’t about catering to a vegan demographic — 90% of consumers who experiment with plant-based meat alternatives also eat meat and dairy. “It’s about every once and awhile making a healthier decision,” Seifer said.

In comparison to the 30% of consumers who gravitate towards meat alternatives due to concerns over animal welfare, the No. 1 motivator for those who choose plant-based foods is doing something healthier, Seifer said. And given that most consumers who might occasionally eat a plant-based meat products don’t identify as vegan or vegetarian, he added that it’s no surprise that the term “vegan” is not always used in product marketing.

In addition to health concerns, sustainably minded younger customers are driving the meatless trend. “When we’re talking about things like meat alternatives, 40% of people say they are drawn to environmental and sustainability concerns,” he said. “And the younger you go, the greater the numbers.”

Consumers stand in line at an Atlanta-based KFC throughout the day to be among the first to try Beyond Fried Chicken, a plant-based chicken made in partnership with Beyond Meat, on Tuesday Aug. 27, 2019. (

John Amis | AP

Among the national fast-food chains, chicken still rules the roost: Yum Brands’ KFC posted recent sales growth that surpassed Taco Bell and Pizza Hut — its same-store sales increased 30% in the most recent quarter. After KFC and McDonald’s both released new chicken sandwiches in February, fast food CEOs suggested that these new sandwiches are driving strong numbers. In fact, KFC is on the rebound, opening 428 net new locations in 62 countries during the second quarter. In April, KFC said it sold more than twice the volume of its new chicken sandwich compared with past versions.

With more than 400 locations in Texas alone, Chick-fil-A remains the largest quick-serve chicken restaurant in the country, according to the QSR 50, an annual report that tracks the fast-food sector. Even with aggressive competition, the brand recently garnered 41% of all sales on chicken sandwiches through food delivery apps, according to a report by Edison Trends.

Chicken supply chain shortages

Still, as legacy fast-food brands vie for market share by rolling out increasing elaborate chicken sandwiches (brioche bun, herbed mayo, artisanal pickles) the retail chicken industry is experiencing growing pains. That means soaring demand hindered by supply shortages, according to Seifer.

Not only is chicken trickier to procure, but it is also getting more expensive. According to U.S. government data, the retail price for chicken breast rose 9% year over year between July 2020 and July 2021. Those pressures could make more plant-based chicken alternatives an attractive option.

Still, legacy fast-food brands have been slow to deliver meatless chicken sandwiches. That’s not for lack of R & D: in 2019, KFC began collaborating with veggie brands like Beyond Meat and Quorn, piloting the Zero Chicken sandwich in the U.K., the Netherlands and Singapore. Stateside, the brand has tested Beyond Fried Chicken in local markets in the south and California in 2019 and 2020, but a nationwide U.S. launch for plant-based chicken is yet to happen.

A KFC spokeswoman said in a statement that it is continuing to evaluate the results of those tests and discuss potential plans for a future national rollout of Beyond Fried Chicken, but it has never tested a plant-based chicken sandwich in the U.S.

Beyond Meat noted in an email to CNBC that its chicken tenders, based on the Faba bean, came out just as restaurants were experiencing shortages and price hikes on the supply side and consumer demand was skyrocketing. It added that a few restaurant companies, Dog Haus and plant-based chain Next Level Burger, already are offering the tenders within sandwich menu items.

As chicken prices rise and more Americans embrace a “flexitarian” eating style, meatless quick-serve restaurants that make their own proprietary plant-based chicken analogues may be poised to make big profits. For example, the soy-based “chickn” that Bradbury ships directly from Taiwan cuts costs, circumventing the need for suppliers like Beyond Meat or Impossible Foods, and keeps the price point reasonable.

His commitment to make vegan food available to the widest audience possible has been a core mission of Project Pollo since day one, when it launched the first menu item, the pay-what-you-can Project Pollo sandwich. The suggested price, $5.50, covers the cost of sandwiches for two other customers in a pay-it-forward gesture of community goodwill. Astoundingly, 90% of customers not only pay the suggested price, “but actually pay more,” Bradbury said. Every quarter, Project Pollo adds up the profits on these sandwiches to make a donation to one of the many animal charities it supports.

As the price of actual chicken has risen, and Project Pollo staffing and operations capacity increase to open more than twenty locations in the coming year, Bradbury remains committed to keeping his prices affordable. “If anything, our prices will come down,” he said. Average sandwich prices on Project Pollo’s menu are $7 to $8.

Local ‘lines down the block’ for fake chicken

Across the country, vegan quick-serve outlets are cutting out the middleman and keeping their carbon footprint low by making their own plant-based “chicken” in-house.

On a warm summer afternoon in Minneapolis, the smell of fried goodness wafted through the air as dozens of people lined up down a row of brick storefronts for the grand opening of Herbie V’s Fried Chicken. Launched by Kale and Aubry Walch — a brother-sister duo who opened the Herbivorous Butcher, the nation’s first vegan butcher shop in 2016. (The Walch siblings recently won a protracted legal battle with food giant Nestle over the trademark The Vegan Butcher.)

The all-vegan fast casual cafe features the kind of comfort foods normally eschewed by strict herbivores. Think fried chicken, fries, and malts in flavors like Strawberry Shortcake. (The apparent secret to the creamy, dairy-free malts: oat-milk ice cream.) Despite embracing the term “vegan” in their offerings, Kale Walch — like Beyond Meat and Impossible Foods’ executives, and Project Pollo’s Bradbury — hope “to bridge the gap between the plant-based and the omnivore communities” rather than cater to a specifically vegan demographic.

Minneapolis vegan comfort food restaurant Herbie V’s Fried Chicken was launched by Kale and Aubry Walch, the brother-sister duo who opened the Herbivorous Butcher, the nation’s first vegan butcher shop in 2016.

Sarah Chandler

Walch’s lack of formal culinary training didn’t deter him from embarking on “a crusade for a better chicken recipe” as he experimented in his butcher shop with “a hundred different things,” finally winding up with a soy-based product that harnesses the secret ingredients of vegan buttermilk, apple cider vinegar and a blend of herbs. “There was a lot of time for R & D because of the pandemic,” he said.

The new cache of local vegan influencers should not be underestimated. At the Slutty Vegan in Atlanta, you might spot athletes like Shaquille O’Neal and Colin Kaepernick, along with musical icons such as Common and Snoop Dogg, queueing up for a taste of the Chik’n Head sandwich, a plant-based chicken tossed in buffalo sauce, slathered with vegan ranch and coleslaw on a Hawaiian bun. Rounding out their menu is plant-based burgers and sandwiches with blush-inducing names like One Night Stand and Hollywood Hooker.

“Most of our consumers are meat eaters,” said Pinky Cole, CEO of The Slutty Vegan, by email. “My core audience is meat eaters. I’m intentional about that. We’re not here to pressure anyone to commit to a full vegan diet; we want to show them that eating plant-based doesn’t have to be boring or unappealing,” Cole insisted, “We make veganism cool.”

Ultimately, the line never lies. “All of our locations have a line down a block. That tells me that obviously we’re doing something right,” Cole said.

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Comcast, Merck, Tempur Sealy, Yum and others

Check out the companies making headlines before the bell:

Comcast (CMCSA) – Comcast rose 1.9% in the premarket after reporting adjusted quarterly earnings of 84 cents per share, beating the consensus estimate of 67 cents. The NBCUniversal parent also reported better-than-expected revenue, helped by a rebound in ad sales and a reopening of theme parks.

Merck (MRK) – The drug maker matched estimates with adjusted quarterly profit of $1.31 per share, with revenue beating Street forecasts. Sales of cancer drug Keytruda jumped 23%, in line with expectations. Merck fell 1.8% in premarket trading.

Tempur Sealy (TPX) – The mattress maker earned an adjusted 79 cents per share for its latest quarter, 22 cents above estimates, with revenue topping forecasts as well. Tempur Sealy also raised its full-year outlook, and the stock jumped 4.9% in premarket action.

Yum Brands (YUM) – The parent of KFC, Taco Bell and Pizza Hut came in 20 cents ahead of estimates with adjusted quarterly earnings of 1.16 per share, and revenue also beating analyst projections. Results got a boost from restaurant reopenings as well as continued strong demand in online orders. Yum rallied 2.3% in premarket trading.

Molson Coors (TAP) – Molson Coors added 1.8% in the premarket after its adjusted quarterly earnings of $1.58 per share beat the consensus estimate of $1.34. The beer brewer’s revenue was above Wall Street forecasts as well.

Northrup Grumman (NOC) – The defense contractor reported adjusted quarterly earnings of $6.42 per share, beating the $5.84 consensus estimate, with revenue also topping estimates. The company was helped by continued strength in its satellite and missile-making units, and the stock rose 1.1% in premarket trading.

Facebook (FB) – Facebook shares fell 3.7% in premarket trading after the company said revenue growth will slow during the second half of the year as a change in Apple’s (AAPL) privacy policies will hurt Facebook’s ability to target ads. For the second quarter, Facebook reported earnings of $3.61 per share compared to a consensus estimate of $3.03, with revenue also topping Wall Street forecasts.

Ford (F) – Ford surprised analysts with an adjusted quarterly profit of 13 cents per share. The automaker had been expected to report a second-quarter loss of 3 cents per share, due in large part to a chip shortage crimping production. However, Ford said it expected that situation to improve in the second half, and it raised its full-year outlook. Ford jumped 4% in the premarket.

PayPal (PYPL) – PayPal beat estimates by 3 cents with adjusted quarterly earnings of $1.15 per share, with the payment service’s revenue essentially in line with analyst projections. However, shares came under pressure after it gave a lower-than-expected outlook, as former PayPal parent eBay (EBAY) continues its transition to its own payment platform. The stock slid 5.6% in premarket trading.

Qualcomm (QCOM) – Qualcomm reported adjusted quarterly earnings of $1.92 per share, beating the $1.68 consensus estimate, with the chip maker’s revenue also exceeding Street forecasts. Qualcomm also gave an upbeat forecast as it expects supply chain disruptions to ease. Qualcomm added 3.2% in the premarket.

Uber Technologies (UBER) – Uber dropped 5.1% in premarket trading after sources told CNBC that Japanese investment giant Softbank is selling a chunk of its stake in Uber to cover losses related to its investment in another ride-hailing company, Didi Global (DIDI). Didi itself is in the news, denying an earlier Wall Street Journal report that it was considering going private. Didi had been up well over 30% in the premarket before that denial, before trimming that still-large gain to 17.5%.

iRobot (IRBT) – iRobot shares plunged 11.5% in premarket trading after it reported a second-quarter loss and cut its full-year outlook. The maker of the Roomba robotic vacuum cleaner said the worldwide chip shortage would continue to hurt its ability to fulfill orders during the second half of the year.

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