Goldman Sachs extending credit offers to subprime borrowersPosted: Updated:
Uber and Lyft both reported second-quarter earnings results this week. Lyft was the better of the two, showing a narrower loss than estimated and better-than-expected revenue -- though it still lost $644 million in the quarter. Uber reported its biggest loss ever ? $5 billion for the quarter ? as well as its smallest revenue gain since it began providing limited financial results in 2017. Uber blamed the loss on a one-time payout of stock-based compensation to employees and investors following the IPO.
Disney failed to live up to Wall Street's expectations in its latest earnings report. The media giant missed on both its top and bottom lines. Disney says the ongoing integration of Fox's entertainment assets are partly to blame, also costs from its planned streaming service, Disney+ and the continued expansion of Hulu weighing on Disney's bottom line. One bright spot -- blockbuster hits like "Avengers: Endgame" and "Toy Story 4." The company's studio entertainment segment reported $3.8 billion in revenue during the quarter, up 33% from the same time last year.
Goldman Sachs is perhaps known best as bankers to the world's richest people, and now, with its new partnership with Apple on a consumer credit card, the bank is reportedly extending offers to subprime borrowers. CNBC reported that Goldman has cast a wide net for applicants as it begins rolling out the new card, and has accepted applications from some consumers with less than stellar credit. A subprime borrower is generally considered to be anyone with a FICO score below 660.