Bed Bath & Beyond released its fiscal Q3 earnings on Tuesday, reporting a wider-than-expected quarterly loss. The retailer earned $1.26B in revenue, down 33% YoY. It reported a net loss of $393M, a larger amount than the $385.8M loss it projected last week and a 42% increase from last year’s losses. More: - Bed Bath & Beyond has booked more than $1.12B in losses for the first nine months of its fiscal year.
- The company also announced plans to cut more jobs across its corporate, supply chain, and store portfolio, as well as a list of 150 stores to shut down.
- Bed Bath & Beyond posted $583.6M of operating expenses, down from $698M reported last year.
- CEO Sue Gove said the company plans to cut costs by an additional $80M to $100M, some of which will come from savings from a reduced headcount.
- Last week, Bed Bath & Beyond warned that it was running out of cash and was considering multiple financing options, including filing for bankruptcy.
- Bed Bath & Beyond shares were up more than 20% during afternoon trading on Tuesday.
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Richard Branson’s Virgin Orbit Holding suffered a satellite launch failure on Tuesday. The news sent the company’s shares down more than 15% during early trading on Tuesday. The rocket was carrying nine small satellites from various companies and government agencies, including Horizon Technologies, SatRevolution, and Space Forge. More: - The launch was the first international mission for Virgin Orbit and was named after the Rolling Stones hit song “Start Me Up.”
- The launch was from Cornwall, England, and would have marked the first satellite into orbit from U.K. soil and western Europe.
- Virgin said an anomaly during the flight prevented its repurposed Boeing 747 from reaching orbit.
- The U.K. Space Agency said the satellites were unrecoverable.
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Coinbase announced it is laying off about 20% of its workforce, or about 950 people. This is the second round of layoffs the company has announced within the last year. In June, Coinbase cut 18% of its staff, or around 1,100 workers, saying the company had grown too quickly and was concerned about a potential recession that could lead to another crypto winter. More: - This round of layoffs comes following the collapse of crypto exchange FTX, which has sent a ripple effect across the crypto industry.
- CEO Brian Armstrong said those impacted by the layoffs would be informed Tuesday, and its U.S. employees will receive 14 weeks of pay.
- Armstrong noted that he is still optimistic about Coinbase’s future and the future of crypto despite the current market conditions and happenings with the crypto sector.
- According to an SEC filing, the layoffs are part of a restructuring plan; Coinbase expects to finish its restructuring by Q2.
- The crypto exchange expects to book between $149M and $163M in total restructuring costs, of which $58M to $68M are related to employee severance benefits.
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The FTC is investigating Coca-Cola and PepsiCo over their supplier pricing practices. The federal agency is looking for violations of the Robinson-Patman Act, which prohibits manufacturers from charging different prices to different resellers of their products if the practice threatens to harm competition. More: - The FTC hasn’t enforced the law in decades.
- The law aims to level the playing field between small retailers and large chain stores.
- Coke confirmed it has received a request for information from the FTC and is complying.
- According to Euromonitor International, Coca-Cola and PepsiCo account for 66% of soda sales in the U.S.
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TikTok CEO Shou Zi Chew met with EU officials on Tuesday to discuss how the video-sharing platform plans to comply with new EY rules. The meetings come weeks after TikTok parent ByteDance disclosed that some employees improperly accessed the data of two journalists in an attempt to identify the source of the leaks of confidential company information. More: - The EU’s new legislation governing internet safety and fair competition among tech companies goes into effect this year.
- According to sources, Shou Zi Chew reiterated the actions of its employees accessing the data of two journalists were wrong, and those employees have been fired.
- Shou Zi Chew said TikTok is committed to doing more than legally required to comply with the new EU rules.
- During the meetings, TikTok committed to building a data center in Ireland and reducing data flow out of Europe.
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The FDA has reduced the number of clinical trials for experimental drugs over safety concerns. According to the WSJ, the federal agency paused clinical trials an average of 664 times each year from 2017 to 2021, up from 557 each of the previous five years. More: - The FDA must approve all requests before a company can start testing an experimental drug on people.
- As biotech firms pursue more innovative cell and gene therapies, the FDA has increased the number of suspensions it issues.
- The FDA suspended 747 clinical trials from January to mid-December last year.
- The FDA reviews clinical trials when deciding whether to approve a drug for the larger market.
- The agency halts clinical trials for various reasons, including to protect study volunteers from unreasonable risk of illness or injury or because a study’s design is deficient.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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