Business

Delaware’s chancery court stands between Elon Musk and investors willingly offering him a fortune. In 2018, when Tesla was worth around $50bn, the carmaker’s shareholders approved a plan to link Mr Musk’s pay to the value of the company. By January 2024, when the court ruled that the pay package was illegal, the carmaker and Mr Musk’s stock options were worth more than $600bn and $50bn respectively. Tesla’s board of directors had not been transparent about how Mr Musk’s pay was set, the judge said. That summer Tesla’s shareholders voted to reincorporate the company in Texas and reapprove the compensation package. The court killed it again in winter. More

“Always be hustlin’, ” was the credo of Travis Kalanick, co-founder and former boss of Uber. That mindset helped turn the company into the world’s largest ride-hailing platform, with operations in more than 70 countries and 10,000 cities. Its name has now become a commonly used verb. But while Uber hustled, investors had to be patient. Although founded 16 years ago, it first turned an annual operating profit only in 2023. Disrupting personal transport while fighting legal battles over flouted regulations and weathering sexual-harassment scandals proved tremendously costly. More

It was a rare day of good news for Britain’s beleaguered oil giant. On August 5th BP not only announced a quarterly profit of $2.4bn on its preferred measure, a third higher than analysts had expected. It also unveiled an enormous oil discovery, dubbed Bumerangue, some 400km off the coast of Rio de Janeiro. It is the company’s largest find in 25 years. More

THE success of the Golden Arches rests on three simple, sturdy foundations: a menu of reliably decent grub, at a decent price, shored up by catchy marketing. Ever since it went public in 1965, McDonald’s has done best whenever it stuck to this original blueprint. When one or more of these pillars crumbles, the fast-food fortress looks shaky. A quarter of a century ago this led to a near-collapse. Overly rapid expansion in the number of outlets and, at the same time, of products on offer made it harder for burger-flippers to keep up, hurting reliability. A price war with Burger King turned downright indecent. And the ads were stale, too. The result was acid reflux for investors. Between late 1999 and early 2003 the company shed two-thirds of its market value. More

Warner Bros. Discovery’s second-quarter earnings received a boost from its film studios segment following recent periods of underperformance.
Film releases from Warner Bros. Motion Pictures included “A Minecraft Movie,” “Sinners,” “Final Destination: Bloodlines,” and “F1,” which the company said together so far generated over $2 billion.
The company will split into two companies next year, separating the streaming and studios from the global TV networks business.

A still from the film F1 starring Brad Pitt.
Source: F1 | Apple Studios

Warner Bros. Discovery’s earnings got a boost from its film studios after a handful of box office hits during the second quarter.
The period from April though June saw the releases of “A Minecraft Movie,” “Sinners,” “Final Destination: Bloodlines,” and “F1,” which together generated $2 billion in the global box office to date, the company said Thursday.

WBD reported total revenue for the studios segment — which also includes distributing TV content — increased 55% during the quarter to $3.8 billion, with theatrical revenue up 38%, excluding the impact of foreign currency exchange, due to the higher box office revenue.
Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the studios segment was $863 million during the period, up from $210 million during the same period a year prior.
In a letter to shareholders, WBD said it expects the momentum to continue, with the studios segment projected to generate at least $2.4 billion of adjusted EBITDA for the full year. The company said it was “a substantial step toward” its goal of eventually notching more than $3 billion in adjusted EBITDA for the segment.
While “Superman” was released shortly after the close of the second quarter, the film’s success is likely to help lift the third quarter for Warner Bros. Discovery. “Superman” generated $220 million globally during its opening weekend, which the company said was the “strongest ever debut for a solo Superman film.”
In late July, “Superman” and Apple’s “F1,” which Warner Bros. distributed, had more than $500 million in ticket sales, CNBC reported.

Executives have been in the process of rebuilding Warner Bros. Motion Pictures for several quarters now.
In particular, CEO David Zaslav has called out the need to revive the studios since the merger of Warner Bros. and Discovery in 2022. The segment had been plagued by the closure of theaters at the height of stay-at-home orders during the pandemic, followed by a Hollywood shutdown during the actors’ and workers’ labor strikes in 2023.
To help the unit, the company hired James Gunn and Peter Safran in 2022 as the co-heads of its DC Comics film and TV unit, in a move to steady the ship of the superhero film division. That same year, Warner Bros. appointed Michael De Luca and Pam Abdy as co-heads of Warner Bros. Motion Pictures, each of which had previously led MGM Studios. 
“We’ve had an extraordinary run. You know we were in last place,” said Zaslav on Thursday, noting the studios’ hires shortly after the merger. “And together we went from last to first. You know, Disney is a little bit ahead right now … But we’re really making the turn.” 
Since the merger, Zaslav has said WBD would lean on its library of franchises, including “Lord of the Rings” and “Harry Potter.” On Thursday, Zaslav said the company had the goal of two or three so-called tentpole releases a year, “which provide real stability.”
Zaslav also said the company has already “got a great script” for the upcoming “Lord of the Rings” installment from director Peter Jackson. He also noted the next iteration of the “Superman,” or the “Super family,” franchise is in the works for DC Studios.
Still, the division has been faced with staff cuts, much like the rest of WBD since the 2022 merger. Last month Warner Bros. Motion Picture Group told employees it would cut 10% of its workforce, Deadline reported.
The company is also in the midst of splitting itself apart and essentially undoing the merger of just three years ago. Next year, the present day company will be divided into two units — Warner Bros., comprised of the studios and streaming platform HBO Max; and Discovery Global, made up of the TV networks, Discovery+ and sports business.
Overall, WBD’s total revenue increased 1% during the second quarter to $9.81 billion. Adjusted EBITDA rose 9% to $1.95 billion More

Restaurant Brands International on Thursday reported mixed quarterly results.
Popeyes reported same-store sales declines.
There was strong demand internationally and at Tim Hortons.

A Burger King restaurant with the slogan ”Flame Grilling Since 1954” is seen in Vienna, Austria, on June 7, 2025.
Michael Nguyen | NurPhoto | Getty Images

Restaurant Brands International on Thursday reported mixed quarterly results, as same-store sales declines for Popeyes were offset by strong demand internationally and at Tim Hortons.
Here’s what the company reported for the period ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: 94 cents adjusted vs. 97 cents expected
Revenue: $2.41 billion vs. $2.32 billion expected

Restaurant Brands reported second-quarter net income attributable to shareholders of $189 million, or 57 cents per share, down from $280 million, or 88 cents per share, a year earlier.
Excluding transaction costs from its acquisition of Burger King China and other one-time costs, the company earned 94 cents per share.
Net sales climbed 16% to $2.41 billion.
The company’s same-store sales, which only tracks the metric at restaurants open at least a year, rose 2.4% during the quarter.
CEO Josh Kobza told CNBC that Restaurant Brands has seen a “modest improvement” in the consumer environment compared to the first quarter, when the company’s three largest brands saw same-store sales decline.

This quarter, Restaurant Brands’ international restaurants reported same-store sales growth of 4.2%.
Tim Hortons, which accounts for more than 40% of Restaurant Brands’ total revenue, reported same-store sales growth of 3.4%.
Burger King reported same-store sales growth of 1.3%. Its U.S. division, which has been in turnaround mode for nearly three years, saw same-store sales increase by 1.5%. More than half of its U.S. restaurants have been renovated since the turnaround began; the burger chain aims to have 85% of its U.S. footprint upgraded by 2028.
Popeyes was the laggard of the portfolio for the most recent quarter, reporting same-store sales declines of 1.4%. But the fried chicken chain’s results have improved compared with the first three months of the year, when its same-store sales slid 4%. To lift sales in the second half of the year, Popeyes has a “bunch of innovation” on its schedule, Kobza said.
For the full year, Restaurant Brands reiterated its forecast, anticipating that it will spend between $400 million and $450 million on consolidated capital expenditures, tenant inducements and other incentives. The company also said that it still expects to reach its long-term algorithm, which projects 3% same-store sales growth and 8% organic adjusted operating income growth on average between 2024 and 2028.
This story is developing. Please check back for updates. More

In the past year, U.S. companies made more progress in getting employees back to the office than at any time since 2020, according to a forthcoming report from CBRE.
Nearly three quarters of the 184 companies surveyed by CBRE said they have met their attendance goals, up from 61% last year.
More companies said they expect to expand their office footprints, rather than contract, according to the survey.

Maskot | Digitalvision | Getty Images

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
In the past year, U.S. companies made more progress in getting employees back to the office than at any time since 2020, when the pandemic fundamentally changed the traditional work paradigm. This is according to a forthcoming report from CBRE, due out next week. While some employers have gone fully remote and some offer hybrid work opportunities, the push is on to get more workers back to the office.

Nearly three quarters of the 184 companies surveyed by CBRE said they have met their attendance goals, up from 61% last year. The share of companies monitoring attendance jumped to 69% this year from 45% last year, and those enforcing attendance policies rose to 37% from 17%. Companies in the survey said they want employees in the office an average of 3.2 days a week. Actual attendance, however, is slightly below that. 
“I think it was pretty loosey goosey for the last year or two, and I think the companies have got a lot better at that right now,” said Manish Kashyap, CBRE’s global president of leasing. “They’re coming up with policies that allow hybrid structures and allow flexibility, but whatever their new policy is, their implementation around that, and the governance around that, is definitely a lot better.”

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More companies said they expect to expand their office footprints, rather than contract, according to the survey. Over the past several years there has been a huge slowdown in office development and a surge in conversions to residential. 
The majority of survey respondents, 67% of companies, said they will either keep their office footprints at the same size or expand them within the next three years, up from 64% a year ago. For expansion, most pointed to business or headcount growth. About a third said they will reduce their space, down from 36% last year and 53% in 2023.
Concerns about the economy and tariffs do have some companies hesitating to make long-term decisions, but even with that concern, more are taking on long-term leases than were a year ago, CBRE found. 

“You have organizations that finally have clarity and decision making, because they’ve been living in this world of hybrid for so long, and now they know what it truly looks like for them, so all those decisions that they may have put off, even if there’s a little bit of economic uncertainty right now, they’re still willing to move forward with some additional deals,” said Julie Whelan, CBRE’s global head of occupier research.
Despite the fact that overall office vacancies are at 18.9%, just under the 30-year high of 19%, nearly half of the companies surveyed said they were concerned about the availability of high-quality office space over the next three years. That concern is most significant when it comes to prime space, which accounts for only 8% of the total office inventory and has much lower vacancy rate than the rest of the market. 
“For many, office footprints now are smaller but more effective and better tailored for collaborative work. Employers are much more focused now than they were pre-pandemic on quality of workplace experience, the efficiency of seat sharing and the vibrancy of the districts in which they’re located,” said Whelan. More

Eli Lilly hiked its 2025 guidance and posted second-quarter earnings that topped estimates on strong demand for its blockbuster weight loss and diabetes drugs.
Eli Lilly also released long-awaited late-stage trial data on its experimental obesity pill, orforglipron, the highest dose of which helped patients lose more than 12% of their body weight.

The Eli Lilly logo is shown on one of the company’s offices in San Diego, California, on Sept. 17, 2020.
Mike Blake | Reuters

Eli Lilly on Thursday hiked its 2025 guidance and posted second-quarter earnings that topped estimates on strong demand for its blockbuster weight loss and diabetes drugs.
The company raised its fiscal 2025 sales guidance to $60 billion to $62 billion, from a previous outlook of $58 billion to $61 billion on underlying strength across its business. The pharmaceutical giant also expects its adjusted fiscal 2025 earnings to come in between $21.75 to $23, up from a previous guidance of $20.78 and $22.28 per share. 

Eli Lilly said the guidance reflects President Donald Trump’s existing tariffs as of Aug. 7, but does not include his planned levies on pharmaceuticals imported into the U.S.
Also on Thursday, Eli Lilly released long-awaited late-stage trial data on its experimental obesity pill, orforglipron, the highest dose of which helped patients lose more than 12% of their body weight. That came under Wall Street’s expectations, sending shares down as much as 12% in premarket trading on Thursday.
“I feel good about the value of the company. Investors have to decide what they think,” Eli Lilly CEO David Ricks told CNBC’s “Squawk Box.” “But Lilly is rolling, and you look at the beat and raise, strong growth on the back half, we’re excited about the future for our company and for patients who need our products.”
The company’s diabetes treatment Mounjaro topped expectations for the first quarter, raking in almost $5.2 billion in revenue. That’s up 68% from the same period a year ago.
Eli Lilly’s weight loss drug Zepbound also beat estimates, booking $3.38 billion in sales for the quarter, up a whopping 172% from the year-earlier period. 

Analysts had expected Mounjaro and Zepbound to generate $4.49 billion and $3.06 billion in sales, respectively, according to estimates from StreetAccount.
“Tirzepatide, which is Mounjaro and Zepbound, will likely become the best-selling drug in the industry in its third year in the market,” Ricks told CNBC. “And we’ve got a lot more coming in the pipeline.”
Here’s what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $6.31 adjusted vs. $5.57 expected
Revenue: $15.56 billion vs. $14.71 billion expected

The company posted second-quarter revenue of $15.56 billion, up 38% from the same period a year ago. 
Sales in the U.S. jumped 38% to $10.81 billion. Eli Lilly said that was driven by a 46% increase in volume — or the number of prescriptions or units sold — for its products, primarily for Mounjaro and Zepbound. That was partially offset by lower realized prices of the drugs, the company said.
The pharmaceutical giant booked net income of $5.66 billion, or $6.29 per share, for the second quarter. That compares with net income of $2.97 billion, or $3.28 per share, a year earlier. 
Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $6.31 per share for the second quarter.
The results also come as Eli Lilly and other drugmakers brace for levies on pharmaceuticals imported into the U.S. and face his calls to lower drug prices in the country.
The president sent letters to Eli Lilly and other companies last week calling on them take steps to lower drug prices by Sept. 29. The move came after Trump in May signed an executive order reviving a controversial plan, the “most favored nation” policy, that aims to slash drug costs by tying the prices of some medicines in the U.S. to the significantly lower ones abroad. More