BUSINESS

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Volkswagen's net profit plunged 30.6 percent to €12.4 billion ($13.4 billion) in 2024, the German auto giant reported Tuesday, citing high production costs and intense Chinese competition. Despite a slight increase in sales to €324.7 billion, the struggling automaker faced a difficult year.

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Nvidia reported extraordinary fourth-quarter results on Wednesday, with revenue soaring to $39.3 billion – a 78% increase from the same period last year and a 12% rise from the previous quarter. The California-based technology giant's remarkable performance exceeded Wall Street expectations, with adjusted earnings of 89 cents per share surpassing analysts' forecasts of 85 cents.

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Nissan CEO Makoto Uchida will step down, the struggling Japanese automaker announced Tuesday, following the collapse of merger talks with Honda. The company said the leadership change is designed to improve performance, naming Ivan Espinosa as representative executive officer in Uchida's place.

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Amid ongoing efforts to boost sluggish sales and profits, Unilever's CEO, Hein Schumacher, is leaving the company after a brief tenure of less than two years. Unilever, which owns popular ice cream brands such as Ben & Jerry's and Magnum, will be led by current Chief Financial Officer Fernando Fernandez, effective March 1, the company announced Tuesday.