By Connor Hart

General Motors scrapped its Cruise robotaxi program after nearly a decade and $10 billion in development, citing the time and costs needed to scale the business and rising competition. The automaker said it plans to realign its autonomous driving strategy and give priority to the development of advanced driver assistance systems, which take over steering and other functions in certain situations and are now common in new vehicles. Shares rise 2.5%, to $54.05, in after-hours trading.

Dave & Buster's Entertainment said Chief Executive Chris Morris resigned after sales declines accelerated in the latest quarter. Morris, who has been in the role for two years, will be replaced on an interim basis by board chair Kevin Sheehan. The CEO change came as the arcade-restaurant operator reported a wider loss in the most recent quarter of $32.7 million, from a loss of $5.2 million a year earlier. Revenue fell 3% to $453 million, missing the $463.7 million expected by Wall Street, according to FactSet. Shares decline 11%, to $32.87, in post-market trading.

Stitch Fix raised its revenue outlook for the year after beating analyst expectations in its fiscal first quarter. The online personal-styling services company now expects revenue between $1.14 billion and $1.18 billion for the year, up from a prior outlook of between $1.11 billion and $1.16 billion. In its fiscal first quarter, the company narrowed its loss to $6.3 million from $35.5 million last year. Revenue fell 13% to $318.8 million but came in ahead of the $306.9 million that Wall Street expected. Shares climb 20%, to $5.51, in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 10, 2024 18:45 ET (23:45 GMT)

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