Google paid artificial intelligence startup Character.AI $2.7 billion in cash as part of a deal to license the startup’s technology and hire its co-founders and employees, including former Google researchers Noam Shazeer and Daniel De Freitas, the company said in a regulatory filing. The payout ... Read more ›
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Cryptocurrency exchange Coinbase reported its fourth straight quarterly profit and announced a stock buyback of up to $1 billion, showing the company is delivering on its promise of steadier profits even during crypto market swings. Revenue rose nearly 80% to $1.2 billion year-on-year in ... Read more ›
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Microsoft said Wednesday its revenue rose 16% to $65.6 billion in the third quarter—1 percentage point higher than in the second quarter—as its Azure cloud computing unit grew at the same rate as the previous quarter. Azure revenue rose 33% year over year, which CEO Satya Nadella attributed to “ ... Read more ›
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Volvo Wednesday said it had taken ownership of a joint venture with troubled battery maker Northvolt because Northvolt had not made promised payments to fund the joint venture, in the latest sign of Northvolt’s distress. The joint venture had planned to build a battery factory in Gothenburg, ... Read more ›
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Super Micro shares fell 33% to just over $33 after the company, which makes servers for data centers, said accounting firm Ernst & Young had resigned as its auditor over concerns about its accounting practices. Demand for the Nvidia artificial intelligence chips that power Super Micro’s ... Read more ›
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Crypto exchange Kraken said in a blog post Wednesday that it’s cutting an unspecified number of jobs to reduce organizational layers, even as it’s grown to generate “north of” $1 billion in net revenue. Kraken also announced that Arjun Sethi, co-founder of Tribe Capital and a Kraken board ... Read more ›
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Meta Platforms, the owner of Facebook, Instagram and WhatsApp, on Wednesday reported third-quarter revenue of $40.6 billion, up 19% from a year earlier. Growth slowed from the second quarter, when Meta posted annual revenue growth of 22%. The company again increased its estimate for capital ... Read more ›
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Elon Musk’s artificial intelligence startup xAI has discussed raising $5 billion from investors at a valuation of about $45 billion, according to a person familiar with the discussions. Investors are expected to include a mix of returning backers, including Valor Equity Partners. Existing investors Sequoia Capital, Andreessen Horowitz and Vy Capital are also in talks to invest, according to a second person, who has invested in xAI. Another investor that... Read more ›
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Shares of Reddit were trading up 42% to around $116 a share on Wednesday, as investors applauded the social media firm’s strong third quarter earnings report. Reddit shares have now risen 241% since its IPO in March. The company reported 68% higher revenues, and its first-ever net profit, ... Read more ›
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Dropbox and Miro said Wednesday that each would lay off around a fifth of its employees, signs that enterprise-focused software businesses are still contending with weak demand. “We continue to see softening demand and macro headwinds in our core business,” Dropbox CEO Drew Houston said in a ... Read more ›
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The European Commission is set to launch a formal investigation into Temu, Bloomberg reported Wednesday. The EU on Oct. 11 requested Temu share information on how it addresses and prevents the sale of counterfeit, unsafe or illegal products on its site, and Temu’s responses did not sufficiently ... Read more ›
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As we wrapped up our generative AI takeover list and our fifth annual most promising startups list, I got to thinking: how many of the companies will still be independent a year from now?Already, this year has seen a flurry of acquisitions and quasi-acquisitions as startups look for a safe haven in the arms of larger tech companies. And there are likely more such deals to come—bankers tell me that... Read more ›
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Miro, a startup which sells productivity software for businesses and was last valued at $17.5 billion, told employees Wednesday that it plans to lay off roughly 18% of its workforce or around 275 employees. The layoffs are the latest example of how startups focused on selling niche business software are suffering as customers get more selective about spending. Miro rose to prominence during the pandemic when demand for its product,... Read more ›
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Last summer, online cookware brand Made In saw customers’ requests for refunds nearly double in terms of dollar value in just a month. Soon after, instead of returned merchandise, empty envelopes and boxes filled with junk, like plastic toys, began to show up at Made In’s fulfillment center. Made In executives realized that the surge in returns was a coordinated, large-scale effort, likely stemming from online fraud groups on Telegram... Read more ›
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Zhang Yiming, the founder of TikTok’s parent ByteDance, is China’s richest person, according to an annual ranking of the country’s wealthiest individuals. Zhang’s wealth now amounts to $49.3 billion, according to the 2024 Hurun China Rich List. Last year, he was ranked No. 5 with $33.7 ... Read more ›
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Snap said revenue for the third quarter jumped 15% to $1.37 billion, on the high end of its prior outlook, boosted by a 10% gain in digital advertising and more demand for its subscription product, Snapchat+. The parent of Snapchat also turned cash flow positive for the three months ended in ... Read more ›
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Google may have calmed some nerves on Wall Street on Tuesday. It delivered a third-quarter result showing a sharp acceleration in Google Cloud’s growth rate, to a bumper 35%, from 29% in the second quarter. CEO Sundar Pichai credited that performance in part to the company’s AI portfolio, which he said was helping it win new customers as well as lift usage by existing customers. Pichai didn’t quantify the impact... Read more ›
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It’s time for internet companies to report their quarterly results. One takeaway so far? While digital advertising is still most important for Snapchat and YouTube, subscription revenue is driving growth. Here’s the rundown:SnapThe company’s subscription service, Snapchat+, now has 12 million subscribers, up from 11 million subscribers last quarter and more than double the same time last year. Even though subscriptions represent a relatively small amount of money for Snap,... Read more ›
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Social media company Reddit posted its first profit as a public company in the third quarter, along with much higher revenue and adjusted earnings before interest, taxes, depreciation and amortization than executives had projected. Shares soared more than 20% in after-hours trading. The company ... Read more ›
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Few conferences are able to gather a more powerful group of finance and tech moguls than Saudi Arabia’s sovereign wealth fund, which sponsors the annual Future Investment Initiative, also known as “Davos in the Desert.” This year’s conference, held this week in Riyadh, has so far featured Elon Musk, SoftBank’s Masayoshi Son, Ben Horowitz, TikTok CEO Shou Zi Chew, Uber co-founder Travis Kalanick and a host of CEOs from major... Read more ›
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Most popular sources
Business Insider
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37% 7 |
Financial Times
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14% 13 |
The Verge
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13% 7 |
Tom's Hardware
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7% 2 |
Gizmodo
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7% 2 |
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24.11.2024 01:25
Last update: 01:10 EDT.
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