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☆ Robinhood defeats investors' appeal over meme stock frenzy
▼ + stars: | 2023-08-10 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoAug 10 (Reuters) - Robinhood Markets (HOOD.O) on Thursday defeated an appeal by investors over the stock trading platform's decision to restrict purchases of 13 "meme stocks" during a January 2021 frenzy that squeezed hedge funds. "When Robinhood restricted its customers' ability to buy meme stocks, it took a sizable - and perhaps justifiable - hit in the court of public opinion," Circuit Judge Britt Grant wrote. "But in this court, Robinhood is only accountable for specific legal duties." The meme stock frenzy has been fueled in part by investors using online forums such as Twitter and the subreddit WallStreet Bets. Robinhood is also being sued by investors who sold nine meme stocks at a loss in late January and early February 2021.

Persons: Andrew Kelly, Robinhood, Britt Grant, Thursday's, Judge Cecilia Altonaga, Jonathan Stempel, Matthew Lewis Organizations: Inc, REUTERS, Thursday, AMC Entertainment, GameStop, Circuit, Twitter, Menlo, Thomson Locations: New York City, U.S, Atlanta, Miami, Menlo Park , California, New York

☆ Google-parent Alphabet offloads nearly 90% stake in trading app Robinhood
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoAug 4 (Reuters) - Google-parent Alphabet (GOOGL.O) said on Friday it had slashed its stake in Robinhood Markets (HOOD.O) by nearly 90%, days after the trading app said it had turned a profit for the first time as a public company. Shares of the company, whose trading platform was at the center of a meme stock frenzy in January 2021, have lost 86% since hitting their peak in August of the same year. To counter this weakness in its mainstay trading business, Menlo Park, California-based Robinhood is looking for new revenue streams. In its regulatory filing, Alphabet said it had around 612,214 shares in Robinhood as of June 30, compared with 4.9 million shares in the first quarter ended March 31. As of Robinhood's last close on Thursday, Alphabet's stake would be worth just about $7 million, according to Reuters calculations.

Persons: Andrew Kelly, Robinhood, Alphabet's, Niket, Nivedita Bhattacharjee, Anil D'Silva Organizations: Inc, REUTERS, Robinhood, Menlo, Thomson Locations: New York City, U.S, Menlo Park , California, Robinhood, Bengaluru

☆ Robinhood beats revenue estimates, shares fall on decline in users
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: +2 min

Robinhood reported higher second-quarter revenue on Wednesday as interest rates continued to buoy the online brokerage's interest income, achieving profitability for the first time as a public company even as it saw fewer users. Shares of the company, which was at the center of 2021's retail trading frenzy, were last down 4% in extended trading as investors scrutinized the platform's decline in monthly active users. As a result, transaction-based revenue declined 5% in the second quarter. Monthly active users also decreased to 10.8 million, one million fewer compared to the previous quarter and 3.2 million fewer than the year prior. Earnings per share in the second quarter were $0.03, beating analysts' average estimate of a loss of $0.01, according to Refinitiv data.

Persons: Robinhood, We've, we've, Jason Warnick Organizations: Menlo Locations: U.S, Menlo Park , California

☆ Meta prepares AI-powered chatbots in attempt to retain users - FT
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Meta Platforms (META.O) is preparing to launch a range of artificial intelligence (AI) powered chatbots that exhibit different personalities as soon as September, the Financial Times reported on Tuesday. Meta has been designing prototypes for chatbots that can have humanlike discussions with its users, as the company attempts to boost its engagement with its social media platforms, according to the report, citing people with knowledge of the plans. The Menlo Park, California-based social media giant is even exploring a chatbot that speaks like Abraham Lincoln and another that advises on travel options in the style of a surfer, the report added. The purpose of these chatbots will be to provide a new search function as well as offer recommendations. The Facebook parent reported a strong rise in advertising revenue in its earnings last week, forecasting third-quarter revenue above market expectations.

Persons: Meta, Abraham Lincoln, Google's Bard, Ajax, Rishabh, Rashmi Organizations: Financial Times, Menlo, Facebook, Bloomberg News, Apple, Thomson Locations: , California, Bengaluru

☆ Peter Thiel paid staff an extra $1,000 a month if they lived close to the office so they were more likely to work late, book says
▼ + stars: | 2023-07-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Peter Thiel paid staff an extra $1,000 a month if they lived near the office, a former worker said. The billionaire investor offered it so staff "were more likely to stay late," Michael Gibson wrote. Gibson made the claim in his book "Paper Belt on Fire: The Fight for Progress in an Age of Ashes." Peter Thiel offered his staff a monthly bonus of $1,000 if they lived close to the office, according to a former employee of the billionaire investor. It also offered employees with families a one-off payment of at least $15,000 for housing.

Persons: Peter Thiel, Michael Gibson, Gibson, Thiel, Meta, Davis Polk, Wardwell, they're, Insider's Aaron Mok, Meta didn't Organizations: Employees, Palantir Technologies, Guardian, Bloomberg, Facebook, Street Journal, ARC Locations: San Francisco, Menlo Park, Silicon Valley, ZipRecruiter

☆ The strange, improbable rise of Mark Zuckerberg 3.0
▼ + stars: | 2023-07-30 | by ( Kali Hays | ) www.businessinsider.com time to read: +27 min

In early July, Mark Zuckerberg unveiled the latest and perhaps most consequential product in Meta's history: a new model of Mark Zuckerberg. Silicon Valley Zuck was a husband and father with a legacy to build and protect at all costs. Silicon Valley Zuck was suddenly faced with something he'd never dealt with before, shrinking revenue. Still clinging to his persona as Silicon Valley Zuck, Zuckerberg engaged in an all-out media blitz to hawk his vision for the metaverse. They were the sort of people Harvard Zuck would have scoffed at and Silicon Valley Zuck would have gently ignored.

Persons: Mark Zuckerberg, Elon Musk, Joe Rogan, Zuckerberg, Clark Kent, TikTok, Sheryl Sandberg, Mike Schroepfer, Wall, McKinsey Zuck, Rogan, Meta, Harvard Zuck, —, Priscilla Chan, Ray's, pullover, Harvard Zuck —, Dianna, Mick, McDougall, Paul Sakuma, Zuckerberg's, Apple, Facebook, he'd, That's, Frances Haugen, Chris Cox, Zuck, Zach Gibson, Meta's, Sandberg, Marne Levine, who'd, Javier Olivan, he's, bode, Bain, Maher Saba, Lori Goler, He's, He'd, Katie Harbath, it's, Andrew Bosworth, Bosworth, Mark Zuckerberg McKinsey Zuck, Mark Shmulik, Bernstein, Augustus, Julius Caesar, Kali Hays Organizations: Meta, Menlo, Harvard, Apple, McKinsey, Business, Facebook, Cambridge, Capitol, Labs, Menlo Park, Q, Bain & Company, Reality Labs, Wall, Mark Zuckerberg McKinsey, Phillips Exeter Academy, Tech, Twitter Locations: California, Hawaii, United States, Davos, Silicon, contrition, Meta, verbiage, Harvard, Rome

☆ Meta's VP of Metaverse says 'the metaverse hype is dead,' but that's OK
▼ + stars: | 2023-07-13 | by ( Haley Tenore | ) www.businessinsider.com time to read: +4 min

Meta's VP of Metaverse said the hype cycle for the metaverse is dead, but that's okay. The metaverse team can "put their heads down and build" the experiences, Vishal Shah told Fortune. "I think the metaverse hype is dead. People access Meta's metaverse apps through the company's Quest lineup of headsets, but Apple recently announced the $3,499 Vision Pro headset. Interestingly enough, Apple is avoiding the term metaverse in favor of "spatial computing."

Persons: Metaverse, Vishal Shah, Fortune, Shah, Mark Zuckerberg's, Mark Zuckerberg, NOAH BERGER, Zuckerberg, Kali Hays, Ashley Stewart, Meta, Tim Cook, Greg Joswiak, Andrew, Boz, Bosworth Organizations: Morning, Tech, Facebook, Meta, Getty Images, Anadolu Agency, Getty, The Washington Post, Apple, Wall Street Journal Locations: Utah, Menlo

☆ Illumina hit with record $476 million fine for closing Grail deal without EU approval
▼ + stars: | 2023-07-12 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

European Union regulators on Wednesday fined Illumina a record 432 million euros ($476 million) for closing its acquisition of cancer test developer Grail without first securing regulatory approval. The fine from the European Commission, the EU's executive body, amounts to 10% of San Diego-based Illumina's turnover. The Illumina fine exceeds the commission's previous largest merger regulation fine of $125 million, or 1% of annual turnover, imposed on telecommunications company Altice in 2018. Illumina has already put aside $453 million to cover a potential maximum fine of 10% of turnover, according to a regulatory filing from earlier this year. "This is a very serious infringement, which requires the imposition of a proportionate fine, with the aim of deterring such conduct," the European Commission continued.

Persons: Illumina Organizations: European Commission, EU, Altice Locations: San Diego, Menlo Park , California

☆ Meta loses as top EU court backs antitrust regulators over privacy breach checks
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: +3 min

Meta Platforms on Tuesday lost its fight against a German data curb order that strikes at the heart of its business model as Europe's top court backed the German antitrust watchdog's power to also investigate privacy breaches. The ruling from the Luxembourg-based Court of Justice of the European Union (CJEU) potentially hand antitrust authorities more leeway in Big Tech probes. At issue was whether the German antitrust agency overstepped its authority by using its antitrust power to address data protection concerns, which are the remit of national data protection authorities. Thomas Graf, a partner at law firm Cleary Gottlieb, was more cautious on whether antitrust authorities would want to go into the details of privacy law. "Are antitrust authorities going to become GDPR regulators?

Persons: Andreas Mundt, Benoit Coeure, Thomas Graf, Cleary Gottlieb, Graf, Max Schrems Organizations: Justice, European Union, Big Tech, Meta, Facebook, Data Protection Locations: Menlo Park , California, Luxembourg

June 29 (Reuters) - Typeface, a generative AI platform for enterprise content creation, said on Thursday that it was valued at $1 billion after an oversubscribed Series B funding round led by Salesforce's (CRM.N) global investment arm, bringing the total capital raised to $165 million. The $100 million round also saw participation from Lightspeed Venture Partners, Madrona, GV (Google Ventures), Menlo Ventures, and M12, Microsoft's Venture Fund, the company said. In February, Lightspeed Venture Partners, GV, Menlo Ventures, and M12 invested $65 million when Typeface emerged from stealth and launched publicly. AI startups have emerged as a bright spot for investments this year amid a wider slowdown in funding caused by rising interest rates and high inflation. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Salesforce's, Gokul, Krystal Hu, Gerry Doyle Organizations: Lightspeed Venture Partners, GV, Google Ventures, Menlo Ventures, Microsoft's Venture Fund, Google, Thomson Locations: Bengaluru, Toronto

Silicon Valley is bracing for what it fears will be an "extinction event" threatening the survival of hundreds of startups. Tom Loverro, a investor at 40-year-old Bay Area venture capital firm IVP, has been loudly warning for months on Twitter and in media interviews about a coming "mass extinction event" for startups. The total volume of venture capital investment into US startups has slumped for six consecutive quarters, according to data firm Pitchbook. Even a last-ditch slashing of the startup's prospective valuation — a "down-round," in Silicon Valley parlance — didn't whet investors' appetites. Over the past year, many startups that rely on Silicon Valley funding have been steeling themselves for the slowdown to avoid similar fates.

Persons: —, they're, Jennifer Neundorfer, That's, Tom Loverro, Loverro, Consuelo Vanderbilt, Vanderbilt, Cameron Lester, I've, Lester, Linda Ahrens, Ahrens, Unown, " Ahrens, Anna Dittrich, Plastiq, Vincent Harrison, Elad Gil, Steve Brotman, Brotman, Will Hawthorne, VC's, Mike Ryan, Pitchbook's Harrison, Sell, Hawthorne Organizations: Ventures, Sequoia Capital, —, Venture, Twitter, United States Federal Reserve, Jefferies, January Ventures, Alpha Partners, Avid Capital, Sugar, Menlo, BulletPoint Network Locations: Silicon, Sequoia, IVP, Valley, Instacart, Navan, Boston, Snowflake, America

☆ Oracle extends its flagship database to Ampere's computing chips
▼ + stars: | 2023-06-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Brian Snyder/File PhotoMENLO PARK, California (Reuters) - Oracle on Wednesday said that it has modified its flagship database software to work on a new category of computing chip, starting with chips from Ampere Computing, a startup founded by former Intel executives. Oracle’s database software is used by major banks and corporations to track transactions. On Wednesday, Oracle said that the database will now also run on chips made based on a technological architecture from Arm Ltd, the same underlying technology that is in mobile phones. Ellison said Ampere’s chips are much more power efficient than offerings from its other two major chip suppliers, Advanced Micro Devices and Nvidia. By upgrading to Ampere, we’re able to take that room, double the compute and stay within the same power envelope,” Ellison said.

Persons: Brian Snyder, Ampere, Intel’s, “, We’ve, we’ve, Larry Ellison, Ellison, we’re, ” Ellison Organizations: REUTERS, MENLO, Oracle, Ampere Computing, Intel, Arm Ltd, Ampere, Amazon Web Services, Devices, Nvidia Locations: Burlington , Massachusetts, U.S, , California, Ampere

☆ Oracle spending 'billions' on Nvidia chips this year, Ellison says
▼ + stars: | 2023-06-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoMENLO PARK, California, June 28 (Reuters) - Oracle Corp (ORCL.N) is spending "billions" of dollars on chips from Nvidia Corp (NVDA.O) as it expands a cloud computing service targeting a new wave of artificial intelligence (AI) companies, Oracle founder and Chairman Larry Ellison said on Wednesday. Oracle is also spending "billions" of dollars on Nvidia chips but even more on central processor units (CPUs) from Ampere Computing, a chip startup it has invested in, and Advanced Micro Device Inc (AMD.O), Ellison said at an Ampere event. "This year, Oracle will buy GPUs and CPUs from three companies," Ellison said. "We will buy GPUs from Nvidia, and we're buying billions of dollars of those. Other companies such as CoreWeave, which earlier this year raised a fresh $200 million of funding, are also targeting AI companies with cloud hardware that relies heavily on Nvidia chips.

Persons: Mike Blake, Larry Ellison, Ellison, Oracle, Stephen Nellis, Richard Chang Organizations: REUTERS, MENLO, Oracle Corp, Nvidia Corp, Oracle, Amazon Web Services, Microsoft Corp, Ampere Computing, Device, Nvidia, Ampere, AMD, Google, Thomson Locations: Los Angeles , California, U.S, , California, Menlo Park , California

☆ Robinhood to cut some full-time jobs as trading demand eases
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Trading platform Robinhood Markets (HOOD.O) said on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services. The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors. Earlier in the day, the Wall Street Journal reported the company's move. Robinhood last year said announced job cuts and said that it would change its organizational structure to drive greater cost discipline. In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.

Persons: Robinhood, Nathan Gomes, Maju Samuel Organizations: Menlo, Wall Street Journal, Wall, U.S, U.S . Federal, Thomson Locations: , California, U.S ., Bengaluru

☆ EU, Meta agree to July stress test on EU online content rules
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Meta (META.O) and the European Union (EU) have agreed on a stress test in July on the EU's online content rules, following EU industry chief Thierry Breton's demand that the social media platform act immediately over Meta's content targeting children. "Productive discussion with Meta CEO Mark Zuckerberg in Menlo Park on EU digital rules: DSA, DMA & AI Act," Breton said in a tweet, adding that 1,000 Meta employees are working on the Digital Services Act (DSA). loadingBreton had earlier in June said that Meta would have to demonstrate the measures it plans to take to comply with European Union online content rules known as the Digital Services Act (DSA) after Aug. 25 or face heavy sanctions. Meta did not immediately respond to a Reuters request for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Thierry Breton's, Mark Zuckerberg, Breton, Nilutpal, Jacqueline Wong Organizations: European Union, Digital Services, Meta, Thomson Locations: Menlo Park, Bengaluru

☆ Your teen wants to get in shape this summer? What to say and when to worry
▼ + stars: | 2023-06-10 | by ( Analysis Oona Hanson | ) edition.cnn.com time to read: +7 min

CNN —If your children say they want to start exercising or working out more this summer, don’t celebrate just yet. Eating disorder experts warn that setting fitness goals could mean trouble for kids. But eating disorder symptoms can be incredibly sneaky, as Darpinian has seen in her therapy practice more often in recent years. And just as important, parents can approach questions about bodies, food and exercise in a way that builds connection and trust. Oona Hanson is a parent coach in private practice and a family mentor at Equip, an eating disorder treatment program.

Persons: don’t, Signe Darpinian, Wendy Sterling, Shelley Aggarwal, ”, Darpinian, ” Darpinian, she’s, Sterling, aren’t, they’re, influencers, MoMo, Aggarwal, —, ” Aggarwal, “, Oona Hanson Organizations: CNN, San Francisco Bay Area Locations: don’t, San Francisco Bay, Menlo Park , California, Northern California

☆ You're wrong Zuck — the metaverse really is just sitting alone on a couch
▼ + stars: | 2023-06-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg says Apple's new headset will make everyone lonelier. But even Meta's headset is, in the end, someone sitting alone on a couch too. As he pushes Meta's efforts to build out this alternative internet, naturally he's been keeping an eye on Apple's $3,500 Vision Pro goggles. That the Vision Pro is an isolating device isn't wrong. But where he's misguided is thinking Meta's vision is any better.

Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Alex Heath, it's, you'll, Apple, Jefferies, we're Organizations: Menlo, Apple

☆ Opinion | Is Masculinity in Crisis?
▼ + stars: | 2023-06-10 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “The Right Is All Wrong About Masculinity,” by David French (column, May 29):Today’s men, Mr. French writes, “are in desperate need of virtuous purpose,” and he’s spot on about what’s wrong. No, we should not discourage masculinity defined by a willingness to fight or even die for what is right, to show strength, purpose and idealism. This drive is a virtue, to be sure, but it needs to be informed by critical thinking, literacy, facts and compassion rather than meanness, blind self-righteousness, incivility and dehumanization. Tim MaxwellMenlo Park, Calif.To the Editor:Men don’t come with a surgeon general’s warning: Being a man may be hazardous to your health. But it is nonetheless true — far too many men lead lives of quiet desperation.

Persons: David French, “, Josh Hawley, Tim Maxwell Menlo Locations: Florida, Calif

☆ EU's Breton demands Meta act against online content targeting children
▼ + stars: | 2023-06-08 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 8 (Reuters) - EU industry chief Thierry Breton will meet Meta Platforms (META.O) Chief Executive Mark Zuckerberg on June 23 and demand that he act immediately to tackle content targeting children, as Meta's voluntary child protection code seemed not to be working. Social media platforms such as Meta's Instagram, ByteDance's TikTok, Snap's (SNAP.N) Snapchat and Alphabet's (GOOGL.O) YouTube have stirred concerns among regulators and users over content targeted at young children. "#Meta’s voluntary code on child protection seems not to work," Breton said in a Twitter post. Breton said Meta would also have to demonstrate the measures it plans to take to comply with European Union online content rules known as the Digital Services Act (DSA) after Aug. 25 or face heavy sanctions. The DSA bans certain types of targeted advertisements on online platforms such as those meant for children or when they use special categories of personal data, such as ethnicity, political views and sexual orientation.

Persons: Thierry Breton, Mark Zuckerberg, ByteDance's, Breton, Meta, Foo Yun Chee, Mark Heinrich Our Organizations: Meta, YouTube, EU, Reuters, Meta's, European Union, Digital Services, DSA, Thomson Locations: BRUSSELS, Menlo Park, California

☆ Meta CEO Mark Zuckerberg touts to employees 'incredible breakthroughs' the company has seen in A.I.
▼ + stars: | 2023-06-08 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Meta CEO Mark Zuckerberg wants his workforce to know the company is in the middle of the artificial intelligence race. During a meeting with employees Thursday in the Hacker Square pavilion at Meta's Menlo Park headquarters, Zuckerberg discussed Meta's AI efforts, a spokesperson confirmed. Meta said it's giving employees access to several internal generative AI tools to help develop prototypes, and the company is hosting a hackathon for workers to show off their AI projects. Meta executives told employees the company is still committed to releasing AI research to the open-source community. Last week, Meta told employees they will need to work at the company's offices three days a week, starting in September.

Persons: Mark Zuckerberg, Zuckerberg, we've, Axios, hasn't, Meta, Richard Blumenthal, Josh Hawley Organizations: Menlo, CNBC, Meta, Microsoft, Google Locations: Sens, R

☆ How 'the dress' broke the internet — and pushed Facebook to force everyone into their own filter bubble
▼ + stars: | 2023-05-25 | by ( Ben Smith | ) www.businessinsider.com time to read: +8 min

In 2015, a BuzzFeed staffer posted a picture of a dress with the caption, "What color is this dress?" The following is an excerpt from "Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral" by Ben Smith. Jonah saw it differently. From TRAFFIC: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral by Ben Smith. Copyright © Ben Smith, 2023.

☆ Meta fined a record $1.3 billion over EU user data transfers to the U.S.
▼ + stars: | 2023-05-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Meta has been fined a record 1.2 billion euro ($1.3 billion) by European privacy regulators over the transfer of EU user data to the U.S. Several mechanisms to legally transfer personal data between the U.S. and the EU have been contested. The latest such iteration, Privacy Shield, was struck down by the European Court of Justice, the EU's top court, in 2020. Meta used a mechanism called standard contractual clauses to transfer personal data in and out of the EU. Ireland's Data Protection Commission also told Meta to "suspend any future transfer of personal data to the US within the period of five months" from the decision.

☆ AI startup cloud deals by Microsoft, Google and Amazon ring 'accounting alarm bells' across Silicon Valley over revenue 'round-tripping'
▼ + stars: | 2023-05-19 | by ( Eugene Kim | Stephanie Palazzolo | ) www.businessinsider.com time to read: +10 min

Some investors question whether these arrangements are artificially juicing cloud revenue growth. When Microsoft announced a multibillion-dollar investment in OpenAI earlier this year, the deal made Azure the ChatGPT-maker's "exclusive cloud provider." There's another deal in the works with similar attributes involving Runway AI and a major cloud company. But they are drawing more scrutiny lately because they could artificially inflate cloud revenue, a key driver of growth for Microsoft, Google, and Amazon, according to Ted Mortonson, managing director of financial-services firm Baird. Is OpenAI a regular cloud customer that is getting no investment money from Microsoft?

☆ Meta spins out customer service startup Kustomer amid 'year of efficiency'
▼ + stars: | 2023-05-16 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Visitors take photos in front of the Meta (Facebook) sign at its headquarters in Menlo Park, California, on December 29, 2022. Meta has spun out the enterprise startup Kustomer, which it bought in 2020 for roughly $1 billion. Kustomer announced the spin-out in a blog post published Monday, pitching the deal as the startup's "next chapter as an independent company." Kustomer's original investors, which include Battery Ventures, Boldstart Ventures and Redpoint Ventures, have invested an additional $60 million into the startup, which now has a reported valuation of $250 million. Meta CEO Mark Zuckerberg has described 2023 as the company's "year of efficiency" and plans to lay off roughly 21,000 workers by early summer.

☆ Robinhood beats revenue estimates as rate hikes bolster interest income
▼ + stars: | 2023-05-10 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Robinhood Markets Inc (HOOD.O) blew past Wall Street estimates for first-quarter revenue on Wednesday, as the U.S. Federal Reserve's rapid rate hikes boosted the online brokerage's interest income. Net interest revenue came in at $208 million in the first quarter ended March 31, compared with $55 million a year earlier. Meanwhile, monthly active users decreased to 11.8 million, compared with 15.9 million a year earlier. Transaction-based revenue declined 5% in the reported quarter to $207 million from last year. The Menlo Park, California-based company reported revenue of $441 million, compared with $299 million a year earlier.

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