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☆ Twilio lays off 5% of employees in unit activists want to divest
▼ + stars: | 2023-12-04 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Jeff Lawson, chief executive officer of Twilio Inc., during the Singapore FinTech Festival in Singapore, on Friday, Nov. 17, 2023. Software provider Twilio said Monday it would lay off roughly 5% of its workforce citing underachievement in the growth of a unit that activist investors have targeted. The cuts will strike deepest in Twilio's Data and Applications unit, the same unit activist investors at Legion Partners and Anson Funds are pushing Twilio CEO Jeff Lawson to divest. Lawson said in his letter that Twilio will also change how it sells its Flex digital engagement product. Anson and Legion have pushed Twilio to sell the Data & Applications unit, if not the whole company.

Persons: Jeff Lawson, Twilio, Anson, Legion, Lawson, hasn't Organizations: Twilio Inc, Singapore FinTech Festival, underachievement, Legion Partners, Anson Funds, CNBC, Securities, Exchange Commission, Communications, Legion Locations: Singapore

OpenAI's tender offer, which would allow employees to sell shares in the start-up to outside investors, remains on track despite the leadership tumult and board shuffle, two people familiar with the matter told CNBC. The round and previously reported valuation were jeopardized by Sam Altman's temporary ouster earlier in November, but his return cleared the way for the tender offer to proceed. The extension of the tender offer comes after a rollercoaster couple of weeks for the company. OpenAI's other major backers include Founders Fund, Sequoia Capital and, following the completion of the tender offer, Thrive Capital. Founders Fund will not participate in the tender offer either, a person familiar with the firm said.

Persons: Sam Altman, Josh Kushner's, Sam Altman's, Altman, Satya Nadella, Greg Brockman, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Nadella, — CNBC's Ari Levy, Jordan Novet, Elon Musk Organizations: Economic Cooperation, APEC, CNBC, Microsoft, Employees, Brockman's, Tiger Global, Fund, Sequoia Capital, Bloomberg Locations: Asia, San Francisco , California, OpenAI

☆ Okta hackers stole data on all customer support users, company says
▼ + stars: | 2023-11-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Hackers who compromised Okta's customer support system stole data from all of the cybersecurity firm's customer support users, Okta said in a letter to clients Tuesday, a far greater incursion than the company initially believed. An Okta spokesperson told CNBC that customers in government or Department of Defense environments were not impacted by the breach. It also makes Okta a high-profile target for hackers, who can exploit vulnerabilities or misconfigurations to gain access to a slew of other targets. Bloomberg first reported on the letter to Okta customers. Okta first disclosed earlier this month that its customer support system had been hacked but said at the time that around 130 customers were impacted by the breach.

Persons: Okta Organizations: CNBC, Department of Defense, MGM, Caesars, Bloomberg

☆ Nvidia CEO: U.S. chipmakers at least a decade away from China supply chain independence
▼ + stars: | 2023-11-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Jensen Huang, CEO of NVIDIA, arrives for the Inaugural AI Insight Forum in Russell Building on Capitol Hill, on Wednesday, September 13, 2023. (Tom Williams/CQ-Roll Call, Inc via Getty Images)U.S. chipmakers are at least a decade away from "supply chain independence" from China, Nvidia CEO Jensen Huang told CNBC's Andrew Ross Sorkin. "But total independence of supply chain is not a real practical thing for a decade or two." "The most critical technology that we build, the leading edge of it is not made available to China," Huang told Sorkin. Nvidia is still a decade ahead of those companies, Huang said in specific reference to sanctioned Chinese manufacturer Huawei.

Persons: Jensen Huang, Tom Williams, CNBC's Andrew Ross Sorkin, Huang, Biden, Sorkin Organizations: NVIDIA, Inc, Getty Images, Nvidia, New York Times, DealBook Conference, Huawei Locations: China, U.S

☆ Activist fund Anson takes Twilio stake, urges board to sell
▼ + stars: | 2023-11-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Anson Funds has built a stake in Twilio and sent a letter to the enterprise software company's board pushing for the sale of the entire business, a person familiar with the matter told CNBC. The letter to the board urges Twilio to either sell itself or at a minimum, divest its data and applications business, the person familiar said. "Twilio regularly engages with shareholders and appreciates constructive input that furthers our goal of creating sustainable long-term value," a Twilio spokesperson told CNBC in a statement. The continued activist attention caps off a challenging year for Twilio, which makes software that helps businesses engage with their customers. In March, Silver Lake and CPP Investments announced a deal to take survey software company Qualtrics private in a $12.5 billion deal.

Persons: Jeff Lawson, Anson, Twilio, Sagar Gupta, Gupta Organizations: Twilio Inc, New York Stock Exchange, CNBC, Legion Partners, The, Twilio, Communications, Tech, Investments, IBM, Cisco, CNBC PRO Locations: New York, Twilio, Silver

☆ Apple iPhone maker Foxconn to invest $1.5 billion in India as it looks to build beyond China
▼ + stars: | 2023-11-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Foxconn Technology will invest more than $1.5 billion in an Indian construction project to fulfill the Apple supplier's "operational needs," the company announced in Taiwanese security filings Monday. Foxconn is a major Apple supplier and has significant operations in mainland China. Those lockdowns, alongside general geopolitical tumult, have prompted Apple suppliers such as Foxconn to reassess their concentrated presence in China. Foxconn has already announced multiple projects inside India, including a $600 million project in Karnataka state and a $500 million factory in Telangana state.

Persons: Foxconn Organizations: Stars Mobile India, Foxconn Technology, Apple, Technology, Technology India Mega Development Locations: Tamil Nadu, India, Technology India, Maharashtra, China, Karnataka, Telangana

Jack Guez | Afp | Getty ImagesAfter a weekend of crisis and tumult, Sam Altman has returned as the CEO of OpenAI. Nathan Laine | Bloomberg | Getty ImagesBret Taylor, board chair Bret Taylor is currently a board member at the e-commerce platform Shopify . It isn't clear if Taylor's involvement with his own AI startup will cease with his appointment to lead OpenAI's board. OpenAI's board fired Altman Friday after determining he was "not consistently candid in his communications," but its members never elaborated further. Jack Guez | AFP | Getty ImagesIlya Sutskever Ilya Sutskever co-founded OpenAI and serves as its chief scientist.

Persons: Sam Altman, Ilya Sutskever, Jack Guez, Altman, There's, Satya Nadella, Nadella, Here's, Bret Taylor, Nathan Laine, He's, Elon, Taylor, Salesforce, Larry Summers, David A, CNBC Larry Summers Larry Summers, Clinton, Summers, Jack Dorsey, Adam D'Angelo Adam D'Angelo, D'Angelo, Helen Toner, CSET, Vox, Jerod Harris, Helen Toner Helen Toner, Toner, Tasha McCauley, Carlton Laguna Nigel, Tasha McCauley Tasha McCauley, Joseph Gordon, Levitt, McCauley, Ilya Sutskever Ilya Sutskever, Sutskever, Greg Brockman, Brockman, Brockman's, Sven Hoppe Organizations: Tel Aviv University, Afp, Getty, Microsoft, CNBC, Sequoia, Tiger Global, Salesforce, Viva Technology Conference, Bloomberg, Google, Economic, Grogan, Harvard University, Obama, Economic Council, Twitter, Meta, Facebook, The Ritz, Carlton, Georgetown University's Center for Security, Emerging Technology, Philanthropy, Business Development, Ritz, Rand Corporation, GeoSim Systems, AFP, University of Toronto, Stanford, Technical University of Munich Locations: Tel Aviv, Paris, Davos, Switzerland, Washington, Laguna Niguel, Dana Point , California, Russian Israeli, Canadian

Sam Altman will return as CEO of OpenAI, the startup said early Wednesday morning on X, formerly known as Twitter. The move follows immense pressure from employees and investors on the board that ousted him less than a week ago. Former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers will join OpenAI's board, the Microsoft-backed startup said, with Taylor holding the chair position. Adam D'Angelo, co-founder and CEO of question-and-answer startup Quora, will remain on the board. That followed an announcement late Sunday that OpenAI had hired ex-Twitch CEO Emmett Shear as Altman's interim replacement.

Persons: Sam Altman, Salesforce, Bret Taylor, Larry Summers, Taylor, Adam D'Angelo, OpenAI, Ilya Sutskever, Altman, Satya Nadella, Greg Brockman, Emmett Shear, Mira Murati, msft, Nadella, Sam, Greg, OAI Organizations: OpenAI, Twitter, Microsoft, Tiger, Sequoia Capital Locations: openai

☆ Hundreds of OpenAI employees threaten to follow Altman to Microsoft unless board resigns, reports say
▼ + stars: | 2023-11-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Hundreds of OpenAI employees, including co-founder and board member Ilya Sutskever, have signed a letter demanding that either OpenAI's remaining board members resign or those OpenAI employees will join Sam Altman's new venture at Microsoft , reports said. Five hundred and five OpenAI employees have signed the letter, Kara Swisher reported, representing the overwhelming majority of OpenAI's headcount. Multiple OpenAI employees voiced their support on social media as well. Altman was forced out Friday by OpenAI's board, including Sutskever, which cited unspecified issues with his communications. Microsoft CEO Satya Nadella on Sunday announced that Altman and fellow OpenAI co-founder Greg Brockman would join the company in a new, largely independent venture.

Persons: Sam Altman, Ilya Sutskever, Sam Altman's, Kara Swisher, Mira Murati, Brad Lightcap, Murati, Twitch, Emmett Shear, Sutskever, Altman, OpenAI's, Altman's, Satya Nadella, OpenAI, Greg Brockman, OpenAI wasn't, — CNBC's Jordan Novet, Hayden Field Organizations: OpenAI, Tech, Microsoft, Wired, CNBC, Sunday Locations: Laguna Beach , California, Sequoia, OpenAI

☆ Former OpenAI CEO Sam Altman returns to headquarters for talks following his abrupt ouster
▼ + stars: | 2023-11-19 | by ( Hayden Field | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI participates in the "Charting the Path Forward: The Future of Artificial Intelligence" at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 16, 2023. Sam Altman, the recently ousted CEO of OpenAI, arrived as a guest Sunday at the headquarters of the company he founded. Altman posted a photo of himself on X, formerly Twitter, wearing an OpenAI visitor badge, writing, "first and last time i ever wear one of these." Jason Kwon, OpenAI's chief strategy officer, also posted a photo of Sam with the badge. Microsoft , Sequoia Capital, Tiger Global and venture firm Thrive Capital are part of an effort to reinstate Altman or have been in discussions with him, sources familiar told CNBC.

Persons: Sam Altman, Altman, Jason Kwon, Sam, Brad Lightcap, Lightcap, Greg Brockman, — CNBC's Rohan Goswami, Jordan Novet Organizations: Economic Cooperation, APEC, OpenAI, Microsoft, Sequoia Capital, Tiger Global, CNBC Locations: Asia, San Francisco , California

OpenAI investors are pushing to bring back Sam Altman as CEO one day after he was ousted by the board, according to people familiar with the matter. Sequoia Capital has also been in contact with Altman, a person familiar with knowledge of the matter told CNBC. Sequoia also informed Microsoft that it would back efforts to bring back Altman and Brockman, the person said. The Verge first reported on the talks to bring back Altman. In addition to ousting Altman, the company removed Brockman, the chairman, from his board leadership position but said he would remain as president.

Persons: Sam Altman, Altman, Greg Brockman, it's, Sequoia, Brockman, Altman didn't, Mira Murati Organizations: Microsoft, Tiger Global, Sequoia Capital, CNBC, Sequoia Locations: Silicon Valley, OpenAI

☆ OpenAI's unique corporate structure left Sam Altman vulnerable. Now he's out
▼ + stars: | 2023-11-18 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Leah Millis | ReutersOpenAI's unusual company structure weakened Sam Altman's position as CEO and left him open to surprise on Friday when he was quickly ousted from the company. But Altman and co-founder Greg Brockman, who also left OpenAI Friday, didn't have the power that Kalanick had. "I have no equity in OpenAI," Altman said in a May Senate hearing on A.I. OpenAI's capped profit structureThe easiest way to think of OpenAI's structure is to picture a waterfall. Limited returnsOpenAI added its capped profit OpenAI Global subsidiary in 2019.

Persons: Sam Altman, OpenAI, Chuck Schumer, Leah Millis, Sam Altman's, Travis Kalanick, Altman, Greg Brockman, didn't, Kalanick, John Kennedy's, Kennedy, – Organizations: Intelligence, Senate, U.S, Capitol, Reuters, OpenAI, Microsoft, OpenAI Inc, Global Locations: Washington , U.S, OpenAI

☆ City to Pay Record $17.5 Million Settlement After Wrongful Conviction
▼ + stars: | 2023-11-16 | by ( Hurubie Meko | ) www.nytimes.com time to read: +1 min

A man exonerated after spending over two decades in prison for murders in Queens that he did not commit will receive a $17.5 million settlement from New York City, an apparent record, according to his lawyer and city data. Mr. Bell was sentenced in 1999 to life in prison without parole. In 2021, a judge threw out the three men’s convictions and admonished prosecutors for withholding evidence that could have cast doubt on their guilt. The judge also found that prosecutors had made false statements at trial. “These three defendants were undoubtedly wronged by the district attorney’s office’s misconduct,” the judge, Joseph A. Zayas of the Appellate Division of State Supreme Court, wrote in his decision.

Persons: George Bell, Gary Johnson, Rohan Bolt, Bell, Joseph A . Zayas Organizations: Division Locations: Queens, New York City, East Elmhurst

☆ Confessions of a startup founder's wife
▼ + stars: | 2023-11-15 | by ( Melia Russell | ) www.businessinsider.com time to read: +20 min

I wished I had told Kyle that I would understand if he wanted to quit. That's as apt a description of Kyle's startup as it is of our relationship. I'm not sure Kyle has found as many perks to being a startup founder married to a startup reporter. Now Kyle's startup has pivoted a third time. The truth is, I don't know if Kyle's startup will make it.

Persons: Kyle, Kyle shrugged, pang, I'd, hadn't, Scott Belsky, It's, messier, I've, he'd, Jillian, Chris Dixon, Andreessen Horowitz, Jeff Bezos, MacKenzie Scott, Schulze, TikTok, Josh Cochran, Marc Andreessen, I'm, He'd, Eric Paley, Steve Jobs, —, Playbyte, he's, Rohan Seth, Paul Davison, Steve Huffman, hasn't, Instagram, it's, Zelda, That's, cradling, Melia Russell Organizations: Apple Watch, Steam, Francisco's Mission, University of California, TechCrunch, White House, YouTube, Labor Locations: Champagne, Francisco's, Berkeley, San Francisco, New York, America, Playbyte, Kyle, Boston, Bay, sobs

(Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)Alphabet CEO Sundar Pichai on Tuesday confirmed that Google pays Apple 36% of Safari search revenue, under the terms of a default search agreement that is core to the Justice Department's antitrust claims. Pichai was testifying in a separate lawsuit filed against Google by Epic Games, the maker of Fortnite. The Epic attorney then alleged that Google pays Samsung, Android's largest hardware partner, less than half of what it pays to Apple. Google's TAC costs include all of Google's payments to companies like Apple and Samsung to place its search engine in front of users. Apple, Google and Samsung did not immediately respond to CNBC's request for comment on Pichai's testimony.

Persons: Sundar Pichai, Mandel NGAN, MANDEL NGAN, Pichai, Google's, Kevin Murphy, Murphy, Connolly, John Schmidtlein, Leswing Organizations: Artificial Intelligence, Getty, Google, Apple, Epic Games, Washington , D.C, Samsung, Google's TAC, University of Chicago, Williams, Department, D.C Locations: Washington ,, AFP, Virginia, Washington

☆ Apple gets 36% of Google search revenue from Safari, Alphabet witness says
▼ + stars: | 2023-11-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Google pays Apple more than a third of its search advertising revenue from Safari under the terms of the two companies' search default agreement, an Alphabet witness said in open court Monday amid a protracted antitrust battle between Google and the Department of Justice. The 36% figure, which was not previously known to the public, is one of the clearest indications of how lucrative Google's search deal has been for both Apple and the search engine company. The search default agreement is a major focus of the proceedings. Bernstein analyst Toni Sacconaghi has estimated in a note to clients that Apple would see $19 billion in 2023 revenue as a result of the search engine default deal with Google. "Everybody talks about the open web, but there really is the Google web," he said on the stand.

Persons: Kevin Murphy, Department's, John Schmidtlein, Murphy, Amit Mehta, Bernstein, Toni Sacconaghi, Apple, Sundar Pichai, Satya Nadella, Nadella, Microsoft's Bing Organizations: Google, Apple, Safari, Department of Justice, University of Chicago, Williams, Connolly, Bloomberg News, Microsoft

☆ Salesforce appoints longtime executive Denise Dresser as Slack CEO
▼ + stars: | 2023-11-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Longtime Salesforce executive Denise Dresser has been appointed CEO of Slack, Salesforce co-founder and chief executive Marc Benioff announced Monday. Dresser becomes the third CEO of the Salesforce unit since it was acquired by Salesforce in 2020. She has been a Salesforce executive for more than 12 years, according to her company biography and LinkedIn profile, most recently as president of accelerated industries. Dresser will take the top job at Slack after its most recent CEO, Lidiane Jones, accepted the chief executive role at dating app Bumble earlier this month. Most notably, Slack founder Stewart Butterfield and Salesforce co-CEO Bret Taylor departed in the span of two weeks in December 2022.

Persons: Technology Denise Holland Dresser, Casey Hurbis, Shilpa Sharma, Denise Dresser, Slack, Salesforce, Marc Benioff, Dresser, Lidiane Jones, Jones, Bumble, Whitney Wolfe, Benioff, Denise, Arthur Andersen, Stewart Butterfield, Bret Taylor, Butterfield, — CNBC's Ari Levy, Jordan Novet Organizations: Communications, Media, Technology, Rocket, Boston Consulting, Salesforce, CNBC, University of Massachusetts Amherst, Oracle, Big Locations: Beverly Hills , California, Salesforce

Moody's is the last of the three major rating agencies to maintain a top rating for the U.S. government. Fitch changed its rating from triple-A to AA+ in August, joining S&P which has had an AA+ rating since 2011. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The sharp rise in Treasury yields "has increased pre-existing pressure on US debt affordability," Moody's said. “Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits," hardline Republican Representative Andy Harris said on X, formerly known as Twitter.

Persons: Shannon Stapleton, Joe Biden's, Fitch, Moody's, Karine Jean, Pierre, Moody’s, Wally Adeyemo, Adeyemo, Biden, Quincy Krosby, Donald Trump, Mike Johnson, “ Moody’s, Andy Harris, ”, Richard Rohan Francis, Davide Barbuscia, Andrea Shalal, David Morgan, Caroline Valetkevitch, Ira Iosebashvili, Megan Davies, Shilpi Majumdar, Shounak Dasgupta, David Gregorio, Chris Reese Organizations: REUTERS, . House, U.S ., Aaa, White, Republican, States ’ AAA, Treasury, Reserve, LPL, New York Times, Republicans, Democratic, Thomson Locations: New York City, U.S, WASHINGTON, American, Siena, Nevada , Georgia, Arizona , Michigan, Pennsylvania, Trump, Wisconsin

☆ A blistering bull run is underway in the market for uranium
▼ + stars: | 2023-11-09 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

Uranium and shares in companies that mine it have enjoyed a scorching rally on soaring demand. Nuclear energy is back in fashion as more reactors are planned amid a shift away from fossil fuels. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A blistering bull run is underway in the market for uranium, the radioactive element used to produce nuclear energy. The widening demand-supply gap will continue to drive uranium prices higher, according to John Ciampaglia, CEO of Sprott Asset Management, which specializes in precious metals and real assets.

Persons: —, John Ciampaglia, Ciampaglia, Rohan Reddy Organizations: Service, Uranium Miners, Crux, Sprott Asset Management, CNBC, Global Locations: China, India, Russia, Japan

☆ Take-Two stock up ahead of earnings on anticipation for GTA 6 announcement
▼ + stars: | 2023-11-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The current release of the game, "Grand Theft Auto V," is the second best-selling game of all time by units sold after Microsoft -subsidiary Mojang's Minecraft. Rockstar's franchises, which include Grand Theft Auto but also Red Dead Redemption, have helped fuel Take-Two's share price growth and $23.16 billion market cap. Investors and consumers alike have long awaited the release of the next Grand Theft Auto game. In August, when the company reported its fiscal 2024 first-quarter earnings, total net bookings grew 20% year-over-year to $1.20 billion. Among the largest contributors, the company said in a release, were Grand Theft Auto Online and Grand Theft Auto V.Take-Two wasn't immediately available to add further comment.

Persons: Sam Houser, hasn't, It's, Strauss Zelnick Organizations: Interactive, Theft, Twitter, Rockstar Games, Bloomberg, Microsoft, Rockstar, Investors

☆ WeWork, once valued at $47 billion, files for bankruptcy
▼ + stars: | 2023-11-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The WeWork logo is displayed outside of a shared commercial office space building in Los Angeles, California on August 8, 2023. The bankruptcy filing is limited to WeWork's locations in the U.S. and Canada, the company said in a press release. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing. Valued in 2019 at $47 billion in a round led by Masayoshi Son's SoftBank, the company tried and failed to go public five years ago. The company leases millions of square feet of office space in 777 locations around the world, according to its regulatory filings.

Persons: WeWork, Patrick T, Fallon, PATRICK T, FALLON, David Tolley, Masayoshi Son's SoftBank, Adam Neumann, Neumann, Kirkland, Ellis, Cole Schotz, PJT, CNBC's Ari Levy Organizations: Securities and Exchange Commission, SEC, Getty, New York Stock Exchange, CNBC, PJT Partners, C Street Advisory Group, Alvarez, Marsal Locations: Los Angeles , California, AFP, New Jersey, U.S, Canada

☆ Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy
▼ + stars: | 2023-11-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

WeWork's dizzying rise and protracted fall into Chapter 11 bankruptcy protection Monday largely hinged on one man: Adam Neumann. By the time it filed for bankruptcy protection, WeWork was worth a mere $45 million. "As the co-founder of WeWork who spent a decade building the business with an amazing team of mission-driven people, the company's anticipated bankruptcy filing is disappointing," Neumann said in a statement to CNBC. In all, despite being removed from a management role years earlier, Neumann reportedly collected around $770 million in cash from the 2021 SPAC process alone. Neumann also still retained a stake in the company valued at around $722 million when WeWork debuted in 2021, Bloomberg reported.

Persons: Adam Neumann, WeWork, Neumann, who'd, outsized, SoftBank, it's, Andreesen Horowitz, there's Organizations: CNBC, Bloomberg Locations: WeWork, U.S

Shares of cloud monitoring software firm Datadog surged nearly 30% in Tuesday trading after the company reported stronger-than-expected third-quarter earnings and full-year guidance. The company reported quarterly revenue of $547.5 million, up 25% year-over-year, topping estimates. Datadog reported adjusted earnings per share of 45 cents, better than the 34 cents that analysts expected. Datadog stock fell significantly in August after it revised its guidance down, citing continued reduction in cloud spending by companies. Datadog builds cloud monitoring and security products that work with Amazon Web Services, Google Cloud, and Microsoft Azure.

Persons: Olivier Pomel, Datadog, Pomel Organizations: Datadog, LSEG, Amazon Web Services, Google, Microsoft, Nasdaq Locations: San Francisco, Snowflake

Political Cartoons View All 1234 ImagesHaley and Ramaswamy exemplify the diversity of views among Indian Americans. They both are out of sync with the broader community of Indian Americans, who overwhelmingly support Democrats. A recent survey by the Pew Research Center found that 68% of Indian American registered voters identified as Democrats and 29% identified as Republicans. But for most Indian Americans, issues stateside matter more, said Maina Chawla Singh, a scholar-in-residence at American University's School of International Service. He said Trump’s election in 2016 also motivated more progressive Indian Americans to get involved in local city council and school district races.

Persons: Nikki Haley, Vivek Ramaswamy, ” Haley, Ramaswamy, “, we’re, ”, Haley, Donald Trump, Milan Vaishnav, ” Vaishnav, Maina Chawla Singh, ” Sangay Mishra, Mishra, Barack Obama, America's, Kamala Harris, Rohan Pakianathan, Vivek, Pakianathan, ” Henry Olsen, Olsen, Holly Ramer Organizations: Republican Party, GOP, South Asia, Carnegie Endowment, International Peace, Trump, Ukraine, Pew Research Center, Indian American, Republican, American University's School of International Service, Indian, Drew University, Republicans, Rutgers University, Public Policy Center, Press, Lilly Endowment Inc, AP Locations: South Carolina, Russia, Ukraine, Indian, America, New Jersey, U.S, United States, India, Washington, Concord , New Hampshire

☆ Block shares surge after earnings beat and increased full-year guidance
▼ + stars: | 2023-11-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The company had previously guided to $1.5 billion in full-year adjusted EBITDA but now expects adjusted EBITDA to come in between $1.66 billion and $1.68 billion. Block is guiding to adjusted full-year operating income of $205 million to $225 million, a sharp increase from prior guidance of $25 million. Analysts surveyed by LSEG had expected full-year revenue guidance to come in at $21.54 billion. The company didn't provide full-year revenue guidance but did guide to $875 million in adjusted operating income for 2024. Cash App revenue soared $3.58 billion 34% year over year, while Square revenue grew 12% to $1.98 billion.

Persons: Jack Dorsey, LSEG, Block, Gross, we've, Dorsey Organizations: Twitter, Mana Convention, Cash Locations: Wynwood, Miami , Florida

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