Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
If you’d like to suggest topics, provide some feedback (much appreciated), update your email preferences (unsub 🥺), reply directly to this email.
If you'd like to listen instead of read .👇
Here’s whats happening:
- Maersk reports third-quarter earnings
- WhatsApp groups can now have up to 1024 participants
- Bakkt to acquire Apex Crypto for $200 million
- Apiiro, a cloud-native application security startup raises $100 million in funding
- Apple’s Tap-to-Pay integration coming to PayPal And Venmo
Airbnb Announces Third Quarter Results 📈
Home-sharing platform Airbnb reported its highest quarterly profits ever, indicating that the travel industry continues its pandemic recovery in the wake of rising inflation.
Here’s how the company did:
- Airbnb posted revenue of $2.9 billion, up 29% year-over-year, for its strongest quarter ever, beating analysts’ estimates of $2.8 billion.
- The company recorded nearly 100 million overnight stays and experience bookings, 25% more than in the same period last year.
- Free cash flow of $960 million increased more than 80% from a year ago.
- Adjusted EBITDA of $1.5 billion increased 32% compared to $1.1 billion from a year ago.
Statement from Airbnb Co-Founder and CEO Brian Chesky:
“The third quarter of 2022 demonstrates we continue to drive growth and profitability at scale. Guest demand on Airbnb remains strong, our Host community continues to grow, and this was our most profitable quarter ever.”
For its fourth quarter, Airbnb expects revenue between $1.80 billion and $1.88 billion during the holiday season, below the midpoint of $1.85 billion as expected by analysts.
Panasonic to Start Building an EV Battery Plant in Kansas 🏭
Panasonic will start building its $4 billion battery production facility in Kansas, United States, next month, four months after selecting the location of its electric vehicle (EV) battery plan.
- The lithium-ion battery manufacturing facility will expand Panasonic’s U.S. EV production capacity. Panasonic has so far shipped over six billion EV battery cells out of its current operation in Nevada, United States.
- The De Soto, Kansas facility will primarily supply EV batteries to Tesla, as the company is gearing up to start production of its Cybertruck at the end of next year.
- At this new location, Panasonic will focus on rapidly producing Tesla’s 2170 cylindrical lithium-ion batteries used in the company’s Model 3 and Model Y vehicles.
- The facility is expected to create up to 4,000 jobs.
The bigger picture:
Panasonic is increasing battery production as sales of electric vehicles continue to rise. It is one of several battery makers building massive factories in the United States to meet rising EV demand.
Union Bank of The Philippines Launches Crypto Trading 👨💻
The Union Bank of the Philippines has launched a pilot program to offer crypto trading services in Bitcoin and Ethereum.
- The Union Bank of the Philippines has partnered with Swiss cryptocurrency firm METACO to offer custody and trading services for select retail customers.
- The Union Bank has gone live on METACO’s Harmonize platform to offer crypto services for its clients after recently being granted a crypto license under the supervision of the Bangko Sentral ng Pilipinas (BSP).
Why it matters?
- The platform will enable UnionBank, which is one of the largest universal banks in the Philippines, to manage governance and operations for the pilot.
- The feature will also help it create a safe & compliant environment for millions of people in the country to custody & exchange cryptocurrencies, directly from their existing mobile banking app, without the need to open or manage separate wallet services.
Alation Raises $123 Million in Series E 💰
Alation, a startup developing enterprise data-cataloging technology, has raised $123 million in its Series E funding round.
The funding was led by Thoma Bravo, Sanabil Investments, and Costanoa Ventures, along with participation from Databricks Ventures.
Existing investors Dell Technologies Capital, Hewlett Packard Enterprise (HPE), Icon Ventures, Riverwood Capital, Salesforce Ventures, Queensland Investment Corporation, Sapphire Ventures, and Union Grove also participated in the round.
What will Alation do with the funding?
Alation will use the fresh capital toward investments in product development. In addition, the funding will be used to expand its sales, engineering, and marketing teams.
Founded in 2012, Alation is a leading company in enterprise data intelligence solutions, including data search & discovery, data governance, data stewardship, analytics, and digital transformation.
The company combines machine learning with human insight to tackle the most demanding data and metadata management challenges successfully.
Google Adds Lens Image Search on Its Home Page ➕
Google has added its Lens image search options right to its home page, allowing users to access the search engine giant’s advanced image recognition tool directly from the search box.
Once a user clicks on the Lens button, the search page will prompt them to upload an image or paste the URL of an image. After doing this, the user will see a Google Lens results page.
Success Story Podcast
If you like the content in this newsletter, I host a Top 10 Business podcast, (with over 20m downloads) “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
What did you think of today's email?
That’s a wrap for today, ladies & gents. See ya next week!
If you want more, be sure to follow our Twitter (@scottdclary)