Amazon Offers a New Payment Option to Customers 🎁
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s whats happening:
- Amazon offers a new payment option to customers
- Coca-Cola beats profit estimates for the third quarter
- Gen Z and millennials want crypto in retirement
- This European AI startup raised $27 million in funding
- WhatsApp back online after global outage
Amazon Offers a New Payment Option to Customers 🎁
E-commerce giant Amazon is rolling out a new feature that will allow customers to pay for items using their Venmo accounts.
- Amazon has rolled out the option to select shoppers, allowing them to make payments through Venmo on its platform.
- The e-commerce giant will roll out this feature for its U.S.-based users on its website and mobile app by Black Friday next month.
How to pay?
- To pay through Venmo, customers need to first add their accounts.
- During checkout on the platform, users need to choose “Select a payment method” and then “Add a Venmo account.”
- Upon selection, users will be redirected to the Venmo app, where they can complete the authentication.
- To make payment with Venmo on Amazon, shoppers can use Venmo balance, linked bank account, or eligible debit card and complete the transaction.
Coca-Cola Beats Profit Estimates For The Third Quarter 📈
Coca-Cola generated better-than-expected profits as the beverage giant got a boost from value-conscious products amid soaring inflation.
Here’s how the company did:
- Earnings per share (EPS): 69 cents adjusted vs. 64 cents expected
- Revenue: $11.05 billion adjusted vs. $10.52 billion expected
- Adjusted net sales rose 10% to $11.05 billion, topping expectations of $10.52 billion
- Organic revenue increased by 16%, fueled by higher prices across Coke’s portfolio.
Why does it matter?
Coca-Cola’s better-than-expected results have upped the company’s organic revenue growth of 14% to 15% for the full year.
The increased outlook for the year demonstrates that the beverage maker has maintained demand for its products with help from items like the Coca-Cola Value Bundle, which gives customers beverage options at more affordable prices.
Statement from Chief Financial Officer John Murphy:
“When you segment the population, there are certain groups that are going to be under more pressure than others. It’s an opportunity to offer them solutions at a price point that will be effective to them.”
Gen Z And Millennials Want Crypto in Retirement 🏖
According to a survey from the United States asset manager Charles Schwab, almost half of Gen-Z and millennials want cryptocurrency to become a part of their retirement plans.
- The asset manager surveyed 1,100 401(k) retirement plan participants aged between 21–70 for completion of the 10-minute survey conducted between April 4 and April 19, 2022.
- Survey participants needed to have worked for an organization with 25 or more employees and be current contributors to their company’s 401(k) plans.
- When asked what they would like to see added to their 401(k) retirement products, 46% of Gen Z and 45% of millennials replied, saying they wish they could invest in cryptocurrencies as part of their retirement planning.
- The results are in stark contrast to the surveyed boomers and Gen X, as only 11% of boomers and 31% of Gen X replied the same.
What does it mean?
When compared to others, Gen Z and millennials have more time to wait before they’re going to retire.
Hence, this may be another reason why crypto is more popular among younger investors’ retirement plans.
This European AI Startup Raised $27 Million in Funding 💰
Axelera, a startup developing an AI accelerator chip for edge computing devices, has raised $27 million in its Series A funding round.
The funding round was led by Innovation Industries, along with participation from Imec’s venture arm, Imex.xpand, and the Federal Holding and Investment Company of Belgium (SFPIM).
Additionally, the Netherland Enterprise Agency (RVO) awarded the startup $6.7 million in Innovation Credit (Innovatiekrediet), a special loan commissioned by the Ministry of Economic Affairs and Climate Policy.
What will Axelera AI do with the funding?
The fresh capital will support Axelera AI’s launch and mass production of its first-generation AI acceleration platform, powered by its disruptive in-memory computing and dataflow.
Founded in 2021, Axelera AI is developing a game-changing hardware and software platform for AI.
The company’s product will concentrate the AI computational power of an entire server into a single chip at a fraction of the power consumption and price of AI hardware today.
WhatsApp Back Online After Global Outage 🟢
Messaging platform WhatsApp suffered a global outage on October 25 as several users faced problems with sending and receiving messages.
The issue was first detected around 3 a.m. ET, according to Downdetector.com, which monitors outages across internet services.
The issues affected users globally, and normal service on WhatsApp was restored after nearly two hours.
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