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Here’s whats happening:
- Meta’s Profits Continue to Decline
- Apple halts gambling ads on the app store
- Blockchain.com to issue Visa debit card
- Trigo secures funds to offer cashier-free store checkout
- Tesla faces criminal investigation over self-driving claims
Meta’s Profits Continue to Decline 📉
Meta’s revenue declined for a second consecutive quarter, and the company is forecasting another drop in the fourth quarter.
- Earnings per share (EPS): $1.64 vs. $1.89 expected
- Revenue: $27.71 billion vs. $27.38 billion expected
- Daily Active Users (DAUs): 1.98 billion vs. 1.98 billion expected
- Monthly Active Users (MAUs): 2.96 billion vs. 2.94 billion expected
- Average Revenue per User (ARPU): $9.41 vs. $9.83 expected
Why it matters?
The quarter’s poor results have again raised questions about whether Meta’s plan to spend $10 billion annually on the metaverse is practical.
Notably, some of the company’s investors are also worried that Meta is spending huge money and confusing users with its focus on the metaverse while it is hurt by a weak advertising business.
The bigger picture:
Meta has predicted weaker-than-expected revenue for the fourth quarter, further raising more concerns that the revenue decline is more of a trend than an abnormality.
Apple Halts Gambling Ads on The App Store 🚫
Apple has paused advertisements related to gambling and some other categories on App Store product pages after developers criticized it.
- Recently, Apple launched new ad placements on the App Store, which seemed more of an annoyance to the developers.
- Many app developers pointed out saying that ads for gambling started appearing in the “You Might Also Like” sections beneath their App Store listings, which is just one of the new places Apple has started sticking ads.
- While developers were disappointed with the tech giant for not releasing more ads in the first place, they became angry for doing so in a way that could leave the door open for such inappropriate advertising.
The tech giant has currently not specified for how long it will pause the ads or whether it would adjust its company’s guidelines for App Store advertising because of the current situation.
Blockchain.Com to Issue Visa Debit Card 💳
Crypto exchange platform Blockchain.com has partnered with Visa to offer a crypto card, which will allow users to pay using their crypto or cash balance at places where Visa debit cards are accepted.
- The debit card is powered by California-based payments company Marqeta and will initially be available to U.S. residents only.
- The card will allow users to spend their crypto or cash within their Blockchain.com Wallet and earn 1% back in crypto anywhere Visa debit cards are accepted.
- Blockchain.com Visa Card will offer no sign-up, card issuance, or annual fees.
What should you know?
- Currently, 50,000 people have already joined the waitlist, according to Blockchain.com.
- After rolling out the Visa debit card in the United States, the card will be rolled out to customers in more countries in the next year.
Trigo Secures Funds to Offer Cashier-Free Store Checkout 💰
Trigo, a computer vision startup building the infrastructure for autonomous retail stores and retail analytics, has raised $100 million in a private funding round.
The latest equity round was co-led by Temasek and 83North, along with participation from strategic investor SAP SE.
Existing investors Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, Viola, and supermarket giant REWE Group also participated in the funding round.
What will Trigo do with the funding?
Trigo will use the fresh capital to execute the significant deployment of stores and increase the size of stores supported to include full-sized urban supermarkets.
In addition, the capital will be used to expand into new geographies and further develop Trigo’s StoreOS offering.
Founded in 2018, Trigo provides grocery stores with technology for checkout and digitized operations.
The company’s advanced retail automation platform transforms existing supermarkets into fully autonomous digital stores, creating an entirely seamless checkout process.
Tesla Faces Criminal Investigation Over Self-Driving Claims ⚖
Tesla is facing a criminal investigation in the United States over claims that the company’s electric vehicles can drive themselves.
The US Department of Justice (DoJ) launched the previously undisclosed investigation last year following several crashes involving Tesla’s driver assistance system known as Autopilot, which was activated during the accidents.
As part of the latest probe, DOJ prosecutors are examining whether the company misled consumers, investors, and regulators by making unsupported claims about its driver assistance technology’s capabilities.
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