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:
- Lowe’s reports third-quarter revenue
- Amazon begins mass layoffs
- Genesis suspends withdrawals
- Yahaha, a no-code game-building platform raises $40 million
- Microsoft adds casual games to teams
Lowe’s Reports Third-Quarter Revenue 🔺️
Lowe’s Companies, Inc. reported third-quarter earnings that beat analysts’ expectations, with revenue up compared to the prior year.
- Total sales for the third quarter were $23.5 billion, compared to $22.9 billion in the third quarter of 2021, beating analysts’ expectations of $23.13 billion.
- Earnings per share (EPS) of $3.27, beating analysts’ expectations of $3.10.
- The company reported net earnings of $154 million in the third quarter.
- Comparable sales for the U.S. home improvement business increased by 3.0% in Q3.
- Inventories rose 19% year-over-year to $19.8 billion.
Lowe’s readjusted its full-year outlook, reflecting stronger-than-expected results in the third quarter.
The company raised its adjusted earnings forecast to range from $13.65 to $13.80 per share, up from the second quarter predictions of $13.10 to $13.60.
Lowe’s expects total sales to be between $97 billion and $98 billion, while the gross margin rate is expected to be slightly higher than the prior year.
Amazon Begins Mass Layoffs ✂️
Amazon has started cutting jobs across the company amid growing concerns about broader economic uncertainty.
- Amazon would reportedly cut about 10,000 jobs that would focus on the company’s devices organization, including the voice assistant Alexa, as well as at its retail division & in human resources.
- The job cuts would represent roughly 3% of Amazon’s corporate employees and less than 1% of its global workforce of nearly 1.6 million, primarily composed of hourly workers.
- The job cuts would mark the largest job cut ever undertaken by the company in its nearly 30-year history.
Statement from Dave Limp, Senior Vice President of Devices & Services:
“After a deep set of reviews, we recently decided to consolidate some teams and programs. One of the consequences of these decisions is that some roles will no longer be required.
“It pains me to have to deliver this news as we know we will lose talented Amazonians from the Devices & Services org as a result,” he added.
Genesis Suspends Withdrawals 🚨
Crypto investment bank Genesis Global Trading has temporarily suspended redemptions and new loan originations in the lending business.
- Genesis Global Capital, which serves an institutional client base, had $2.8 billion in total active loans as of the end of Q3 2022.
- The move will affect only the lending business, and Genesis’s spot & derivatives trading and custody businesses will remain fully operational.
- The decision from Genesis comes as the entire crypto industry is on edge following the unraveling of FTX crypto exchange and hedge fund Alameda Research, both of which filed for bankruptcy late last week.
Statement from Genesis:
“We have hired the best advisors in the industry to explore all possible options,” Genesis said. The firm added saying, that it would release a plan for the lending business next week. “We’re working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity.”
Yahaha, A No-Code Game Building Platform Raises $40 Million 💰
Yahaha, a no-code creation platform for 3D interactive content, has raised $40 million in its Series A+ funding round.
The funding round was co-led by Temasek and Alibaba, along with participation from Chinese developer and publisher 37 Interactive Entertainment.
What will Yahaha do with the funding?
Yahaha will use the fresh proceeds towards growing its product, community, workforce, and ecosystem.
Founded in 2020 by Chris Zhu, Pengfei Zhang, and Hao Min, Yahaha is an immersive, user-generated, low-code gaming platform that allows developers and players to build, publish, host, and operate 3D interactive multiplayer games.
The platform’s metaverse building tool aims to be comprehensible for users of all skill levels, allowing them to drag and drop their way around the custom-making of games, worlds, and social spaces.
Microsoft Adds Casual Games to Teams 🎮
Microsoft has added a collection of casual games to its Teams chat and calling service as the company wants users to spend more time in the app.
The software giant is adding Solitaire, Minesweeper, Wordament, and IceBreakers to Teams, allowing coworkers to play against each other during Teams meetings.
All four games are available in the Games for Work app in Microsoft Teams and can support from two to 250 players.
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)