10 Things in Tech: Earnings week woes
Hi there. Today we've got insight on why some Big Tech earnings fumbled, and a look at a really cute, really tiny car.
Let's dive in.
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Apple
1. Apple was a key reason tech companies had a terrible quarter. Apple's major privacy changes continue to squeeze Big Tech, as evidenced by the earnings posted this week from top firms like Google, Snap, and Meta.
- Snap CEO Evan Spiegel said the first quarter had been "more challenging than expected," and while Google was tipped to be more insulated from the changes than some of its competitors, even it couldn't escape the pain.
- Meanwhile, Meta posted the slowest revenue growth it has had since it went public in 2012 — signaling the impact Apple's ad-tracking changes have had on its advertising business.
- Meta had already blamed the privacy changes for a historically bad quarter earlier this year, and the company stands to lose $10 billion in 2022 as a result.
In other news:
Fabian Sommer/picture alliance via Getty Images
2. We outlined every weird detail in Elon Musk's $44 billion Twitter deal. The terms, meant to ensure both parties commit to the agreement, stipulates that Musk can't insult the company, among other things. Here are some of the terms and conditions.
3. Robinhood's founders were "visibly shaken" while announcing layoffs. Though the meeting was "solemn," employees said the layoffs were hardly a surprise, and that it was clear the company hired too many people in the wake of the GameStop trading mania. Inside the Robinhood layoffs.
4. Amazon will not be fined for the warehouse collapse that killed six. Though OSHA did identify some risks in the warehouse, which was struck by a tornado, Amazon won't be issued any citations. What we know so far.
5. An NFT influencer shares how he turned $3,500 into millions. Tyler Stockfield, the 28-year-old behind the @NFTsAnonymous Twitter handle, was a burnt-out car salesman before discovering NFTs. He breaks down his meteoric rise, and gives his best advice for new traders.
6. Apple has opened its self-service repair store. The store sells manuals and parts for you to fix your own iPhone, if that's something you want to do. More on DIY iPhone fixes.
7. Twitter could wreck Elon Musk's empire. The wealthiest man in the world is betting the future of his businesses on Twitter, but columnist Linette Lopez writes that the move could end up costing him — and his other companies, like Tesla — in the long run. Read her full analysis.
8. PayPal is closing its San Francisco offices. TechCrunch reported the office, which hosted its Xoom business unit, is shuttering as the company "evaluates its global office footprint." Get the full rundown here.
Odds and ends:
Tim Levin/Insider
9. Three wheels. One seat. So many smiles. Insider's transportation reporter test drove the Solo, ElectraMeccanica's single-passenger vehicle, and the $18,500 model drives competently, is more efficient than a typical car — and scores off the charts in smiles per mile. See the Solo minicar here.
10. PlayStation Plus will soon add a Netflix-style library of games and new features. In June, Sony will launch new tiered PlayStation Plus plans: Essential, Extra, and Premium. We explain each plan and what they include.
What we're watching today:
- Twitter, Apple, Amazon, and others are reporting earnings today. Keep up with earnings here.
- Netflix Is A Joke: The Festival starts today in Los Angeles.
- SpaceX's Crew-4 mission is set to arrive at the International Space Station.
- Activision Blizzard stockholders are scheduled to vote on a proposed merger with Microsoft.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Michael Cogley in London.
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