Meet Axios’ New Owners: Old-Money Atlanta Billionaires Hungry for the Next Big ThingRead More

Photo by Bloomberg
The Briefing

More Tech Earnings and the ‘Duh’ Economy

Photo: Photo by Bloomberg

The high-flying pandemic darlings have crashed back to earth (Netflix, Zoom, Shopify). It seems only right that the companies hit worst by the pandemic should start to show signs of life again. 

And indeed, that’s what happened today. Uber’s ride business grew 55%. That’s wonderful news because it turns out the driver side of the business is far more profitable than the food-delivery side, which only rose 7%. Yes, stock in the onetime tech darling is still trading far below its initial public offering levels, but Uber isn’t dead. Far from it. The company turned cash flow positive for the first time! That didn’t look like a given in the depths of the pandemic, when revenue was cratering by double digits.

Meanwhile, Airbnb said today that in the second quarter its revenue rose 58% to $2.1 billion. Investors were rooting for more, so shares traded lower after hours. But any way you slice it, Airbnb has been in full recovery mode as well. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Man v. Machine AI
Can Creatives Survive the Future War Against Dall-e 2?
Illustration by Clark Miller
Earlier this year, Karen X. Cheng, a video director in San Francisco, was commissioned by a client to make an augmented reality dress for special events. The idea was to “hide” an animation of a beating heart within the dress, which an Instagram filter would reveal whenever a phone camera was pointed at the wearer’s chest. Cheng, who specializes in creating videos using...
Latest Briefs
 
Peloton Announces Job Cuts, Store Closures and Price Hikes
South Korea’s Mirae Asset Management Led $250 million SpaceX Investment
Founder of Crypto Exchange Houbi in Talks to Sell Stake for $1 Billion
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Art by Josh Brill
Exclusive Asia Startups
TikTok’s $4 Billion Advertising Machine Is Messy Behind the Scenes
Two years ago, social media sensation TikTok came up with a slogan to prod brands to be more authentic in their advertisements on the app: “Don’t Make Ads.
Viral Patel, global head of technology investing for Blackstone Credit. Art by Clark Miller.
Exclusive Venture Capital Startups
Blackstone Plans to Back Tech Startups in $2 Billion–Plus Lending Push
Private equity giant Blackstone is gearing up to make its first major push into lending to startups and technology companies—joining a corner of the debt market that’s quickly heating up.
Photo by Alaska Air Group.
Facebook
For Meta’s Next CFO Susan Li, Metaverse Dreams Mean Real-World Challenges
When Meta Platforms reported its first-ever quarterly revenue decline last month, the Facebook parent company also made a key promotion with little fanfare: 36-year-old finance executive Susan Li would become chief financial officer in the fall, replacing longtime CFO Dave Wehner, who held the role for eight years and would transition to a strategy role.
Enterprise Power List Venture Capital Enterprise
Introducing The Information’s Enterprise Tech Power List
The biggest battle in tech is happening where most consumers can’t see it: the cloud. And a new cast of executives and investors are increasingly calling the shots—making decisions about the future of the battle with trillions of dollars at stake.
Art by Clark Miller.
Venture Capital Startups
Venture Capital’s Limited Partners Warn of Fundraising Slowdown
The era of easy money could be over for venture capital firms. Although VC fundraising has so far matched last year’s brisk pace, limited partners—the people and institutions that invest in VC funds—say a slowdown is afoot.
Data Point Amazon Markets
Why Amazon Is Giving Employees Record Amounts of Stock, Even as It Trims Head Count
At a moment when Amazon’s overall workforce is shrinking, the company is awarding stock to employees at a record-breaking clip to keep top talent from heading for the exits.