The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Image: Gopuff

Gopuff Revenue Triples, but Growing Competition to Test Expansion

By Cory Weinberg · Apr 26, 2021 9:01am PDT · 1 comment

Online delivery service Gopuff more than tripled revenue last year to $340 million as the pandemic sent demand for deliveries soaring, according to a person familiar with the matter and an internal presentation viewed by The Information. Gopuff has told employees it expects to nearly triple revenue again this year to about $1 billion, as it... Online delivery service Gopuff more than tripled revenue last year to $340 million as the...

Stripe's offices in San Francisco, left, and a Lyft drivers' lounge in Oakland, Calif. Photos: Bloomberg

Stripe and Lyft Speed Up Equity Payouts to First Year

By Sylvia Varnham O'Regan and Sarah Krouse · Apr 26, 2021 6:01am PDT · 12 comments

Lyft and Stripe have changed their compensation packages so employees vest their entire stock awards in one year, doing away with a long-standing Silicon Valley custom of requiring staff to stick around for four years before they have their full compensation in hand. Stripe, an electronic payments startup that could go public as soon as this... Lyft and Stripe have changed their compensation packages so employees vest their entire stock...

Why We Need Female Networking

By Jessica E. Lessin · Apr 24, 2021 7:47am PDT · 8 comments

When I reflect on what it has been like to be a female founder, I feel very fortunate. I haven’t raised money so I haven’t faced bias from investors. I feel very well respected by our business partners and my team. I only once had to storm out of an interview because the person interviewing me implied that my husband actually ran The... When I reflect on what it has been like to be a female founder, I feel very fortunate. I...

Apple CEO Tim Cook seen at a virtual product launch last year. Photo by Bloomberg.

The Briefing: Next Week’s Tech Earnings Parade

By Martin Peers · Apr 23, 2021 5:31pm PDT

Apple CEO Tim Cook seen at a virtual product launch last year. Photo by Bloomberg.

The Briefing: Next Week’s Tech Earnings Parade

By Martin Peers · Apr 23, 2021 5:31pm PDT

Get ready. All five of the big tech companies—Alphabet, Apple, Amazon, Facebook and Microsoft—are reporting earnings next week. And just to keep us on our toes, Twitter and Pinterest are releasing their results as well. Of all the companies, the one that probably deserves the most attention is Apple. It’s easy to overlook a... Get ready. All five of the big tech companies—Alphabet, Apple, Amazon, Facebook and...

The Andreessen Effect — The Information’s 411

By Cory Weinberg · Apr 23, 2021 12:17pm PDT

Cory talks to Kate Clark about what her recent reporting on Andreessen Horowitz tells us about the firm’s history and its strategy to win deals. Then, Kevin McLaughlin discusses his story looking at why high-profile artificial intelligence startup DataRobot ousted its CEO. Cory talks to Kate Clark about what her recent reporting on Andreessen Horowitz tells us about...

Average Tech IPO First Day Pops Drop by a Third Since March

By Berber Jin · Apr 23, 2021 9:02am PDT · 4 comments

If it seems like the stock market has cooled a little on new offerings, that’s because it has. Since March, the share price of tech companies going public in an initial public offering have risen an average of 41% on the first day of trading, down from an average first-day pop of 59% in January and February, according to data from... If it seems like the stock market has cooled a little on new offerings, that’s because it...

Slack employees at the company's New York office. Photo provided by Slack

Slack’s Investigation Into Executive Highlights Diversity Challenges

By Kevin McLaughlin · Apr 23, 2021 6:00am PDT · 5 comments

Earlier this week, Slack revealed that underrepresented minorities have begun leaving the company at higher rates than in the past, disclosing the trend as part of a broader report about the diversity of its workforce. It’s a particularly sensitive issue for Slack’s CEO, Stewart Butterfield, who has long been a vocal proponent of... Earlier this week, Slack revealed that underrepresented minorities have begun leaving the company...

Snap CEO Evan Spiegel. Photo by Bloomberg.

The Briefing: Snap’s (Mostly) Great Quarter

By Martin Peers · Apr 22, 2021 5:30pm PDT

Snap CEO Evan Spiegel. Photo by Bloomberg.

The Briefing: Snap’s (Mostly) Great Quarter

By Martin Peers · Apr 22, 2021 5:30pm PDT

If Snap’s earnings today are any guide, the digital advertising sector had a booming first quarter. Snap continued a streak of robust results by reporting 66% higher revenue and, for the first time, generating real cash. The top line increase, which was better than Snap had projected, marked the third quarter in a row where Snap’s... If Snap’s earnings today are any guide, the digital advertising sector had a booming first...

A screenshot from Lone Echo 2. Image from Ready at Dawn/Oculus Studios

TI Reality Check: A Subdued Oculus Gaming Showcase

By Mathew Olson · Apr 22, 2021 11:02am PDT

As any videogames journalist will tell you, Nintendo puts on some of the most high-energy events in the games business, jamming them with new product announcements and attracting millions of views to streamed versions of the nearly hour-long events. While its rivals often try to mimic the spirit of the Nintendo events, with varying degrees of... As any videogames journalist will tell you, Nintendo puts on some of the most high-energy events...

Tim Cook, left, and Tim Sweeney. Photos by Bloomberg; Getty Images

Why Apple Has the Edge in Epic Antitrust Trial

By Josh Sisco · Apr 22, 2021 6:00am PDT · 1 comment

In 11 days, Epic Games will square off against Apple in an Oakland, Calif., courtroom in a trial over whether the iPhone maker violated U.S. antitrust law by forcing the videogame app developer to pay certain fees. A win by Epic would reshape the world’s most valuable company and carve a path for competitors and governments to challenge... In 11 days, Epic Games will square off against Apple in an Oakland, Calif., courtroom in a trial...

Sen. Amy Klobuchar at today's hearing. Photo by Bloomberg

The Briefing: Tile’s Powerful Strike Against Apple

By Martin Peers · Apr 21, 2021 5:02pm PDT · 1 comment

Congressional hearings involving tech executives have lately been dull affairs, with politicians ranting on one side and tech CEOs offering bland assurances on the other. But Wednesday’s Senate hearing into app stores was a different matter. In the testimonies of Tile general counsel Kirsten Daru and Spotify global affairs chief Horacio... Congressional hearings involving tech executives have lately been dull affairs, with politicians...

Rapyd's office in Mountain View, Calif. Photo: AP

Fintech Startup Rapyd Doubles Valuation Again to Over $5 Billion

By Kate Clark · Apr 21, 2021 4:23pm PDT

Rapyd's office in Mountain View, Calif. Photo: AP

Fintech Startup Rapyd Doubles Valuation Again to Over $5 Billion

By Kate Clark · Apr 21, 2021 4:23pm PDT

Rapyd, a startup whose technology helps businesses embed financial services into their own apps, is raising money in a round that would double its valuation to more than $5 billion, just four months after unveiling its last fundraising, according to two people familiar with the deal. Existing investors including European venture firm Target... Rapyd, a startup whose technology helps businesses embed financial services into their own apps,...

Partner Roundtable

Shift to Consumption-Based Cloud Models Create New Challenges

By The Information Staff · Apr 21, 2021 11:07am PDT

On April 7th, The Information hosted a roundtable discussion with business leaders to discuss the shift to a consumption-based cloud pricing model. The event and conversation, sponsored by PwC, was confidential. We want to share with our subscribers several key themes business leaders are facing in the fluctuating cloud consumption model at... On April 7th, The Information hosted a roundtable discussion with business leaders to discuss the...

Apple's Raja Bose discusses Apple's M1 chip at the company's spring event on Tuesday. Screenshot via Apple.com

TI Reality Check: Apple’s M1 Chip Meets AR

By Mathew Olson · Apr 21, 2021 11:01am PDT · 2 comments

Apple is conserving its energy. Yesterday’s product event—the company’s first in 2021—was of special interest to podcasters and folks who pine for those old colorful iMac G3s. It didn’t really come across as a look at Apple’s future, though, save for one possible exception. M1, Apple’s proprietary chip... Apple is conserving its energy. Yesterday’s product event—the company’s first...

DataRobot founder and former CEO Jeremy Achin in a screengrab from a company promotional video via YouTube

Conflict Over IPO, Sales Led to CEO Ouster at DataRobot

By Kevin McLaughlin · Apr 21, 2021 6:01am PDT · 2 comments

Jeremy Achin had had enough of the questions about an initial public offering. Late last year, Achin—then the CEO of DataRobot, a nine-year-old artificial intelligence startup valued at nearly $3 billion by blue-chip investors—presided over a virtual company meeting in which he responded pointedly to employee questions about when... Jeremy Achin had had enough of the questions about an initial public offering. Late last year,...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

The Briefing: Netflix’s Growth Hits a Wall

By Martin Peers · Apr 20, 2021 5:31pm PDT

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

The Briefing: Netflix’s Growth Hits a Wall

By Martin Peers · Apr 20, 2021 5:31pm PDT

Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming giant dropped 10% in after-hours trading after the company reported a sharp slowdown in subscriber growth in the first quarter, and projected negligible growth for the second quarter. The news likely confirmed investor worries about increased... Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming...

Joseph Jerome of Common Sense Media.

TI Reality Check: VR’s Overlooked Privacy Problems

By Mathew Olson · Apr 20, 2021 11:00am PDT · 1 comment

Tech companies and government regulators around the world are battling over how consumers’ personal information should be protected on the internet. But often overlooked in these debates are the privacy issues that accompany virtual and augmented reality technology. As we move to more sophisticated VR headsets and, eventually, to all-day... Tech companies and government regulators around the world are battling over how consumers’...

Illustration by Mike Sullivan

‘Truly extraordinary’: Unicorn Startups Boast 300X Valuations

By Kate Clark · Apr 20, 2021 6:00am PDT · 3 comments

Orca Security’s March funding round made the two-year-old software startup a unicorn—and gave it an unusual claim to fame. With approximately $4 million in annualized revenue when it briefed investors early this year, the cybersecurity company’s $1.2 billion valuation translated to 300 times that revenue, according to two... Orca Security’s March funding round made the two-year-old software startup a...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Briefing: Facebook Goes All In on Audio

By Martin Peers · Apr 19, 2021 5:32pm PDT · 1 comment

It’s doubtful there has been this much excitement about audio since the first radio broadcast. On Sunday Clubhouse confirmed our scoop from Friday about its latest $4 billion valuation fundraising. And today Facebook unveiled its new line of audio products, some of which offer Clubhouse-like features while others allow people to record... It’s doubtful there has been this much excitement about audio since the first radio...

A rendering of a surgeon using a VR headset. Image: Vicarious Surgical

TI Reality Check: A Questionable Quest Move

By Mathew Olson · Apr 19, 2021 12:01pm PDT

A rendering of a surgeon using a VR headset. Image: Vicarious Surgical

TI Reality Check: A Questionable Quest Move

By Mathew Olson · Apr 19, 2021 12:01pm PDT

Last week, Facebook announced the first exclusive game for the Oculus Quest 2. Later this year, Oculus will co-publish a VR version of Resident Evil 4. While many fans are excited to experience the game’s story in virtual reality, the decision to keep the game off the original Quest headset is going to rankle some users. While the Quest 2... Last week, Facebook announced the first exclusive game for the Oculus Quest 2. Later this year,...