Revolut to Halt U.S. Crypto Services Due to Regulatory Climate
The decision only affects 1% of the company’s crypto customers and crypto services will still be available to users outside of the U.S.
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Recent Editions
Cash App Drives Block Revenue Growth
Block benefited from increasing adoption of its Cash App debit card and quick deposit service.
Fintech VC Firm Ribbit Capital Raises $800 Million Fund
Ribbit Capital, the Silicon Valley venture capital firm behind Brex and the Robinhood, has raised $800 million for its tenth fund.
Discord Lays Off 4% of Workforce
The cuts were concentrated within the company’s marketing, talent and public policy teams.
Coinbase Narrows Loss After Cost Cutting
Trading revenue at the crypto exchange fell by half, but interest income increased.
Apple Sales Fall While Profit Rises on Services Shift
The company’s services business has profit margins double that from its hardware products.
Amazon Operating Income Jumps
Amazon managed to keep costs under control in its retail and subscriptions businesses in North America.
Cloud Startup CoreWeave Raises $2.3 Billion in Debt
The company aims to compete with larger cloud providers, such as Amazon Web Services.
Meta’s Ray-Ban Glasses Fall Flat With Customers
Internal data reportedly shows that less than 10% of purchased devices are actively used.
Warner Bros. Discovery Loses Streaming Subscribers, TV Ad Revenue
Warner Bros. Discovery lost 1.8 million direct-to-consumer subscribers in the second quarter as TV ad revenue plummeted 13%.
Robinhood Posts First Quarterly Profit
Robinhood earned a GAAP profit of $25 million during the second quarter.
SoftBank-Backed Storage Startup Sells After Runway Dwindles
The company was last valued at a reported $600 million in 2019.
Brookfield and Sequoia Heritage Launch Fund to Scoop Up Cheap Startups
Pinegrove Capital Partners will be led by Brian Laibow, a former credit investor at Oaktree Capital Management
Stripe Hires Former Google Cloud CFO as Finance Chief
The move should relieve Stripe co-founder John Collison of his temporary CFO dutie.
DoorDash Shares Jump on More Bullish Outlook
The food delivery app reported a 33% increase in revenue and raised its full marketplace volume forecast.
Shopify Says Profitability to Improve After Ditching Logistics Unit
The e-commerce software maker said revenue growth may slow slightly due to logistics sale.
Hopin Sells Virtual Events Business, CEO Steps Down
Hopin, which emerged as one of the highest-flying venture-backed collaboration startups during the pandemic, is making major changes.
Arm Aims for $60 Billion Valuation in September IPO
Arm's listing will be the most important test for the stagant market for public offerings.
AWS Says 40,000 Customers Use Homegrown Graviton Chips
The cloud provider has not previously disclosed how many customers use its in-house server chips.
Amazon Looks to Revamp Lagging Grocery Business
Amazon is deemphasizing its Just Walk Out system, which still requires a large number of humans behind the scenes who manually review camera footage.
Weekday mornings
The Information AM by The Information Staff
Start your morning with the important global tech news of the day, covered by The Information team across five time zones.
By providing your email, you agree to The Information’s Privacy Policy