Snap Planning 20% Layoff
The social media firm plans to begin laying off around 20% of its employees on Wednesday as its shares have plummeted more than 75% this year.
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CrowdStrike Revenue Rises 58% as Security Giants Largely Escape Broader Slowdown
CrowdStrike and its rival Palo Alto Networks continue to be big cash machines.
DataRobot Shakeup Continues as Four Board Members Depart
The board members are departing a month after CEO Dan Wright stepped down amid controversy over stock sales last year.
Shopping App Nate Making Fresh Round of Job Cuts
The startup is also slashing its marketing spend and reducing contracts with outside engineering talent.
Amazon Backer Madrona Adds Managing Director, Plans Palo Alto Office
Madrona Venture Group has hired Karan Mehandru from New York-based hedge fund Steadfast Capital Management.
Gopuff Seeks $300 Million Credit Line
Delivery startup is seeking fresh cash as initial public offering plans remain on ice.
Elon Musk Cites Fraud in Second Termination Notice to Twitter
Twitter whistleblower allegations are a breach of contract according to Musk’s lawyers.
China Losing its Appeal to Western Companies Despite Profits
More than half of the U.S. firms responding to a survey cited China’s strict Covid policy as a reason to halt or delay investments.
Rubio Criticizes U.S. Approval of Chip Deal by Firm With Ties to China
The U.S. government recently approved the acquisition of a U.S.-based chip intellectual property developer by a firm that has ties to China.
YouTube’s Chief Business Officer Kyncl Steps Down
Mary Ellen Coe, a longtime Google ads executive, will take his place.
Microsoft Eases Licensing Rules in Europe, Keeps Other Restrictions
Microsoft, in an apparent bid to avoid legal challenges in Europe, is loosening its software licensing rules for some partners and customers but not for others.
Garry Tan Named Y Combinator President and CEO
Tan replaces Geoff Ralston, who's led the Silicon Valley accelerator since 2019.
Chinese Discount Shopping App Pinduoduo’s Revenue Beats Estimates
Strong demand for Pinduoduo suggests that China's consumers are becoming even more price conscious amid a looming economic crisis.
China Shuts World’s Largest Wholesale Electronics Market to Stem Covid
Authorities have closed Huaqiangbei, a sprawling market selling everything from microchips to components for headphones, until Sept. 2, heralding more trouble for global supply chains.
Chinese Chip Maker SMIC to Spend $7.5 Billion on New Factory
The move comes as the U.S. and China are both ramping up their efforts to beef up their domestic semiconductor industries.
Meta Settles Cambridge Analytica Lawsuit From Users
Meta still has to contend with a lawsuit from the Washington, D.C., Attorney General's Office.
SpaceX and T-Mobile Partner on Global Cell Service
The plan to end "dead zones" is set to launch in beta in late 2023.
Chinese Food Delivery Giant Meituan’s Revenue Growth Beats Forecasts
Amid China's economic slowdown, Meituan is showing more resilience than other tech giants such as Alibaba and Tencent.
China and U.S. Close to Deal Allowing SEC Inspection of NY-Listed Chinese Firms
Under the deal being discussed which would end a years-long impasse, U.S. SEC staff would fly to Hong Kong to inspect the audit working papers of Chinese companies.
IRobot Discloses Saga Behind Amazon Acquisition
The $1.7 billion bid Amazon announced last month to buy iRobot, the company behind the Roomba vacuum, was not Amazon's first attempt to acquire the company.
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.
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