The Information

Art by Mike Sullivan.

Apple Devising Software to Help Anyone Build AR Apps, to Drive Headset Sales

By Wayne Ma · Jan 27, 2023 7:27am PST · 1 comment

Apple is developing software to make it easy for users of its upcoming mixed-reality headset to build their own augmented reality apps, according to four people who have worked on the headset. With the software tools, Apple hopes that even people who don’t know computer code could tell the headset, via the Siri voice assistant, to build an... Apple is developing software to make it easy for users of its upcoming mixed-reality headset to...

Art by Mike Sullivan.

What Went Wrong at Wyre, the Crypto Payments Startup That Went From $1.5 Billion Deal to Last-Ditch Rescue

By Aidan Ryan · Jan 27, 2023 6:00am PST · 2 comments

In early May, crypto startup Wyre rented out three houses in Arizona for an offsite for its product and engineering teams. Executives arranged a tour of the Grand Canyon nearby and rented all-terrain vehicles to ride around the area, one person who attended told The Information. There was good reason to celebrate: Weeks before, checkout startup... In early May, crypto startup Wyre rented out three houses in Arizona for an offsite for its...

Stripe's revenue growth fell sharply last year. Photo via Bloomberg.

Stripe’s Revenue Growth Slid Last Year as Firm Burned Through Cash

By Cory Weinberg · Jan 26, 2023 3:40pm PST · 3 comments

Stripe’s revenue growth fell sharply last year and the firm was unprofitable, factors the payments giant will need to navigate while planning to either go public or raise money privately in the next year. The company’s gross revenue—the amount of sales it pulls in before paying out a significant chunk to credit card... Stripe’s revenue growth fell sharply last year and the firm was unprofitable, factors...

Photo via Getty Images

Another Software Shakeup: Confluent Chief Revenue Officer Departs

By Kevin McLaughlin · Jan 26, 2023 11:39am PST · 8 comments

Photo via Getty Images

Another Software Shakeup: Confluent Chief Revenue Officer Departs

By Kevin McLaughlin · Jan 26, 2023 11:39am PST · 8 comments

As software gets harder to sell, top sales leaders are increasingly getting replaced. Larry Shurtz, chief revenue officer at data analytics firm Confluent, is leaving about 18 months after joining from Salesforce, according to a person with direct knowledge. His departure follows similar removals of sales leaders at major enterprise software... As software gets harder to sell, top sales leaders are increasingly getting replaced. Larry...

Patrick Collison, CEO of Stripe. Photo by Bloomberg.

Stripe Plans to Go Public in Next Year or Make a Deal to Resolve Employee Stock Squeeze

By Cory Weinberg, Becky Peterson and Jessica E. Lessin · Jan 26, 2023 8:05am PST · 1 comment

Stripe plans to either go public or make a deal that will allow employees to sell stock within the next year, the company told employees and investors Thursday, moves that would be aimed at easing a looming stock crunch for some veteran employees. The company is considering both a direct listing and a private-market transaction that would give... Stripe plans to either go public or make a deal that will allow employees to sell stock within...

Photo by Bloomberg.

Microsoft Readies Service to Let Cloud Customers Pool Data Safely

By Kevin McLaughlin · Jan 26, 2023 6:00am PST · 6 comments

As Microsoft weaves more artificial intelligence into its Azure cloud services and applications, it is also working on security and privacy software to assure customers their information doesn’t fall into the wrong hands when stored on cloud servers shared by multiple customers. As part of this goal, Microsoft is developing an Azure cloud... As Microsoft weaves more artificial intelligence into its Azure cloud services and applications,...

Photo via Shutterstock.

Microsoft Plans Security Features, Wider Release for Its OpenAI-Powered Coding Tool

By Aaron Holmes · Jan 25, 2023 6:00am PST

ChatGPT has generated headlines and hype since its release last year, with its humanlike responses to written prompts. But the business impact of the technology behind the chatbot may first emerge in a different arena: software development. In 2021, Microsoft-owned GitHub, a popular repository for open-source programs, and OpenAI, creator of the... ChatGPT has generated headlines and hype since its release last year, with its humanlike...

CEO Maju Kuruvilla. Photo: Getty Images

Bolt CEO Cuts Staff a Third Time as Revenue Lags

By Erin Woo · Jan 24, 2023 4:23pm PST · 3 comments

CEO Maju Kuruvilla. Photo: Getty Images

Bolt CEO Cuts Staff a Third Time as Revenue Lags

By Erin Woo · Jan 24, 2023 4:23pm PST · 3 comments

Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell short of its goals, laid off around 10% of employees on Tuesday, or at least 50 people, according to two people with direct knowledge. In total, the company, which previously raised $1 billion from investors, has cut more than half of its headcount... Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell...

Patreon CEO Jack Conte. Art by Mike Sullivan

At Patreon, Mismanagement Thwarts a Pandemic-Era Star

By Paris Martineau · Jan 24, 2023 6:00am PST · 3 comments

Two years ago, Jack Conte seemed to have pulled off one of the most remarkable makeovers in recent Silicon Valley memory. A musician and popular YouTuber, Conte had found his rhythm as an entrepreneur through Patreon, the startup he co-founded to help creators like himself find fans willing to support them financially. The number of creators... Two years ago, Jack Conte seemed to have pulled off one of the most remarkable makeovers in...

The back windshield of a Waymo Chrysler Pacifica robotaxi prototype. Photo by Bloomberg

Alphabet’s Waymo Robotaxi Subsidiary Cuts Staff, Including Trucking Engineers

By Jon Victor · Jan 23, 2023 10:41pm PST · 2 comments

Alphabet’s self-driving vehicle unit Waymo quietly laid off staff Monday, continuing a wave of job cuts at the parent company of Google, according to LinkedIn posts from affected employees and one person briefed about the move. The posts indicated that Waymo cut recruiters, people who help train other employees to operate... Alphabet’s self-driving vehicle unit Waymo quietly laid off staff Monday, continuing a wave...

Photo by Bloomberg

TikTok Warns Remote Employees They Risk Losing Jobs

By Kaya Yurieff · Jan 23, 2023 3:26pm PST · 5 comments

TikTok is cracking down on remote work, telling some U.S. workers they could lose their jobs unless they show they have already moved near their assigned offices. Last week, TikTok informed some employees over its internal software, Lark, that they may face disciplinary action—including job termination—because their home address... TikTok is cracking down on remote work, telling some U.S. workers they could lose their jobs...

Sumo Logic CEO Ramin Sayar. Photo by Bloomberg.

Thoma Bravo, Vista Approach Sumo Logic About a Possible Buyout

By Maria Heeter and Aaron Holmes · Jan 23, 2023 11:50am PST

Sumo Logic CEO Ramin Sayar. Photo by Bloomberg.

Thoma Bravo, Vista Approach Sumo Logic About a Possible Buyout

By Maria Heeter and Aaron Holmes · Jan 23, 2023 11:50am PST

Private equity firms including Thoma Bravo, Vista Equity Partners and Francisco Partners have approached data analytics software company Sumo Logic expressing interest in a possible acquisition, according to a person familiar with the matter. This adds Sumo to the current list of possible enterprise software buyout targets. Thoma Bravo and Vista... Private equity firms including Thoma Bravo, Vista Equity Partners and Francisco Partners have...

Photo by Bloomberg.

Gemini is Laying Off More Staff, Citing ‘Bad Actors’ in Crypto Industry

By Aidan Ryan · Jan 23, 2023 9:08am PST

Gemini, the crypto startup whose customers have been caught up in the Genesis bankruptcy, is laying off 10% of staff, according to an internal message viewed by The Information. It’s at least the third round of cuts at Gemini in the past eight months. Gemini President Cameron Winklevoss informed staff, known internally as... Gemini, the crypto startup whose customers have been caught up in the Genesis bankruptcy, is...

Microsoft CEO Satya Nadella. Photo by Bloomberg

How Microsoft’s Stumbles Led to Its OpenAI Alliance

By Kevin McLaughlin and Aaron Holmes · Jan 23, 2023 6:00am PST · 4 comments

For more than a decade, Microsoft Research, the company’s in-house research group, has touted artificial intelligence breakthroughs such as translating speech to text and software that could understand human language or recognize objects in images. But the company’s effort to commercialize its AI research moved at more of a crawl,... For more than a decade, Microsoft Research, the company’s in-house research group, has...

Google's headquarters in Mountain View, Calif. Photo by Bloomberg

Google Laid Off High Performers and Earners While Largely Sparing ‘Brain’ AI Lab

By Amir Efrati and Jon Victor · Jan 20, 2023 2:20pm PST · 3 comments

Google's move to lay off 6.4% of staff on Friday didn’t come as a shock to most employees, but it stunned some of the individuals who were cut. Laid-off employees included those who had previously received high performance reviews or held managerial positions with annual compensation packages of $500,000 to $1 million, according... Google's move to lay off 6.4% of staff on Friday didn’t come as a shock to most...

Neil Shen. Photo by Bloomberg.

Sequoia Capital China Chief Leaves Beijing’s Top Political Advisory Body

By Shai Oster and Juro Osawa · Jan 20, 2023 4:06am PST · 4 comments

Neil Shen. Photo by Bloomberg.

Sequoia Capital China Chief Leaves Beijing’s Top Political Advisory Body

By Shai Oster and Juro Osawa · Jan 20, 2023 4:06am PST · 4 comments

Neil Shen, the head of Sequoia Capital’s hugely successful Chinese arm, is no longer a member of Beijing’s top political advisory body, raising questions about his relationship with the Chinese government. His absence comes at a time when Sequoia Capital China is navigating a sensitive environment amid growing geopolitical tensions... Neil Shen, the head of Sequoia Capital’s hugely successful Chinese arm, is no longer a...

A woman walks by the New York City Twitter office on January 12, 2023. Photo via Getty Images.

Musk’s Twitter Saw Revenue Drop 35% in Q4, Sharply Below Projections

By Erin Woo · Jan 18, 2023 9:49am PST · 3 comments

Twitter’s fourth quarter revenue fell about 35% year over year to $1.025 billion, a top ad executive revealed at a staff meeting Wednesday, the most detailed sign yet of how much revenue has fallen. That was 72% of Twitter’s internal goal for the quarter, according to a slide showed to employees. The executive, Twitter’s... Twitter’s fourth quarter revenue fell about 35% year over year to $1.025 billion, a top ad...

Photo by Getty Images.

Meta Pressures Average-Rated Employees to Up Their Game

By Sylvia Varnham O'Regan and Lauren Tara LaCapra · Jan 18, 2023 6:00am PST · 1 comment

At Meta Platforms, meeting expectations no longer meets expectations. Company leaders have told some managers that employees who receive a “meets all expectations” grade in their performance review have to up their game, said a current manager. In the past, employees receiving such a grade were told that was a positive sign. The new... At Meta Platforms, meeting expectations no longer meets expectations. Company leaders have told...

Photo by Bloomberg.

Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have Left

By Erin Woo · Jan 17, 2023 10:20pm PST · 1 comment

A senior Twitter manager told employees that the company’s daily revenue on Tuesday was 40% lower than the same day a year ago, underscoring the crisis facing its core ads business, according to a person with direct knowledge. In a staff meeting on Tuesday, Siddharth Rao, an engineering manager overseeing the engineers working on... A senior Twitter manager told employees that the company’s daily revenue on Tuesday was 40%...

Apple CEO Tim Cook in 2018. Photo by Bloomberg

Apple Working on Cheaper Mixed-Reality Headset to Reach More Consumers

By Wayne Ma · Jan 17, 2023 6:10pm PST · 2 comments

Apple CEO Tim Cook in 2018. Photo by Bloomberg

Apple Working on Cheaper Mixed-Reality Headset to Reach More Consumers

By Wayne Ma · Jan 17, 2023 6:10pm PST · 2 comments

Apple’s first mixed-reality headset, which it has discussed pricing at around $3,000, could test the limits of how much Apple fans are willing to spend on one of its devices. But the company’s engineers are already at work on a more affordable version of the headset to reach more consumers, according to three people familiar with the... Apple’s first mixed-reality headset, which it has discussed pricing at around $3,000, could...