Techmeme
February 3, 2022, 2:30 PM

Top News

Bloomberg:
Meta opens down 24%+, erasing $200B+ from its market cap, the biggest loss of market value in single day for a US company, after weak Q4 results and Q1 guidance  —  Facebook parent Meta Platforms Inc. is set to shed about $200 billion in market value, in what would be one of the biggest …
Stephanie Condon / ZDNet:
Meta CFO says Apple's ATT privacy changes will cost the company $10B in revenue during 2022 and that Google “faces a different set of restrictions from Apple”  —  Meanwhile, the company accused Apple of favoring Google over app-based platforms like Facebook with its privacy policies
Parmy Olson / Bloomberg:
Meta and Alphabet are the least diversified of the tech giants, relying on ads for 98% and 81% of revenue, respectively, a long-neglected vulnerability  —  Alphabet Inc. and Meta Platforms Inc., the world's biggest digital advertising platforms, once again raked in astonishing amounts of money in 2021.
Sam Byford / The Verge:
Nintendo reports 10.67M Switch sales in Q3, down 8% YoY, bringing lifetime Switch sales to 103.54M, overtaking the Wii's 101.63M in under five years  —  A good holiday quarter, but Nintendo cut its forecast  —  The Nintendo Switch had a relatively strong holiday quarter …
Washington Post:
Meta reports its first-ever sequential decline in global Facebook daily active users, falling from 1.930B to 1.929B QoQ  —  Facebook parent Meta's stock nosedives in after-hour trading as the company refocuses on the metaverse.  —  Facebook parent Meta's quarterly earnings report …
Ashley Carman / The Verge:
Audio: Daniel Ek says Spotify needs exclusives for leverage to land deals with Amazon, Google, and others, and he finds many things Rogan says “very offensive”  —  He says Spotify is a platform, not a publisher  —  Spotify CEO Daniel Ek addressed employees about the Joe Rogan controversy …
Los Angeles Times:
J. Clara Chan / The Hollywood Reporter:
Reuters:
Sources: Israeli surveillance company QuaDream used the zero-click ForcedEntry exploit to break into iPhones in 2021; ForcedEntry was also used by NSO Group  —  A flaw in Apple's software exploited by Israeli surveillance firm NSO Group to break into iPhones in 2021 was simultaneously abused …
Joe Rossignol / MacRumors:
The US Senate Judiciary Committee approves the Open App Markets Act, which would allow app sideloading and let developers use their own in-app payment systems  —  The U.S. Senate Judiciary Committee today approved the bipartisan Open App Markets Act, an antitrust bill that would allow …
Catalin Cimpanu / The Record:
Blockchain bridge Wormhole confirms a hacker stole $322M worth of ETH and moves its site into maintenance mode; Wormhole is offering a $10M “bug bounty”  —  A threat actor has abused a vulnerability in the Wormhole cryptocurrency platform to steal an estimated $322 million worth of Ether currency.
Adi Robertson / The Verge:
GameStop plans to launch an NFT marketplace in 2022, built on the Ethereum-based Immutable X platform, and is creating an “up to $100M” fund for game developers  —  It hopes a $100 million fund will make developers use it  —  GameStop plans to launch its own marketplace for non-fungible tokens …
Richard Waters / Financial Times:
Interview with Satya Nadella on Microsoft's Activision Blizzard acquisition, preparing for the metaverse, the future of gaming and workplaces, and more  —  Please use the sharing tools found via the share button at the top or side of articles.  Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy.
Ax Sharma / BleepingComputer:
The Conti ransomware group hits major British snack producer KP Snacks, affecting the supply of Skips, Hula Hoops, McCoy's, and others to leading supermarkets  —  KP Snacks, a major producer of popular British snacks has been hit by the Conti ransomware group affecting distribution to leading supermarkets.
Brandy Betz / CoinDesk:
Tribal Credit, a B2B payments service used in 22 countries, raises a $60M Series B led by SoftBank Latin America Fund, bringing its total funding to $140M  —  Tribal Credit, a business-to-business payments and financing platform for emerging markets, has raised $60 million in a Series B funding round led …
More: The Block and Finextra
Meta:
Meta breaks out Facebook, Instagram, Messenger, and WhatsApp as Family of Apps, with Q4 revenue of $32.8B, up 20% YoY, and will adopt the META ticker in H1 2022  —  Meta Platforms, Inc. (Nasdaq: FB) today reported financial results for the quarter and full year ended December 31, 2021.
Lauren Feiner / CNBC:
Saritha Rai / Bloomberg:
Counterpoint: Apple shipped 2.3M iPhones in India in Q4, up 34% YoY; Xiaomi shipped 9.3M smartphones, up 2% YoY, and Samsung shipped 7.2M, down 8% YoY  —  Apple Inc. had its strongest quarter for iPhone sales in India yet, a sign the Cupertino, Calif.-based company is finally making progress …
Natasha Mascarenhas / TechCrunch:
Mos, a challenger bank for students, raises a $40M Series B led by Tiger Global at a $400M valuation, up from $50M in May 2020  —  ‘I wish I had to only convince 1,000 nerds, but we need to convince 20 million students.’  —  Human rights activist and Mos founder Amira Yahyaoui couldn't afford …
Dustin Volz / Wall Street Journal:
White House forms the Cyber Safety Review Board, loosely modeled on NTSB, to investigate major national cybersecurity failures, starting with the Log4j bug  —  The new panel is loosely modeled on the National Transportation Safety Board and will look into the recently discovered Log4j internet bug

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