Techmeme
October 26, 2022, 11:30 PM

Top News

Meta - Investor Relations:
Meta Q3: revenue down 4% YoY to $27.7B, net income down 52% YoY to $4.4B, family daily active people up 4% YoY to 2.93B, headcount up 28% YoY; stock drops 19%+  —  MENLO PARK, Calif. - October 26, 2022 - Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2022.
Nelson Wang / CoinDesk:
Meta reports Reality Labs had a $3.67B loss for Q3 2022 on $285M in revenue vs. $406M est. and says the unit's operating loss will grow “significantly” in 2023  —  Meta's revenues for the division came in at $285 million, down from $452 million in the second quarter.
Nick Statt / Protocol:
Edward Ludlow / Bloomberg:
Elon Musk changes his Twitter bio to Chief Twit and visits the company's San Francisco office; memo to employees: “you'll all hear directly from him on Friday”  —  Elon Musk made his presence felt at Twitter's San Francisco headquarters Wednesday, posting a video clip of himself walking …
Kirsten Korosec / TechCrunch:
Autonomous vehicle startup Argo AI, which raised $2.6B+, is shutting down; sources: parts of the company and some employees would be absorbed by Ford and VW  —  Argo AI, an autonomous vehicle startup that burst on the scene in 2017 stacked with a $1 billion investment, is shutting down …
Tom Warren / The Verge:
Microsoft says Xbox Game Pass is profitable and accounts for ~15% of Xbox's content and services revenue, after sharing PC Game Pass subscriptions rose 159% YoY  —  Microsoft Gaming CEO Phil Spencer has revealed that the company's Xbox Game Pass subscription service is already profitable.
Reuters:
Sources: the US DOJ launched a criminal probe into Tesla in 2021 that is still underway, following over a dozen crashes, some fatal, with Autopilot activated  —  Tesla Inc (TSLA.O) is under criminal investigation in the United States over claims that the company's electric vehicles can drive themselves …
Joe Rossignol / MacRumors:
Following complaints from prominent developers, Apple says it has “paused ads related to gambling and a few other categories on App Store product pages”  —  Apple today rolled out new ad placements in the App Store on the iPhone, allowing developers to advertise their apps in more places …
Wayne Ma / The Information:
Source: Apple is working on an iPad with a 16-inch screen, the largest iPad yet and in line with the company's largest laptop, and is planning a Q4 2023 release  —  Apple is developing its largest iPad yet, a model with a 16-inch screen that it hopes to release in the fourth quarter of next year …
Berber Jin / Wall Street Journal:
Sources: a16z's flagship crypto fund is down ~40% in H1 2022, above the 10%-20% losses at rival funds; a16z dramatically slowed its crypto investments in 2022  —  Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’  —  Crypto Crashed, Coinbase's Stock Followed: What Went Wrong
Reuters:
Canalys: China's Q3 smartphone shipments fell 11% YoY to 70M; Vivo, Oppo, and Honor fell 23%, 27%, and 16% respectively, Apple rose 36% on iPhone 14 Pro demand  —  Smartphone shipments in China fell 11% year-on-year in Q3 2022, with privately-owned Vivo taking the top spot, research firm Canalys reported on Thursday.
Source: Canalys
PYMNTS.com:
Finexio, which offers B2B accounts payable and procure-to-pay software, raised a $35M Series B led by JP Morgan at a $100M pre-money valuation  —  Payments-as-a-Service (PaaS) company Finexio has completed an oversubscribed $35 million Series B round as it aims to capture a growing desire for digital payment tools.
More: Finexio and FinSMEs

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