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Uber, losing billions, freezes engineering hires

Geekz Snow 2019-08-10

Uber is freezing hiring for software engineers and product managers across its US and Canadian workforce, the company acknowledged to Bloomberg on Friday.

The shift was reported by Yahoo earlier in the day.

The freeze does not apply to Uber's autonomous vehicle and freight shipping divisions.

The news comes a day after Uber reported second quarter operating losses of $5.4 billion—a new record for the company.

That figure exaggerates Uber's quarterly burn rate because it includes more than $4 billion in one-time charges related to Uber's initial public offering.

Still, excluding IPO-related charges still leaves around $1.2 billion in operating losses, worse than the $1 billion the firm lost in the first quarter.

WeWork's IPO filing will reportedly be revealed as soon as next week, giving us our best look yet at its business

Geekz Snow 2019-08-09

Coworking space startup WeWork could unveil its IPO filing as soon as next week, according to a Bloomberg report Friday.

The company confidentially filed to go public in April and was valued at $47 billion in its most recent private funding round in January and has raised $10 billion in funding since 2011.

The company's financials have come under scrutiny in the run-up to its public debut as it struggles to turn large real estate investments into a profitable business model.

Visit Business Insider's homepage for more stories.

The company, which is part of The We Company, confidentially filed to go public in April and was valued at $47 billion in its most recent private funding round in January.

The S-1 filing in question would give us our best look yet at the high-profile startup's business yet.

Trump: “We’re not going to do business with Huawei,” license system halted

Geekz Snow 2019-08-09

During a press conference on Friday, President Donald Trump declared that the United States will not be doing business with Huawei (YouTube link).

According to Bloomberg, Trump is also suspending the licensing system put in place to allow U.S. firms to work with Huawei.

“We’re not going to do business with Huawei,” Trump said during the conference.

“That doesn’t mean we won’t agree to something if and when we make a trade deal, but we’re not going to be doing business with Huawei.”

According to Bloomberg, around 50 different U.S. companies applied for licenses to work with Huawei during the government’s ban against it.

Commerce Secretary Wilbur Ross, whose department has vetted the applications, said that decisions on those licenses remain as “pending.”

Uber is about to report its second-quarter performance. The ride-hailing giant likely lost $5 billion in 3 months.

Geekz Snow 2019-08-08

Uber is set to report its second-quarter earnings after the closing bell Thursday.

Analysts expect the company to report a loss of $5 billion on $3 billion in revenues.

Those steep losses likely won't be a big detractor, so long as the company is still growing.

Here's what analysts are expecting.

Uber is set to report its second-quarter earnings on Thursday afternoon, and investors are bracing for yet another period of heavy losses from the ride-hailing giant.

Here's what analysts are expecting, according to a Bloomberg poll:

Facebook is already preparing to merge Instagram Direct with Messenger

Geekz Snow 2019-08-08

Instagram users will soon be able to chat with those of Facebook Messenger.

It has been several months since the announcement of the merger of the two applications with WhatsApp.

According to the Bloomberg website, Facebook is developing a new instant messaging module for Instagram that signals the end of its independence.

Towards the merger of Instagram and Facebook Messenger messaging

This information is not at all surprising.

On the one hand, because a merge of Instagram, Messenger, and Whatsapp was confirmed by Facebook earlier this year and it will be effective in 2020.

Yet another reason to dislike Tether: 300 addresses hold 80% of the ‘stablecoin’

Geekz Snow 2019-08-08

Infamous stablecoin and pseudo currency Tether (USDT) doesn’t exactly have the cleanest of rap sheets, and if you needed another reason not to trust it, keep reading.

According to recent findings from cryptocurrency researchers at Coin Metrics, around 300 entities hold about 80 percent of the Tether currently in circulation, Bloomberg reports.

The figures show that 318 addresses hold $1 million or more in Tether.

Compared to Bitcoin, where over 20,000 addresses hold at least $1 million, Tether appears much more centralized.

“The concentration of Tether suggests that control of [the stablecoin] is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so,” John Griffin, a finance professor at University of Texas at Austin, told Bloomberg.

It creates a supposedly stable asset that can be used to trade cryptocurrencies on supporting exchanges.

Uber is about to report its second-quarter performance. The ride-hailing giant likely lost $5 billion in 3 months.

Geekz Snow 2019-08-08

Uber is set to report its second-quarter earnings after the closing bell Thursday.

Analysts expect the company to report a loss of $5 billion on $3 billion in revenues.

Those steep losses likely won't be a big detractor, so long as the company is still growing.

Here's what analysts are expecting.

Uber is set to report its second-quarter earnings on Thursday afternoon, and investors are bracing for yet another period of heavy losses from the ride-hailing giant.

Here's what analysts are expecting, according to a Bloomberg poll:

Facebook is already preparing to merge Instagram Direct with Messenger

Geekz Snow 2019-08-08

Instagram users will soon be able to chat with those of Facebook Messenger.

It has been several months since the announcement of the merger of the two applications with WhatsApp.

According to the Bloomberg website, Facebook is developing a new instant messaging module for Instagram that signals the end of its independence.

Towards the merger of Instagram and Facebook Messenger messaging

This information is not at all surprising.

On the one hand, because a merge of Instagram, Messenger, and Whatsapp was confirmed by Facebook earlier this year and it will be effective in 2020.

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