Skip to main content

Posts

Showing posts from December, 2019

NIO Reports Q3 Results

The NIO ES8. image: NIO Chinese electric car maker NIO just reported its financial results for the third quarter of this year, indicating $257 million in revenue but with a $357 million loss in the period. The company delivered 4,799 vehicles in the third quarter, compared to 3,553 deliveries in the preceding quarter. In reaction to the earnings reports, NIO's shares are up more than 50%, trading for $4.17 apiece as of writing. According to Yahoo Finance , NIO's quarterly results surpassed analyst expectations, with revenue projections for the third quarter having hovered at around $231 million. NIO's $257 million in revenue happens to have beat that by a significant margin, but still amid steep losses. NIO has been losing lots of money as it spends to gain ground as a newer entrant to the electric car market. The company was founded just five years ago and has delivered approximately 30,000 vehicles since inception, a significant number but a much smaller am

ClassPass Reportedly Raising $285 Million In Funding

ClassPass CEO Fritz Lanman (left) and Founder/Executive Chairman Payal Kadakia (right). image: ClassPass According to a Reuters report , fitness subscription startup ClassPass is seeking to raise $285 million in new funding that could push its valuation above $1 billion. Citing a securities filing obtained from analytics firm Lagniappe Labs,  Reuters reports ClassPass will issue 22.7 million 'Series E' shares as part of the funding. A valuation above $1 billion would be a significant boost for ClassPass, which last raised funding at a valuation hovering around $536 million, according to  Prime Unicorn Index . The company's last funding was an $85 million Series D led by Temasek last year, an investment that brought its total funding to north of $200 million. New York-based ClassPass offers monthly subscription plans that provide access to more than 30,000 fitness studios and gyms globally. It's also partnered with large employers like Google, Southwest A

Uber Co-Founder Kalanick Departs Board

Uber co-founder Travis Kalanick. Photograph by Kevin Moloney/Fortune Brainstorm Tech Uber has announced the departure of co-founder Travis Kalanick from its board, effective on the 31st of December. The company's announcement says Kalanick is leaving to "focus on his new business and philanthropic endeavors", the business part likely being CloudKitchens, a shared kitchen space provider he took over after his previous resignation as Uber's CEO. Kalanick's departure happens to come after he unloaded more than 90% of his shares in Uber, which went public just this year. His sell-off began early November up until the past few days. Currently, Kalanick holds about 5.8 million shares, substantially down from the 22.6 million shares he held before the sell-off. Kalanick, who co-founded Uber alongside Garrett Camp, held the position of CEO for a long-time, a position that saw him become the poster-child for the company. However, mounting controversies from

Rivian Raises $1.3 Billion In Additional Funding

The Rivian R1T. image: Rivian Not long after raising $500 million from Ford and an additional $350 million from Cox Automotive, electric car startup Rivian has announced $1.3 billion in new funding led by T. Rowe Price, with participation from BlackRock and existing investors Ford and Amazon. The additional investment is the fourth Rivian has raised this year, and comes a few months after Amazon announced it'll purchase 100,000 vehicles from the company  as part of plans to make its delivery fleet run on renewable energy. The additional investment brings the total raised by Rivian this year to a whooping $2.85 billion. In a statement, Rivian founder and CEO RJ Scaringe praised the investment as demonstrating "confidence in our team, products, technology and strategy". With the investment, Rivian now stands as one of the top-most financed electric car upstarts in what seems like a crowded market. Rivian plans to begin selling vehicles next year, which may ex

Uber Ordered To Cease Colombian Ride-Hailing Operations

Uber CEO Dara Khosrowshahi Photo by Steve Jennings/Getty Images for TechCrunch Uber has been ordered to cease its ride-hailing operations in Colombia by the country's Superintendency of Industry and Commerce, a regulatory agency in charge of regulating business practices. The Superintendency of Industry and Commerce (SIC) cites violated competition rules as the reason for the order. Notably, this is Uber's third regulatory ban in the span of a month, the other two being in London and Germany. The city of London suspended Uber's operating license for the second time just few weeks ago, while a Germany court ban  came just this week. In a statement, Colombia's SIC said Uber amassed “a significant advantage in the market” by offering transport services for individuals via its app, and ordered the company's ride-hailing services “through the use of the Uber application to cease immediately.” Uber on the other hand said in a statement that it doesn't a

F5 To Acquire Shape Security For $1 Billion In Cash

F5 Networks CEO François Locoh-Donou image: F5 Networks F5 Networks has announced it's acquiring Shape Security, a Santa Clara-based fraud detection startup, for around $1 billion in cash. The announcement happens to come just three months after Shape Security raised funding at a $1 billion pre-money valuation. F5's acquisition is expected to be close in the first quarter of next year. Shape Security as a company has raised $183 million in total funding. Its backers include top tier VCs such as Kleiner Perkins, Norwest Ventures Partners, HPE Growth, and Focus Ventures. Shape Security develops fraud detection software adopted by large enterprises to protect their online applications. Banks make up a substantial portion of its customer base, as fraud detection and prevention stands crucial to the online banking process. Altogether, Shape Security claims its fraud detection software detects and blocks up to 2 billion fraudulent or unwanted transactions daily. Shape S

Glovo Nabs $167 Million Series E

Glovo co-founder Sacha Michaud Photo by Noam Galai/Getty Images for TechCrunch Glovo, a popular on-demand delivery service that currently operates in 26 countries, has raised 150 million euros ($167 million) in Series E funding led by Mubadala, the sovereign wealth fund of Abu Dhabi, with participation from existing investors Delivery Hero, Lakestar and Drake Enterprises. The funding values Glovo at more than $1 billion, marking it as the second Spanish startup, the other being Cabify, known to have crossed the valuation milestone. As per Glovo CEO Oscar Pierre, the new funding will be put towards growing the company's headcount, with plans to hire 300 new engineers and developers by mid-next year. Barcelona-based Glovo also wants to make use of the new capital to expand into new markets, as it has consistently done since its founding in 2015. The new funding happens to come less than a year after Glovo's last known funding, which was a $169 million Series D rai

Lime Launches Weekly Subscription Service

image: Lime Lime has announced  the launch of a weekly subscription service for frequent riders of its e-scooters and bikes, first in cities across the U.S., Australia and New Zealand, followed by a roll-out in additional global markets by early January. The new service, dubbed LimePass , offers weekly unlimited scooter unlocks for a flat fee of $5. The idea behind such is to let frequent riders cut down on costs by out-rightly purchasing seven-day unlocks to Lime's shared scooters and bikes for a flat fee, as opposed to paying separately for several rides that would be taken over a week. For context, unlocks for Lime scooters and bikes costs $1 to its customers, who still have to pay per-minute rates to keep riding. One might wonder, and reasonably so, that paying Lime separately for unlocks taken over a week would amount to more revenue for the company than paying a flat free of $5 for unlimited unlocks for a weekly period. However there's quite a catch, being that se

Intel Scoops Up Habana Labs For $2 Billion

Habana Labs co-founder and chairman Avigdor Willenz.  image: Habana Labs Intel has announced  it has acquired Habana Labs, an Israel-based startup that makes AI chips. The semiconductor giant is paying roughly $2 billion for Habana, one year after leading a $75 million Series B investment in the company. The acquisition represents another score for Habana co-founder and chairman Avigdor Willenz, a serial entrepreneur who previously founded and led Galileo Technology ( acquired for $2.7 billion by Marvell Technologies) and Annapurna Labs ( acquired for $350 million by Amazon). Unsurprisingly, both companies were chip makers, crowning Willenz as a whizz in the chip-making sector with sequential successful exits. Prior to this acquisition, Habana had raised $120 million in funding from investors including Intel Capital, Battery Ventures, Bessemer Venture Partners and WRV Capital. As of November last year (when it last raised funding), Tel Aviv-based Habana had just over 120

Zomato Reportedly In Advanced Talks To Acquire Uber Eats India

image: Uber According to a report from TechCrunch , Uber has entered advanced stages of negotiations to sell its Indian food delivery arm, UberEats India, to competitor Zomato as it looks to reduce global spending. TechCrunch reports the negotiations currently values UberEats India at around $400 million, and could involve Uber investing between $150 million to $200 million in Zomato to be finalized. Rumors of Uber looking to offload its Indian food delivery arm are not new, with the company having been reported to have discussed selling UberEats India to another Indian food delivery competitor, Swiggy , early this year. Indian news outlet Times of India first reported about Uber and Zomato's negotiations last month. The negotiations happen to come at a time Zomato is looking to raise up to $600 million in new funding, as made known by its CEO Deepinder Goyal . Uber looking to sell its Indian food delivery arm doesn't sound startling, as the company faces significa

A New Fast & Furious Game Is Launching Next Year

Vin Diesel image: Gage Skidmore on Flickr Japanese game studio Bandai Namco has announced  a new title to be released next year that'll be based on the popular Fast & Furious movie franchise. The new game, dubbed  Fast & Furious Crossroads , is described as a "team-based, vehicular-heist action game", and'll feature Fast & Furious stars Vin Diesel, Michelle Rodriguez and Tyrese Gibson, reprising their movie roles as Dom, Letty, and Roman. Also featured in the game are The Walking Dead 's Sonequa Martin-Green and John Wick:   Chapter 3 's Asia Kate Dillon. Fast & Furious Crossroads , scheduled to launch May next year, will be available on the PS4, Xbox One and PC. Unsurprisingly, the ninth installment of the Fast & Furious movie franchise is scheduled to launch on the same month as the newly announced game. Launching  Fast & Furious Crossroads  the same month as the movie, which conventionally draws huge viewers, would likel

Palantir Secures $111 Million U.S. Army Deal

Peter Thiel, Palantir co-founder and chairman. Photograph by Dan Taylor/Heisenberg Media, on Flickr . Palantir has secured a new contract from the U.S. Army that involves the latter committing to spend $111 million next year on services from the former. The new deal deepens ties between Palantir, a data analytics company co-founded by tech veteran Peter Thiel, and the U.S. Army, coming several months after Palantir secured an earlier contract to deploy a complex battlefield intelligence system for the U.S. Army. As reported by the Washington Post , the value of that contract in its entirety could amount to more than $800 million. Palantir's new contract was first reported by Bloomberg , which said it will represent about 10% of Palantir's revenue next year. According to Bloomberg , the deal is a first step in what could be a four-year running $440 million contract for Palantir. The contract involves Palantir providing software to connect human resources, suppl

Apple Scoops Up U.K. Camera Startup

image: Courtesy of Apple Public filings in the U.K. indicates Apple has acquired Spectral Edge, a U.K.-based camera startup that applies machine learning to improve the quality of images. The filings indicate Apple now controls Spectral Edge, evidenced by the appointment of one of its corporate lawyers, Peter Denwood, as a director at the company while its other advisers and board members were terminated. Apple conventionally doesn't announce acquisitions but is known to purchase startups regularly, evidenced by a recent  statement from CEO Tim Cook that Apple acquires a company every two to three weeks on average. Most of its known acquisitions, usually of small startups, were dug up from regulatory filings similar to that of Spectral Edge, a recent example being Apple's purchase of digital marketing startup DataTiger . How much Apple paid for Spectral Edge could not be determined but for a hint, the U.K.-based startup raised $8.1 million in total funding accordi

CuriosityStream Hits 10.5 Million Paying Subscribers

image: CuriosityStream CuriosityStream, a streaming service founded by former Discovery chairman John Hendricks, has announced it has eclipsed 10.5 million subscribers, the count not including registrants who are under free trial. The announcement happens to come at a time media houses are debuting individual streaming services to better control their content and compete with streaming incumbent Netflix. CuriosityStream happens to have drawn a high number of subscribers while being quite low-key in comparison to other newer streaming services. The streaming service, which focuses on subjects like science and nature, attributes its subscriber growth to bundled partnerships with already established cable distributors, a playbook newer streaming services can draw from. CuriosityStream has established partnerships with cable distributors across several countries, for example Altice USA and Suddenlink in the U.S., Airtel in India, and Multichoice’s DStv across Africa. The partner

Uber Said To Be In Talks To Acquire Foresight

An Uber self-driving car prototype image: Uber According to a report from The Information , Uber is in advanced talks to acquire the team behind Foresight, a San Jose-based startup that develops simulation software for self-driving car prototypes. The report made no mention of the deal terms. Foresight is quite the low-key startup, with its website  containing substantial information on its core product but minuscule information about its team. Even Crunchbase  spots little information about the company, with no mention of any investment or its team. However, Foresight's website mentions its CEO by name of Chang Yuan. A simple search led to a LinkedIn profile  that indicates Yuan formerly worked at the likes of Microsoft, Lenovo, Amazon and Apple. His LinkedIn profile indicates he spent more than two years at Apple before leaving to start Foresight two years ago. An acquisition, or moreover an acqui-hire, after two years doesn't sound far-fetched. Uber pulled a si

TikTok Chief To Meet With U.S. Lawmakers

TikTok chief Alex Zhu Photograph by Stefen Chow/Fortune Brainstorm Tech International As first reported by the Washington Post , TikTok chief Alex Zhu is set to make a trip to Washington to meet with U.S. lawmakers in an effort to tackle concerns of privacy, security and censorship risks emanating from the app's Chinese origins. Such trip would indicate efforts by TikTok to maintain its spike in popularity at a time when U.S.-China relationships are strained and U.S. officials are cautious about Chinese companies gaining foothold in U.S. markets where domestic companies have long dominated. Such a trip could also see TikTok's head Zhu, who is based out of Shanghai, face some of the app's biggest critics, in the form of U.S. lawmakers. The Washington Post reports Zhu has sought a meeting with senators Marco Rubio, Tom Cotton, and Josh Hawley, each of whom have questioned TikTok's independence from Chinese influence. Zhu is also said to be planning to meet w

Chime Raises $500 Million At A $5.8 Billion Valuation

Chime co-founder and CEO Chris Britt Photo by Kimberly White/Getty Images for TechCrunch As first reported by CNBC , Chime, a San Francisco-based digital bank, has raised $500 million in Series E funding that values it at $5.8 billion, a significant increase from a $1.5 billion valuation when it raised funding just nine months ago. DST Global, which led the previous round that valued Chime at $1.5 billion, is said to have led the $500 million Series E. According to CNBC, Chime CEO Chris Britt plans on putting the new capital towards developments of new products and doubling the company's workforce by the end of next year. $500 million in a single round marks the biggest single equity investment known so far for a digital bank, surpassing a previous record set by Nubank when it raised $400 million in July. This round included, Chime's total funding since inception now stands at $809 million, according to Crunchbase data . A near quadruple in valuation in the

JFrog Said To Haved Hired Banks For An IPO

(Beginning from left) JFrog Founders Shlomi Ben Haim, Fred Simon, and Yoav Landman image: JFrog According to a  Bloomberg report , JFrog, a San Francisco-based company that makes software for software developers, has hired JPMorgan Chase and Morgan Stanley to lead an initial public offering that's aimed for next year. Bloomberg reports JFrog could seek a valuation of $2 billion or more for its listing, compared to a $1 billion+ valuation when it raised funding last year. Founded in 2008, JFrog makes software used by software developers to deploy and manage software. The company's flagship product is known as "Artifactory", being a repository manager that supports several software package formats. JFrog also offers security, distribution, and pipelining software for developers. The company has attracted more than 4,500 customers so far, including top tech companies like Google, Facebook, Amazon, and Netflix. According to Crunchbase data , JFrog has raise

Sequoia Leads $65 Million Series C For Gong

Douglas Leone, Sequoia Capital's managing partner. Photo by Steve Jennings/Getty Images for TechCrunch Gong, a San Francisco-based "revenue intelligence" startup, has announced $65 million in Series C funding led by Sequoia Capital, with participation from Battery Ventures, Cisco Investments, Norwest Venture Partners, NextWorld Capital, Wing Venture Capital, and cyber-security veteran Shlomo Kramer. All aforementioned investors excluding Sequoia were already previous investors in Gong. The funding brings the total raised by Gong to $134 million. The San Francisco-based company says it'll use the capital to invest in its product, engineering, and go-to-market teams. Under the terms of the funding, Sequoia partner Carl Eschenbach, who previously served as President and COO of VMWare for more than a decade, will join Gong's board. This marks an addition to other board seats he holds at top tech companies like Workday, Zoom, Snowflake Computing and Palo A

Lucid Motors Flags Off Construction Of Arizona Factory

A rendering of Lucid's Arizona factory image: Lucid Motors Lucid Motors, an electric car startup that secured a $1 billion investment from Saudi Arabia's Public Investment Fund last year, has officially flagged off construction of a $700 million factory in the state of Arizona. The factory, chosen after a search spanning 13 U.S. states and more than 60 sites, is where Lucid intends to produce its first car, the Lucid Air . The first phase of the construction will cost Lucid more than $300 million, an investment that's expected to get it ready to begin producing the Lucid Air. The aforementioned $700 million figure is what Lucid expects to put towards full completion of the factory. Lucid held an official event to celebrate the start of construction of its electric vehicle facility. Attendees at the event included executives of the company and Arizona Governor Doug Ducey, alongside officials of the state. Lucid says the factory is expected to create 4,800 dir

Most Read Posts

Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a