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EVs: Ford Unveils All-Electric F-150 Pickup Truck

American automaker Ford has unveiled one of its most anticipated vehicles of all time, an all-electric model of its best-selling F-150 pickup truck. For months now, numerous hints had been given by Ford on the model but not a full unveiling as just done. The all-electric model named the F-150 Lightning is a major strategic play to convert the enthusiasm for Ford's top-selling ICE F-Series trucks into the electric market. It's a major attraction to existing Ford customers that'll switch to using electric vehicles while retaining one of their favorite car models. Notably, Ford's F-Series has been America's best-selling pickup truck lineup running back decades. In figures, Ford sold 787,422 F-Series trucks in 2020 alone. Shortly before Ford formally unveiled the F-150 Lightning, the truck was taken for a ride in a factory visit by US President Joe Biden, with him commenting "This sucker's quick". Specs and features The F-150 Lightning's specs and f

Deal: Ro Buys Femtech Startup Modern Fertility

Ro, a telehealth company famously known for its Roman brand of erectile dysfunction and hair loss medication, has made a major acquisition in the women’s health care technology space. That acquisition is Modern Fertility , a startup offering FDA-approved at-home fertility hormone test kits for women. Ro has announced that it's bought Modern Fertility but didn't disclose the purchase price. A New York Times report  however places the price at more than $225mn, citing unnamed "people with knowledge of the acquisition". Buying Modern Fertility is a major strategic play for Ro as it moves to expand its health-tech business. Just like Modern, Ro is a relatively young startup in the telehealth industry. A difference is that it grew much more faster on the backs of big venture funding, spending big to build a solid direct-to-consumer health business. Ro offers medications for ailments such as hair loss and erectile dysfunction via its Roman men-focused health brand and g

Markets: Coinbase To Raise $1.3B From Bond Offering

Shortly after going public with a direct listing, it appears that cryptocurrency exchange Coinbase is not slowing down to raise money on the public markets. It's announced a proposed private offering of $1.25bn in convertible bonds due by 2026. Notably, Coinbase had a direct listing in April and didn't raise any money from its market debut. It now appears that the company has seen fit to raise money on the public markets with convertible notes, that is debt securities that can be converted into equity on agreed terms. Coinbase is selling $1.25bn worth of convertible notes due by 2026. On top of that, there are options for the banks involved in the offering to buy an additional $187.5mn worth of bonds that could bring the total to $1.4bn. The notes Coinbase is offering will mature on June 1, 2026, unless they are earlier repurchased, redeemed, or converted into equity. Coinbase says it'll use the proceeds from its bond offering for general corporate purposes, which could en

Billing Startup Paymentus Files For IPO

An electronic billing startup based in Redmond, Washington has filed for a public listing. That startup is Paymentus , a billing and payments platform serving vendors in many industries. Paymentus has unveiled an updated S-1 filing with the US SEC indicating that it plans to raise $210mn at a targeted valuation of $2.4bn from its IPO. It's offering 10 million shares priced between $19 and $21 each on the public markets. As expected, Paymentus' S-1 filing provides major insight into the company's business with information not publicly known before. Here, we're highlighting some very important bits from the loaded S-1 document, beginning with revenue stats. Revenue Stats: Paymentus had $302mn in revenue in 2020, compared to $236mn in the previous year. The company is profitable, with $14mn of net income declared in both 2020 and 2019. Paymentus had gross profit margins hovering around 30% in 2020 and 2019, not bad but not as high as that enjoyed by a handful of other tec

Israel's Files For IPO

A hot tech startup from Israel has initiated actions for a listing on the US public markets. That startup is , a project management and collaboration tool for enterprises. has filed an F-1 document with the US SEC as required for foreign companies looking to list on the US markets. As expected, the F-1 provides great insight into the company's business with information not publicly known before. We've written up on important bits from's F-1 filing below. Revenue stats:'s F-1 shows that of a fast-growing company in regards to sales but one also having serious net losses. It posted $161mn in revenue in 2020, compared to $79mn in 2019.  In 2019,'s net loss of $92mn was more than its revenue of $79mn in that year while its net loss of $152mn in 2020 was very close to its revenue of $161mn. Though with solid gross profit margins, over 80% both in 2020 and 2019, very high sales and marketing spend eat up into Monday.

Deal: AT&T's WarnerMedia To Merge With Discovery

A very historic deal has been formalized in the media and telecom industries and it's a merger between two heavyweights. It's a merger of AT&T's WarnerMedia division and media conglomerate Discovery Inc. to form one of the largest media companies on US soil. Details: AT&T has announced that its WarnerMedia division is merging with Discovery with a deal that'll see it receive $43bn on its end.  For the merger, AT&T is spinning off major WarnerMedia properties including CNN, TNT, TBS, HBO, and the Warner Bros. film and television studio to merge with Discovery, which owns major properties including Animal Planet, TLC, the Food Network, and Discovery Channel. WarnerMedia is a much bigger company compared to Discovery and thus makes up 71% of the new combined entity while Discovery makes up the remaining 29%. After the merger, current AT&T and Discovery shareholders with own these respective percentages of the combined company. The combined company will b

Indonesia's GoJek, Tokopedia Formalize Big Merger

Two of the biggest technology startups from Southeast Asia, particularly in Indonesia, have formalized deal terms to merge to form an even bigger corporate entity. The two startups are GoJek , a ride-hailing and internet services startup, and Tokopedia , the biggest e-commerce player in Indonesia. GoJek and Tokpedia are merging to form an entity known as the GoTo Group . The formalization of the merger comes after months of rumors of it happening. It's said that both companies sought a merger to then list on the public markets in the US soon after. Details: After the merger, GoTo Group will be headed by GoJek's Andre Soelistyo as CEO and Tokopedia's Patrick Cao as President. Soelistyo is GoJek's current Co-CEO and Cao Tokopedia's President. Under the GoTo Group, GoJek Co-CEO Kevin Aluwi and Tokopedia CEO William Tanuwijaya will remain leading their respective firms. The value of the combined GoTo Group under the merger terms wasn't disclosed. Before now, rumors

Earnings: Airbnb Slowly Rallies From Pandemic Lows

Lodging marketplace Airbnb has unveiled its earnings results for the first quarter of 2021. It's the second-ever quarterly earnings reported by the company since going public late last year. Airbnb's latest fiscal results show that it's gradually recovering from the lows of the pandemic which dragged down its business. Revenue in Q1' 21 rose slightly year-over-year, bolstered by business in North America. By the numbers: Airbnb reported $887mn in revenue in Q1, up 5% year-over-year. Its gross booking value rose 52% year-over-year to $10.3bn, with 64.4 million Nights and Experiences booked on its platform. Airbnb reported a net loss of $1.2bn. Of that number, $782mn came from charges not directly related to its day-to-day operations including a $113mn impairment for empty office space, $377mn for the repayment of term loans, and a $292mn mark-to-market adjustment from warrants associated with a term loan. Also, Airbnb took a charge of $229mn for stock-based compensation

Fintech Startup Marqeta Files For IPO

One of the hottest fintech startups in the US just newly filed with the SEC for an initial public offering. That startup is Marqeta , one that provides backend payments infrastructure for many of the services people use ranging from food delivery apps like DoorDash to 'buy now, pay later' lenders like Affirm. Marqeta has unveiled an S-1 filing for an IPO, with the S-1 document, as usual, giving a delve into the company's business with information not publicly known before. Revenue stats: Marqeta's S-1 shows that of a fast-growing company that more than doubled its revenue from 2019 to 2020 and Q1' 2020 to Q1' 2021. The company reported respective annual sales of $143mn and $290mn in 2019 and 2020, and $48mn and $108mn in Q1 2020 and Q1 2021. Marqeta isn't profitable on a net basis, reporting respective net losses of $58m and $48mn in 2019 and 2020. In Q1 2021, the company reported a small net loss of $13mn. Emphasized risks: From its S-1, it's shown tha

Earnings: DoorDash Gives A Strong Outlook

On-demand food delivery company DoorDash has unveiled its latest earnings results for the first quarter of 2021, and the results indicate a strong outlook for the company in a favorable food delivery market. In Q1 ending March 31, 2021, DoorDash tripled its revenue year-over-year. It's a testament to a very strong on-demand food delivery market that was spurred by the pandemic even though that heightened demand is expected to cool down as things return back to normal. By the numbers: DoorDash reported $1.08bn in revenue in the quarter, compared to $362mn a year ago. It's a slight boost from $970mn in revenue reported in the previous quarter preceding this one. DoorDash wasn't profitable in the quarter. It reported a $110mn net loss, slightly down from $129mn a year ago. Highlights: In Q1, DoorDash highlighted $31mn in lost potential revenue due to price controls imposed on restaurants by different municipalities across the US. The price controls were on the fees charged to

Alert: Investor Bill Ackman Is Bullish On Pizza

A famous hedge fund manager has made a big bet on the food and restaurant industry, precisely on a popular pizza chain. That pizza chain is the popular Domino's Pizza and the hedge fund manager is Bill Ackman . Bill Ackman of Pershing Square Capital Management has built up a 6% stake in Domino's Pizza with his hedge fund, he revealed on Wednesday in a statement at The Wall Street Journal ’s virtual Future of Everything Festival.  The stake Ackman built up is worth almost $1bn at current prices. He swapped a stake in coffee chain Starbucks, for which his hedge fund held over $1bn worth of shares as of 2020 ending, for a big stake in Domino's Pizza. As usual, Ackman's revelation of his Domino's position saw investors react positively, sending Domino's stock up over 3% on Wednesday, the day of his remarks. According to Ackman, he started buying into Domino's Pizza at around $330 a share. The current price of the stock is around $422. “We didn’t get as much a

Earnings: Coinbase Triples Revenue, Posts $800M Profit In Q1' 21

Amid a current crypto-mania like no other, one of the major beneficiaries of that mania has been cryptocurrency exchanges, ala those selling shovels in the gold rush. With more people trading higher volumes of crypto each day, the crypto exchanges are sure raking in lucrative fees just like the traditional banks do when they facilitate sending and receiving money. Coinbase is the biggest crypto exchange in the US and the first to become publicly traded on the US markets after an IPO this year. It's just unveiled its latest earnings results for the first quarter of 2021, showing that it tripled revenue and reported a record net income. By the numbers: Coinbase made $1.8bn in revenue in Q1, triple year-over-year, and a net income of $771mn from that. The bulk of that revenue came from retail crypto trading while a minority came from institutional trading. Coinbase's trading volume in Q1 was a record $335bn, compared to $89bn year-over-year. Most of the trading, $215bn to be prec

SPAC: E-Scooter Startup Bird To Go Public In $2.3B Deal

It seems that the SPAC boom is gradually coming back after getting its wings clipped by an accounting crackdown from the US SEC. Just this week, there have been big SPAC merger deals including biotech startup Ginkgo Bioworks ($15bn) and online mortgage provider Better ($7.7bn) . Now, there's another big SPAC deal to add to this week, that of electric scooter sharing network Bird. Bird has agreed to merge with  Switchback II Corporation (NYSE: SWBK) to become a public company. Details: Bird's merger terms value the e-scooter startup at $2.3bn.  From the merger, Bird is getting  $316mn of cash held in trust by  Switchback II Corporation plus  a $160mn PIPE round led by asset manager Fidelity. After the merger, Bird will add $428mn of net cash proceeds to its current balance sheet of $667mn drawn from venture capital investments. Bird made hay as a pioneer e-scooter network to raise over $800mn in venture funding to fund its fast-growing operations. According to its investor p

SoftBank Takes Big Position In UK E-Commerce Firm THG

Japanese tech conglomerate SoftBank makes big billion-dollar investments as regularly as you and I take trips to the grocery store. With that analogy, SoftBank's latest trip to the grocery store is a major investment in one of the UK's hottest e-commerce companies. SoftBank has made a major investment in THG, or The Hut Group, a British e-commerce company owning many global e-commerce brands. THG became a public company just last year with an IPO that was the largest on the London Stock Exchange in a seven-year span. Details: SB Management, a division of SoftBank, has agreed to invest  $730mn in THG in exchange for a stake of just under 10% in the company. SoftBank's funds make up the majority of a $1bn share placement by THG to be used to further the company's mergers & acquisition-based expansion strategy. Along with investing in THG, SoftBank has also struck a surprise deal to invest $1.6bn in a division of THG named THG Ingenuity, a division described as a "

SPAC: Mortgage Startup Better To Go Public In $7.7B Deal

A startup offering home mortgages online is going public in a big merger deal with a special-purpose acquisition company (SPAC). That startup is, one that funded $24bn worth of mortgages on its platform in 2020 alone. was a major beneficiary of the hot US real estate market that came with the pandemic last year. It's in fact that it funded almost five times the mortgages it did in 2020 than in the previous year 2019. Details: has agreed to merge with Aurora Acquisition Corp. (NASDAQ: AURC) and become a publicly-traded company. The terms of the merger values Better at $7.7bn on a post-money equity basis. From its merger, Better is getting $220mn of cash held in trust by Aurora Acquisition Corp. plus a $1.5bn PIPE round led by SoftBank, a major investor in Better before now.  Out of the total $1.7bn cash that Better will get from its merger, $950mn will be paid out to its shareholders while it's left with $778mn for general corporate purposes. Be

Sam Altman's SPAC Cuts Fundraise Target From $1B To $400M

A special-purpose acquisition company co-founded by former Y Combinator CEO Sam Altman has cut its large fundraising target by over half, at a time of lowered activity in the SPAC market brought about by an accounting crackdown from the US Securities and Exchange Commission (SEC). This March, Altman along with investor Michael Klein formed an SPAC named  Altc Acquisition Corp with a target to raise $1bn from an IPO. Now, that target has been cut down by much to $400mn, as indicated by an amended SEC filing . The 60% cut in Altc's fundraising target points to a SPAC market no longer with heightened investor enthusiasm after a crackdown from regulators. The SEC recently issued a warning on accounting practices by SPAC sponsors, particularly on stock warrants, and also on the legal risks of the brash forward-looking statements often issued by SPACs to their shareholders. Apart from the SEC's crackdown, there's also been concerns of too many SPACs chasing too few potential t

SPAC: Biotech Startup Ginkgo Bioworks To Go Public In $15B Deal

A biotech startup based in Boston is going public through a merger with a special-purpose acquisition company (SPAC) in one of the biggest such deals. That startup is Ginkgo Bioworks , which has agreed to merge with a SPAC in a deal valuing it at $15bn. Details: Ginkgo Bioworks has agreed to merge with Soaring Eagle Acquisition Corp. (Nasdaq: SRNG). The terms of the merger value Ginkgo at $15bn on a pre-money basis. With the merger, Gingko will go public with $2.5bn in cash proceeds, consisting of $1.7bn from  Soaring Eagle Acquisition Corp. and a $775mn PIPE round committed by investors such as Cathie Wood's  Ark Invest and Counterpoint Global, an offshoot of Morgan Stanley. With a $15bn valuation, Ginkgo is one of the biggest SPAC deals to come out of the recent boom of SPAC mergers. It'll see Ginkgo go public 13 years after its founding and roughly $800mn in venture funding raised over that period. Highlights: Ginkgo was founded in 2008 by scientists from MIT.

Markets: Box, KKR Tie-Up Opposed By Activist Investor Starboard

An activist shareholder in cloud storage company Box, Inc. (NYSE: BOX) is opposing a tie-up between the company and private equity firm KKR, under which the firm recently entered an agreement to invest $500mn in Box in exchange for an 11% stake in the public company. That activist shareholder is Starboard Value, a hedge fund that first disclosed an ownership stake in Box in 2019 and has since haggled with the company for major changes to its business as well as leadership positions.  In light of the recent tie-up between Box and KKR, Starboard on Monday sent Box a letter  noting that it opposed KKR's investment in the company, calling it "a financing transaction that we believe serves no business purpose". Other bits in Starboard's letter include its nomination of three board directors to Box, including one to replace Box CEO Aaron Levie, implying that the hedge fund wants him off Box's board. Starboard's opposition to KKR's Box investment isn't surpr

EVs: Mercedes-Benz Unveils New All-Electric Van

German luxury car brand Mercedes-Benz has yet again unveiled a new electric car model concept, this time an all-electric van. The new van seems to be an all-electric copy of the Mercedes  "T-Class" van which was unveiled last year. The all-electric van is named  EQT , planned to launch in 2022, according to a press statement from Mercedes-Benz. Features: The Mercedes EQT van is planned to accommodate as many as 7 passengers with its interior. By look, it has the usual luxurious features expected in a Mercedes model; plush seats with much leg space, glossy exterior et al. Other notable features of the EQT concept van include 21-inch light-alloy wheels and sliding doors on both sides of the van allowing access to the third row of seats.  Bigger Picture:  Mercedes-Benz's parent firm Daimler is focused on the electric car market for future prospects just like most major automakers out there that have seen the writing on the wall.  In that case, Mercedes has begun working on

Analysis: Cloudflare Drops Q1' 21 Earnings Report

In our latest series of breaking down earnings reports, we're reporting on  Cloudflare , a web infrastructure and security company that helps protect a great deal of the websites you likely visit.  Cloudflare has unveiled its latest earnings report  for the first quarter of this year ending March 31, 2021. The report showed strong revenue growth for Cloudflare as it added a record number of large enterprise customers. By the numbers: Cloudflare reported $138mn in first-quarter revenue, up 51% year-over-year. Its revenue growth was propelled by the company adding a record number of large enterprise customers, roughly 120 in the quarter. Such customers now bring in over half of its total revenue. Overall, Cloudflare reported a net loss of $40mn in the quarter. Cloudflare's net cash flow in the quarter was $24mn, compared to a negative $14mn in the same period a year ago.  For its forecast, Cloudflare is projecting to bring in somewhere between $146mn and $147mn in sales in its ne

Earnings: Video Streaming Company Roku On A Tear

This is the period where many public technology companies are reporting their earnings results for the first quarter of this year 2021. Over here, we've taken time to break down the earnings reports of a handful of such companies, and they include electric carmakers Tesla and Nio , Amazon , Uber , Lyft , Zynga , Moderna ,  Peloton , and DraftKings . After all these earnings breakdowns, we're adding yet another one to the list, that of video streaming company Roku , whose latest earnings results show that of a company on a tear financially. Sales for the company grew largely year-over-year as more people tuned into their screens during a pandemic. Roku makes and sells video streaming hardware to consumers, while also having a strong video streaming content and advertising business bringing in the bulk of its revenue. Roku's business model is 'freemium, whereby hardware owners get access to free ad-supported content and have the option to pay monthly fees for enhanced

LinkedIn, Zynga Founders Launch 4th SPAC To Raise $220M

The formidable duo of LinkedIn founder Reid Hoffman and Zynga founder Mark Pincus have moved to launch their fourth special-purpose acquisition company (SPAC), even at a time when new SPAC launches have cooled down due to an accounting crackdown from the US SEC. Hoffman and Pincus have formed their fourth SPAC, or blank-check company as they're fondly called. The SPAC is named  Reinvent Technology Partners X and has filed to raise $220mn from an initial public offering.  Like their three previous SPACs, Reinvent Technology Partners X is looking to merge with a technology company, a domain where Hoffman and Pincus have much sway. Two of Hoffman and Pincus's prior SPACs have already struck merger deals to take public Joby Aviation, an air taxi company, and Hippo, an insurance startup. Joby and Hippo were valued at $6.6bn and $5bn respectively according to their deal terms. After a successful career where they founded two major technology companies, Hoffman and Pincus have recen

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Pokémon Go Creator Niantic Raises $300M, Valued At $9B

Niantic , an augmented reality (AR) company whose products include the famous  Pokémon Go game, has raised a big new round of funding. It's raised $300mn in funding at a valuation of $9bn. All the funding came from just one investor; Coatue , a New York-based hedge fund famous for investing in many blue-chip tech startups. With its new funding, Niantic says it'll invest in current games and new apps and expand its AR developer platform called Lightship . The company says it's set on building the "real-world metaverse," jumping on the bandwagon popularized by Facebook's parent firm, Meta.  The base for Niantic's metaverse vision is the Lightship developer platform which it launched this month. It's a platform for developers to build augmented reality apps and experiences, drawing from Niantic's tools that helped create its hit  Pokémon Go game. To draw creators to Lightship, Niantic has also set up a $20mn venture fund to invest in AR startups

Deal: Workday Buys Ohio Startup Vndly For $510M

Workday (NASDAQ: WDAY), the famous HR/finance software vendor, has made a big new acquisition to support its platform. The company will acquire Vndly , a software platform for companies to manage contract workers. Vndly fits in well in Workday's overall software suite, and the rationale behind the purchase is clear. Vndly is an Ohio-based startup. Workday will pay $510mn to buy it, marking one of Ohio's biggest startup exits this year. Vndly has raised roughly $60mn from VCs, so a $510mn exit is very lucrative and more so for a startup founded just four years ago .  Before now, Vndly and Workday were already close allies. Vndly's platform is integrated with Workday's, with official certification to go. The Mason, Ohio-based startup is part of Workday's global network of endorsed software partners, so Workday didn't even have to look far to snatch its latest acquisition.  Vndly was founded in 2017 by two entrepreneurs,  Shashank Saxena and Narayana Surabhi .

Amazon, Apple Fined $230M For Reseller Collusion In Italy

Tech giants Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) have been handed sizeable fines by the Italian government following an investigation into alleged reseller collusion between both companies. Amazon was fined €135mn ($151mn) and Apple  €69mn ($78mn), totaling $229mn .  The fine was levied by the  Italian Competition Authority . According to the agency, Apple and Amazon had a contractual agreement to allow  select resellers to sell Apple and Beats products on Amazon's Italian marketplace. The agency said that the selection was applied in a "discriminatory" way that violated European Union rules and affected price competition. According to the  Italian Competition Authority, at least 70% of local consumer electronics purchases are made on Amazon, making it a dominant retailer. This dominance, therefore, demands a "level playing field" for retailers that sell on Amazon's marketplace, the agency said. This is the nth time Amazon is getting in the cr

Antitrust: US DOJ Sues To Block Major Sugar Industry Merger

The U.S. Department of Justice (DOJ) is freshly on the antitrust circuit, seeking to block a merger it deems detrimental to consumers. The agency has filed a lawsuit to block the sale of  Imperial Sugar , a leading American sugar producer, to rival  U.S. Sugar . The DOJ says the proposed deal will make just two sugar producers account for an "overwhelming majority" of refined sugar sales in the U.S. Southeast, U.S. Sugar being one of the two producers. This concentration of power would make consumers pay more for refined sugar, the DOJ says.  Imperial Sugar is owned by Louis Dreyfus Company, a privately-held agricultural giant based in the Netherlands. The company agreed to sell Imperial to rival U.S. Sugar for the sum of $315mn this March.  U.S. Sugar is another privately-held agricultural giant headquartered in Florida. It can produce up to 850,000 tons of sugar annually at its refinery plant in Florida, and buying Imperial would give it two more sugar plants in Kentuc

Alt-Meat Maker Impossible Foods Raises $500M In Fresh Funding

A leading maker of plant-based meat substitutes, Impossible Foods , has obtained a fresh cash infusion from VCs. It has  raised $500mn in new funding, bringing the total amount of funding it has raised since inception to $2bn.  The latest round was provided entirely by existing investors doubling down on Impossible Foods.  Mirae Asset Global , a Korean investment firm, led the round and was joined by other unnamed existing investors.  It's evident that investors are longing for Impossible Foods, a leading brand in the nascent market for plant-based meat substitutes. There's clearly huge potential for plant-based meat substitutes, driven by an increasing vegan population and the appeal to lower the carbon footprint that spurs from meat consumption. To that end, Impossible Foods is growing rapidly. Its products can now be found in more than 20,000 retail stores, compared to 150 as of March 2020, and 40,000 restaurants globally. Over the past year, Impossible has launched in ne

Deal: KKR Makes $37B Buyout Offer For Telecom Italia

Private equity giant KKR (NYSE: KKR) has ventured into Italy for its latest buyout deal. The firm has offered to buy Telecom Italia (BIT: TIT), the largest telecom provider in Italy, in a deal worth  €33bn ($37bn), including debt. KKR offered 0.505 Euros in cash for each outstanding  Telecom Italia share, a 46% premium to the last closing share price before the offer. That sums up to  €10.7bn ($12bn) in cash to be paid for Telecom Italia, and including the telecom firm's large net debt of €22.5bn ($25bn) sums up to $37bn in total.  KKR's offer is non-binding and must be approved by Telecom Italia's board members and majority shareholders before the deal goes through. Approval must also come from the Italian government, which was veto power over the takeover of the formerly state-owned telecoms firm.  Telecom Italia gave no indication that it'll approve the deal. If approval is given, it'll mark one of the biggest buyout deals of a European company by an America

Earnings: Nvidia Is On A Tear

Chipmaking giant Nvidia (NASDAQ: NVDA) has unveiled the financial results for its latest fiscal quarter ended October 31, 2021. The company reported a sharp rise in sales that can only be described as being on a tear. Nvidia posted $7.1bn in revenue in the quarter, up 50% year-over-year . The large growth was driven mostly by the company's data center sales, which increased 55% year-over-year to $2.9bn. Similarly, Nvidia's gaming revenue rose 42% year-over-year to $3.2bn. Net income for the quarter was $2.5bn , up 4% from the same period last year. It was an outstanding quarter all-around for Nvidia, a beneficiary of the recent massive growth of the gaming industry and data center boom. Nvidia's GeForce graphics cards are very popular with gamers, and data center operators patronize Nvidia's high-performance graphics processors for artificial intelligence applications.  Save for data centers and gaming, Nvidia has other minor product lines, including automotive chip

Cyber: Apple Sues NSO Group Over Spyware Hacks

Tech giant Apple (NASDAQ: AAPL) has filed a lawsuit against NSO Group , a controversial Israeli company that sells smartphone hacking tools and has been  implicated in the hacks and surveillance of many notable persons, including journalists, activists, and business executives, by state-sponsored actors. Apple has sued NSO Group for infecting iPhones with spyware to track users of interest. As part of the suit, the tech giant seeks a permanent injunction to ban NSO Group from using any Apple products. NSO Group is best known for its Pegasus spyware that can be covertly installed on mobile phones running most versions of iOS and Android. The company exploits vulnerabilities in both operating systems to introduce spyware into a phone without the user's knowledge. Pegasus was the center of a Washington Post investigation called "The Pegasus Project," revealing that the spyware was used to surveil over 1,000 identified notable individuals across countries with shoddy hu

Markets: Retail Giant Authentic Brands Scraps IPO Plans

Authentic Brands Group , a New York-based retail conglomerate, has suspended its plans for an initial public offering (IPO) after already filing an S-1 document with the US SEC. The company has instead opted to raise private funding to fund expansion in the main time. Authentic Brands Group's portfolio retail brands include apparel retailer Forever21 , men's suit maker Brooks Brothers , and department store chain Barneys New York . The company is akin to an old people's home where once-vibrant retail brands go to stay after they've gone past their peak. Authentic buys these befallen retail companies and makes money from what's left of them through licensing deals.  Over the years, Authentic has relied on hefty venture funding to assemble its constellation of old-guard brands. An IPO was supposed to raise even more money for expansion but has been set aside in favor of private funding.  Authentic is  rather selling  equity stakes to private equity firm CVC Capital

Markets: IoT Startup Samsara Files For IPO

The latest tech startup to board the IPO train is Samsara , a VC-backed startup that makes internet-of-things (IoT)-based fleet monitoring hardware and software for logistical operators. It has unveiled an S-1 filing with the US SEC, showing its intention to list on the New York Stock Exchange (NYSE). Samsara has raised nearly $1bn from VCs including Andreessen Horowitz, Tiger Global, and General Catalyst, with a valuation of $5.4bn from its last funding round. The company's co-founders sold a previous startup named Meraki to Cisco for $1.2bn . As expected, Samsara's S-1 filing gives a deep glimpse into the company's business with information not publicly disclosed before. The company has been rather secretive over the years, making this long-awaited information. We've extracted some important information so you don't have to, mostly the financial stuff. Samsara brought in $303mn in revenue in the nine months ended October 2021, compared to $174mn in the same