Primary care organization One Medical is set to be acquired by Amazon as the latter looks to make further inroads into healthcare services. The total transaction value of the deal is $3.9B, with Amazon purchasing One Medical's shares for $18 apiece, representing a 75% premium over its closing stock price as of Wednesday. More: - Currently, One Medical operates over 188 medical offices in 25 different U.S. markets, catering to employees from over 8,000 companies.
- The San Francisco-based company reported $254.1M in revenue during its Q1 earnings report, with the firm incurring a net loss of $90.9M.
- Minority investor Carlyle Group Inc will exit its investment in One Medical after the acquisition.
- The private equity firm had invested $350M in the company in 2018, which the firm made before One Medical's IPO debut in 2020.
- It is Amazon's third largest acquisition after buying Whole Foods for $13.7B and MGM for $8.5B, and its first major acquisition since CEO Andy Jassy took over.
- The healthcare sector, estimated to be a $4T economy, has been a primary focus for Jassy.
- Amazon acquired online pharmacy PillPack for $750M two years ago, which was instrumental in helping Amazon launch its pharmacy business.
- The e-commerce company also rolled out telemedicine programs to employers across the nation last year.
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American Airlines reported its second-quarter results, which included $476M in net income, up from $19M in Q2 2021. Domestic flights recovered to 121% versus 2019 levels for the leisure category and 110% Yo3Y for business flights. More: - The carrier reported $13.42B in operating revenue at a pre-tax margin of 4.5%, versus $7.47B and 0.1% in Q2 2021.
- American retained $16M in liquidity, as per the past two quarters.
- The airline expects a younger fleet will drive a lower CapEx, with projections for $2.6B for 2022 versus an average of $5.2B from 2014 to 2019.
- $AA closed down 7.43% for the day and -2.8% for the week on Thursday.
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Snap published its Q2 results, hitting $1.1B in revenue, up 13% YoY. The social media company decreased its operating cash flow to -$124M from $101M in Q2 2021. More: - Snap highlighted faster demand growth for mid and upper-funnel objectives while attaining relatively slower growth for lower-funnel app-based goal-based bidding.
- DAU grew by 4% YoY in North America to 99 million, 10% in Europe to 86 million, and 35% in the Rest of the World to 162 million users.
- Snap claims a 90% reach of 13- to 24-year-olds and 75% of 13- to 34-year-olds in over 20 countries.
- The company reported a 9% growth in impressions, primarily driven by an increase in content engagement.
- Snap had $665M in adjusted operating expenses, up 56% YoY. Staff costs grew by 44%, driven by a 38% YoY increase in full-time personnel due to the impact of acquisitions during the past year.
- $SNAP closed 5.42% for the day and dropped 26.36% during the after-market on Thursday.
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Samsung Electronics Co. has laid out plans to invest $200B to scale its semiconductor manufacturing facilities in Texas. The South Korean company's proposal includes erecting 11 new facilities, two of which would be in Austin with the other nine in Taylor, Texas. Per the company's filings, it has earmarked $170B for Taylor-based facilities and over $25B for Austin, though production wouldn't ramp until 2034. More: - Samsung is already in the process of building an advanced facility at Taylor, worth $17B, which is set to become operational by late 2024.
- It already operates two factories in Austin, which complement its existing five semiconductor manufacturing facilities across South Korea and China.
- In accordance with Samsung's statement, the company is seeking financial incentives from the state of Texas as it evaluates "the potential for building additional fabrication plants in the United States."
- According to WSJ, the firm may be eyeing the Texas state incentive program, which offers 10-year tax breaks for large investments and is set to close at the end of this year.
- In an effort to boost the national semiconductor industry, the U.S. government has proposed a $52B federal grant and incentive program, named CHIPS for America Act, hoping to reduce North Asian countries' chip manufacturing dominance.
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China's internet regulatory body, the Cyberspace Administration of China, fined ride-hailing company Didi Global for data protection violations. Didi had been under investigation for over a year, which ultimately led to the regulatory body issuing a $1.2B fine (8.026B yuan), the largest fine imposed yet for data protection issues in China. The authorities placed the blame squarely on two of Didi's founders, Cheng Wei and Jean Liu, and fined them each $150,000 (1M yuan). More: - The company was forced to delist from the NYSE as a result of the investigations and had earlier shelved its plans to list in Hong Kong.
- Following the regulatory body's decision on Thursday, the company can now proceed with its listing.
- Investigators found 57 million driver identification numbers stored without encryption, 12 million phone screenshots, and personal data illegally collected, including addresses, phone numbers, and facial images of users.
- Didi has been banned from registering new users and listing its application on app stores until it rectifies its data breaches.
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On Wednesday, Lyft revealed it is laying off 60 employees from its rental division. The cuts are estimated to be fewer than 2% of the ride-hailing company's total staff and are primarily in operations. More: - "Our road to scaling first-party rentals is long and challenging with significant uncertainty," said Cal Lankton, Lyft's VP of fleet and global operations, in a memo.
- Lyft was operating five locations for car rentals. The ride-hailing company also has a partnership with Sixt SE and Hertz Global in more than 30 locations, which will remain running.
- The company is reorganizing its operations from 13 to nine regions, closing down teams in Detroit and Northern California.
- Lyft stock closed down 3.61% for the day but up 15.11% for the week on Thursday.
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- 7-Eleven announced it is laying off 880 corporate jobs in the U.S., including those in support centers in Irving, Texas, and Enon, Ohio.
- U.S. treasury secretary Janet Yellen said companies should be "friend-shoring," meaning working with the country's allies on a more resilient supply chain.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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