SoftBank’s Vision Fund posted a $5.8B loss for the quarter that ended Dec. 31, marking its fourth straight quarterly loss. Some of the investment firm’s worst-performing companies include Chinese artificial intelligence firm SenseTime and Indonesian technology group GoTo. More: - SoftBank Group overall posted a net loss of $5.9B.
- The firm said most of its losses were due to an overall decrease in the value of its portfolio companies amid a general downturn in the tech sector.
- SoftBank made $2.76B in new and follow-on investments from April to December 2022, compared to $39.24B reported during the same period in 2021.
- The company has exited some of its high-profile investments, such as Uber and Alibaba, to raise funds.
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Pinterest shares fell more than 10% in extended trading on Monday after the company posted weaker-than-expected Q4 results. Pinterest reported $877M in revenue, up 4% YoY. Full-year revenue was $2.8B, up 9% YoY. Q4 net income was $17M or 29 cents a share, compared to a net income of $174.7M reported same period in 2021. More: - Pinterest posted a net loss of $96M for the full year, compared to $316.4M reported for 2021.
- The company’s board of directors authorized a stock buyback program of up to $500M over the next 12 months.
- Pinterest said it expects Q1 2023 sales to increase by low single digits.
- Pinterest’s CFO, Todd Morgenfeld, will leave the company on July 1, 2023.
- Pinterest shares closed at $26.45 on Tuesday, down more than 5% for the day.
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Meta is planning to revamp its Horizon Worlds metaverse app with a focus on teen and young-adult users. According to an internal memo, the social media company plans to open the platform to teens aged 13 to 17. According to the sources, the revamped app could be launched as early as March. More: - In the memo titled Horizon 2023 Goals and Strategy, VP of Horizon Gabriel Aul outlined the group’s objectives for H1 2023.
- Some of the objectives include boosting user retention, particularly among teen and young adult users.
- Aul referred to teens and young adults as the generation that would be the true digital citizens of the metaverse, given they have grown up interfacing with the technology and connecting with people remotely.
- Meta has invested billions in developing its metaverse virtual reality world.
- In 2022 the company spent $15.9B on its Reality Labs unit.
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British oil giant BP released its Q4 and full-year earnings on Tuesday, reporting an annual record profit of $27.7B for 2022. BP’s 2022 net profit surpassed its 2008 record of $26.3B and more than doubled its 2021 profit of $12.8B. BP’s Q4 net profit was 4.8B. More: - BP’s earnings report comes days after Chevron, Shell, and ExxonMobil also reported record profits.
- BP reduced its net debt to $21.4B from $30.6B reported last year.
- BP announced a new $2.75B share buyback program and a 10% increase to its dividend payment, bringing it to ~6.61 cents a share.
- BP shares closed at $37.75 on Tuesday, up more than 8% for the day.
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CVS is in talks to buy healthcare firm Oak Street Health for about $10.5B, including debt. According to sources, the companies are discussing a price of about $39 a share, representing a 50% premium on Oak Street’s close on Monday. If a deal is reached, an announcement could be made as soon as this week. More: - In September, CVS announced an all-cash deal to acquire home-healthcare firm Signify health for $8B.
- CVS CEO Karen Lynch had previously signaled that primary care and home-based care were key growth areas for the company.
- The pharmaceutical giant is scheduled to report its Q4 2022 and full-year results Wednesday morning.
- CVS shares closed at $85.98 on Tuesday, up ~1% for the day.
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The shares of some of Adani Group’s listed companies re-gained some of their losses on Tuesday after reporting their quarterly earnings. Adani Enterprises rose as much as 25% at one point before closing up 15% for the day. Adani Ports & Special Economic Zone rose ~1%, and Adani Wilmar gained ~5%. More: - The four other listed Adani companies continued to fall.
- Adani Group companies have lost more than $100B in market value since short-seller Hindenburg Research published its report on Jan. 24.
- Adani Ports & Special Economic Zone posted a net income of $161.5M, down 13% YoY, for its fiscal Q3 quarter that ended Dec. 31.
- Adani Green Energy reported a net income of $12.4M, compared to $5.9M reported during the same period last year.
- Adani Transmission reported double digits increases in both its revenue and profits.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | 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 and 1972 Fords. | |
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