| |
| Hello Insiders! Today's business newsletter covers: - Apple's service apps reach 1 billion subscribers.
- Amazon beats earning estimates by 50%.
- Canada lost 6,400 jobs in July, unemployment rises to 5.5%.
Also, tell us how businesses can adapt to changing consumer behaviors and preferences here! If you find this newsletter helpful, please share it with your friends and colleagues. Arbër
p/Arber | |
| 1 | | Apple's services apps now have over 1 billion paying subscribers, according to an announcement made during the company's Q3 conference call. The services apps brought in $21.2B in revenue for the company. More: - Apple's $21.2B earned from the services category represents an 8% YoY growth and made up for 25% of the company's entire quarterly revenue.
- The services apps added 150 million new subscribers in the last 12 months alone.
- Earlier this week, Apple said that deposits in the Apple Card Savings program, which offers a 4.15% yield, exceeded $10B. The program was launched in Apr. 2023.
- Apple CEO Tim Cook also highlighted Lionel Messi's impact on the rising number of subscriptions for Apple TV, as the company has an exclusive partnership with the Major Soccer League.
- Some reports claim that subscriptions have increased by as much as 75% since the soccer player joined Inter Miami.
|     | |
| 2 | | What the numbers say: Amazon has beat earnings estimates by 50% as it reported its Q2 earnings report yesterday. The positive financial performance in Q2 helps the company continue its momentum from previous years, as it has continuously grown its revenue. Relevance: The improved earnings report is mainly attributed to the cost-cutting measures the company undertook in the last 18 months when it cut a total of 27,000 jobs. More data: One of Amazon's most significant departments, Amazon Web Services, had $22.1B in revenue. Analysts had estimated that Web Services would have $22.8B in revenue. AWS represented 70% of Amazon's $7.7B Q2 operating profit. While its flagship department missed expectations, Amazon's Advertising revenue rose to $10.7B, exceeding the $10.4B estimates. The growth in advertising revenue is a 22% YoY increase for Amazon, which increasingly sees advertising as an important revenue stream. 
| | | |
| A message from our sponsor, Upway. |  | | Finding your ideal e-bike should be an easy ride. Meet Upway - the #1 certified e-bike expert. Upway’s goal is to make electric mobility affordable for everyone. They source only from the best electric bike brands in the world, carrying a vast selection of both new and pre-owned bikes on their website, all up to 60% off retail prices. Their team of master mechanics, based in Brooklyn, NY completes a 20-point certification, giving each bike a one-year warranty. Upway wants to help consumers make an optimal choice rather than having to close their eyes and point. Every bike is delivered fully assembled directly to your doorstep, within a week. Use code INSIDE for $150 off your next purchase of $500+. Find your e-bike | |
|
| 3 | | Canada's economy lost 6,400 jobs in July, as unemployment in the country has now reached 5.5%. Analysts had estimated that the labor market in Canada would gain 25,000 jobs. More: - The job growth rate surprised economists, considering the fact that Canada added 59,000 jobs in June.
- While the job market declined, wages grew by 5%, beating estimations that had wage growth capped at 4.1%.
- This is the third consecutive month that unemployment in Canada has increased.
- Canada's national banking authority, the Bank of Canada, is set to announce its next policy decision on interest rates on Sept. 6, 2023. Economists believe that a slowing economy could be enough to convince the Bank of Canada not to raise rates.
| | | |
| 4 | | California-based Ribbit Capital has raised $800M to invest in fintech companies. The fund was backed by 247 LPs. More: - Ribbit Capital has invested in companies such as:
- Ethereum
- Coinbase
- Revolut
- Affirm, etc.
- Since its inception, the firm has made over 200 investments and has had over 15 exits.
- Ribbit Capital was founded in 2012 and is based in Palo Alto.
- In early 2022, the company raised $1.15B.
| | | |
| A message from our sponsor, Adobe. |  | | Teamwork can take success to new heights — learn how on Adobe’s new podcast. Without the backbone of strong team collaboration, the brands and businesses we see around us every day wouldn’t exist. Even the most successful organizations — like Fortune 500 companies and championship-winning sports teams — have honed their approach to teamwork. In Season 1 of Adobe’s The Power of Teamwork podcast, we heard how the lighting and costume creatives at Amazon’s The Marvelous Mrs. Maisel collaborated to create an award-winning show. The experts at HelloFresh talked us through the delicate team balance to create environmentally conscious and delicious meals. And the design innovators at Lemonade Insurance showed us how they leverage AI to assist members of their team and make insurance more accessible. Every episode dives deep into how cross-functional collaboration, a strong internal team culture, and structural efficiencies lead to business success. Don't miss out on the stories of how Success starts with We. Listen Now | |
|
| 5 | | Icahn Enterprises announced that it has halved its dividend after Hindenburg Research said its payouts are unsustainable. The company will now pay $1 per share. More: - Hindenburg Research, a company known for publishing reports on companies and short-selling those stocks, claimed that Icahn Enterprises was overvalued.
- While Icahn Enterprises founder Carl Icahn called the report "self-serving," the report made Icah Enterprise's stock drop considerably.
- The drop made Icahn restructure personal loans he took out against shares in Icahn Enterprises.
- Icahn reached deals with banks such as the Bank of America, Bank of Montreal, and Deutsche Bank to convert his margin into a three-year loan that requires him to make a $500M principal payment by Sept. 1 and to use most of his Icahn Enterprises stock as collateral.
| | | |
| 6 | | New York-based Petal has raised a $240M equity and debt funding round to expand its fintech platform. The company provides credit cards that don't require a credit score. More: - Petal's cards are issued by WebBank and are meant to help customers who are new to credit and don't have a credit score.
- So far, the company has issued 400,000 cards, 100,000 of which were issued last year.
- Victory Park Capital led the funding round, providing $200M in debt, while Trinity Capital added $20M. The rest of the funding was secured from private equity.
- Since being founded in 2016, the company has raised nearly $1B in equity and debt funding.
| | | |
| 7 | | Quick Hits: - The AWS Cookbook — packed with practical insights and hands-on examples — is a must-have for your cloud toolkit.*
- Apple's share price had its largest drop since Sept. 2022, as the company reported a decline in iPhone sales.
- TPG Rise Climate led a $700M debt and equity round for Arkansas-based recycling startup Hybar.
- Meta CEO Mark Zuckerberg has stated that Threads will soon have browsing features.
- Space tech company Astra has laid off 25% of its total workforce and is restructuring the positions of at least 50 engineers and staff.
- How to score a spoke-tacular deal on your next set of wheels. Upway will deliver a top-notch e-bike right to your door for up to 60% less than retail. Use code INSIDE for $150 off.*
*This is sponsored content. | | | |
| Upcoming Events | | OCT
4 | | Join this free hybrid event in Amsterdam and you'll hear from industry experts at Meta, Opera, AdGuard, Mozilla, Google, and more. | | | | | | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | | NOV
7 | | Join 300+ CCOs and senior leaders from Amex, Verizon, Hilton, Wells Fargo and more at Reuters Events: Customer Service & Experience East 2023. | | | | | | * This is a sponsored event | | | |
Term of the Day Dwell time: Dwell time measures the length of time that a user remains on a website before returning to a search engine results page (SERP). Question of the Week Do you think the 9-to-5 workday still relevant in today's modern workplace? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Vibha Chapparike | |
| |
| |
|
| |
|
| |
