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| Hello Insiders! Today's business newsletter covers: - Reed Jobs, son of Apple co-founder Steve Jobs, launches a $200M fund.
- Uber posts a GAAP profitable quarter.
- Pfizer misses Wall Street analyst estimates.
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 | | Reed Jobs, son of Apple co-founder Steve Jobs, has announced the launch of a $200M VC fund that aims to invest in companies that develop cancer therapies. The fund, Yosemite, is backed by MIT, Memorial Sloan Kettering Cancer Center, and John Doerr. More: - According to Jobs, the fund will invest in for-profit companies, but a grant program will also be made available for scientists with ideas in this field.
- Yosemite is a spinoff from Emerson Collective, a company founded in 2004 by Laurene Powell Jobs, Reed Job's mother.
- Emerson Collective, where Reed Jobs worked as the managing director of health, has invested in companies such as Axios Media, The Atlantic, and Amplify.
- Jobs said that he made the decision to launch a venture capital fund because of the impact that investors can have in shaping ideas and launching impactful businesses.
- The 31-year-old is a graduate of history with a major in nuclear weapons policy, a degree he completed at Stanford after dropping out from Stanford's pre-med program due to his father's passing away from pancreatic cancer.
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| 2 | | What the numbers say: Uber CEO Dara Khosrowshahi announced that the company has had its first GAAP operating profitable quarter, in line with its growing revenue trend. Uber aims to be profitable every quarter from now on, according to Khosrowshahi. Relevance: The ridesharing industry was significantly impacted by COVID-19, as global curfews made it challenging to generate revenue. The company reaching profitability post-COVID is likely to boost investor trust. More data: In addition to achieving its first-ever GAAP profitable quarter, the company announced that it had achieved its first quarter of free cash flow of over $1B. Uber's total monthly active user base grew 12%, reaching 137 million. These users completed over 2.1 billion trips in Q1 2022 alone. As for future estimates, the company expects its gross bookings value to reach up to $35B and an adjusted EBITDA of up to $1B. *Inside.com Founder and CEO Jason Calacanis is an early investor in Uber. 
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| 3 | | Pfizer has reported a lower-than-expected Q2 revenue of $12.73B as COVID-19-related sales dropped by more than 80%. Wall Street had estimated that the company's revenue would reach $13.27B. More: - Pfizer's Q2 revenue represents a 42% drop compared to the same period last year.
- In 2023, its COVID-19 vaccine brought in $1.49B in revenue, down 83% YoY, while its antiviral pill Paxlovid brought in $143M in revenue, a 98% YoY drop.
- Overall, the company missed Wall Street's revenue estimations by a significant margin. Wall Street predicted that the company would post $13.27B in revenue.
- Pfizer reported a net income of $2.33B, a $7B drop from the $9.91B reported in the same period in 2022.
- As COVID-19-related revenue goes down, the company said that drugs such as Vyndaqel, which helps patients with heart disease, and the acquisition of cancer therapy company Seagen, could help boost sales.
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| 4 | | CVS Health is set to cut 5000 corporate management jobs to reduce costs and focus on offering healthcare services. The company is also cutting back on business trips and is investing in technology to improve overall efficiency. More: - According to a company statement, the decision will help the company reduce expenses, become more competitive, and enable it to participate in what it calls a "once in a generation" change in the healthcare industry.
- The company is due to publish its Q2 earnings report tomorrow, months after posting an 11% revenue YoY increase in Q1.
- CVS, one of the largest pharmacy retail chains in the U.S., has closed over 100 stores so far in 2023 and aims to close around 900 by the end of 2024 to cut costs and invest more in healthcare services.
- This layoff round affects less than 2% of its total workforce, which is 300,000.
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| 5 | | Ford has announced it will triple the F-150 Lightning production rate after revamping the Rouge Electric Vehicle Center. The car manufacturer aims to deliver around 150,000 vehicles by the end of 2023. More: - After six weeks of revamping the plant, Ford aims to fulfill increased demand after cutting prices for all F-150 Lightning models.
- The base Pro trim model has seen a sixfold increase in orders, while the XLT trim level has had a 50% increase in demand.
- However, even after these price cuts, the current price is higher than what the vehicles were going for initially. The base "Pro" trim model was announced in 2021 as a sub $40,000 vehicle, but now the starting price for the model is $49,995.
- The company expects that this factory revamp will enable it to scale its production soon to deliver 70,000 vehicles by fall, reaching an annual production of 150,000 F-150 Lightning vehicles.
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| 6 | | Nile has raised a $175M funding round to expand its network security solution. The company, which counts Stanford University among its clients, has now raised $300M in total funding. More: - Nile is a zero-trust network security company that aims to make both wired and wireless network connections safer for the end user.
- March Capital and Sanabil Investments co-led the funding round, with participation from Prosperity7, Liberty Global Ventures, 8VC, Geodesic Capital, FirstU Capital, and Valor Equity Partners.
- The company aims to use the funding to cement its global presence in markets such as Europe, North America, Asia, and Africa.
- Nile is based in San Jose, California.
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- Tesla may be hit with a federal probe regarding steering issues in Model 3 vehicles.
- The Amazon Clinic virtual service is now available to all 50 U.S. states and Washington, DC.
- California-based Satellite imagery company Planet is laying off around 10% of its workforce.
- Nintendo could release its next-generation console at the end of 2024, according to reports.
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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 | |
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