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| Here are today's top tech stories: - Apple is developing foldable iPhone prototypes.
- ESPN, Fox, and Warner Bros. Discovery will launch a sports streaming service this year.
- Uber reported its first annual net income since its 2019 IPO.
- Elon Musk's X Corp. is funding Gina Carano's lawsuit against Disney.
- Snap shares plummet after weak earnings, guidance.
Beth
p/beth-duckett | |
| 1 | | Apple is reportedly developing at least two horizontal-folding iPhone prototypes after over five years of R&D, according to The Information. The two clamshell-like folding prototypes are in early development and are not slated for mass production until at least 2026, sources said. More: - Apple has consulted with at least one Asian manufacturer about components for two foldable iPhone models in different sizes, according to The Information.
- However, Apple engineers have faced difficulties with the design of the foldables with external displays, as they are prone to breaking easily.
- While the engineers want to create a foldable iPhone as slim as current models, they have faced limitations with the battery and display component sizes, the report noted.
Zoom out: - Apple CEO Tim Cook first expressed interest in a foldable iPhone as early as 2018 and reacted positively to a 7-inch display prototype.
- However, by 2020, Apple had pivoted toward developing an inward-folding iPad mini-sized with an 8-inch display.
- A recent report from The Elec suggests Apple could launch a seven- or eight-inch folding iPad in 2026 or 2027.
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| 2 | | ESPN, Fox Corp., and Warner Bros. Discovery are collaborating to launch a sports streaming service later this year. The yet-to-be-named service will reportedly feature live content from all major sports leagues. While no pricing has been announced, a CNBC source said it may start at $45 or $50 per month. More: - The platform will include all sports-carrying broadcast and cable networks owned by Disney, Fox, and Warner Bros. Discovery.
- This includes Disney's ESPN networks, ABC, Warner Bros. Discovery's TNT, TBS, and TruTV, plus Fox's broadcast station and FS1, FS2, and BTN.
- Consumers will be able to subscribe to the streamlined bundle directly through a new app.
- A new company, led by its own management, will own the platform, with Disney, Fox, and Warner Bros. Discovery each holding a one-third share
- While the service may start around $45 or $50 monthly, there could be lower introductory rates to attract sign-ups, CNBC noted.
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| 3 | | Uber Technologies reported its first annual profit in five years as a public company, according to its 2023 earnings report. Uber's net income swung from a $9.1B loss in 2022 to a $1.9B profit in 2023. 
What the numbers show: In 2023, Uber achieved record revenues of $37.3B, driven by its ride-hailing and Uber Eats services, along with a growing ad business, exceeding analyst expectations. Mobility gross bookings rose 29% to $19.3B and delivery bookings increased 19% to $17B year over year. Uber also reported its first annual profit since its 2019 IPO, with Q4 net income hitting $1.4B, boosted by $1B from "unrealized gains" on equity investment revaluations. The company anticipates gross bookings for the first quarter of 2024 at between $37B and $38.5B, versus the $37.43B expected by analysts. Quotable: "People are going out to dinner, they're going out to concerts, sports events, etc. And when people go out and they spend money, or when they want anything delivered to their home, Uber benefits," CEO Dara Khosrowshahi told CNBC. Why it matters: Uber has shifted from prioritizing growth to profitability. After reporting cash losses of $9B between 2019 and 2021, and seeing its value drop to about $40B in 2022, Uber appears to have shaken off Wall Street doubts by bouncing back to a $140B valuation, and proving it can indeed turn a profit. NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber. | | | |
| 4 | | Elon Musk's X Corp. will finance actor Gina Carano's lawsuit against Walt Disney Co. and Lucasfilm following her 2021 dismissal from "The Mandalorian." Carano alleges she was wrongfully terminated after she shared conservative political views and conspiracy theories on X and other online platforms. More: - Carano was removed from the series shortly after sharing a post on Instagram and TikTok implying that U.S. conservatives were facing treatment similar to Jews in Nazi Germany.
- At the time, Lucasfilm said that Carano's social media posts "denigrating people based on their cultural and religious identities are abhorrent and unacceptable."
- In the newly filed lawsuit, Carano's attorneys accuse her male co-stars of making offensive posts against Republicans without facing discipline from Disney, alleging a violation of California law against gender-based employment discrimination.
- The lawsuit seeks reinstatement in "The Mandalorian" and compensation for lost wages and future employment opportunities due to her firing.
X funding: - X Corp., founded by Musk, confirmed that it's providing financial support for the lawsuit.
- Last year, Musk stated that X would cover the legal expenses for users, if they "were unfairly treated by your employer due to posting or liking something on this platform."
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| 5 | | Snap shares plummeted by 35% on Wednesday as the company failed to meet revenue expectations and provided weak guidance for the current quarter. The parent company of Snapchat cited difficulties in rebounding from a digital advertising slump exacerbated by the Middle East conflict. More: - Snap's revenue hit $1.36B in Q4, rising 5% from the prior year but falling short of Wall Street's $1.38B forecast.
- It marked the company's sixth consecutive quarter of either single-digit growth or sales downturns.
- In an investor letter, Snap estimated the Middle East conflict had a negative impact of around 2 percentage points on YoY growth in Q4.
- The company noted a positive outcome with its Snapchat+ subscription service adding 2 million subscribers in Q4, bringing the total paid user count to 7 million.
Zoom out: - The results come two days after Snap announced layoffs affecting 10% of its global workforce, or 500 employees.
- The layoffs will help Snap "reduce hierarchy and promote in-person collaboration," the company said.
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| 6 | | Three students won $700,000 for using AI to decode part of a Roman scroll buried by the Mount Vesuvius eruption in 79 AD, which destroyed Pompeii. Using AI, the team was able to decrypt about 5% of the burned scroll, according to contest organizer and former GitHub CEO Nat Friedman. More: - The scroll, likely authored by Epicurean philosopher Philodemus, discusses music, food, and enjoyment of life's pleasures, focusing on how they contribute to happiness in Epicurean philosophy, Friedman wrote on X.
- The winning team was made up of Youssef Nader in Germany, Luke Farritor in the U.S., and Julian Schilliger in Switzerland.
- The college students successfully deciphered over 2,000 previously unread Greek letters.
Zoom out: - The findings were part of the Vesuvius Challenge, an AI competition aimed at deciphering words in the Herculaneum papyri.
- On Wednesday, Elon Musk pledged to financially support the Vesuvius Challenge through his charitable arm, the Musk Foundation.
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- Managers at Tesla have been asked to gauge whether their subordinates' positions are critical to the company's needs, fueling concerns about potential layoffs, according to Bloomberg.
- Payment processing firm Worldline SA plans to lay off up to 8% of its workforce as it seeks to cut costs by €200M ($215M) from 2025.
- Entrust is acquiring AI identity verification startup Onfido, with a deal value "well above" $400M, TechCrunch reports.
- Decentralized social app Bluesky, now public after a beta phase, has seen nearly 800,000 sign-ups in the last day, nearing 4 million total users. The competitor to Elon Musk's X launched a year ago and counts former Twitter CEO and co-founder Jack Dorsey as a board member.
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 | AI and technology writer | | Beth is a contributing editor and writer of Inside's AI and Tech newsletters. She has written for notable publications like USA Today and the Arizona Business Gazette. During her time as a public policy reporter at The Arizona Republic, she received recognition with a Pulitzer Prize nomination and a First Amendment Award for her collaborative reporting on pension cost increases. Beth also authored a book on the solar photovoltaic industry in 2016. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Eduardo Garcia | |
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