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Facebook shares shoot up after strong Q4 earnings despite data breach – TechCrunch

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Facebook managed to beat Wall Street’s estimates in its Q4 earnings amidst a constant beat down in the press. Facebook hit 2.32 billion monthly users, up 2.2 perecent from 2.27 billion last quarter, speeding up its growth rate. Facebook climbed to 1.52 billion daily active users from 1.49 billion last quarter for a 2 percent growth rate that dwarfed last quarter’s 1.36 percent.

Facebook earned $16.91 billion off all those users with a $2.38 GAAP earnings per share. Those numbers handily beat Wall Street’s expectations of $16.39 billion in revenue and $2.18 GAAP earnings per share, plus 2.32 billion monthly and 1.51 billion daily active users. Facebook’s daily to monthly user ratio, or stickiness, held firm at 66 percent where it’s stayed for years, showing those still on Facebook aren’t using it much less.

Facebook shares had closed today at $150.42 but shot up over 11 percent following the record revenue and profit announcements to hover around $167. A big 30 percent year-over-year boost in average revenue per user in North America fueled those gains. Yet that’s still down from $186 where it was a year ago and a peak of $217 in July.

CEO Mark Zuckerberg went beyond his usual intro to the earnings report where he assures investors things are going well and highlights new opportunities. This quarter he noted “We’ve fundamentally changed how we run our company to focus on the biggest social issues, and we’re investing more to build new and inspiring ways for people to connect.”

Squeezing Money From The Olds

Facebook managed to grow its DAU in both the critical US & Canada and Europe markets where it earns the most money after stagnation or shrinkage in previous quarters. The fact that Facebook is no longer dwindling it its most lucrative markets is surely contributing to its share price climb. Facebook’s monthly active user plateaued in North America but roared up in Europe. That was shored up by a reversal of last quarter’s decline in Rest Of World average revenue per user, which fell 4.7% in Q3 but bounced back with 16.5 percent growth in Q4.

 

Facebook raked in $6.8 billion in profit this quarter as it slowed down hiring and only grew headcount 5 percent from 33,606 to 35,587. It seems Facebook has gotten to a comfortable place with its security staff-up in the wake of election interference, fake news, and content moderation troubles. Its revenue is up 30 percent year-over-year while profits grew 61 percent, which is pretty remarkable for a 15-year old technology company.

Earnings Call

Facebook’s plan to concentrate on product innovation in 2019 after focusing on security in 2018 was the core of today’s earnings call. Zuckerberg laid out a product roadmap for more ephemerality and encryption, how unifying the infrastructure of Facebook’s messaging apps will better connect Marketplace to WhatsApp, Groups will become an organizing function for more of the Facebook experience, and shopping features will crop up across the family of apps. You can read Zuckerberg’s full opening statement here.

New stats included 500 million daily Instagram Stories users and 2 million advertisers on Stories. Zuckerberg said he was pleasantly surprised by Facebook Portal sales but didn’t give specifics. He revealed 2.7 billion people now use Facebook’s family of apps each month. However, CFO David Wehner warned the company would eventually stop sharing Facebook-only stats, presumably to mask the shift of younger users to its other apps. He also cautioned that due to the shift of users from feeds to Stories that Facebook has less experience monetizing, and targeting headwinds due to increased privacy scrutiny, Facebook predicts mid-single digit revenue growth rate reductions each quarter this year.

While the quarter went well, morale isn’t quite as rosy. It’s been a brutal quarter for Facebook At least its swifter user growth rates show Facebook survived its biggest ever data breach without scaring off too many people. Meanwhile it’s continuously struggled with scandals like hiring opposition research firm Definers, and it saw its new teen app Lasso largely flop. Facebook will have to convince investors it knows how to win back the next generation, or at least keep squeezong a lot more money out of the last one like it did in Q4.

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We just released our community update and quarterly results.We’ve fundamentally changed how we run our company to…

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Posted by Mark Zuckerberg on Wednesday, January 30, 2019

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While the quarter went well, morale isn’t quite as rosy. It’s been a brutal quarter for Facebook At least its swifter user growth rates show Facebook survived its biggest ever data breach without scaring off too many people. Meanwhile it’s continuously struggled with scandals like hiring opposition research firm Definers, and it saw its new teen app Lasso largely flop. Facebook will have to convince investors it knows how to win back the next generation, or at least keep squeezong a lot more money out of the last one like it did in Q4.

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Facebook managed to beat Wall Street’s estimates in its Q4 earnings amidst a constant beat down in the press. Facebook hit 2.32 billion monthly users, up 2.2 perecent from 2.27 billion last quarter, speeding up its growth rate. Facebook climbed to 1.52 billion daily active users from 1.49 billion last quarter for a 2 percent […]

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Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.

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Previously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.

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Constine graduated from Stanford University in 2009 with a Master’s degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.

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Constine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.

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Josh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.

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Constine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.

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[Disclosures: Josh Constine temporarily advised a college friend’s social location-sharing startup codenamed ‘Signal’ that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch’s editors and has concluded. Constine’s fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine’s cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he’s since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. Constine does not do consulting, angel investing, or public stock trading beyond public stock invesments by his parents’ estate that he has no role in managing or advising.]

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Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.

nn

Previously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.

nn

Constine graduated from Stanford University in 2009 with a Master’s degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.

nn

Constine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.

nn

Josh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.

nn

Constine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.

nn

[Disclosures: Josh Constine temporarily advised a college friend’s social location-sharing startup codenamed ‘Signal’ that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch’s editors and has concluded. Constine’s fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine’s cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he’s since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. Constine does not do consulting, angel investing, or public stock trading beyond public stock invesments by his parents’ estate that he has no role in managing or advising.]

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Samsung will announce new foldables on August 11 – TechCrunch

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Samsung just sent out invites for its next Unpacked event. There are those companies that like to sneak hints into their invites — and then there’s Samsung. The note leads with the big, bold words “Get ready to unfold” and features a pair of flat-colored objects that can reasonably be said to resemble the form factors of the Galaxy Z Fold and Flip, respectively.

In keeping with…the general state of the world over the past year-and-a-half, the event will be held virtually on Wednesday, August 11. Interestingly, the company is also opening up preorders on its “next flagship,” sights and specs unseen. Perks for early preorders include “12 free months of Samsung Care+, up to an extra $200 trade-in credit and a special pre-order offer.”

But honestly, it’s generally best to wait until you actually see the thing and maybe even read a review or two.

There’s a lot to unpack (so to speak) ahead of the event. First, I’m probably not alone in expecting that the company would focus its next big event on the upcoming Galaxy Watch. The big event at MWC was a bit of a dud (not unlike MWC itself), offering up more information on the upcoming wearable partnership with Google, in lieu of announcing any hardware.

As the company noted at the time, “The upcoming One UI Watch will debut at an upcoming Unpacked event later this summer, sporting the new UI, as well as the forthcoming joint Samsung/Google platform.”

It seems reasonably likely that this will be the event where that will occur, even if the new watch doesn’t get top billing. For one thing we’re running out of summer. For another, rumors have the new Galaxy Watch set for a late-August (the 27th) release.

All told, this could well be a pretty huge summer event for the company, bucking last year’s trend of meting out devices one by one at virtual invents. Word on the street is we could be seeing a Galaxy Watch 4, Galaxy Z Fold 3, Galaxy Z Flip 3, Galaxy S21 FE (“Fan Edition” — basically the latest version of the company’s budget flagship) and even the Galaxy Buds Pro, which will more directly take on the AirPods Pro (which are getting a bit long in the tooth).

What’s missing in all of this? No points if you said the Note. Samsung’s well-loved phablet is reportedly not coming this year, as chip shortages continue to plague the industry. That would be a big hit to Samsung’s six-month cycle, though we’ll see how that all plays out soon enough.

The August 11th event kicks off at 10AM ET / 7AM PT.

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Kdan Mobile gets $16M Series B for its cloud-based content and productivity tools – TechCrunch

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Kdan Mobile founder and CEO Kenny Su. Image Credits: Kdan Mobile

Kdan Mobile, a company that provides a wide range of cloud-based software, including AI-based tech for organizing documents, has raised a $16 million Series B. The round was led by South Korea-based Dattoz Partners, which will also take a seat on Kdan Mobile, and included participation from WI Harper Group, Taiwania Capital and Golden Asia Fund Mitsubishi UFJ Capital.

Launched in 2009, Kdan Mobile has focused on developing content creation and productivity software for mobile devices from the start, founder and chief executive officer Kenny Su told TechCrunch. “We’ve observed more and more industries embracing remote or hybrid work for years now, even before 2020,” he said. “We always sensed that trend would continue.”

Kdan Mobile has now raised $21 million in total. Since announcing its Series A in April 2018, Kdan Mobile has grown from 70 employees to 200 in Taiwan, China, Japan and the United States. It also passed 200 million downloads and now has more than 100 million members on its platform. More than half of Kdan Mobile’s users are in the U.S. and Europe, 30% from Asia and 15% from Africa and Australia.

Part of the funding will be used to develop Kdan Mobile’s enterprise products, including Document AI, its data processing and filtering technology, and SaaS products like e-signature service DottedSign, PDF software Document 365 and Creativity 365 for multimedia content creation, including animations and video editing.

After focusing primarily on individual users, Kdan Mobile decided to start working with more enterprise clients in 2018 and its software is now used by more than 40,000 businesses and educational organizations. Su said the company’s focus on enterprise was validated with the 2019 launch of DottedSign, which now has more than 300,000 users. During the past year and a half, the number of signatures processed by DottedSign increase by 30 times as companies switched to remote work because of the pandemic. Kdan Mobile also began offering a set of APIs and SDKs so internal developers at large enterprises can integrate and customize its technology.

“We use a lot of what’s called B2C2B approach, or business to consumer to business, meaning that we still try to connect with users at the individual level, but do so in a way that we hope they’ll adopt our solutions at the company level,” said Su.

Document AI was launched in 2021 after Kdan Mobile found that many of its users wanted to reduce the amount of time they spend managing documents. Its features include optical character recognition, smart tagging and search, and protection for sensitive data. Some examples of how Document AI can be used include automating data-entry tasks and creating summaries of research documents.

When asked how its products differentiate from those offered by Google, Microsoft and Adobe, Su said one way is that Kdan Mobile has always created products for mobile first, before designing the user experience for other devices, with the idea of serving professionals who are on the move a lot.

On the other hand, Kdan Mobile doesn’t necessarily see itself as a competitor with those companies. Instead, its solutions are complementary. For example, it creates files that are compatible with Adobe products and is integrated with Google Workspace, Zapier and, in the near future, Microsoft Teams.

“In that regard, it’s about helping users where they are, rather than trying to sway them away from existing products or services,” Su said.

In statement, Dattoz Partner CEO Yeon Su Kim said, “We see tremendous growth in the market for software and solutions that empower the post-pandemic hybrid workforce. Kdan’s powerful product suite and the leadership team’s ability to executive have led to its strong momentum in several key markets, including the U.S. and Asia markets.”

 

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Yummy raises $4M, aims to be ‘super app of Venezuela’ – TechCrunch

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Yummy, a Venezuela-based delivery app on a mission to create the super app for the country, announced Friday it raised $4 million in funding to expand its dark store delivery operations across Latin America.

Funding backers included Y Combinator, Tinder co-founder Justin Mateen, Canary, Hustle Fund, Necessary Ventures and the co-founders of TaskUs. The total investment includes pre-seeding capital raised in 2020.

“This appears to be a contrarian bet, but Yummy has quickly become the No. 1 super app in Venezuela and proven that the team can scale the business in a difficult territory,” Mateen said in a statement. “Now Vicente and the rest of the Yummy team will expand into more traditional markets with the necessary experience and support to overcome inevitable challenges that they will face.”

Vicente Zavarce, Yummy’s founder and CEO, launched the company in 2020 and is currently part of Y Combinator’s summer 2021 cohort. Born in Venezuela, Zavarce came to the U.S. for school and stayed to work in growth marketing at Postmates, Wayfair and Getaround before starting Yummy. Zavarce was a remote CEO over the past year, stuck in the U.S. due to travel restrictions, but said he is making the most of it.

Yummy’s app can be downloaded for free, and the company charges a delivery fee or merchant fee. In contrast to some of his food delivery competitors, Zavarce told TechCrunch Yummy’s fees are “the lowest in the market” so they do not affect the merchant’s ability to use the app.

Yummy order heat map. Image Credits: Yummy

The company is pulling together additional key components for its super app strategy, which includes launching a ridesharing vertical this year. Yummy has already connected more than 1,200 merchants with hundreds of thousands of customers.

And, over the past year the company completed more than 600,000 deliveries of food, groceries, alcohol and shopping. It reached $1 million in monthly gross merchandise volume while also growing 38% in revenue month over month.

Over the past eight years, the political and economic challenges faced by the country have led to its recent adoption of the U.S. dollar, Zavarce said. In some cases up to 70% of transactions are happening in dollars on the ground. He said this has protected the business against hyperinflation and ultimately created the opportunity for startups to begin operating in Venezuela.

Because of that, combined with more consumer technology innovation over the past decade, Zavarce said there is no reason why Venezuela should not have the best last-mile logistics. It’s there that Yummy has an opportunity to connect multiple vertices into a super app with little to no competition.

“Eventually, other players will enter, but because we have a super app, we already have an amazing frequency of usage,” he added. “We also already have exclusivity with 60% of the food delivery marketplace, which has enabled us to build a moat around the market. We believe we are the right people to execute on this and feel it is our responsibility to do it.”

Plans for the new funding include user acquisition — the company has close to 200,000 registered users already — and to expand in Peru and Chile by August. At the same time, Zavarce will spend some of that capital to attract more users across Venezuela. He also expects to be in Ecuador and Bolivia by the end of the year.

 

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