Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
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Here’s whats happening:
- Tesla announces its latest recall in the United States
- Wickr’s messaging app will shut down in 2023
- FTX owes over $3 billion to creditors
- Speak, an English language learning platform secures Series B funding
- Bob Iger returns as Disney CEO
Domino’s Adds Chevy Bolt EVs to Its Delivery Fleet 🚘
Domino’s Pizza Inc. is electrifying pizza delivery by adding more than 800 all-electric delivery vehicles into service in the coming months.
- The pizza chain is deploying about 100 custom-branded 2023 Chevy Bolt electric vehicles at select franchise and corporate locations throughout the United States in November.
- The company plans to add another 700 Bolts in the coming months and aims to have 855 EVs on the road by the end of 2023.
- Domino’s, which has been working to enhance its delivery workforce, said these vehicles would provide an opportunity to attract drivers who don’t have their own cars.
The bigger picture:
The EV fleet will provide several advantages for Domino’s stores’ vehicles, including long battery life, zero tailpipe emissions, advanced safety features, and lower average maintenance costs, among other features.
By electrifying its delivery fleet, the pizza chain also aims to reach its net-zero carbon emissions commitment by 2050.
Zoom Reports Financial Results for the Third Quarter 📈
Zoom Video Communications, Inc. announced financial results for the third fiscal quarter that ended October 31, 2022.
Here’s how the company did:
- Third-quarter revenue this year was up by 5% to $1.10 billion compared to the same period the previous year.
- Adjusted Earnings per share (EPS) of $1.07 per share vs. $0.84 per share, as expected by analysts.
- Enterprise revenue was $614.3 million, up 20% year over year and online revenue was $487.6 million, down 9% year over year.
Zoom has lowered revenue guidance for the next quarter and full fiscal year, mainly because of the strengthening U.S. dollar.
For the fourth quarter, the company expects the revenue to be between $1.095 billion and $1.105 billion.
For the fiscal year, Zoom expected total revenue to be between $4.370 billion and $4.380 billion.
Cardano to Launch New Stablecoin Early Next Year
Proof-of-stake blockchain platform Cardano plans to launch an over-collateralized algorithmic stablecoin in 2023.
- Cardano has partnered with COTI, a DAG-based Layer 1 protocol, to launch the stablecoin.
- Dubbed “Djed,” the new stablecoin will be pegged to the US Dollar, backed by Cardano ($ADA), and will use $SHEN as its reserve coin.
- Djed is set to go live on the mainnet in January 2023, pending a successful audit and a series of rigorous stress testing.
- The algorithmic stablecoin will be integrated with selected partners and Decentralized Exchanges (DEXs), who will reward users for providing liquidity using Djed.
Laundrygo Raises $37 Million in Funding 💰
Laundrygo, a South Korean-based on-demand laundry service platform, has raised $37 million in its Series C funding round.
The funding was led by private equity firm H&Q Korea, along with participation from returning investors SoftBank Ventures, Altos Ventures, and Aju IB.
New investors KB Securities, Badgers Investment, Hanwha Securities, Pebbles Investment, and strategic investor Musinsa also participated in the round.
What will Laundrygo do with the funding?
The funding will help the startup advance its smart factory technology and invest more in the laundromat business. The company also plans to use the funds for geographic expansion.
Founded in March 2019, Laundrygo offers a non-face-to-face laundry service where users place their dirty laundry in a pick-up box in front of their house.
The box is retrieved, and the clothes are washed, dry-cleaned, and then shipped back to the user.
Laundrygo currently offers its services in Seoul, Ilsan, Bundang, Gimpo, and Songdo.
Hive Social, A Twitter Alternative Sees A Huge Surge in Popularity 🔺️
Hive Social, a relatively new alternative social networking platform to Twitter, is seeing a huge surge in popularity as people look to flee Musk’s Twitter.
Hive, the Gen Z-focused social app, has become a new focus as several people are searching for a new way of recreating their networks and experience on Twitter.
The social network borrows much of the same design as Twitter, where users are given a profile that can be followed, which will lead atheir posts to go into their followers’ feeds.
Here, users can explore their interests across a range of topic-based communities, such as music, fashion, science, tech, books, travel, gaming, and food, among others.
Hive users can like, comment, and repost the shared content, similar to other social networks, as well as click on hashtags to explore further content in a particular topic or area.
That’s a wrap for today, ladies & gents. See ya tomorrow!
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
This is a daily newsletter that covers the top business, tech and finance stories for today.