Visa to Get New CEO

Payment giant Visa has named Ryan McInerney as its next CEO, who will take the new role effective February 1, 2023.

McInerney currently serves as President of Visa, a role he has held since 2013, overseeing the company’s financial institutions, acquirers, merchants, and partners.

He will take over as CEO from Alfred F. Kelly, Jr., who has served as the company’s chief executive since 2016 and chairman since 2019.

Following McInerney’s appointment, Kelly will assume the role of executive chairman of the board.

NVIDIA Announces Third Quarter results 🔻

NVIDIA reported revenue for the third quarter that ended October 30, 2022, with sales below analyst expectations.

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Here’s how the company did:

• The revenue for the third quarter stood at $5.93 billion, down 17% from the same period a year ago; however, it surpassed analyst expectations of $5.77 billion.
• Adjusted Earnings per share (EPS): $0.58 vs. $0.69 expected
• Net income for the third quarter fell 72% from a year-ago to $680 million.
• Operating income for the quarter stood at $2.57 billion, up 31% year on year.

The company will pay its next quarterly cash dividend of $0.04 per share on December 22, 2022, to all shareholders on record on December 1, 2022.

Future Outlook:

For the fourth quarter, the company’s revenue is expected to be $6 billion, plus or minus 2%. GAAP gross margins are expected to be 63.2%, plus or minus 50 basis points.

Roku Lays Off Employees Citing Economic Headwinds 📉

Streaming platform Roku is eliminating 200 jobs in the United States, citing current economic conditions.

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Quick Takeaways:

• Currently, Roku has about 3,000 full-time employees in 13 countries, meaning the company is cutting about 7% of its workforce.
• The streaming giant expects most of the restructuring changes to come in Q4 2022 and the job cuts, including cash payments, to be completed by the end of the first quarter of 2023.
• This move from Roku comes on the heels of Roku’s poor third-quarter results when it cautioned investors that it predicts an unsatisfactory fourth quarter as the estimated total net revenue is approximately $800 million or a 7.5% decline year over year.

Statement from Roku:

“Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku’s headcount expenses by a projected 5%, to slow down our opex growth rate.”

“Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position,” the company added.

Trust Wallet Launches Browser Extension Wallet 👛

Trust Wallet, a diverse non-custodial cryptocurrency wallet, has launched its browser extension for desktops.

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Key Points:

• The Trust Wallet Extension allows customers to store, send, and receive cryptocurrency through all EVM chains, such as Ethereum, Solana, BNB Chain, Avalanche, and Polygon.
• The new extension offers an improved multi-chain user experience and provides NFT support, non-EVM blockchain integrations, multi-wallet support, fiat on-ramp providers, and hardware wallet support.
• Trust Wallet will add more non-EVM blockchain integrations in the coming months.

Why it matters?

A network auto-detect function will offer users a seamless DApp experience without the need to manually add networks.

Hence, this new browser extension will provide an optimized dApp experience for users to effectively discover things beyond centralized exchanges (CEXs), like Web3 gaming, metaverse, DeFi, tokens not found on CEX, and more.

Terzo, An AI-Powered Contract Intelligence Platform Raised $16 Million 💰

Terzo, an AI-powered contract management and tracking platform has raised $16 million in its Series A funding round.

The Investors:

The funding was led by Align Ventures, along with participation from TYH Ventures, Engage Ventures, and Human Capital.

The round also saw participation from angel investors Ryan Breslow and Daniel Saks.

What will Terzo do with the funding?

Terzo intends to use the fresh capital to continue to expand further into the Fortune 1000, as these companies need its technology the most.

About Terzo:

Founded in 2020, Terzo provides a SaaS-based Vendor Relationship Management (VRM) platform for enterprises to gain insights to drive innovation, improve governance, increase collaboration, and optimize performance.

The company’s AI-powered contract intelligence delivers instant visibility across your supply chain and contracts.

The platform also offers API integrations to cloud and on-premise data sources and sits on top of core enterprise applications as an additional layer of intelligence.

That’s a wrap for today, ladies & gents. See ya tomorrow!