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Lightspeed one-time net loss of $814.8 million USD sends Groundhog Day signal: six more weeks of tech winter (BETAKIT)
Lightspeed also posted revenues of $188.7 million, an increase of 24 percent compared to the same time last year.
FTC prepares possible antitrust suit against Amazon (WALL STREET JOURNAL)
The timing of any case remains in flux, some of the people said. The commission also could opt not to proceed, and doesn’t always bring cases even when it is making preparations to do so.
RocketRez closes $20 million CAD Series B to fuel European tourism expansion (BETAKIT)
RocketRez caters to tours and attractions businesses, which were hit hard by the COVID-19 pandemic when travel demand fell. But RocketRez founder and CEO John Pendergrast claims that demand for the startup’s solution actually grew during this time as COVID-19 forced more industry players to embrace tech and automation.
Amazon warns of period of slower growth (WALL STREET JOURNAL)
“We do expect to see some slower growth rates for the next few quarters,” Brian Olsavsky, Amazon’s chief financial officer, said Thursday on a call with reporters. The guidance, he said, reflects the uncertainty the company continues to have about both consumer and corporate spending in the U.S. and overseas.
After selling startup to Instacart, New School Foods founder raises $15.9 million CAD to create plant-based meat (BETAKIT)
With a founder that sold his previous startup to Instacart, New School Foods claims that its technology is capable of producing whole-cut fish alternatives that look and cook just like ordinary seafood.
Apple sales drop 5% in largest quarterly revenue decline since 2016 (CNBC)
Apple CEO Tim Cook said three factors hurt the results: a strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment.
How to grow investment in women-led startups (BETAKIT)
Women are less likely to get funded and are woefully underrepresented in both the startup founder and venture capital (VC) ranks. However, we’re approaching what might later be called a tipping point.
Tech’s Biggest Companies Discover Austerity, to the Relief of Investors (THE NEW YORK TIMES)
After years of expansion and billions in profits, Big Tech is pulling back from its famously lavish spending as a long boom finally ends.
Shopify invests in US-based e-commerce analytics aggregator Triple Whale (BETAKIT)
Triple Whale’s data platform allows Shopify store owners to unify their business metrics into one dashboard. The company said this helps merchants locate key metrics and insights into the performance of their advertising campaigns.
Chinese e-commerce giant JD.com pulls the plug on Indonesia and Thailand sites in Southeast Asia logistics pivot (SOUTH CHINA MORNING POST)
The internet retailer plans to grow its supply chain operations in the region after setbacks amid competition from the likes of Shopee and Lazada.
CIBC Innovation Banking president Mark McQueen to depart for “next adventure” (BETAKIT)
When McQueen will be officially leaving CIBC, and who his successor might be, is unclear at this time. McQueen has been leading CIBC Innovation Banking since the bank acquired Wellington Financial in 2018.
Cannabis wholesale platform LeafLink raises $100 million (AXIOS)
The deal's structure reflects growing challenges in the cannabis market, in part due to raw material price increases. It's a convertible note capped at a $500 million valuation, down from an $800 million valuation in 2021.
Invest Ottawa’s 10th birthday party comes with over $6.6 million in funding to support Area X.O (BETAKIT)
The federal funding comes alongside an additional $1.25 million of in-kind contributions in technology, expertise, and services from partners including Ansys, a US-based engineering simulation software company.
Groupon cuts another 500 employees in second round of layoffs (TECHCRUNCH)
The e-commerce company had cut 500 jobs — nearly 15% of its workforce then — in August 2022. The company said this new set of layoffs will be spread across the first two quarters of this year.
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