- Google's parent company, Alphabet posted a drop in its fourth-quarter earnings for 3 months that ended in December 2022, as it grapples with a slowdown in digital advertising spending.In its posted Q4 consolidated revenue, revenue grew only 1% YoY to $76.05 billion, from the $75.3
- Dubai-based accounting platform Wafeq has raised $3 million in seed funding, led by Raed Ventures and featuring participation from Wamda Capital.Wafeq was established to meet the unmet financial and accounting needs of SMEs in the region and its platform streamlines the entire accounting process…
- YouTube Shorts has surpassed 50 billion daily views, up from the 30 billion daily views the company had a year ago.This was confirmed by Alphabet CEO Sundar Pichai last Thursday during the company's fourth-quarter earnings call.Although Youtube Shorts delivered an impressive performance in the…
- Apple reported a 5% YoY decline in its released financial result for its first quarter of the fiscal year 2023, marking its first quarterly revenue drop since 2019 and missing Wall Street forecasts.The Silicon Valley giant hinged the poor performance on the impact of COVID restrictions in China that
- Chinese e-commerce giant JD.com is pulling the plug on its Thailand and Indonesian platforms in a major setback for the company’s overseas expansion efforts, according to the South China Morning Post.In announcements posted to their websites on Monday, JD Central will cease operations in Thailand on
- The Draft – Techloy's subscriber-only newsletter brings you data-driven news and insights into technology across the world's largest emerging markets from trusted sources. This week (end)'s edition was curated by Emmanuel and edited by Loy.Nigeria became the first African country to receive Elon
- Amazon posted better-than-expected revenue growth in its issued first-quarter guidance for the fourth quarter of 2022 on Thursday but was still its least profitable Q4 ever.Net sales increased 9% to $149.2 billion in the fourth quarter, compared with $137.4 billion in Q4 2021 to beat the $145.
- Tech Nation, the UK government-funded tech startup ecosystem builder which has significantly transformed the UK tech sector in over a decade, has announced that it will cease operations on March 31, following the termination of its core government grant funding.The non-profit has helped shape the…
- Meta, the parent company of Facebook and Instagram, posted a revenue drop for the third consecutive quarter in Q4 2022, amid a pullback in ad spending and increased competition from rivals like TikTok.However, this decline only marked a smaller drop than analysts had expected. Revenue only fell 4%…
- Gokada, a Nigerian e-mobility company, has laid off at least 54 members of its staff. On January 31, 2023, the company sent out an email to employees announcing the layoffs and asking them to resign via PeopleHum before the end of the day.CEO, Tosin Oni confirmed the layoffs but
- OpenAI creator company of the chatbot, ChatGPT, has announced ChatGPT plus, a subscription plan for the generative AI service at $20/month.According to the report made available to Techloy, subscribed users to the ChatGPTplus service will have continued access to the chatbot even during peak times…
- Big Data and Analytics (BDA) software market is expected to record strong growth in the coming years despite the geopolitical developments that have contributed to the global economic slowdown, according to a report published by International Data Corporation (IDC).Although the BDA market suffered…
- Smartphone shipments dropped significantly in 2022, but OEMs continued to improve smartphone camera resolutions. This is because smartphone OEMs are still focusing on improving imaging technology.Advances in chipset processing and software algorithms have allowed OEMs to produce high-quality images…
- Morocco-based fintech startup Gwala has raised an undisclosed pre-seed round led by a group of prominent investors who share the company's vision and mission.Founded in 2022, Gwala is an innovative fintech company that provides an on-demand payment solution for employees and employers in Morroco.…
- Meta-owned social media platform, Facebook, has reached 2 billion daily users in the last quarter of 2022 even as Meta's revenue shrunk in the year, the company confirmed in its financial report for Q4 2022.Facebook is now the second Meta-owned platform to reach 2 billion daily users
- Startups face a range of challenges, and a new study sheds light on the most common reasons why businesses fail in the current climate.Skynova, a company that creates invoicing software for small businesses, surveyed 492 startup founders in November 2022 and analyzed data from CB Insights to…
- Just two months after its launch, OpenAI's viral AI language model, ChatGPT, has been estimated to reach 100 million monthly active users in January, according to a UBS report on Wednesday.The report, citing data from analytics firm Similarweb, said an average of about 13 million unique visitors
- American chipmaker Intel said on Tuesday that it had made broad cuts to its employee and executive pay. This comes after the company announced a sinking profit margin in the financial result for 2022, and issued investors a lower-than-expected sales forecast driven by a loss of market share to…
- EnergyX, a Seoul-based startup, that “enables zero-energy building,” from architectural design to completion has secured $20.3 million in Series B funding at a valuation of $120 million.The round was led by Shinhan Asset Management, bringing the startup’s total funding to about $31.5 million.
- MUFG, Japan's largest bank by market cap, has launched a new $100 million fund that will focus on Indonesian startups.The fund, which is the third one managed by MUFG's fund management company, MUIP, will be a collaboration between MUFG subsidiaries MUFG Innovation Partners, MUFG Bank
- China's smartphone sales declined 14% YoY in 2022 to reach their lowest level in a decade, according to Counterpoint Research's Market Pulse Service.The year 2022 was also the fifth consecutive year of YoY sales decline in China, largely due to macroeconomic headwinds and the impact
- Snap Inc. recorded a revenue slowdown in its released fourth quarter and full year 2022 financial results amid a challenging environment in the tech industry in the year.While the company registered a positive number in the year, there was a notable slowdown from the performance in the year prior
- Egyptian fintech company MNT-Halan has raised $400 million in a funding round, including $260 million in equity financing and $140 million through securitized bond issuances.Abu Dhabi-based Chimera Investments provided the largest portion of the equity financing, $200 million, in exchange for 20%…
- Payment technology giant, Paypal is set to cut 2,000 jobs from its global workforce over the coming weeks. This was confirmed in a statement by the president and CEO Dan Schulman to employees on Wednesday.The layoffs will account for about 7% of the company's total headcount.
- Cape Town-based startup, Lulalend has announced that it has secured a $35 million (~R600 million) Series B round, led by Lightrock.The round included participation from investors including DEG, Triodos Investment Management, and Women’s World Banking Asset Management and existing investors…
- PhonePe, the Indian fintech start-up valued at $12 billion, has reported a revenue of $234.3 million in the first nine months of 2022, marking a significant jump from the $201.6 million revenue it generated in the 12-month financial year ending in March 2021.The start-up is projecting a
- Shopee’s parent company Sea Group plans to create over 2,000 jobs in Malaysia as the e-commerce giant makes plans to expand its investment in the country.This is a rather surprising announcement in this cost-cutting environment. Ever so recently, the group had cut 7,000 (10%) of
- Music streaming giant Spotify has reported a strong fourth quarter with a surge in both active users and premium subscribers.The number of monthly active users rose to 489 million, surpassing both the company's guidance and analysts' predictions. Meanwhile, the number of premium subscribers, which…
- Worldwide shipments of mobile phones, tablets and personal computers (PC) are expected to decline 4.4% in 2023, according to a recent report by IT research firm Gartner.Mobile phone shipments are projected to fall 4% to 1.34 billion units in 2023, down from 1.40 billion units in
- Mexican financial technology firm Zenfi has raised $8.5 million in a funding round led by Magma Partners, with participation from Redwood Ventures, Polígono, Conny & Co and an AngelList syndicate led by Peter Livingston.CEO and founder Luis Rubén Chávez aims to use
- Elon Musk-founded space technology company, SpaceX has announced the commercial availability of Starlink, its satellite internet service, in Nigeria, several months after it signed an agreement with the Nigerian government to bring the service to the West African country.In a tweet posted on Monday…
- The Indian Economic Survey 2023 has pegged the Indian EV market to hit 1 crore units in annual sales by 2030.It pointed out that the domestic electric vehicles (EV) market is likely to grow at a compounded annual growth rate (CAGR) of 49% between 2022 and 2030, hitting 1
- The IoT* landscape is expected to grow in 2023, according to a published annual IoT Predictions for 2023 by TechInsights, highlighting technological and strategic trends expected in the IoT space in 2023.According to the report, the shift in IoT connectivity technologies is set to continue in 2023…
- In 2022, South Africa, one of the African continent's "Big 4", suffered a funding setback from the mouthwatering fundraising environment in the previous year.Funding raised in the country sank nearly -50% YoY from $1.1 billion in 2021 to $555 million in 2022, according to
- Amazon Web Services (AWS) on Monday said it was making its AWS Data Lab programme available in India.The complimentary programme is targeted at facilitating joint engineering efforts between customers and AWS technical experts to solve complex data, and architecture challenges using AWS products…
- Dutch health technology company Philips says it would cut 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value, according to a report by Reuters.The company confirmed on Monday that half of the layoffs will take place in
- Spain's delivery service provider, Glovo, is cutting 250 jobs globally, as the COVID-19 pandemic continues to take its toll on the company. The layoffs, which will mostly affect Glovo's Barcelona office, represent a 6.5% reduction in the company's global workforce.In a statement,
- The Central Bank of Nigeria says it is launching the second phase of the eNaira project – designed to increase financial inclusion for the unbanked and the underserved through offline channels, according to governor Godwin Emefiele.The first phase of the eNaira project was launched in October 2021…
- Thailand will have the highest TikTok penetration in the world, with nearly 50% of its social network users being on the app this year, according to a forecast by eMarketer Insider Intelligence.The US is expected to rank second with 45.3% of its social users on the app, with
- Electric vehicle maker, Tesla recorded a 37% increase in total revenue to reach a record $24.3 billion during the last quarter of 2022. Vehicle deliveries rose 31.3% YoY to 405,278 vehicle deliveries within the quarter, bringing the 2022 annual total to 1.3 million units.Riding on
- In a report made available to Techloy by Hindenburg Research, Indian multinational conglomerate, Adani Group – worth over $218 billion – has been accused of "stock manipulation", among other allegations.As a result, the market value of most of Adani Group subsidiaries has seen a sharp loss of
- Baidu, the largest search engine company in China, is set to debut a new AI chatbot service similar to OpenAI's ChatGPT in March, according to a Bloomberg report.The application will be initially embedded in the main search services and will provide conversation-style search results. The tool'
- German enterprise software firm SAP will be cutting up to 3,000 jobs, or about 2.5% of its workforce, becoming the latest tech giant to announce significant layoffs.SAP's CEO, Christian Klein, stated that the company is focusing its portfolio in areas where they are strongest to
- Convergence Partners, the leading private equity investor dedicated to the technology sector in sub-Saharan Africa, has successfully closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million, exceeding its initial target by 18%.This marks the largest fund the company has…
- The Central Bank of Nigeria(CBN) in collaboration with Nigeria Inter-Bank Settlement Systems (NIBSS) has launched a National Domestic Card Scheme named AfriGo, to rival foreign cards like Mastercard and Verve and drive financial inclusion in the country.The announcement was made by the Governor of…
- The Draft – Techloy's subscriber-only newsletter brings you data-driven news and insights into technology across the world's largest emerging markets from trusted sources. This week (end)'s edition was curated by Yeb and edited by Loy.India is cracking down on social media…
- Global investment in the energy transition hits $1 trillion for the first time in 2022, defying supply chain disruptions and macroeconomic headwinds in the year.Investment in the low-carbon energy transition by businesses, financial institutions, governments and end users around the world reached $…
- Microsoft Corporation has posted better-than-expected results in its FY23 Q2 (three months ended December 31, 2022), driven by strength in the cloud computing division as its revenue rose 22% to $27.1 billion (up 29% in constant currency).While the company saw weakness in its PC software business,…
- Spatial Labs, a web3 infrastructure and hardware company based in Los Angeles, has closed a $10 million seed funding round led by Blockchain Capital to develop new products and for growth initiatives.The round also included Marcy Venture Partners, an investment firm co-founded by musician and…
- Silicon Valley chip maker Intel suffered a revenue loss in 2022 in its released financial results for the year ended, as the company reacts to economic uncertainty and a slump in PC sales.Annual earnings fell more than 60% in 2022, and full-year revenue dove more than 20% to $63.
