Company news in brief
Blow for Twitter
Twitter reported disappointing second-quarter sales on Friday, another blow to a company that is already fighting a high-profile legal battle with Elon Musk over the fate of the social network.
Revenue fell 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totalled US$1.18 billion in the quarter, which fell short of the US$1.32 billion analysts estimated.
The company said "advertising industry headwinds associated with the macro-environment as well as uncertainty related to the pending acquisition of Twitter" were factors in the disappointing results.
Twitter added 8.8 million new users during the quarter, in line with analysts’ estimates.
Twitter’s net loss was US$270 million in the quarter, or a loss of 35 cents a share. That compares with net income of US$66 million and earnings per share of 8 cents in the same period a year earlier. – Fin24/Bloomberg
Gumtree SA acquired by Durban-based company
Gumtree SA, the country's biggest online classified advertisement website, has been bought by Durban-based company Impresa Capital, it was announced on Friday.
The e-commerce business, which was launched in 2004, was previously owned by multinational giant eBay and then Adevinta. The new owners, who are the majority shareholders of the Ignition Group, say the acquisition is the "next step" to taking the business in a new and exciting direction.
"As a proudly African-rooted business, this acquisition cements our strategy of investments in the technology and media sectors and provides our portfolio of businesses with a solid platform for growth," said Sean Bergsma, co-founder and CEO of Ignition Group.
"The accelerated growth of Gumtree on the African continent will see new jobs being created, and with the technology developed further using local South African talent, it means exciting times ahead for all stakeholders," he added.
The deal is still subject to final regulatory approvals. – Fin24
Uber admits covering up hacking
Uber Technologies Inc on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with US prosecutors to avoid criminal charges.
In entering a non-prosecution agreement, Uber admitted that its personnel failed to report the November 2016 hacking to the US Federal Trade Commission, even though the agency had been investigating the ride-sharing company's data security.
US attorney Stephanie Hinds in San Francisco said Uber waited about a year to report the breach, after installing new executive leadership who "established a strong tone from the top" regarding ethics and compliance.
Hinds said the decision not to criminally charge Uber reflected new management's prompt investigation and disclosures, and Uber's 2018 agreement with the FTC to maintain a comprehensive privacy program for 20 years.
In September 2018, Uber paid US$148 million to settle claims by all 50 US states and Washington, D.C., that it was too slow to disclose the hacking. – Reuters
VW's CEO Diess ousted
Porsche chief executive oliver Blume will take over from Herbert Diess as CEO of Volkswagen, the carmaker said on Friday, after a supervisory board vote forced Diess to step down from his four-year tenure following a series of missteps over strategy and communication style.
Sources with knowledge of the matter said the Porsche and Piech families, who own over half the voting rights and a 31.4% equity stake in Volkswagen, pressed for a change at the helm.
"Diess was incorrigible. He significantly changed Volkswagen - for the better. But his communication was miserable," one source said, asking not to be named.
Blume will take over from Sept. 1, keeping his position as CEO of Porsche alongside his news responsibilities - "including in the event of a possible IPO", a statement said.
The 54-year-old has held numerous roles around the Volkswagen empire, from trainee at Audi to production chief at the Wolfsburg headquarters to head of production and logistics at Porsche from 2009 and CEO from 2013. – Reuters
Twitter reported disappointing second-quarter sales on Friday, another blow to a company that is already fighting a high-profile legal battle with Elon Musk over the fate of the social network.
Revenue fell 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totalled US$1.18 billion in the quarter, which fell short of the US$1.32 billion analysts estimated.
The company said "advertising industry headwinds associated with the macro-environment as well as uncertainty related to the pending acquisition of Twitter" were factors in the disappointing results.
Twitter added 8.8 million new users during the quarter, in line with analysts’ estimates.
Twitter’s net loss was US$270 million in the quarter, or a loss of 35 cents a share. That compares with net income of US$66 million and earnings per share of 8 cents in the same period a year earlier. – Fin24/Bloomberg
Gumtree SA acquired by Durban-based company
Gumtree SA, the country's biggest online classified advertisement website, has been bought by Durban-based company Impresa Capital, it was announced on Friday.
The e-commerce business, which was launched in 2004, was previously owned by multinational giant eBay and then Adevinta. The new owners, who are the majority shareholders of the Ignition Group, say the acquisition is the "next step" to taking the business in a new and exciting direction.
"As a proudly African-rooted business, this acquisition cements our strategy of investments in the technology and media sectors and provides our portfolio of businesses with a solid platform for growth," said Sean Bergsma, co-founder and CEO of Ignition Group.
"The accelerated growth of Gumtree on the African continent will see new jobs being created, and with the technology developed further using local South African talent, it means exciting times ahead for all stakeholders," he added.
The deal is still subject to final regulatory approvals. – Fin24
Uber admits covering up hacking
Uber Technologies Inc on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with US prosecutors to avoid criminal charges.
In entering a non-prosecution agreement, Uber admitted that its personnel failed to report the November 2016 hacking to the US Federal Trade Commission, even though the agency had been investigating the ride-sharing company's data security.
US attorney Stephanie Hinds in San Francisco said Uber waited about a year to report the breach, after installing new executive leadership who "established a strong tone from the top" regarding ethics and compliance.
Hinds said the decision not to criminally charge Uber reflected new management's prompt investigation and disclosures, and Uber's 2018 agreement with the FTC to maintain a comprehensive privacy program for 20 years.
In September 2018, Uber paid US$148 million to settle claims by all 50 US states and Washington, D.C., that it was too slow to disclose the hacking. – Reuters
VW's CEO Diess ousted
Porsche chief executive oliver Blume will take over from Herbert Diess as CEO of Volkswagen, the carmaker said on Friday, after a supervisory board vote forced Diess to step down from his four-year tenure following a series of missteps over strategy and communication style.
Sources with knowledge of the matter said the Porsche and Piech families, who own over half the voting rights and a 31.4% equity stake in Volkswagen, pressed for a change at the helm.
"Diess was incorrigible. He significantly changed Volkswagen - for the better. But his communication was miserable," one source said, asking not to be named.
Blume will take over from Sept. 1, keeping his position as CEO of Porsche alongside his news responsibilities - "including in the event of a possible IPO", a statement said.
The 54-year-old has held numerous roles around the Volkswagen empire, from trainee at Audi to production chief at the Wolfsburg headquarters to head of production and logistics at Porsche from 2009 and CEO from 2013. – Reuters
Comments
Namibian Sun
No comments have been left on this article