Tencent Music Entertainment Group, the Chinese answer to Spotify that Tencent spun out and floated on the New York Stock Exchange in December, reported a net loss of 876 million yuan ($127 million) in its first set of quarterly results since going public. The loss, which TME forecasted in its prospectus filed ahead of the IPO, […]
View More Spotify rival Tencent Music posts maiden quarter loss of $130M on one-off costsCategory: China
Xiaom Q4 sees strong growth in overseas shipment and internet services
Xiaomi, the Chinese company known for its cheap handsets and a vision to drive revenues by selling internet services, has come in ahead of analysts’ estimates in its fourth-quarter profit although revenues missed expectations. The Hong Kong-listed company more than tripled its net profit to 1.85 billion yuan ($276 million), exceeding the 1.7 billion yuan […]
View More Xiaom Q4 sees strong growth in overseas shipment and internet servicesSimulations, SAFEs, and China beats America in AI patents
Editor’s Note The most consistent feedback we have gotten from Extra Crunch members is that I write too much, and the Daily emails are too long for mortals (and apparently my mother) to read. This is great feedback: a huge focus for Extra Crunch is to create signal from noise. To that end, we are […]
View More Simulations, SAFEs, and China beats America in AI patentsGrab launches SME loans and micro-insurance in Southeast Asia
In its latest move beyond ride-hailing, Southeast Asia’s Grab has started to offer financing to SMEs and micro-insurance to its drivers. The launch comes just weeks after Grab raised $1.5 billion from the Vision Fund as part of a larger $5 billion Series H funding round that’ll be used to battle rival Go-Jek, which is […]
View More Grab launches SME loans and micro-insurance in Southeast AsiaTikTok parent Bytedance is getting serious about games
A turbulent 2018 for China’s gaming market hasn’t held back newcomers. Bytedance, the world’s most valuable startup behind a collection of rising new media apps including TikTok and Jinri Toutiao, is making a further push into video games after it took control of a mobile game developer through a roundabout deal. According to a business registration […]
View More TikTok parent Bytedance is getting serious about gamesThis YC-backed startup preps Chinese students for US data jobs
In recent years, data analysts have gone from optional to a career that holds great promise, but demand for quantitative skills applied in business decisions has raced ahead of supply as college curriculum often lags behind the fast-changing workplace. CareerTu, a New York-based startup launched by a former marketing manager at Amazon, aims to close […]
View More This YC-backed startup preps Chinese students for US data jobsHow to watch Elon Musk unveil the Tesla Model Y
Tesla is scheduled to reveal the Model Y — the next electric vehicle in electric automaker’s lineup — tonight at an event in Los Angeles after, not months, but years of teasers and hints from CEO Elon Musk . Tesla will live stream the Model Y unveiling event at 8 pm PT via its website. […]
View More How to watch Elon Musk unveil the Tesla Model YCan there be too much competition between startups?
Competition is the core of capitalism. Competition between companies lowers prices — on average — and ensures that they are forced to innovate lest they lose their markets to others. Competition between workers ensures that people strive to do their best work lest their jobs go to more qualified or faster or cheaper replacements. Obviously, […]
View More Can there be too much competition between startups?Telegram gets 3M new signups during Facebook apps’ outage
Messaging platform Telegram claims to have had a surge in signups during a period of downtime for Facebook’s rival messaging services. In a message sent to his Telegram channel, founder Pavel Durov’s just wrote: “I see 3 million new users signed up for Telegram within the last 24 hours.” It’s probably not a coincidence that […]
View More Telegram gets 3M new signups during Facebook apps’ outageSurging costs send shares of ecommerce challenger Pinduoduo down 17 percent
China’s new tech force Pinduoduo is continuing its race to upend the ecommerce space, even at the expense of its finances. The three-year-old startup earmarked some big wins from the 2018 fiscal year, but losses were even greater, dragging its shares down 17 percent on Wednesday after the firm released its latest earnings results. The […]
View More Surging costs send shares of ecommerce challenger Pinduoduo down 17 percentThe “splinternet” is already here
Keith Wright Contributor Share on Twitter Keith Wright is a Villanova School of Business instructor of Accounting and Information Systems, founder of Simplicity On-Demand LLC and former Senior Vice President for Global Sales Operations for SAP. There is no question that the arrival of a fragmented and divided internet is now upon us. The “splinternet,” […]
View More The “splinternet” is already hereAfter FAA doubles down on 737 decision, Canada grounds the planes amid reports of complaints from U.S. pilots
After the Federal Aviation Administration issued a statement late yesterday doubling down on its decision to keep the Boeing 737 Max planes at the heart of two accident investigations flying, Canada has become the latest nation to ground the plane. “There are — and I hasten to say not conclusive — but there are similarities,” […]
View More After FAA doubles down on 737 decision, Canada grounds the planes amid reports of complaints from U.S. pilots