Welcome to September!! Whoop!!
Are you also excited? Not for much but because happiness is $free.99
Is it just me or …
or maybe not?
Tell me how your year has been – tweet @ me! It’s Tomi From @TroveFinance
So, without further ado, let’s get cooking. Dinner is set 
…and so it begins…
Get it?
Layoffs seem to be the new order of the day now.. sigh
Snapchat is laying off about 20% of its employees, and the company has been planning this move for a few weeks.
Snap isn’t just laying people off to cut costs, the company proposes they will be restructured to focus on augmented reality, community, and revenue growth. Snap will also slow down production on other businesses like Zenly, Voisey and Pixy drone.
Just like other companies, the major reason for the layoffs is to save money in this global economic recession (Ugh, I CANNOT wait for this whole saga to end!)
The company management has confirmed that they will save an estimated $500m in annual costs with these layoffs but promised to pay four months of compensation to the laid-off employees.
Do you think it’s a fair deal? Tweet at me (Tomi from @Trovefinance)Let me know what you think
Just a bit of back story for your dinner table: Snap has struggled financially for some months. They missed their revenue goal for Q2 this year because their revenue was up by only 13% ($1.11billion), compared to the 20% – 25% growth that was predicted. To make matters worse, Snap was worth $130bn a year ago, but it’s now valued at less than $20bn.
Oh Lawd of Nebuchadennezarrrr
Is It Goodbye Affirm?
If you are familiar with BNPL companies, then Affirm needs no introduction. It is with a heavy heart that I bring this to your notice: this leading consumer lending company is not having the best of times. Last month, the stocks of the company were down by about 21%
You know I wouldn’t spare you the details of how it happened…
You:
So, here’s the thing. The reason the company stocks decline wasn’t just because the market sentiment is bearish at the moment. It’s largely because the earning report Affirm released in August was far from impressive. Although the revenue rose 39%, the company net loss widened from $123.4 million to $186.4 million, creating a ripple effect on the company shares market …which has been down 70% this year.
Affirm shareholders right now…
It’s neither here nor there what folks could make out of this situation but Affirm investors… how is y’all holding up? How I actually feel about everything going on right now:
Now to some artificial intelligence drama…
Nvidia x Sale Restriction
The American government has ordered Nvidia, the world’s largest maker of artificial intelligence chips, to stop supplying processors for artificial intelligence to China and Russia.
So (nothing new to see here …because the rivalry continues between America & China) the American government wants to introduce new license requirements for China and Hong Kong, in a bid to lessen the risk of the processors being used by the Chinese military. As usual, the stock market reacted to this news with Nvidia stocks dropping by a whopping 11%, losing ~$20 million, which is the biggest loss the company has seen since 2022.
Nvidia shareholders be like
The escalating political tension between America and China, and the Russian-Ukraine crisis, has severely deteriorated the relationship between the three countries. Who’s shocked?
