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Coinbase revenue tripled from last quarter as crypto prices skyrocketed

In this articleBTC.BS=-USSBTC.CB=The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021.Shannon Stapleton | ReutersCoinbase shares dropped as much as 6% in after-hours trading on Thursday, despite revenue and net income skyrocketing in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors.Here’s how the cryptocurrency exchange did in its first earnings report since the company’s direct listing in April:Earnings: $3.05 per shareRevenue: $1.80 billion, up from $585 million in the previous quarter.The company’s net profit for the quarter was over $771 million, more than four-fold over Q4 2020’s figure of $177 million and more than 24 times higher than the year ago quarter’s profit.Monthly transacting users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase’s 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter.Coinbase’s fate is tethered to the performance of digital assets like bitcoin. Roughly 94% of the company’s net revenue in the first quarter came from

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Google wins cloud deal from Elon Musk's SpaceX for Starlink internet connectivity

In this articleGOOGLThomas Kurian, chief executive officer of cloud services at Google LLC, speaks during the Google Cloud Next ’19 event in San Francisco, California, U.S., on Tuesday, April 9, 2019. The conference brings together industry experts to discuss the future of cloud computing.Michael Short | Bloomberg | Getty ImagesGoogle announced on Thursday its cloud unit has won a deal to supply computing and networking resources to SpaceX, Elon Musk’s privately held space-development company, to help deliver internet service through its Starlink satellites.SpaceX will install ground stations at Google data centers that connect to SpaceX’s Starlink satellites, with an eye toward providing fast internet service to enterprises in the second half of this year.The deal represents a victory for Google as it works to take share from Amazon and Microsoft in the fast-growing cloud computing market.Investors are counting on Google’s nascent cloud business to boost growth in the event that its advertising business slows down. While Google’s cloud business delivered only 7% of parent company Alphabet’s total revenue in the first quarter, it grew almost 46% year over year, compared with growth of 32% for Google’s advertising services.It’s also an unusual type of deal for Google — or any other

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As Economy Wobbles, Biden Stays Focused on Longer Term

The president’s advisers are pushing their most detailed argument yet for the long-term benefits of a $4 trillion agenda to remake the American economy and improve lives.WASHINGTON — President Biden and his economic team are pushing their most detailed case yet for trillions of dollars in new federal spending to rebuild public investment in workers, research and physical infrastructure, focusing on long-term ingredients of economic growth and equality even as the current recovery from recession shows signs of distress.In a new document from the White House Council of Economic Advisers, obtained by The New York Times, Mr. Biden’s team casts his $4 trillion economic agenda as a way to correct decades of tax-cutting policies that have failed to boost the middle class. Instead, the administration is pushing a rebuilding of public investment, like infrastructure, research and education, as the best way to fuel economic growth and improve families’ lives.The document provides a deeper economic backbone for arguments that Mr. Biden has made publicly and privately to sell his plans to lawmakers, including his expected comments to a group of Republican senators he has invited to the White House on Thursday to negotiate over an infrastructure package.It also reflects the administration’s

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Colonial Pipeline paid ransom to hackers, source says

Flags fly in front of a Colonial Pipeline Co. storage tank at a facility in the Port of Baltimore in Baltimore, Maryland, U.S., on Tuesday, May 11, 2021.Samuel Corum | Bloomberg | Getty ImagesWASHINGTON – The Colonial Pipeline Co. paid a ransom to hackers after it fell victim to a cyberattack a source familiar with the situation tells CNBC.It was not immediately clear how much and when the company paid the ransom. Colonial Pipeline did not immediately respond to CNBC’s request for comment.Earlier on Thursday, President Joe Biden declined to comment on if Colonial Pipeline paid the ransom. The assault, carried out by the criminal cyber group known as DarkSide, forced the company to shut down approximately 5,500 miles of pipeline, leading to a disruption of nearly half of the nation’s East Coast fuel supply. Ransomware attacks involve malware that encrypts files on a device or network that results in the system becoming inoperable. Criminals behind these types of cyberattacks typically demand a ransom in exchange for the release of data.On Monday, White House national security officials described the attack as financially motivated in nature but would not say if Colonial Pipeline agreed to pay the ransom.”Typically that’s a private sector

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SoftBank’s Masayoshi Son says he's not worried Big Tech power will crowd out start-ups

In this article9984.T-JPBillionaire investor Masayoshi Son told CNBC he was not concerned that a handful of technology companies were becoming too powerful and crowding out the landscape for start-ups to succeed.The SoftBank CEO made his comments in an interview with “Squawk Box” co-host Andrew Ross Sorkin that aired Thursday. Through its two Vision Funds, Son’s Japan-based conglomerate has invested billions of dollars into around 200 start-ups across the world.Officials in the U.S. and Europe have increasingly been taking a harder look at whether tech titans such as Amazon, Google-parent Alphabet, Apple and Facebook engage in anti-competitive practices. The E.U. has been more aggressive in its pursuit, handing out numerous antitrust fines to Alphabet in particular.In the U.S., Democratic lawmakers in Washington last year released an extensive antitrust report on those four companies, concluding they hold monopoly power. In some cases, the report called for the parts of their businesses to be spun off. President Joe Biden, who took office earlier this year, also has signaled a tougher stance toward Big Tech with two of his selections for administration roles.But Son does not share the same view.”Those big companies, of course, have to behave within the reasonable range, but they are

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MasterClass more than triples valuation in one year

MasterclassSource: MasterclassOnline learning platform MasterClass has been valued at $2.75 billion in a new round of funding, sources tell CNBC. That’s more than triple its valuation from June 2020, according to Pitchbook.The company plans to use the fresh $225 million in funds to help launch a new enterprise business and expand internationally. MasterClass, which offers courses taught by celebrities, athletes and business leaders, saw sales skyrocket as people were stuck at home last year during the coronavirus pandemic. Growth was so strong that some weeks saw a tenfold increase from the same week a year ago, said CEO David Rogier.”People are wanting to learn and bring the joy back to learning, so I think the pandemic was just an accelerant,” Rogier said.But as more people get vaccinated and economies reopen in many parts of the world, investors are cooling on online education companies. Coursera and Chegg, two public companies in the space, have seen their shares decline 44% and 32% respectively from their 52-week highs.MasterClass relies on a subscription model for revenue. An annual subscription costs $180 and allows users unlimited access.Increasingly, Rogier said, MasterClass has seen interest from small and large corporations across different industries. In response, some of the

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Bumble shares fall sharply after first quarter report, dipping below IPO price

In this articleBMBLThe display outside the Nasdaq MarketSite is pictured as the dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company’s IPO in New York City, New York, U.S., February 11, 2021.Mike Segar | ReutersShares of Bumble fell sharply Thursday, dipping below its initial public offering price of $43. The company reported first-quarter results on Wednesday and issued what some analysts considered cautious guidance.The dating company’s stock dipped as much as 12% to hit an all-time low of $41.54 apiece.Bumble said it anticipates total revenue in the range of $175 million to $178 million for the second quarter, up 31% year-over-year at the midpoint of the range. That’s also slightly better than analysts surveyed by Refinitiv expected. It raised guidance and now anticipates full-year revenue in the range of $724 million to $734 million.”We are being cautiously conservative due to the nature of the pandemic… none of us can predict what happens later this year around the globe,” CEO Whitney Wolfe Herd told CNBC’s “TechCheck.” The company isn’t “signaling we don’t believe in the strength of our business,” she added.Bumble reported revenue $170.7 million for the quarter, up from $79.1 million for

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Discord takes on Clubhouse and Twitter Spaces by pointing users to audio chats

Jason Citron is the CEO of Discord, a chat app that has long been popular among gamers but is beginning to expand to other audiences.Courtesy of DiscordDiscord, the online consumer chat service that first became popular among gamers, on Thursday announced a new live audio feature that will put it in competition with Clubhouse and Twitter Spaces.Stage Discovery will make it possible for Discord users to easily find live audio conversations happening across the various communities — or “servers” — on the app. This feature will launch in early June and is similar to Clubhouse, a start-up that quickly gained popularity in 2020 among venture capitalists, which presents audio conversations to users in a feed. It’s also similar to Spaces, a feature Twitter began testing in November and launched this month that shows users audio conversations at the top of the company’s mobile app. Facebook has also announced plans to launch a similar product this summer.Discord was launched in 2015 as a chat service specifically for video gamers, but since then, more users have begun to adopt the popular app for other interests, such as TV shows, fantasy sports and geographic regions. Typically, users join Discord when they receive an invite to a

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Amazon to hire 75,000 workers and will pay $100 bonus if they have Covid vaccine

An Amazon warehouseGetty ImagesAmazon is hiring 75,000 workers across its warehouse and delivery network in the U.S. and Canada, the company said Thursday. The company will also offer a $100 bonus to new warehouse and transportation hires who show proof of their COVID-19 vaccination.Amazon said the jobs will offer an average starting pay of $17 per hour, reflecting its recent wage increases, which bumped up pay by between 50 cents and $3 an hour for more than half a million of its U.S. operations employees.The hiring push comes as businesses are looking for labor in an increasingly tight market. Some businesses say they’ve struggled to find workers as a result of expanded jobless benefits. Critics have argued that employers should consider raising wages to attract workers.Companies including Chipotle and McDonald’s have announced wage hikes in recent days to attract employees. To that end, Amazon is offering a signing bonus of up to $1,000 in some locations as an additional tool to lure workers.Amazon has aggressively hired new employees throughout the coronavirus pandemic, bringing on 500,000 workers in 2020 to help it meet a surge in e-commerce demand. At the same time, it has plowed profits back into physical expansion, opening new warehouses, air

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