downturn

The ongoing funding winter and concerns over profitability have not deterred homegrown unicorns from onboarding top talent. This and more in today’s ETtech Top 5.Also in this letter:■ ETtech Deals Digest ■ IT stocks tumble on Accenture guidance cut■ Reddit stock price soars post market debutProgramming note: There won’t be an edition of ETtech Top 5 and Morning Dispatch newsletters on March 25 on the occasion of Holi. Happy Holi to all our readers. Do stay tuned for all the news and updates on ETtech.com.Top unicorns…

In the midst of a funding downtime last year, and with conditions getting tougher for fund managers raising capital as backers (limited partners) enhanced their focus on strategy and track record, some new African and Africa-focused funds still emerged, with several of the existing ones receiving fresh backing. Among the notable VC funds that came up last year include the $300 million Partech Africa II, the largest Africa-focused fund to date, and Africa People + Planet fund by Novastar Ventures, an over $200 million…

Australia and New Zealand are a far cry from Silicon Valley, yet the problems and circumstances of their venture environments tend to be similar in nature. Megadeals are rarer today, early-stage funding is up, valuations have come back to earth, and investors are encouraging their portfolio companies to demonstrate a sustainable business with a clear path to revenue. The difference is that the geographic isolation of Australia and New Zealand creates a sense of hustle, if not urgency, around…

Corinne Reichert/ZDNETSamsung's operating profit nosedived in the second quarter from the heavy losses incurred by its chip division but solid performances from its other businesses allowed the company to remain profitable.The South Korean tech giant said it recorded 60 trillion won in revenue and 0.67 trillion won in operating profit, a drop of 22% and 95%, respectively, from a year ago.Samsung's chip division, or Device Solutions Division, recorded a steep operating loss of 4.36 trillion won, though it was an…

For the major studios, 2023 has proven to be a year to forget, with all of the usual suspects enduring at least one major misfire before we’d even reached halfway on the calendar. Warner Bros. has watched The Flash go down in a ball of flames to wind up as one of the biggest box office bombs in the history of the industry, while Disney has sat by and been unable to prevent Indiana Jones and the Dial of Destiny from failing to keep its head above water. Screengrab via YouTube/Angel Studios Not even the mighty Marvel has…

Samsung is the world's largest memory chip maker. SamsungSamsung recorded its lowest operating profit in 14 years for its April to June quarter this year due to the continued downturn of the memory chip market.The South Korean tech giant said in its earnings guidance that it recorded 60 trillion won in revenue and 0.6 trillion won in operating profit, a drop of 22.28% and 95.74%, respectively, from a year ago.It is the company's second consecutive quarter of a significant profit drop __ Samsung's profit in the prior…

Vinay Wagh’s venture is one. He decided earlier this year that this was the moment to launch a new company. He left a job at data-storage company Databricks to create a startup aimed at helping businesses incorporate generative artificial intelligence. Since then, he has been aiming to poach tech veterans from established firms and raising venture capital that had seemed to be largely idle amid the gloom that overshadowed much of Silicon Valley. “This tech wave…

European VC deal activity continued to decline in the second quarter of 2023, the latest report by Pitchbook has found. Unsurprisingly, the ecosystem has been heavily impacted by inflation, limited capital availability, slow economic growth, and high interest rates. While the deal value jumped from €13.3bn in Q1 to €18.3bn in Q2, VC deal counts fell quarter-on-quarter from 2,625 to 1,824. Nearly 40% of those deals were made by early stage VCs, followed by later stage funds at 31.2%, and angel…

Excitement over artificial intelligence is proving to be a powerful counterforce for a tech economy that had been slowing, lifting share prices and growth outlooks at many giants—and igniting new startups. Excitement over artificial intelligence is proving to be a powerful counterforce for a tech economy that had been slowing, lifting share prices and growth outlooks at many giants—and igniting new startups. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an…

The market has been going through a downturn, but will that stop Crypto whales? Crypto whales play a significant role within the crypto space as their movements can severely affect the value of a cryptocurrency. Whales are individuals or institutions with a substantial amount of a specific cryptocurrency. Buying or selling crypto can dip or increase in value based on the prevailing market circumstances. After the SEC filed lawsuits against two major cryptocurrency exchanges, Binance and Coinbase, the market has been…