by Fintech Express | May 2, 2023 | Finance, Technology
Uber reported its Q1 results on Tuesday, showing higher performance than analysts’ expectations. It has recorded a revenue increase of 29% YoY
Uber revenue rises 29% for Q1 2023 YoY
Taxify company Uber gained 9% in its shares pre-market trading Tuesday after it released a financial report showing that it had registered a massive growth in Q1 2023 against analysts’ expectations.
Here is how it performed:
- Loss per share: 8 cent loss vs the expected 9 cents
- Revenue: $8.82B vs. $8.72B expected revenue
- Mobility (gross bookings): $14.98 billion, up 40% year-over-year
- Delivery (gross bookings): $15.02 billion, up 8% year-over-year
The company noted that it had registered a net loss of $157 million for the quarter but had a net profit of $320 million due to unrealized gains on equity investments. This report is much different and encouraging for the market, unlike the $5.9 billion loss it registered in the same period last year.
Its CEO, Dara Khosrowshahi, said Uber had showcased a strong start to the year. He added that the company’s global scale gives it an advantage over its competitors, allowing it to onboard AI solutions for both the consumer and earner sides of its business model.
He added that the company is already using AI to predict highly accurate arrival times for rides and deliveries and expediting driver onboarding via processing documents more reliably and cost-efficiently.
“We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come,” he added.
The Q1 report was impressive compared to last year. The company expects to report gross bookings of between $33 and $34 billion for Q2 2023. It also expects an adjusted EBITDA of $800 million to $850 million.
by Fintech Express | Apr 13, 2023 | Banking, Finance
The social media giant, Twitter, has partnered with financial services provider eToro to allow crypto and stock trading. This development comes after Elon Musk recently revealed that he wants the social media platform to be the most significant financial establishment alongside providing other services to its users.
Elon Musk’s Twitter eyes the finance sector
Twitter has partnered with the financial services platform eToro to allow its users to trade stocks and cryptos. The new functionality will take effect on April 14, 2023, and will be a giant leap in the Billionaire’s dream of making the platform a giant in financial services provision and eventual “Super app” level.
A new feature will be rolled out on Thursday to allow Twitter users to view market charts and get access to an expanded range of financial tools. It will connect users to trade stocks and other financial assets traded on eToro, per an exclusive report by the social media giant CNBC.
At the time of writing, Twitter had already integrated real-time market charts from TradingView on index funds like S&P 500 and some major companies like Tesla. To access this information, a user must use Twitter’s “Cashtags” feature to search for a crypto/stock ticker symbol and insert a dollar sign informed of it. The UI will show price information from TradingView.
According to the report, the new partnership will expand the Twitter hashtags to cover more asset classes. It will also have a button to redirect the users to eToro’s site, where they can trade them.
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets,” Yoni Assia, eToro’s CEO, told CNBC in an interview.
“There is very high quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
Keep watching FintechExpress for updates on this and other finance-related stories.
by Fintech Express | Apr 12, 2023 | Cryptocurrencies
Ethereum is almost completing its process of transitioning to the full Proof of Stake mechanism. Its community chose this validation mechanism over Proof of Work because it is more energy efficient and faster in transaction speeds.
This upgrade will comprise two updates being uploaded and activated concurrently: the Shanghai upgrade and the Capella upgrade. They will go live on April 12, 2023, and allow validators to unstake their ETH tokens (stETH). It will also bring forth several new capabilities like increased transaction speeds, lower transaction fees, and reduced staking risks.
What to expect from the Ethereum network upgrade
Ethereum’s Shapella upgrade is expected to be bearish and bullish at different time frames. It will be bearish in the short term due to the unlocking of staked ETH, which may cause a sizeable selling pressure.
Currently, over 30 million ETH worth $30B has been staked, about 15% of the current circulating supply. Around 3.3M ETh worth over $6.5B will be eligible for unstaking within the first eight weeks of the upgrade going live. As such, some market commentators expect around $2.5B of selling pressure to rock the ETH market.
If the selling pressure goes this high, the value of the ETH token will be negatively impacted on a short-term basis. However, if the network’s upgrade is successful and brings the intended efficiency, the ETH token may react positively in the mid to long-term timeframe and become bullish.
Although ETH is a major cryptocurrency, it doesn’t necessarily translate that other cryptos will gravitate to its market direction after the upgrade goes live. Keep watching Fintech Express for updates on crypto and other fintech-related news and developments.
This article doesn’t in any way reflect the views of Fintech Express and is not financial advice. We are not liable for any losses caused by any information read from this or any other article that we publish. Do your own research and make decisions based on it. Thanks!
by Fintech Express | Apr 8, 2023 | Podcast
Around the Block With Jefferson Nunn – Interview With Jaydeep from Launch Nodes
In the podcast, Jaydeep from Launch Nodes explains how their platform helps both financial businesses and individuals to stake their assets independently. Solo staking infrastructure allows users to maintain full custody of their funds while still participating in the staking process.
Launch Nodes provides a secure and easy-to-use platform for solo staking, enabling users to stake various cryptocurrencies and earn rewards. By staking with Launch Nodes, users can avoid the risks associated with delegating their funds to a third-party staking service, as they are able to maintain full control over their assets.
Jaydeep also discusses the benefits of staking with Launch Nodes, including the ability to earn rewards while still maintaining full control over one’s assets. Additionally, Launch Nodes provides users with a range of staking options and allows for seamless integration with various wallets and exchanges.
Overall, Launch Nodes provides a reliable and secure platform for solo staking, empowering users to take full control of their staking assets while still participating in the staking process and earning rewards.
by Fintech Express | Apr 8, 2023 | Podcast
Around the Block With Jefferson Nunn – Interview With Azeem Khan from Gitcoin.
In the podcast, Azeem explains how Gitcoin is leveraging blockchain technology to create a more open and collaborative ecosystem for software development.
Azeem also discusses how Gitcoin is working to make open-source development more sustainable by creating new funding models that can help developers get paid for their contributions. This includes experiments with quadratic funding, which is a way of allocating funds based on community support, rather than relying solely on the contributions of a few wealthy individuals or organizations.
Overall, Gitcoin is working to create a more open and collaborative ecosystem for software development, leveraging blockchain technology to create new funding models and incentivize contributions to open-source projects.
