Hey y'all. Jordan Parker Erb here, taking a break from mourning the Choco Taco to share some tech news with you.
All eyes are on Meta today as we enter the meat of tech earnings season, and Instagram is defending changes to its platform that have sparked widespread backlash.
Ready? Let's dive in.
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1. It's a big day for tech earnings. Meta, Spotify, Shopify, and other major tech companies are set to report earnings today — and everyone has their eyes on Meta. Here's what to look out for this afternoon:
- Last week, Snap's dismal earnings set the tone for what could be coming: As TikTok continues to grab market share, it's wreaking havoc on its more established social media rivals — Meta included.
- As the company continues to grapple with competition from TikTok, a slowdown in advertising, and employees steeling themselves for layoffs, Wall Street analysts are bracing for disappointment.
- Meanwhile, Shopify's earnings come on the heels of the announcement that it'd be laying off 10% of its workforce, or about 1,000 workers, news that sent its shares plunging 14% Tuesday.
- On Tuesday, Microsoft and Google reported better-than-expected results. Both nodded to the ad slowdown, but their main businesses, Azure cloud and Google Search, performed well.
In other news:
2. Amazon is raising the price of Prime memberships in Europe. Just months after increasing the price for members in the US, Amazon is hiking prices across Europe — by up to 43%. Here's how much Prime members can expect to pay.
3. After 10 rejections, this 28-year-old got into Google without a tech background. Tennessee Watt, a London-based marketing manager at Google, told Insider she tweaked her résumé to focus on transferable skills and refined her elevator pitch to land the job. See the résumé that got her in.
4. Leaked documents show a second Amazon Prime Day is coming in October. The Prime Early Access Sale is described as a "high-velocity" sales event to celebrate Prime members' loyalty by giving them early access to exclusive deals when they least expect it. Everything you want to know about the second major sales event of the year.
5. Amazon aggregator Boosted Commerce laid off around 5% of its staff. Boosted has raised $380 million in outside funding to date, and is just the latest aggregator to lay off staff as volatility among rollup companies continues. What we know about the layoffs.
6. Twitter says it "significantly" slowed hiring in the second quarter. According to a filing with the SEC, the company pulled back on hiring to manage costs as it prepares for a legal fight with Elon Musk. Here's what else the filing said.
7. Tech workers who chose to get paid in crypto are still buying the dip and doubling down. Even as crypto markets teeter, the demand for crypto salaries among workers has held steady, payroll providers say. We break down why.
8. Instagram boss Adam Mosseri responded to backlash. In a video, Mosseri addressed frustrations over changes to the platform, saying that while the app would still support photos, "more and more of Instagram is going to become video over time." Everything else Mosseri said.
Odds and ends:
9. Alexis Ohanian wants to save the Choco Taco. After 40 years, Klondike confirmed it will discontinue the iconic chocolate taco. But in a tweet, Reddit cofounder Alexis Ohanian offered to buy the rights to the novelty treat: "I can't let this happen."
10. Mark Zuckerberg sold his San Francisco home for $31 million. The off-market sale is the biggest residential real estate deal in the city so far in 2022, according to The Real Deal. Get the full rundown here.
What we're watching today:
- Spotify, Meta, Shopify, and others are reporting earnings. Keep up with earnings here.
- Turing Fest is happening today and tomorrow in Edinburgh.
- Spirit Airlines stockholders are set to vote on the proposed merger with Frontier Airlines.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email [email protected] or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.
