It's earnings season! and Snapchat began informing markets of their financial performance this past week but the main draw remains to be tech titans, including and parent , who are expected to release details of the billions they generated in third-quarter sales (and perhaps profit too?) in the following days. Netflix Microsoft Facebook Meta Netflix's third-quarter net income wasn't anything to sneeze at: the streaming giant posted a cool but that's not what caught everyone's attention. The company said it added 2.4 million new subscribers to its service, a good 1.4 million above what it had expected. “Thank God we’re done with shrinking quarters,” Co-Chief Executive Reed Hastings after the results were released. $1.4 billion in profit said Markets went nuts following the announcement, a downward trend in Netflix's share price this year. Industry observers say Wall Street is reassured by the subscriber growth, especially as Netflix gears up to an ad-enabled streaming plan to into the global TV business and in the near future in an attempt to make more money. helping reverse introduce eat cracks down on password sharing Netflix was trending #49 this week. 📸 Snapchat Paints Bleak Picture Of course, what the market giveth, it also taketh away. And so was the case with Snapchat which by investors in the wake of its third-quarter results. The messaging app sounded the death knell for digital advertising after it painted a bleak picture for the future, noting that it does not expect its revenue to grow year-over-year during the holiday season when marketers typically go full ham on advertising. continued to be battered The is widely being viewed as a glimpse of how inflation is eating into the bottom lines of platforms reliant on digital ad revenue (think Meta, , Pintrest) and is the latest in a series of unfortunate events for social media platforms that are already facing intense competition from TikTok and are navigating changes to 's privacy rules that makes it difficult for said platforms to display personalized ads, causing billions of dollars in lost revenue. announcement Google Apple Google ranked #2 this week, while Apple was trending #9 on the . Tech Company Rankings 👋 "Alexa, find me a .gif that says bye-bye" Meta needs to say bye-bye to Giphy, the gif search engine responsible for lightening up almost every conversation here at HackerNoon. After a with the UK's competition regulator, the social media giant has been ordered again to let go of the service over concerns that the $315 million acquisition could . some-what lengthy spar harm competition The UK Competition and Markets Authority first blocked the merger in November 2021, prompting an appeal from Meta which downplayed the competition concerns. But the latest order seals the merger's fate and Meta has already . accepted defeat Meanwhile, Meta's Facebook is to block news sharing on its platform in Canada if the government decides to pass a law that would force digital platforms to pay news publishers. The legislation would be similar to the one passed by Australia last year but remains at an early stage at the moment and will likely go through amendments if it ever becomes law. threatening Facebook ranked #1 in this week's . Its parent, Meta was ranking #12. Tech Company Rankings 🤑 Ads, Ads Everywhere Despite underpaying and its drivers, Uber is still not able to make a profit. So it's taking a plunge into a completely new space: . Gone are the days when the internet was meant to be a way for you to freely express yourself, instead turning into this weird dystopia where all anyone ever wants to do is to sell you…stuff. exploiting in-app advertisement Uber would be following in the footsteps of companies like and rival Lyft who have introduced in-app advertisements in an attempt to diversify their revenue streams. foodpanda ranked #58 in this week's . Uber Tech Company Rankings 💸 Twitter's too darn expensive to run, or so Musk believes Now that the world's richest man is , he has already laid out plans for what he plans on doing first: nearly 75% of the company's staff. close to acquiring Twitter lay off Even if Elon Musk somehow decides to wash his hand off of the acquisition, Twitter's current management plans to bring down the axe in an attempt to save about $800 million by the end of next year. Meanwhile, Musk's announced a price cut in China in an attempt to win back demand for its electric vehicles. "The price cuts underscore the possible price war which we have been emphasising since August," said Shi Ji, an analyst with CMBI, was by Reuters. Tesla quoted as saying Twitter was trending #47, while Tesla was trending #73 in this week's . Tech Company Rankings And that’s a wrap! Thanks for reading Tech Company News Brief Issue #21! See y’all next week. PEACE ☮️ — Sheharyar Khan, Editor, Business Tech @ HackerNoon
