Top Business and Crypto Stories of the Week: January 28
Many brands are beginning to see a recovery despite the challenges initially posed by the pandemic. Some companies, especially those that have focused their efforts on expanding e-commerce businesses, have even seen their profits increase even more than before.
HYPEBEAST has rounded up the best business and crypto stories of the week so you can stay on top of trends across industries.
You’re here announced its fourth quarter results and said it would not release new cars this year
The company reported revenue growth of 65% year-over-year to US$17.72 billion. CEO Elon Musk also discussed a “product roadmap” and said the company won’t be releasing any new models in 2022, including the highly anticipated Cybertruck.
Demand is stalled for existing models, so it doesn’t make sense for us to introduce new vehicle models until all supply constraints can first catch up with this ever-increasing demand.
— Emmet Peppers (@EmmetPeppers) January 27, 2022
2. TikTok owner ByteDance saw total revenue increase 70% year over year, according to Reuters
Two people familiar with the matter told the outlet that the company’s revenue grew to around US$58 billion in 2021. The company is now valued at US$300 billion.
3. Samsung posted record Q4 2021 revenue
Consolidated revenue for the period was $63.7 billion, but operating profit was only $11.5 billion, marking a slight year-over-year decline . Overall revenue for the year also reached a record high of US$232.5 billion, with operating profit of US$42.9 billion.
[Fourth Quarter 2021 Results (in KRW)] Sales: 76.57 trillion, operating profit: 13.87 trillionhttps://t.co/E5UxSGKo9q
— Samsung Electronics (@Samsung) January 26, 2022
4. Apple’s Q1 2022 revenue increased to US$123.9 billion
The company also reported net income of US$34.6 billion with gross margins exceeding 43%. Apple CEO Tim Cook said, “Record results this quarter were made possible by our most innovative suite of products and services yet.
5. Kim Kardashians SKIMS doubles its valuation to $3.2 billion
The shapewear brand’s $240 million funding round was led by hedge fund Lone Pine Capital. The brand was valued at $1.6 billion in April, according to Bloomberg.
Kim Kardashian’s underwear brand Skims has earned a $3.2 billion valuation, doubling its value in just nine months https://t.co/l3S7B9udf4
—Bloomberg (@business) January 27, 2022
1. Meta’s crypto arm could be preparing to cut
The cryptocurrency project founded by Meta CEO Mark Zuckerberg may soon sell its assets to return money to its investors, Bloomberg reported. Sources told the outlet that Diem wanted to “find a new home” for the engineers who developed the technology used for the project.
2. CASETiFY now allows users to view and verify NFTs in their phone case
Each phone case will feature a printed QR code linked to the NFT’s origin and metadata alongside a printed image of the NFT itself. Some top NFT projects, like Bored Ape Yacht Club, will come with a verified blue camera ring
3. The IMF urged El Salvador to abandon Bitcoin as legal tender
The country was the first in the world to adopt Bitcoin as a currency in September. The International Monetary Fund wrote in a statement that the formal adoption of a cryptocurrency “carries significant risks to financial and market integrity, financial stability and consumer protection.”
4. OpenSea Reimburses Users $1.8 Million After Exploiting Site Feature
Earlier this week, a number of top notch NFTs including Bored Ape Yacht Club, Mutant Ape Yacht Club, Cool Cats and Cyberkongz were resold for much lower market value without the knowledge of the seller. The company has since implemented a number of improvements to prevent people from taking advantage of this mechanism.
This is the first edition of the weekly discussions that we will do to announce platform updates to the OpenSea community.
— OpenSea Support (@opensea_support) January 28, 2022
5. Reddit seems to be testing NFT profile pictures
TechCrunch reported that the feature will be similar to Twitter’s recent update where the NFT profile picture would provide information about the piece’s metadata. Reddit told the outlet that it is still in the early stages of its NFT testing phase.