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China’s Didi Chuxing Records $1.6 Bn Loss, Facebook’s Troubles Continues To Rise: News From Tech And Startup World

China’s Didi Chuxing Records $1.6 Bn Loss, Facebook’s Troubles Continues To Rise: News From Tech And Startup World

Uber reports an annual loss of $1.8 Bn in 2018

Amazon suspends its plans to set up headquarters in New York

PayPal has shut down its office in Malaysia

Ride-hailing company Uber made it to the headlines this week after it reported an annual loss of $1.8 Bn (INR 12,845 Cr). This result comes in at a time when the company is looking for its initial public offering.  

Uber has also reported annual revenue of $11.3 Bn (INR 80, 641 Cr) in 2018 which is a 43% increase from 2017.

Meanwhile, search giant Google has announced that it will invest $13 Bn ($92,770 Cr) for setting up data centres and offices across US in 2019. Citing Google CEO Sundar Pichai, reports also said that the move will give rise to tens of thousands of employees, and will also enable the creation of over 10K construction jobs.

Google has also expanded its G Suite-based recruitment management platform, Hire into the international markets including Uk and Canada.   

We’ve kept you updated on the latest news from the Indian startup ecosystem. Here’s Inc42’s weekly roundup of the latest news from the international technology and startup ecosystem for the week of February 11-17:

Facebook’s Troubles Continues To Rise

Mark Zuckerberg’s troubles continue to increase as social media company Facebook multibillion-dollar fine to settle its cases on privacy violations. According to reports, the amount of fine which is yet to be disclosed could be the largest fine to be announced levied by the US Federal Trade Commission (FTC). The organisation had begun its investigation regarding the company in March 2018 after the infamous Cambridge-Analytica scandal. Meanwhile, the company also received an open letter from a group of  European academics, technologists and human and digital rights groups which is led by US-based internet company Mozilla who have demanded more details on the company’s rules about political ads. The company has been asked to give API to researchers who would analyse how the political advertisements are spread across the platform.

Amazon Terminates Plans To Open Office In NY

Global ecommerce company Amazon has reportedly terminated its plans to set up a new headquarters in New York. According to the company, the plan has been dissolved because the local leaders were against the promised incentives worth $3 Bn by state and city politicians. The company also added that it will not search for new headquarters and would rather focus on developing from its existing and other planned offices.

China’s Didi Chuxing Records $1.6 Bn Loss In 2018

China-based Didi Chuxing recorded a huge loss of 10.9 Bn yuan ($1.6 Bn) in 2018. Citing an internal letter, a Techcrunch report had claimed that Didi had been operating in losses for almost six years now. The letter also stated that the company had lost nearly 4 Bn yuan ($59.06 Mn) within the first half of 2018.

PayPal Shuts Its Office In Malaysia

California-based payment company PayPal has shut down its office in Malaysia as a part of the restructuring process of its customer support teams. According to reports, office which was located in Kuala Lumpur was responsible for meeting the needs of PayPal users across Asia and beyond. However, now, this responsibility will be taken up by the offices located in Philippines, China and India.

Reddit Raises $300 Mn In Series D Funding Round

US-based social media and content platform Reddit has raised $300 Mn in Series D funding round led by Tencent Holdings. According to reports, this deal has boosted Reddit’s value to $3 Bn. Tencent invested $150 Mn in the round which also saw participation from its existing investors including Sequoia, Fidelity, Tacit and Snoop Dogg.

[Stay tuned for the next week’s edition of Around The Tech And Startup World!]