Good morning, Austin! We have scrolled the internet to bring you the latest in technology news. Here’s what’s happening:
Twitter shares crater as growth slows to a crawl
Forget the “Trump bump.”
Twitter shares sank Thursday after the social media company reported quarterly revenue that missed Wall Street's expectations and issued guidance that fell far short of estimates.
Sales growth of 1 percent slowed dramatically in the period from the 48 percent gain a year earlier. As a result, shares tumbled 10 percent in trading this morning.
The struggling company has had trouble persuading advertisers to spend more money on its social-media platform as fewer people join.
Facebook is closing hundreds of its Oculus VR pop-ups
Facebook is closing around 200 of its 500 Oculus virtual reality demo stations at Best Buy locations across the U.S., according to Business Insider.
The scaling back of Facebook's first big retail push for VR comes after workers from multiple Best Buy pop-ups told Business Insider that it was common for them to go days without giving a single demonstration.
An internal memo sent to affected employees by a third-party contractor said the closings were because of "store performance."
A new cyber-security VC firm has $300 million to invest
Trident Capital Cybersecurity announced today that it has closed a $300 million venture fund that will invest primarily in early-stage cybersecurity companies.
The San Mateo, Calif.-based VC firm will be backing security startups across five sectors, namely Internet of Things (IoT), secure payments and fraud, next-generation identity platforms, behavioral analytics, and privacy and security.
“There’s no question that sector-specific funds typically have better returns over the course of their life,” said managing partner Sean Cunningham. “The reason we raised a $300 million fund is because we wanted to be able to invest two-thirds of the money in early stage and a third in growth stage, as well as be able to actually lead investments and have a key holding in these companies.”
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