Happy Wednesday, everyone.
There was a ton of Apple-related news yesterday because they had their earnings announcement. I’ve compiled some of the most interesting Apple stories here:
Apple shares soar after surprisingly strong third-quarter earnings
Reuters reports that Apple’s stock surged 6 percent to an all-time high in after-hours trading on Tuesday after the company reported better-than-expected sales and profit.
Apple reported higher iPhone sales and iPad sales in the third quarter, which surprised analysts.
And some other Apple highlights:
Instagram: People spend more time on our app than Snapchat
One of the biggest business battles of our time is the war of social media giants.
Instagram, which is owned by Facebook, took a dig at Snapchat on Tuesday by disclosing user data that indicates its app is more popular than Snapchat.
Recode reports that Instagram says that its users under age 25 spend 32 minutes a day on Instagram and users over the age of 25 spend more than 24 minutes a day on the app.
Both numbers are bigger than what Snap, the owner of Snapchat, disclosed back in February.
Facebook is developing a video chat device
Facebook is developing a large touchscreen device that has a wide-angle camera, microphones and speakers that is designed to be used at home.
The Verge reports that this concept sounds “very similar to the Echo Show that Amazon released.” Their report notes that Facebook’s video gadget will have a larger screen than the Echo Show.
Etsy is under pressure to act more like a retailer, less like a tech startup
The Wall Street Journal has a pretty good read on Etsy, an online seller of vintage and handmade goods that is struggling with slowing sales. A new CEO has cut costs and is trying to revive sales.
Here’s a key passage from the story:
Several people familiar with Etsy’s thinking say the company has grappled with the expectations of public markets and failed to prioritize its marketplace, which now accounts for less than half of its revenue. Since 2015, Etsy generates most of its money from providing add-on services to merchants, such as shipping labels and advertising. Shares shot above $30 in their first day of trading in April 2015 but soon crumbled and have been trading below the $16 IPO price for about the past two years.”
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