Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Social Media] Twitter acquired Dutch newsletter platform startup Revue for an undisclosed amount. Revue, similar to Substack (the platform Under60 is published on), helps users publish and monetize email newsletters.
[Earnings] Microsoft Corp. posted record quarterly sales underpinned by pandemic-fueled demand for video games and accelerated adoption of its cloud-computing services during the health crisis. According to FactSet, Microsoft had $15.5 billion of net income and sales of $43.1 billion. Beating Wall Street’s expectation of net income of $12.6 billion and sales of $40.2 billion.
[Banking] JP Morgan has announced that it will enter the retail banking segment in the UK, but with a digital-only offering. JP Morgan will be the second Wall Street firm to enter the banking business in the UK, Marcus by Goldman Sachs being the first. The digital banking sector in the UK is currently dominated by Monzo and Starling.
[Energy] President Biden will suspend federal leasing for fossil fuel development and will start reviewing how permits and leases were handed out during the Trump Administration. The move comes as Biden aims to aggressively tackle climate change. One of the President’s first actions was to rejoin the Paris Climate Agreement.
Over60: Washington Post
[E-Commerce] India’s e-commerce industry is reportedly on track to hit between $90 and $100 billion in market cap within the next 3-4 years, according to Flipkart CEO Kalyan Krishnamurthy. This comes as new pandemic-field trends have pushed Indian consumers to embrace online retail giants like Flipkart and Amazon to fulfil their household needs.
Over60: Economic Times
[Streaming] HBO Max has reportedly hit its subscriber goal of 41 million U.S. subscribers two years ahead of schedule. Globally this number is in the 60+ million range. For context, YouTube, the numero uno of American streaming platforms, has more than 160 million U.S. subscribers.
Over60: The Verge
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