McGregor Sports and Entertainment Ltd’s new accounts – approved today by the company’s directors – show the company had accumulated losses of €354,708 at the end of December 2017, compared to accumulated profits of €116,215 the year before – a negative swing of €470,923. McGregor is listed as the sole shareholder in McGregor Sports and Entertainment Ltd, but the accumulated losses are not expected to affect him much as his reported net worth is around €85m.
The company sells the MacTalk app on iTunes for $0.99 and runs the website themaclife.com, McGregor’s dedicated media brand that focuses on news surrounding McGregor, mixed martial arts, and health and fitness. It generates money through ads and helps promote McGregor’s fights and his products. McGregor also has millions of followers on Instagram, Facebook, and Twitter, making him worth tens of millions to his sponsors. He is currently sponsored by fast-food giant Burger King, headphone company Beats by Dre, and energy drink producer Monster Energy, among others. McGregor is listed as the sole shareholder in McGregor Sports and Entertainment Ltd.
A breakdown of ticket sales for the McGregor Mayweather fight is released by the Nevada State Athletic Commission. The hottest ticket was priced at $5,000, but these seats, located at the top of the lower level seats at Las Vegas’ T-Mobile Arena, were deeply discounted, sinking to $1,500, close to fight night. Overall, the event was well short of the $72.2 million live gate record set by Mayweather’s fight against Manny Pacquiao in 2015. Yet it still generated a massive box office payout, with $55,414,865.79 in revenue on 13,231 tickets for an average of $4,188.26 per ticket. The event’s pay-per-view buy rate, on the other hand, is expected to break the all-time record of 4.6 million set by Mayweather vs. Pacquiao.
Breakdown of ticket sales:
- $10,000: 2,942 available – 2,254 sold – 29 complimentary
- $7,500: 1,814 available – 1,145 sold – 18 complimentary
- $5,000: 4,737 available – 3,183 sold – 22 complimentary
- $3,500: 3,233 available – 1,601 sold – 68 complimentary
- $2,500: 2,735 available – 2,716 sold – 0 complimentary
- $1,500: 1,809 available – 1,781 sold – 0 complimentary
- $500: 428 available – 414 sold – 0 complimentary
Total tickets sold and complimentary: 13,231 Total live gate: $55,414,865.79
Frampton confirms his long-standing partnership with manager McGuigan’s Cyclone Promotions has come to an end. Frampton had been managed by McGuigan since turning professional.
[I am] confident now is the right time to move forward and take my career into my own hands…I would like to thank Barry, the McGuigan family and Cyclone Promotions for our time together. I still believe that I’m the best featherweight in the world and I promise my fans that I am continuing with my efforts to get my homecoming fight rescheduled in the very near future.
White confirms that 30,000 tickets have been sold for the the McGregor-Mayweather press events at the Los Angeles and Brooklyn stops alone.
Staples Center is sold out, and by sold out, I mean we did tickets and there’s no more seats left. Barclays [Center] sold out. We had to get a bigger venue in Toronto, and we’re doing Wembley in England. It’s going to be crazy.
White says he expects McGregor to make $100 million from fighting Mayweather. Mayweather has previously said he expects to ear $300 million from the fight.
I made 300 [million dollars] in one night [vs. Manny Pacquiao]. Throughout my career I made 800 [million dollars] and it’s possible I can make another 300 [million dollars].
The company reports a £300.3m pre-tax loss for 2016, compared to a £2.2m pre-tax profit the year before. Total advertising revenue is down 17.7% year on year to £122.6m, driven by a 9.5% fall in print ad revenue. The fall in print advertising income was not offset by digital ad revenue, which remains flat at £18.6m. Sales volumes for i was up 5% year on year, while circulation revenue was up 20% year-on-year. Highfield:
Despite an industry wide backdrop of significant downward pressure on revenues, the actions we have taken to pilot the business through this rapidly-changing market and create the conditions from which to create growth are starting to bear fruit: circulation figures of key titles are improving, the i has bucked the trend of declining national newspaper sales and our progressive editorial and sales models are starting to transform our regional businesses. While we can expect to see continued pressure on traditional print revenue streams, we have seen digital return to growth in Q1 2017, with better margin products, and will see growth from our investment in the i from both the newspaper and website. Further, we will start to see the benefits of our restructured sales teams and product roll out.
A UFC-commissioned study says UFC 205 brought in $57 million of benefits to New York city. In addition to ticket receipts totaling $17.7 million and big spending from domestic and international visitors, the McGregor-headlined card contributed a total of $37.4 million in economic output for NY, surpassing the promotion’s initial $32 million projection. Salaries and wages tied to the event added $18.3 million more, and the UFC also paid out $1.6 million in state taxes. 300 jobs were created. Governor Cuomo:
Mixed martial arts competitions have already proven to be major economic drivers across New York, and the jobs and revenue generated by this event illustrates the enormous impact of this growing industry in our state.
Johnston Press wins a five-year contract to print the Daily Mail across the south west of the UK. Monday to Saturday issues of Daily Mail will be printed at the company’s print plant in Portsmouth. The plant also prints southern editions of Metro. Highfield:
We are delighted to win this new business on top of the Metro contract just recently won and this further confirms our printing services division as one of the best in the country. This latest long term contract will give the staff a real boost and their ability to deliver such prestigious titles against very tough competition is a great reflection on the business.
AT&T announces it will purchase Time Warner for $86 billion. The buyout grants AT&T distributor power over CNN and HBO. AT&T says the deal will give customers ‘unmatched choice, quality, value and experiences that will define the future of media and communications” and the new company would “lead the next wave of innovation in converging media and communications industry.’ AT&T CEO Stephenson:
This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers.
Sources say that the DirecTV numbers for UFC 202 were the highest in the promotion’s history. Current estimates have the show doing 1.65 million buys on pay-per-view, putting it slightly ahead of UFC 196, the first McGregor vs. Diaz fight, which was estimated at 1.6 million. Both would be ahead of the prior record set at UFC 100 for the second Brock Lesnar vs. Frank Mir fight UFC’s own pay-per-view orders through the Internet were believed to have also broken the record set at UFC 196. On the night, the show sold 12,657 tickets, and including late discounting, and there were 14,060 in the building. The live gate announced the night of the show was $7,629,010.
Drummond steps down from Uber’s board after three years.
The Nevada State Athletic Commission confirms McGregor’s purse for UFC 202 is $3 million, the richest disclosed purse in MMA history. McGregor became the first UFC athlete to ever receive a disclosed purse of $1 million, for UFC 196. Brock Lesnar surpassed that record at UFC 200 with a disclosed purse of $2.5 million.
Johnson Press announces it is taking a£183.6 million impairment charge (£216.9 million gross, net of £40.3 million in deferred tax), lowering by nearly half the value of the company. The action sends the company’s stock down over 18 percent. The Company also announces revenue drop of 9.7 percent in the second quarter, with ad revenue falling 15 percent. Net debt grew to £209.4 million due to the acquisition of the i in April for £22.0 million. Highfield:
The market continues to be challenging and uncertainty surrounding the outcome of the Brexit negotiations has caused further softness in some segments of the advertising market, in June and July. Nevertheless, we are focused on our strategy of increasing overall audiences, maximising opportunities for the i, maintaining tight cost control and rebalancing our portfolio. In that respect, we are nearing completion of the disposal of our Isle of Man newspaper group for £4.25 million and are well advanced in negotiations for further divestments.
Johnston Press announces it is selling the Isle of Man Examiner, Isle of Man Courier, Manx Independent and www.iomtoday.co.im. to Tindle Newspapers for £4.25m. Johnston Press CEO Highfield:
This disposal is further progress in executing our divestment strategy and allows the group to realise immediate value from our Isle of Man assets. I would like to thank the staff of our Isle of Man business for their loyalty and dedication over the years and we wish them well for a successful future.
Buying a profitable local weekly set-up such as the Isle of Man trio is certainly a departure from our early days when, without much cash, we mostly bought papers that were in trouble, or we had to launch them ourselves. We are most grateful to Ashley Highfield and his colleagues for all their assistance in bringing about this agreement…Everyone at Tindle Newspapers, will make [the staff] all very welcome just as soon as we are able to do so.
Carter and Havas launch Smashd Group, an extension of his online news vertical and business accelerator, at Cannes Lions. Carter’s team of 20 Smashd employees at Atom Factory will assist Havas’ global network of corporate clients on brand consultancy, technology strategy and other innovations. Carter, on the difference between large brands and artists social media presences.
We don’t touch our artists’ Twitter or Instagram accounts. [But] when you have multiple people running a digital department, it’s very difficult for that voice to translate throughout the organization into the community…If you’re Coca-Cola, General Mills, one of these big companies, they’re a big inspiration to most of these startups. So when you can marry that thirst for innovation within the biggest companies and the thirst for business development from these young entrepreneurs, we think it’s a perfect match, The idea of being able to do [Smashd] Labs on the tech side, and brand innovation, we can bring these two worlds together.
Carter also talks about the next area he sees that is set for disruption:
Banks are dead. I met with the founder two weeks ago who’s building a platform for music artists, from STEM, and basically they were gonna handle collections for music artists to collect royalties from YouTube and all these other platforms. After the founder showed me an artist’s PayPal account, which contained $250,000, she said, ‘None of the creators are gonna have bank accounts. For these kids, everything is happening on mobile.’ This group aren’t buying cars, so they’re not paying loans. They’re renting and not buying houses, they’re waiting to get married til their mid-to-late 30s. These kids aren’t going to college soon because they don’t want the student debt. So I think banks are ripe for disruption.
Johnston Press reports that group revenues were down 13.7 per cent during the 17 weeks to 30 April, reflecting a 14.4 per cent fall in the first quarter and an “improved rate of decline of 11.5 per cent in April”. The group said i daily print sales peaked at 297,849 for the month, a rise of 7 per cent over the peaks seen in March 2016, its website, inews.co.uk, reached 638,000 unique users. Advertising revenues for the period were down 16.9 per cent, while digital revenues were down 5.7 per cent in the first quarter but up 4.5 per cent for April. CEO Highfield:
Following the completion of the i acquisition, we continue to explore the disposal of certain assets, with a view to deleveraging the balance sheet and further reducing financing costs.
Johnston Press completes the £24m purchase of i newspaper, and prints its first edition. The paper will be available in Northern Ireland for the first time. CEO Highfield:
i is a highly regarded newspaper with a clear market position and a loyal readership. By joining with Johnston Press the combined circulation will be equal to 9 per cent of national daily circulation, making us the fourth largest player in the market. This enhanced reach represents a significant growth opportunity for Johnston Press in terms of national print and advertising revenue. It also rebalances our revenues towards less volatile circulation revenues. With our considerable digital experience the combination of Johnston Press and i will also allow us to grow digital audiences and revenues through the creation of inews.co.uk.
Nazara Games, London Venture Partners and Supercell’s Hollanda-Grönberg invest in TrulySocial. Nazara CEO Manish Agarwal:
We see a perfect fit with TrulySocial’s contemporary social world and are working with them to bring a completely new genre of gaming to India. With TrulySocial we are delighted to have an opportunity to see ourselves along with key international players.
Johnston Press reports total revenue for 2015 was down by 6.8% from £260m in 2014 to £242.3m last year. However, profits increased by 22.6% to £31.5m by reducing costs to £191.7m from £205.3m in 2014. CEO Highfield says the group hopes to sell some brands and some of its key assets. However, he said he “could not rule out” closing some titles. Debt is down by £14.8m to £179.4m from £194.2m in 2014, with interest payments reduced by almost £10m to £19.1m. The number of people reached through Johnston’s digital titles was up by 40.7% to 22.6 million, with digital advertising revenue rising by 12.4% to £30.6m.
We are a plc and our primary objective is to keep the business moving forward … we have to make profits. We are all on the same side here, which is try to get the business back to growth and get the long-standing debt off our shoulders. The tough trading conditions have already been highlighted by DMGT and Trinity Mirror. We are being prudent in not anticipating it getting better and we are going to make sure we are cutting our cloth appropriately.
Highfield also says Johnston has filled all but two of 50 roles for i for when it takes control of the title on 10 April, filling the roles from The Independent within two weeks.
Johnston Press reaches a deal to buy the i newspaper from ESI Media for £24m. Highfield:
This is a transformational acquisition for Johnston Press and an important step towards delivering our long-term strategy. i is a highly-regarded newspaper with a clear market position and a loyal readership. By joining with Johnston Press the combined circulation will be equal to 9% of national daily circulation, making us the fourth-largest player in the market. This enhanced reach represents a significant growth opportunity for Johnston Press in terms of national print and digital advertising revenue. It also rebalances our revenues towards less volatile circulation revenues. With our considerable digital experience the combination of Johnston Press and i will also allow us to grow digital audiences and revenues through the creation of inews.co.uk.
The company in charge of image rights for Marc and Alex Marquez confirms their merchandise will no longer be produced and distributed by Rossi’s VR46 Racing Apparel company. The Marquez brothers are tipped to move their merchandising to Gruppo Pritelli.
AC Management, company in charge of managing the image rights of the riders Marc Márquez and Alex Márquez, informs that they have agreed with the Company VR46 Racing Apparel, S.r.l. to terminate the license agreements previously in force and under which the latter was in charge of the exploitation of both riders’ merchandising. Both parties appreciate services rendered while the agreement was in force and wish each other success in future endeavors.
Walmart announces plans to close 269 stores. 154 of these stores are in the US, and will affect 16,000 workers. Closures will begin at the end of January. 102 of the 154 stores to be closed in the US are part of an experimental set of offerings opened in 2011 and are within 10 miles of another Wal-Mart. Efforts will employ the affected workers at other locations. Other locations to be closed include locations in Brazil, where the retailer is struggling.
The UK government is to create a new £1 billion fund, called The Ross Fund, in partnership with US philanthropists, Bill and Melinda Gates. The fun, named after Sir Ronald Ross, who first found the link between mosquitoes and malaria in 1902, aims to eradicate malaria and other infectious disease. The fund will come from the UK’s overseas aid budget over the next five years, with £115m earmarked for research into new drugs, diagnostics and insecticides for malaria, TB and other infectious diseases, and £188m to be spent on improving biodefences and rapid response systems to fast-spreading epidemics such as Ebola. UK Chancellor Osborne:
[The government’s commitment to overseas aid helps to] promote our national security and interests around the world. [Working with the Bill and Melinda Gates Foundation will help us in] our joint ambition to see an end to this global disease in our lifetimes.
With the combined skill and expertise of British scientists; leveraging the weight of both public and private financing; and the continued leadership of George Osborne and the UK, [the] announcement of the Ross Fund will play a key role in reaching that goal [ eradicating malaria and other poverty-related infectious diseases].
According to Italian website, Corriere della Sera, Rossi has decided to end his business ties with Marquez. Beginning next year, the VR46 Store, will no longer manage Marquez’s MM93 merchandise. The Tavullian company owned by Rossi manages the merchandise of 20 riders and hails an annual turnover of 12.5 million euros. Next year, another company will be dealing with the sale of t-shirts, caps and other novelty MM93 products.
Forbes says Jackson has earned more than $1 billion pre-tax since his death, which is more than enough to pay off his personal debts. in 2105 the estate made $115 million, in part from the Vegas Cirque du Soleil show Michael Jackson One, the Mijac Music catalogue, recorded music sales and half of Sony/ATV Music Publishing, which includes the rights to 250 Beatles songs.
Fandango says Star Wars: The Force Awakens online ticket sales traffic surged to seven times its typical peak levels, a record-setting first day of pre-sales. The previous record holder was 2012’s The Hunger Games.
For Star Wars, we have already sold eight times as many tickets as we did on the first day of sales for the previous record holder. This is an extraordinary time for the industry, which experienced unprecedented ticketing demand last night. The enthusiasm for this year’s most anticipated movie is out of this world and we expect it to continue all the way to its debut on Dec. 18.
Walmart has its worst stock decline in more than 27 years after predicting a drop in annual profit. Earnings will decrease 6 percent to 12 percent in fiscal 2017, which ends in January of that year. Analysts had estimated a gain of 4 percent on average. Efforts to raise the minimum wage to a goal of $10/hr combined with an expanded training program, added about $1 billion in costs this year and $1.5 billion next year. Shares fell 10 percent to $60.03 in New York, the biggest drop since January 1988.
An SEC filing (document) reveals the company is officially seeking an initial public offering, as well as financial information: In the first half of 2015 Square took losses of $77.5 million on revenue of $560.5 million. In 2014, the company reported gross payment volume of $23.78 billion. The filing reveals retail the biggest source of transactions for the company constituting 21 percent of its gross payments volume. Other sectors include services, food, beauty, contractor, and transit. The filing also says Dorsey’s role as the CEO of Twitter and Square is a risk factor:
Jack Dorsey, our co-founder, President, and Chief Executive Officer, also serves as Chief Executive Officer of Twitter. This may at times adversely affect his ability to devote time, attention, and effort to Square.
Foot Cardigan accepts an offer on Shark Tank from Cuban and Carter, who is appearing as a guest shark, to co-invest $250,000 for a 20% ownership stake in their $9-a-month sock subscription service. The company says it earned $1.36 million in the past three years ($900,000 in the past 12 months) and projects $1.5 million for 2015. It currently services 6,000 monthly customers with seasonal increases to approximately 12,000 subscribers.
Stiklorius leaves Atom Factory to start Friends At Work, her own own management company, where she will work with Lindsey Stirling and John Legend. Carter:
The only thing that I love as much as artists are entrepreneurs, and Ty has the makings of a great one. Although I’m sad to see her leave, I’m grateful for our time together and extremely proud of what we’ve accomplished over the last three years. She and John are going to build a great company that will help other artists and have an impact on the community. They’ll always be a part of our family here at Atom Factory.
Uttar Pradesh’s government is overwhelmed after receiving over two million applications for 368 low-level government jobs. Even though the prerequisites for the posts include having primary school qualifications and being able to ride a bicycle, 255 PhD holders and 152,000 graduates have applied. The successful candidates will receive a monthly salary of 16,000 rupees ($240).Official:
These candidates have to be interviewed but my estimate is that the entire process will take at least four years to complete even if there are ten boards interviewing 200 candidates a day, for 25 days a month.
Trump says he has bought NBC’s stake in Miss Universe and has settled all legal claims with them.
Crowded House re-releases Help Is Coming, introduced by Cumberbatch, to raise money for refugees fleeing to Europe to escape conflict. The fund-raising video features footage from refugee camps and shows people attempting to travel to a country of sanctuary. Crowded House’s Neil Finn and Capitol Records have agreed to donate all the royalties to Save The Children.
The company reports a decline in net income from $37.4m in 2014 to $5.8m in 2015, a 84% decrease. Revenue fell from $405m to $392m. Attendance dropped by more than 100,000 from 6.58 million to 6.48 million. CEO Manby:
We realize we have much work ahead of us to recover more of our attendance base, increase revenue and improve our performance as returning to historical performance levels will take time and investment. On the reputation side, early feedback on our campaign has been positive, however, we recognize that fully resolving our brand challenges in California will require sustained focus and commitment to correct misinformation…We will continue to fight with the facts, because the facts are on our side.
Google makes subtle changes to its logo, including a multi-colored mic for voice commands and a four-color “G” logo which replaces the lowercase “g” logo.
Once upon a time, Google was one destination that you reached from one device: a desktop PC. These days, people interact with Google products across many different platforms, apps and devices—sometimes all in a single day.
NBC Universal invests $200 million strategic investment in Vox Media, to form a partnership between the new and old media companies to collaborate on programming, advertising and technology.
Page and Brin found Alphabet to hold all Google-related businesses. Alphabethabet Inc will replace Google as the publicly-traded entity. All shares of Google will automatically convert into the same number of shares of Alphabet — with the same rights. Page:
Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
All of the businesses that fall under Alphabet will have their own individual chief executives. Page says that with the new structure, the company is planning to implement segment reporting for its fourth quarter earnings results. As such, Google’s financials will be provided separately from other Alphabet’s businesses. Page:
We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products–the whole point is that Alphabet companies should have independence and develop their own brands.
Keurig shares fall about 30% in pre-market trading after announcing that sales are down and the company plans to cut its workforce by 5%. The stock is down 43% year-to-date. CEO Kelly:
While we are not pleased with our revenue growth, we delivered earnings at the high end of our previous guidance.
Twitter shares plunge on the New York Stock Exchange, dropping 5.6% to $29.27 which is the lowest level ever. The share price has fallen a total of 45% in four months. Co-founder Dorsey:
We haven’t done a great job at aligning the entire company around our total audience strategy.
Qantas reduces flights to Perth. It removes one Airbus A330 flight per day from Melbourne to Perth. A return flight from Perth to Melbourne is discontinued. Most of the flights from Sydney to Perth will now use smaller Boeing 737 instead of the present Airbus A330.
These small changes to our east-west flying allow us to add wide body domestic services between Sydney and Brisbane and form part of our twice yearly schedule update. We are able to move our aircraft around to match market conditions and demand.
Volkswagen has replaced Toyota as the world’s largest automaker by selling 5.04 million cars in the first half of 2015. Volkswagen:
We do not comment on the figures of other automakers. The goal of the Volkswagen Group is to focus on qualitative growth and not being No. 1 in sales.
Apple Model Management, a Bangkok-based agency, is opening a division in Los Angeles that will cater exclusively to transgender models. The agency’s L.A. director:
Our strong commitment to developing them as successful models is never about quantifying or qualifying their gender. It’s never a question of if they are women or men, it’s about their passion and commitment to being the best possible models they can be.
Air France-KLM promises further acceleration of cost-cutting as it reports widening of first-half losses to of 619 million euros. The company will add a further 300 million euros ($328.4 million) to a previously announced 1.5-billion-euro cost-cutting programme. Group chief executive Juniac:
The lack of results improvement leads us to implement immediate additional adaptation measures including, in particular, the closure of heavily loss-making routes, the downward revision in capacity for the forthcoming winter season, together with an acceleration and an increase in the magnitude of our cost-saving initiatives.
The Spot Experience and Racebrook Capital are building The ARK — the world’s only animal terminal — at JFK international airport. The ARK is the first USDA-approved, full-service, 24-hour, privately owned airport quarantine operation for the import and export of horses, pets, cats and dogs, birds , exotic specialty animals, zoo animals and livestock. The facility is at Building 78 and spreads across 14 acres. The ARK is projected to transport about 70,000 animals a year.
Spot is thrilled to sign on as the exclusive operator of such a cutting-edge animal facility as The ARK at JFK. All airline passengers deserve the highest quality of care, including animals.
Mitsubishi will shut down its only factory in the U.S., in Normal, Illinois, about 100 miles southwest of Chicago, on November 30, so that it can focus on production in Asian markets. The company hopes that it can find a buyer that will continue to employ all the 1,200 workers already working there. Officials maintain that the factory is closing because of dramatically falling sales and not labor issues. Illinois state Sen. Brady says Mitsubishi officials have assured him that:
[Mitsubishi’s effort to sell the plant] will not be about getting top dollar for the sale but about doing the right thing. We are going to do everything we can to make sure people know that Mitsubishi no longer needs the facility, but that this is a facility that has a very efficient, world-class workforce and a supplier network that’s second to none.
IBM acquires Compose’s database as a service startup for an undisclosed sum. The company services about 3,600 clients that have created more than 100,000 databases. Compose offers services around MongoDB, Elasticsearch, RethinkDB, Redis and PostgreSQL allowing mobile and web developers to create apps without having to concern themselves with database backends. Co-founders MacKey and McKay:
Compose will be part of the IBM Cloud Data Services (CDS) group. It’s a great fit. We’ll be able to continue building what we think is important, with a brand we really like, and the same team that works so well together. All with the backing of a major company.
Compose furthers IBM’s commitment to ensuring developers have access to the right tools for the job by offering the broadest set of DBaaS service and the flexibility of hybrid cloud deployment.
In a surprise move, Nikkei acquires the Financial Times for $1.3bn from Pearson Plc. The deal does not include either the FT’s London headquarters or its 50% stake in The Economist. Pearson’s CEO Fallon says
We have reached an inflection point in media, driven by the explosive growth of mobile and social. In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company.
After 25 years, Bocci’s goes out of business. The spaghetti shop recently had mediocre reviews on Yelp; most customers rating it two stars or lower. Representatives of ownership group CFC of Charleston could not be reached for immediate comment. An outgoing message on Bocci’s voicemail thanks customers for their past patronage. According to a former employee, staffers were notified last night of the impending closure.
Carter announces SMASHD Labs, an LA-based accelerator. SMASHD Labs will take between five and seven young tech companies whose focus is entertainment and culture and house them for 10 weeks in Atom Factory’s office, providing them with $50,000 in funding for 3% of the company, as well as providing a weekly “curriculum” in order to focus and define their idea.
Apple stocks fall 7% after it releases its third quarter financial report showing that iPhone sales were lower than investors expected. Even though revenue is up 33% at $49.6 billion, iPhone sales are short 1.3 million units than expected in part due to low inventory. iPhone sales make up half of Apple’s revenue. CEO Cook:
Channel was down by 600,000. We sold more units than we thought we would. We always run with just the inventory we thought we need. In this quarter, we were able to end right at the bottom end of our range. Revenue would have been higher if we expanded channel, but that’s not how we think of the business.