Best Buy Furloughs 51,000 Workers, Even as Online Sales Surge
Best Buy is furloughing 51,000 employees as its sales decline drastically due to coronavirus-related store closures.
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Carta Lays Off 16% of Employees
The layoffs included 161 employees in the company's advertising, marketing, and operations departments.
Apple Announces New Low-Cost iPhone
The smartphone will likely see strong demand in developing countries such as India, where iPhones are out of reach for most middle-class consumers.
Tech CEOs Surprised by White House Task Force Announcement
Trump named more than a dozen tech and telecom CEOs to a task force to advise on restarting the economy, but some participants weren’t notified in advance.
Official Data Suggests iPhone Shipments in China Rose 19% in March
The recovery might be related to higher production after bottlenecks in February rather than higher sales.
Amazon Confirms Firing Workers Who Complained About Conditions
The action against the employees had beeb reported last week, but Amazon's confirmation indicates the hard line it's taking.
Airbnb Borrows Another $1 Billion
Like the first round of capital, the interest rate is high. The loan potentially cots Airbnb hundreds of millions of dollars in debt payments a year.
WeWork CEO Warns of More Staff Cuts
WeWork's CEO said it plans to make another round of staff cuts by the end of next month, adding to the thousands of employees the company has already laid off.
Wall Street Banks Brace for Loan Default Wave
Two of the largest U.S. banks have set aside more than $12 billion to protect against against souring debts
New Cisco Program Lets Customers Buy Now, Pay in 2021
Program lets customers defer all payments for 90 days and put off the rest until January of next year.
Roku Says Streaming Hours Way Up
But the paralyzed advertising market during COVID-19 will hurt the company's business throughout the year
Google-Designed Chips to Arrive Next Year
Currently, Google uses processors from Qualcomm, but moving chip development in-house could give the company more control over its devices.
Lightspeed Secures $4.2B to Invest in Startups
Even as tech startups are starting to see a slowdown in investing, Lightspeed Venture Partners has raised more than $4 billion for three new funds.
Venture Capital Raised $21 Billion
Large funds have been able to raise money even as smaller firms struggle.
Vox Discussing Employee Furloughs
The furloughs are reportedly expected to affect employees whose coverage area has been affected by the shutdowns
U.S. Coast Guard Eyeing Pentagon-Like Cloud Deal
The potential deal highlights the stakes associated with the Pentagon's cloud deal.
Ad Giant Predicts ‘Unprecedented’ Dip in Spending
The grim prediction is a sign of what's to come for ad-driven tech firms like Google and Facebook.
Quibi Touts 1.7 Million Downloads in First Week
CEO Meg Whitman also said the company is accelerating plans to launch streaming to television capabilities.
Self-Driving Car Startup Zoox Lays Off Roughly 100 Employees
The latest casualty of the Covid-19 recession is one of the most ambitious startups in Silicon Valley.
Disney’s Iger Begins to Chart Future
Iger, like other media company executives, is looking at getting rid of old-school, expensive traditions, like the upfronts to advertisers.
Weekday mornings
The Information AM by The Information Staff
Start your morning with the important global tech news of the day, covered by The Information team across five time zones.
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