 Snap Inc shares fell more than 40% on Tuesday after the company issued a warning to investors that it would not meet its forecasts for revenue and earnings in the current quarter. In an SEC filing, Snap pointed to macroeconomic conditions as the reason for the miss, noting that conditions have deteriorated further and faster than anticipated. More: - Snap also announced it would slow hiring and cut spending as it tries to navigate rising inflation and Apple’s privacy policy changes.
- The company also plans to review the remainder of its 2022 budget for additional cost savings.
- Snap, the parent company of Snapchat, relies heavily on ads for its revenue; the company is down more than 80% year to date.
- It closed at $12.79 a share, down 43% for the day, its worst day ever.
- Snap’s SEC filing sent a ripple effect in the ad tech space, with shares of Meta, Alphabet, and Twitter all closing down, 7.6%, ~5%, and ~5.5%, respectively.
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Glencore PLC, one of the world’s largest commodities traders, has agreed to pay a $1.5B penalty and plead guilty to multiple bribery and corruption charges. In 2018, the U.S. Justice Department launched an investigation into Glencore’s compliance with the U.S.’s money-laundering laws and the Foreign Corrupt Practices Act in Nigeria, the Democratic Republic of Congo, and Venezuela. In 2019 the U.K.’s Serious Fraud Office followed suit, launching an investigation into Glencore on suspicions of bribery. More: - Glencore is charged with multiple counts of bribery to influence officials in various countries to favor the company in oil transactions and other business dealings.
- Glencore has agreed to pay $1B to U.S. authorities, $40M to Brazilian prosecutors, and an amount to the U.K., which will be finalized at a sentencing hearing.
- The company had set aside $1.5B in February for the settlement, noting on Tuesday that it does not believe the total amount of fines would be significantly different from $1.5B.
- Swiss and Dutch authorities are also investigating Glencore.
- Glencore ADRs closed at $13.31 a share, up ~2.3% for the day.
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 Image Credit: Walmart Walmart is expanding its drone delivery service to 4 million households in six states. The retail giant announced on Tuesday that it would be able to deliver more than 1 million packages by drone a year in as little as 30 minutes to households in parts of Arizona, Arkansas, Florida, Texas, Utah, and Virginia. More: - The drones will be able to deliver up to 10 pounds of merchandise at a time.
- Walmart plans to charge a $3.99 delivery fee per order for the service.
- Walmart is expanding its partnership with drone operator DroneUp LLC.
- Both companies launched their partnership in November when DroneUp began operating its drone delivery hubs out of Walmart stores in Arkansas.
- Last June, Walmart invested DroneUp but did not disclose the investment amount.
- Walmart joins other companies like Amazon, Alphabet, UPS, and FedEx, who have been quietly rolling out their drone delivery services across the U.S.
- Many see drone delivery as a potential solution to costly last-mile deliveries and an efficient way to reach rural customers quicker.
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During a media briefing on Monday, Boeing’s chief aerospace safety officer, Mike Delaney, shared some of the plane manufacturer’s efforts to improve its engineering and safety practices. The company has been making changes as part of a long-term push to improve its engineering processes and safety culture, especially after the two MAX plane crashes in 2018 and 2019 that killed 346 people. More: - Delaney oversaw new commercial aircraft during the 737 MAX’s development.
- Delaney said Boeing has moved forward from the accidents fundamentally but noted the importance of looking back and asking, “what do we need to learn?”
- Delaney added Boeing is also examining issues that arose during the development of the MAX aircraft and its response to the accidents.
- Neither Boeing nor regulators moved to ground the MAX jets until after the second crash in 2019, about five months after the first.
- Investigators blamed the crashes on Boeing’s new flight control system that pushed the planes into fatal nosedives.
- Delaney and other executives said the company was putting in new systems to manage safety risk, mine airline data for incipient operational problems, and encourage employees to raise concerns about possible hazards.
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 2014 Ford C-Max | Image Credit: The Car Connection Ford has agreed to pay $19.2M to settle accusations of false advertising for some of its hybrids and pickup trucks. The automaker is accused of falsely advertising the real-world fuel economy for 2013 and 2014 C-Max hybrids and payload capacity for 2011 to 2014 Super Duty pickups. More: - In 2013 Ford lowered the advertised fuel economy rating on its C-Max hybrid by up to seven miles per gallon and sent checks to owners of $550 to make up the difference in fuel costs.
- Ford is accused of running deceptive ads where the Ford C-Max is featured outperforming the Toyota Prius.
- To advertise "best in class" maximum payload capacity for its Super Duty pickups after competitors had surpassed them, Ford allegedly used a configuration it never intended to sell to actual customers. The "best in class" payload configuration does not include a spare tire, jack, radio, or center console.
- The settlement covers 40 states and DC and prohibits Ford from making false or misleading advertising claims concerning estimated fuel economy or payload capacity.
- As part of the settlement, Ford did not admit any wrongdoing.
- Ford shares closed at $12.42, down ~3.2% for the day.
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Zoom released its Q1 FY2023 earnings on Monday after market close, slightly topping analysts’ expectations for the quarter. The video communications platform reported a 24% growth in Enterprise customers to 198,900. Customers bringing in over $100,000 in trailing 12 months revenue grew 46% YoY. Zoom shares popped over 15% in after-market trading on Monday. Numbers: - Total Revenue: $1.07B, up 12% YoY.
- GAAP income from operations: $187.1M, down ~17% YoY.
- Zoom pointed to stock-based compensations, acquisition-related expenses, etc.
- GAAP Operating Margin: 17.4%
- Net cash flow from operations: $526.2B, down ~1% YoY.
- Net Income: $113.6M
- EPS: $0.37
More: - Zoom expects Q2 FY 2023 total revenue to be between $1.115B and $1.120B, and EPS to fall between $0.90 and $0.92.
- For full FY 2023, the company expects total revenue between $4.53B and $4.55B and EPS to fall between $3.70 and $3.77.
- Before Monday’s earnings report, Zoom shares were down over 50% YTD, weighted down both by decreased demand as the Pandemic wanes and the recent market sell-off.
- It closed at $94.34 on Tuesday, up ~5.6%.
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Quick Hits - Bubbles, with users from around the world, encourages teams to decline meetings-that-should-have-been-emails.*
- At least 18 children and one teacher were killed on Tuesday after 18-year-old Salvador Ramos opened fire in a Uvalde, Texas, elementary school. Police killed Ramos at the scene. Two police officers who responded to the scene were shot but are expected to survive.
- Google Maps’ Street View celebrated its 15th anniversary today by launching a new camera and new features for its iOS and Android apps. Street view was conceived by Google co-founder Larry Page and has grown to include over 220 billion Street View images from over 100 countries and territories.
- Payments company Stripe launched its App Marketplace service on Tuesday. The new offering allows Stripe to provide access to third-party apps and scripts created by app publishers, users, and Stripe itself, that incorporate those apps with Stripe. The company is launching Marketplace with 50 apps, including Mailchimp, Dropbox, and DocuSign.
- Uber has completed 1 billion rides across all its markets in Africa. The milestone translates to about 10 billion kilometers (~6.2 billion miles) in distance covered. Uber operates in eight African countries, including South Africa, Nigeria, Ghana, Egypt, and Kenya. NOTE: Inside.com’s founder and CEO, Jason Calacanis, is an investor in Uber.
- If your site is struggling, it may be time for a more powerful commerce platform. Read our eBook and find out if your business is ready.*
*This is a sponsored post.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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