During its earnings call, Southwest Airlines reported a net loss of $278M during the first quarter, from a net income of $387M in Q1 2019. The airline observed a decline of 8.8% from 2019 in operating revenues to $4.69B, as expenses increased 4.3% from the same period to $4.84B. More: - Southwest generated $1.1B in cash from operations.
- The company's flight cancellations in January due to staffing challenges and weather resulted in a negative impact of $50M to operating revenues versus expectations.
- Fuel costs during Q1 were $2.30 per gallon, in line with company expectations. Southwest claims an improvement of 2.6% versus Q1 2019 in fuel efficiency due to the inclusion of more Boeing 737 MAX aircraft in its fleet.
- "Barring any unforeseen events and based on current trends, and despite higher fuel prices and managed business revenues and available seat miles remaining below pre-pandemic levels, we expect solid second-quarter 2022 profits and operating margins, excluding special items," said the company.
- Southwest stock was up 2.15% for the day on Thursday afternoon.
| |
Singapore-based micro-mobility company Neuron Mobility announced it has raised a $43.5M Series B, led by GSR Ventures and Square Peg. The shared scooter company claims to have tripled its markets since its last funding round 19 months ago. More: - Neuron operates in 14 cities in Australia, three in South Korea, four in New Zealand, five in Canada, and three in the U.K. The company plans to use the fund to continue its market expansion, in addition to safety and technology expenditures.
- The company has raised a total of $77.7M since its inception in 2018. Its other backers include EDBI, Didi Chuxing, Seeds Capital, and Siri Ventures.
| |
A message from CONNECTEAM Discover the New Way to Effectively Manage Your Employees Paper-Free Until this very day, so many businesses around the world are using pen and paper to handle crucial aspects of their daily business. But what’s stopping your employees from losing/damaging their shift schedules, forgetting to clock in and out, and not receiving important messages from their managers? That’s why thousands of businesses from more than 90 different industries are turning to Connecteam to solve these problems once and for all. With its wide range of features, managers can effortlessly track employees’ hours, streamline communication and oversee their shifts - all from the convenience of their mobile devices. Most importantly - everyone in your business can easily use Connecteam because of its simple user interface. Never use paper again to manage your employees. Go completely digital today. Connecteam is free to use for your first 50 users. Paid plans start from $39/month and come with a 14-day free trial. Start your Free Trial | |
Parking ticketing company Flash revealed it has acquired Ticketech, which processes over 20 million transactions per year across more than 700 parking locations. Through the acquisition, Flash plans to expand in New York City, where the total addressable market for parking is estimated at $22B. More: - New York City accounts for 17.5% of the U.S. parking industry's annual revenue.
- Flash currently operates 10,000 customer locations across the U.S. and Canada.
- Flash has 11 million parking users per month, totaling $1B in annual transactions.
- The acquisition terms were not disclosed by the companies.
| |
The United States Postal Service has been sued by 16 states, two climate organizations, and the United Auto Workers union as they seek to block the carrier's purchase of 140,000 gasoline-powered delivery trucks from Oshkosh. USPS's plan is to replace 141,000 older Grumman LLVs, built between 1987 and 1994, which lack air conditioning. More: - Lawsuits have been filed by Earthjustice and the Natural Resources Defense Council, in addition to the attorneys general from Connecticut, Delaware, Illinois, Maine, Maryland, Michigan, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Washington state, and Washington, D.C. New York City and the Bay Area Air Quality Management District have also filed lawsuits.
- The USPS previously rejected a bid by EV manufacturer Workhorse, a company that has been under investigation by the SEC. The investigation is believed to be over reliability issues, as the vehicle was out of service for two months during a trial program with the Department of Energy and FedEx due to a bad battery. Support for the issue by Workhorse was described as subpar, according to the DOE.
| |
A message from LAIKA If you’re trying to close deals, SOC 2 is probably a thorn in your side. What is it, and who cares? Your business needs SOC 2. But building compliance from scratch is complicated, time-consuming, and the cost can be crippling. Laika has you covered. Uncomplicate SOC 2 with our guide for growth-minded founders. In the guide by Laika you’ll learn: - What is SOC 2 compliance and why it matters for your startup
- How to close more deals faster by becoming SOC 2 compliant
- How to prepare for SOC 2 compliance
- What to expect in terms of time and cost
- What to do after the report is in
What makes Laika the authority on SOC 2? They’re the only compliance automation solution that was built by compliance experts. Learn how to turn compliance from a pain point into a secret edge over your competitors. Download Now | |
ABB E-Mobility signed an agreement with Shell to provide its AC and DC chargers for the energy company's network. Shell is aiming at having 500,000 charge points by 2025 and 2.5 million by 2030. More: - ABB has sold over 680,000 EV chargers across 85 markets, including 30,000 DC fast chargers and 650,000 AC chargers through Chargedot.
- Shell plans to install 50,000 on-street electric vehicle chargers by 2025. The U.K. government will finance 75% of installation costs.
Zoom Out: - Shell plans to work with Chinese automaker BYD on vehicle-to-grid charging as part of its 275,000 EV charger network agreement signed in March.
| |
Volvo Cars reported a revenue increase of 8% to approximately $7.54B in Q1. Volvo's gross margin was 21.2%, up from 20.6% in Q1 2021. More: - Volvo's retail sales declined by 20% to ~148,300 vehicle units.
- Volvo's sales in the U.S. declined by 16% to 22,800. In Europe, sales dropped by 26% to 65,200.
- The automaker's internal share of battery electric vehicles reached 8%, comprising a 101% YoY growth. Its ICE-based vehicles, including "mild" hybrids, declined 17% YoY in volume share to 89% of Volvo's total units.
- Volvo's BEVs comprise 0.84% of the propulsion type overall market share for the quarter, up from 0.56% in Q1 2021.
- The automaker estimates its average lifecycle reduction of CO2 emissions per car reached 13.4%, for a total of 47.7 tons. The carmaker expects to reduce its emissions by 40% in 2025 and 100% by 2040.
| |
Quick Hits: - Over 5,000 global customers trust Outreach as their Sales Execution Platform. Find out why it’s the right solution for your team.*
- Airbus signed an agreement with ITA Airways to develop the CityAirbus NextGen eVTOL in Italy. The aircraft is expected to have an operational range of ~50 miles and a cruise speed of approximately 75 mph.
- On Thursday, Serbia signed a $199.67M agreement with Stellantis to produce electric vehicles in Kragujevac.
- General Motors confirmed Spark EV battery replacements are temporarily out but will continue to be made after reports of Chevy dealerships saying they had been discontinued.
- To deliver real-time analytics on massive datasets, developers must balance latency, throughput, concurrency, and data freshness. Watch Molecula's Webinar.*
*This is sponsored content. | |
Upcoming events at Inside: - May 03 - Venturing in VC - Episode #17 with Ryan Holmes (LOI Venture) (Register Here)
- May 05 - [Live Webinar] Women in Sales: How to Build Your Personal Brand to Drive More Sales presented by Introhive (Register Here) *
- May 12 - Making Metaverse Dating a Reality (Register Here)
- May 18 - Need To Know NoCoder: Jatin Arora (Utilize) (Register Here)
- May 19 - Understanding Fractionalization (Register Here)
- May 24 - Meet Our Fund 3 (Register Here)
- May 31 - Ethereum Merge with Anthony Donofrio (Ethereum) (Register Here)
- June 01 - Selling Consumer Goods in Web3 (Register Here)
- June 09 - Empowering Content Creators with No Code (Register Here)
- June 22 - Security Lessons from the Log4Shell Vulnerability (Register Here)
*This is a sponsored event listing. | |
| | Written and curated by Nicolas Saravia, an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | 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. | |
Connecteam is the all-In-One Employee Management Software. Time Tracking, Shift Scheduling, Communication, and Much More. | |
Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
Comments
Post a Comment