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Will Super Bowl Spend Reverse Temu’s Drop-Off?
PDD-owned [PDD] e-commerce app Temu splashed some serious ad cash during Sunday’s Super Bowl in the US. It aired its advertisement six times, and also offered some $10m in giveaways. Bloomberg estimates the firm spent tens of millions of dollars on the spots, but it remains to be seen whether the efforts will reverse dwindling sales in the US: observed sales fell 12.5% month-on-month in December, and 4.8% in January.
SoftBank Soars on Arm Pop
The SoftBank [9984:T] share price has ridden to a two-decade high on the back of Arm’s [ARM] ongoing rally. The chipmaker’s value has nearly doubled since last week, when it outlined its plans to leverage excitement around artificial intelligence (AI). Shares in SoftBank jumped 34% across three days, to their most overbought level in two decades, reported Bloomberg.
Paytm: On the Brink?
“Paytm faces a serious risk of customer exodus which significantly jeopardises its monetization and business model,” Macquarie analysts Suresh Ganapathy and Punit Bahlani wrote in a note seen by Bloomberg. The Indian fintech firm’s [PAYTM:NS] share price plunged 8.6% on the news. The Reserve Bank of India has slammed curbs on the Paytm Payments Bank following regulatory irregularities.
Job Cuts at BlackBerry
In its push for profitability, BlackBerry [BB] will slash approximately 200 jobs roles at its cybersecurity business. The Ontario-based firm said on Monday that it had made progress separating out its IoT and cybersecurity units, and had identified potential efficiencies in cybersecurity — particularly with regard to cost of goods sold, and research and development. The layoffs are expected to lead to $27m in annualised savings.
CrowdStrike Expands Footprint in the UK
Cybersecurity firm CrowdStrike [CRWD] has signed a deal with Ignition Technology, which will serve as the former’s strategic distribution partner in the UK. Ignition will add the AI-native Falcon platform to its portfolio. Ignition “deliver[s] differentiated customer success and deep market expertise”, said Daniel Bernard, Chief Business Officer at CrowdStrike.
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