Good morning Tech Fam, here's a quick tech update for you to catch on:
What's new today: Bitcoin's price has dropped by 7% in the week leading up to Wednesday's Fed event; Meta reported revenue of US$452 million for the division, down from US$695 million in the first quarter.
Fast-Trach Insights: Bitcoin and Ethereum, the two largest cryptocurrencies by a considerable margin, have swung wildly in recent weeks as a Federal Reserve earthquake looms; Alphabet, Microsoft, and Texas Instruments posted double-digit quarterly revenue growth this week; after years of bulking up, industry giants, Apple, Google Amazon, Tesla and others, brace for recession.
The U.S. Federal Reserve will likely raise the benchmark borrowing cost by 75 basis points (0.75%) on Wednesday in a continued effort to drain liquidity to tamp down inflation. Crypto traders are split on how bitcoin (BTC) would react to the rate hike.
Bitcoin and Ethereum, the two largest cryptocurrencies by a considerable margin, have swung wildly in recent weeks as a Federal Reserve earthquake looms and the U.S. securities regulator steps up its scrutiny of the market. Now, billionaire investor Mark Cuban has warned the U.S. Securities and Exchange Commission's (SEC) "regulation-by-enforcement approach" to cryptocurrencies is just the start of a "nightmare that's waiting for the crypto industry."
Meta Platforms (FB) posted a second-quarter loss of US$2.81 billion in its Facebook Reality Labs (FRL) division, which comprises its augmented and virtual reality operations, according to its earnings report released yesterday. That was down slightly from its loss of US$2.96 billion in the first quarter and better than analyst estimates for a loss of US$3.67 billion for the division for the quarter, according to FactSet.
Alphabet, Microsoft, and Texas Instruments posted double-digit quarterly revenue growth this week and expressed optimism about the coming months, reassuring investors who have been fussing that the technology industry was poised for a severe second half.
With recession fears mounting and inflation, the war in Ukraine, and the lingering pandemic taking a toll, Apple, Google, Amazon, Tesla, and other big tech companies are still rethinking their staffing needs, with some of them instituting hiring freezes, rescinding offers and even starting layoffs.
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