Top Startup and Tech News Today: 7 Things You Missed Today

Top Startup and Tech News Today: 7 Things You Missed Today

1. Twitter Dishes Tantalizing Tidbits In IPO Treatise

 

On Thursday, Twitter released an 800-page filing that talked about its attempt to make money, its growth, and its intention to its IPO. The suspense surrounding Twitter’s decision to its IPO is heightened by Twitter’s keeping their IPO documents secret until management is ready to appeal to investors. Twitter’s lack of secrecy means that the company may start pitching to investors as early as Oct 24th. Twitter’s report referenced some key components about Twitter. The report relayed facts, such as how, when Twitter was first opened, management focused on attracting more users and making the service more reliable; Twitter didn’t even try to make money during its first couple of years. But, the company isn’t incredibly profitable; Twitter’s losses hit $69 million the first half of this year. Twitter is, however, getting more mobile than Facebook, and its market value could be as high as $20 billion.

 

2. iPhone 5C Price Slashed To $50 At Best Buy After Just 2 Weeks

 

Best Buy has slashed the price of the iPhone 5C in half after just two weeks. From now until October 7th, Best Buy will give iPhone 5C buyers a $50 gift card with the phone. Best Buy has offered similar deals for iPhones in the past, but this is the first time a deal has been offered for a brand-new iPhone that was only so recently launched. Analysts generally agree that Apple’s lower-costing iPhone 5C was not priced aggressively enough to appeal to consumers in emerging markets. Best Buy’s slashing of the prices in order to sell units supports this idea; we will have to wait and see if other American retailers decide to follow Best Buy’s lead.

 

3. Samsung Reports Record-High Profit for 3Q

 

Profit at Samsung hit a record-high in the 3rd quarter. This is most likely driven by large sales of Samsung’s cheaper smartphones in developing countries. Samsung said that their third-quarter operating income rose 25% over the past year to $9.4 billion. This result was slightly better than the market prediction of $9.3 billion. Third quarter sales were $55 billion. No other details of Samsung’s financial performance were disclosed.

 

There had been expectations last month of slowing growth in sales of smartphones, and while Galaxy S4 sales did plunge during the three-month period, Samsung sold more smartphones than the previous due to the sales of its cheaper smartphones.

 

4. Hackers Steal Data From 2.9 million Adobe Customers

 

Adobe Systems warns that hackers stole the credit card numbers and other information from 2.9 million of Adobe’s customers. The information stolen was believed to have included customer names, credit or debit card numbers, expiration dates, and order information. “Very recently, Adobe’s security team discovered sophisticated attacks on our network, involving illegal access of customer information as well as source code for numerous Adobe products,” said Adobe chief security officer Brad Arkin. “Our investigation currently indicates that the attackers accessed Adobe customer IDs and encrypted passwords on our systems… We deeply regret that this incident occurred… We’re working diligently internally, as well as with external partners and law enforcement, to address the incident.”

 

5. Apple Buys Cue

 

Apple has acquired Cue, a personal assistant startup app. Apple doled out around $50-$60 million for this acquisition. Cue provides mobile apps for iOS that collects relevant information from users’ email, social, and professional networking platforms (Facebook, Twitter, Linkedin, etc.) It then displays all this on the mobile screen occasionally, letting users get all the information they want from a single app. This acquisition will help Apple integrate social networking capabilities into its operating system. Google Now has similar capabilities; it is a large possibility that Apple acquired Cue in order to play catch-up with Google Now.

 

6. Google Backs Sydney Student Startups

 

INCUBATE, an award winning startup accelerator program, has launched 16 ventures from students at Sydney University. INCUBATE has found a backer in Google and is now set to expand this entrepreneurial program to universities across Australia. “With Google’s help, we want to take the accelerator program to other campuses to create Australia’s first national network of global-thinking entrepreneurs at universities,” said program manager James Alexander said.

 

Through INCUBATE, startups receive $5,000 seed funding, a co-working space on campus, office resources, internet, printing, and mentoring from some of Australia’s most experienced business minds and industry experts. INCUBATE was co-founded in 2012 by two students and developed by the University of Sydney Student Union.

 

7. Google Acquires Gesture Recognition Startup Flutter

 

Google has acquired the gesture recognition startup, Flutter. Neither companies have disclosed the financial terms and other details of this acquisition. However, it is speculated that Flutter has been acquired for roughly $40 million. Flutter was created three years ago by Navneet Dalal and Mehul Nariyawala, and is based in India. They develop gesture recognition technology that can be used to control apps such as Youtube, Pandora, and Netflix through the webcam. CEO Navneet Dalal of Flutter was quoted as saying, “Today, we are thrilled to announce that we will be continuing our research at Google. We share Google’s passion for 10x thinking, and we’re excited to add their rocket fuel to our journey.”

Jessie Yen

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