Category: TECHNOLOGY
What does $2.8B buy you in today’s market?
News that private equity group Thoma Bravo is buying Ping Identity for $2.8 billion in cash broke earlier today, marking the beginning of the end of Ping’s life as a public company (at least for now).
Thoma Bravo will pay $28.50 per share in an all-cash transaction, a price that TechCrunch noted is a roughly 63% premium over the company’s pre-announcement share price. News of the sale emerged after Ping reported earnings that missed both profit and revenue estimates in the second quarter.
Given that M&A activity has been muted compared to 2021’s torrid pace, the deal is attracting attention. To better understand the transaction, we’re going to dive into Ping’s numbers to see what its sale price can tell us about the value of software companies today, and then riff on the identity market itself, part of the technology space with several public players and a recent history of falling values.
What $2.8B buys you today
Given that Ping announced its earnings at the same time as its sale to Thoma Bravo, we can directly compare its recent results with its newly disclosed sale price.
https://techcrunch.com/2022/08/03/what-does-2-8b-buy-you-in-todays-market/
PayPal Names Former Electronic Arts Executive Blake Jorgensen as CFO
PayPal named Blake Jorgensen as its next finance chief, succeeding John Rainey, who left the digital payments giant earlier this year for the same role at Walmart. …read more
Sling TV continues to drop subscribers, loses 55K subscribers in second quarter
Dish reported today that its streaming service Sling TV declined in subscribers during the second quarter of 2022, with a net loss of 55,000. This significantly differs from the first quarter of 2022, when it lost 234,000 subscribers. However, this is the third straight quarter that it has seen a drop.
The figure was also less of a loss than Q2 2021, when Sling TV lost 65,000 subs. Now, Sling has a total of 2.197 million subscribers, a decrease of 242,000 from the 2.439 million in the second quarter last year. During the first quarter of 2022, Sling TV had a total of 2.252 million, for comparison.
The company wrote in a regulatory filing, “The decrease in net Sling TV subscribers was primarily related to higher subscriber disconnects following seasonal sports activity. We continue to experience increased competition, including competition from other subscription video-on-demand and live-linear OTT service providers.”
While Sling TV is considered one of the first live TV streaming services, launching in 2015, it still has yet to beat Google in the streaming wars. YouTube TV continues to be a live TV streaming service to watch after revealing that it topped the 5 million subscriber mark, which included those on trials. Disney reported during its Q1 2022 report that Hulu Live TV had 4.3 million subscribers — but it only includes paid subscribers in its numbers.
Sling TV still beats FuboTV, which has 1.05 million subscribers. Philo has around 800,000 subs.
The company has been focusing on retaining customers with new content, such as the free Elvis Presley Channel, which launched in June. Also, in July, Sling TV provided customers free previews to premium streaming services via its “Freeview Weekends,” which include AMC+, EPIX, Sundance Now, Hallmark Movies Now and more.
Electronic Arts Posts Higher Sales, Profit
The videogame company’s quarterly results topped expectations on the strength of soccer and racing games. …read more
Lucid Motors slashes EV production targets again as supply chain problems persist
EV automaker Lucid Motors slashed its annual production guidance in half on Wednesday due to what CEO and CTO Peter Rawlinson described as “extraordinary supply chain and logistics challenges.”
Shares of Lucid fell more than 12% in after-market trading following the release of its second-quarter earnings, in which it provided the production guidance.
Lucid lowered its production guidance from 12,000 to 14,000 vehicles to 6,000 and 7,000 vehicles for the year. That’s just a quarter of the 20,000 luxury Air sedans the company initially planned to produce n 2022. In February, Lucid adjusted that loftier goal down to 12,000 to 14,000 vehicles.
Lucid doesn’t appear to have a demand problem. The company reported it has more than 37,000 reservations for its Air sedan, a 23% increase from just a few months ago. It has failed to capitalize on that demand, delivering just 679 vehicles in the second quarter. In the first half of the year, Lucid produced 1,405 vehicles and delivered 1,039 of them.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Rawlinson said in a statement.
Rawlinson attempted to soothe investors’ concerns during the earnings call with analysts, emphasizing that the company has identified the primary bottlenecks and have already taken steps to begin to remedy the situation. He added that Lucid is bringing its logistics operations in-house.
“I’m right here on the front line,” Rawlinson said as part of his prepared remarks ahead of questions from analysts. “And I’ve been spending the vast majority of my time here, right here on the shop floor. I believe it’s my responsibility as the CEO to be here resolving issues and helping to onboard the new executives.”
Lucid also announced that it has hired longtime Stellantis employee Steven David as senior vice president of operations, a position that encompasses supply chain, logistics, manufacturing, and quality. David, who has three decades of experience in manufacturing and operations, most recently headed up Stellantis’s component operations.
Lucid reported it generated $97.3 million in revenue in the second quarter. While the company, which went public last year, did see its Q2 revenue pop from $57.6 million in revenue in the first quarter and just $174,000 in the same period last year, it was still far below analysts’ expectations.
Analysts surveyed by Yahoo Finance expected revenue …read more
Extended early-bird savings on TC Disrupt passes end this Friday
We’re coming down to the wire, folks. Your chance to save early-bird pricing on passes to TechCrunch Disrupt ends this Friday. Our three-day flagship tech startup conference offers superior ROI at full price, but why spend more when you don’t have to?
To-do today: Buy your early-bird pass to TechCrunch Disrupt by Friday, August 5 at 11:59 p.m. PDT, and you can save more that $1,000.
Here’s another time-sensitive opportunity for early-stage startup founders. The application windows to apply for the Startup Battlefield 200 also closes on Friday, August 5, at 11:59 p.m. PDT.
Get more info on how the Startup Battlefield 200 works, and take a look at what SUB 200 founders receive at absolutely no cost:
- Full access to Disrupt.
- Exhibition space for all three days of the show.
- Investor interest and media exposure.
- Workshops and pitch training.
- Flash-pitch in front of investors and TechCrunch editors.
- A shot at competing for $100,000 in Startup Battlefield.
At Disrupt — where founders go to grow — you’ll find a wide range of experts sharing their knowledge, perspective and advice. Roundtable sessions — 30-minute, expert-led discussions for up to 20 people — are perennial favorites. This year, during our first Audience Choice vote-a-rama, TechCrunch readers chose the roundtable topics they wanted to hear at Disrupt.
Read about the first five Audience Choice winners and what they’ll talk about at Disrupt.
You’ll find plenty of founder-focused sessions and growth opportunities. At the TechCrunch stage, you can learn:
- How to Raise First Dollars When Investors Are More Cautious, The Founder Perspective — with Amanda DoAmaral (Fiveable), Sara Du (Alloy Automation) and Arman Hezarkhani (Parthean)
- How to Build Your Early VC Network: Turning Social Capital Into Financial Capital — with Nik Milanović (This Week in Fintech), Josh Ogundu (Heart to Heart) and Gefen Skolnick (Couplet Coffee)
Try your hand at speed networking: You’ll be randomly matched with other attendees for three-minute conversations — based on mutual interest in predetermined topics.
Sign up for Dinners for 6: A tasty way to meet potential investors, customers or other founders. You’ll have the opportunity to sign up to go out to a local restaurant for dinner with five other Disrupt attendees.
TechCrunch Disrupt 2022 takes place in San Francisco on October 18–20 with an online day on October 21. Why spend more than necessary? Buy your pass by Friday, August 5 at 11:59 p.m. PDT, and you can save more than $1,000.
Is your company interested in sponsoring or exhibiting at TechCrunch Disrupt 2022? Contact our sponsorship sales team by filling out this form.
https://techcrunch.com/2022/08/03/extended-early-bird-savings-on-tc-disrupt-passes-end-this-friday/
Solana’s speedy approach to crypto is attracting developers, despite hiccups
Although the crypto market isn’t always sunshine and flowers, some prominent industry players, including Solana co-founder Raj Gokal, still have an optimistic outlook for growth — at least about their own projects.
“I think the thesis and promise of Solana as a network is it’s performant, usable and scalable, and it’s just becoming more and more true every day,” Gokal said in an interview with TechCrunch prior to a Solana-focused wallet attack on Tuesday.
Solana, one of the largest layer-1 blockchains known for its speedy transactions, was targeted in a hack last night, which resulted in about 8,000 empty Solana wallets.
‘Lightyear’ streams today, the first Pixar film on Disney+ with scenes in IMAX’s Expanded Aspect Ratio
“Lightyear” was the first Pixar movie in two years to make it to theaters. A month and a half later, it finally hits the streaming platform Disney+. Today, August 3, subscribers can watch the “Toy Story” spin-off at home. Of note, this is the first Disney and Pixar animated film on Disney+ with scenes in IMAX’s Expanded Aspect Ratio.
With IMAX Enhanced, the film comes with IMAX’s exclusive Expanded Aspect Ratio, which gives audiences up to 26% more picture for major sequences of the film, with no special equipment needed. This means more of the action is visible on your screen.
Angus MacLane, who directed the film, said in a statement, “We are thrilled that Disney and Pixar’s ‘Lightyear’ is the first IMAX Enhanced animated film launching on Disney+. Leveraging IMAX’s technology throughout the filmmaking process allowed us to create an elevated viewing experience for ‘Lightyear’ fans in theaters, at home, and beyond.”
“Lightyear” joins 15 Marvel titles that are available in IMAX Enhanced on Disney+. These include “Shang-Chi and The Legend of The Ten Rings,” “Avengers: Endgame, Eternals,” “Doctor Strange in the Multiverse of Madness” and more.
The animated film stars Chris Evans as space ranger Buzz Lightyear from Andy’s favorite movie that he watched as a child. Unlike the rest of the Toy Story franchise, “Lightyear” tells the origin story of human Buzz and explores him trying to find a way back home after being stranded on a hostile planet with his commander and crew. He accidentally time jumps 62 years into the future, where the planet is taken over by the evil Emperor Zurg (James Brolin) and his robot army.
There was a lot of confusion about how “Lightyear” connects to the four other films in the “Toy Story” series. This could explain why the new movie wasn’t the success Pixar was expecting. It essentially became a box office failure, only earning $222.4 million worldwide, about $20 million above its reported budget. In comparison, “Toy Story 3” and “Toy Story 4” earned over $1 billion at the box office.
Hopefully, “Lightyear” will have more success on Disney+ than in theaters, especially since it will have scenes in IMAX’s Expanded Aspect Ratio.
Dear Sophie: How long am I required to stay at my current job after I get my green card?
Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.
“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”
TechCrunch+ members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.
Dear Sophie,
I’m a software engineer currently on an H-1B. My employer sponsored me for an EB-2 green card, and my application has been approved, but I’m still waiting for a decision on my application to register for permanent residence.
I want to leave my employer and do something completely different. Can I transfer my green card to another employer in a different field and position, or should I stick it out in my current position until I receive my green card?
If I should stick it out, how long should I stay with my current employer after I receive my green card?
— Craving Change
Dear Craving,
As my dad (also an immigration lawyer) would always say, here is one of those classic lawyer answers: “It depends.”
It’s so exciting when a company is willing to sponsor you for a green card, but things can change fast, especially in the Valley. The past two years have been a time of self-reflection and reassessment. Thanks for reaching out, and here’s an overview of some of the general options.
Can I transfer my green card?
Image Credits: Joanna Buniak / Sophie Alcorn (opens in a new window)
The American Competitiveness in the Twenty-First Century Act (AC21) makes it possible for some professionals to transfer their employment-sponsored green card process from one original employer to another without giving up their “spot in line.”
It has various conditions, such as:
- The I-485 (Application to Register Permanent Status or Adjust Status), the final step after filing the I-140 green card application, must have been pending with U.S. Citizenship and Immigration Services (USCIS) for at least 180 days since filing.
- The new job is in the “same or similar” field as the job for which the …read more
a16z now wants to manage the money of the entrepreneurs it backs
Andreessen Horowitz’s recent hire of former Jordan Park Group Chief Investment Officer Michel Del Buono suggests the venture capital firm is getting into startup founder wealth management.
The outfit, more commonly known as a16z, confirmed Del Buono’s hire as CIO to oversee those types of services for founders, as first reported by Bloomberg.
TechCrunch reached out to a16z for comment but had not received a response at the time of writing.
Andreessen Horowitz is not the first to dip its toe in this arena. Both Iconiq Capital and Sequoia Capital offer money management services.
Iconiq is managing over $80 billion, up from $23 billion in 2020, and its client list includes Mark Zuckerberg, Sheryl Sandberg and Jack Dorsey.
Meanwhile, Sequoia’s business unit, Sequoia Heritage, was formed in 2010 and currently manages $16.4 billion, according to Bloomberg. This is just one of the numerous internal programs that the venture capital giant offers to founders.
As Bloomberg notes, wealth management can be a hugely profitable venture once the money comes in the door. Managers charge a percentage of the assets they oversee and profit margins can reach up to 50%.
Andreessen is no stranger to breaking the norm in the venture world. In 2019, Andreessen formally became a registered investment adviser, which meant that the firm no longer had to limit its stakes, including in its general fund.
A16z made headlines for another reason recently when it announced that moving forward, its headquarters will “be in the cloud.” Alongside ditching a centralized HQ, a16z announced new offices in Miami Beach, New York and Santa Monica in addition to its existing Menlo Park and San Francisco posts.
That move was notable in that the storied venture firm was founded in 2009 in Menlo Park and has historically been associated with the Bay Area. It’s also a reflection of how much has changed since the COVID-19 pandemic as more companies and venture firms work remotely.
The firm earlier this year also announced it was building an accelerator for early-stage entrepreneurs, which also may be indicative of its wanting to broaden its offering.
https://techcrunch.com/2022/08/03/a16z-now-wants-to-manage-the-money-of-the-entrepreneurs-it-backs/