💻 Facebook Pushes Back Plans for US Workers to Return to the Office

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Facebook Pushes Back Plans for US Workers to Return to the Office

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Facebook has cited the surge in cases of the Delta variant to postpone its plans for US workers to return to the office until next year. 

It has categorically stated that its approach is driven by data, not dates. 

And, it is the rise in the number of Delta variant cases in the US that has alone motivated the company to stop its US employees from coming back to the office until 2022. 

Earlier, Facebook was planning to fully reopen its office by October, while 50 per cent would have returned by September. 

Offices outside the US may reopen by the end of this year. 

However, Facebook has said that postponement similar to the US may happen in some other countries too.

Disney+ Beats Expectation in Consumer Acquisition

Exceeding Wall Street's expectation of 114.5 million, Disney+ has reached 116 million paid subscribers in its third quarter. 

It is a 100% growth when compared to the numbers of the same time the previous year. 

Along with the number of subscribers, Disney also exceeded Wall Street’s revenue expectation. 

While the revenue estimates were $16.76 billion, Disney recorded $17.02 billion. 

The earnings per share went up to 80 cents, while the analysts’ expectation was only 55 cents. 

Hotstar is a version of Disney+.

Going opposite Disney+’s growth curve, Hotstar witnessed a decline in their average revenue per user numbers from $4.62 to $4.16. 

However, Disney’s other streaming services, Hulu and ESPN+, followed ascending curves. 

The average revenue per user for Hulu and ESPN+ grew to $13.15 and $4.47 from $11.39 and $4.18. 

The subscriber base of these two also grew 21% and 75% as compared to the same time the previous year, to reach 42.8 million and 14.9 million. 

Agora Raises $33 Million in Series-B

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Agora, a tech startup with a materials management platform for contractors, raised $33 million in Series B. 

Tiger Global Management led the round. Other backers included 8VC, Tishman Speyer, Yahoo co-founder Jerry Yang, Michael Ovitz, DST, LeFrak and Kevin Hartz. 

Agora was founded in 2018, and, in these three years, it has raised a funding of $45 million. 

Maria Rioumine and Ryan Gibson were the founders of Agora. 

This duo started the company to help commercial trade contractors order and track materials, automate manual data entry and give everyone involved in procurement a unified and seamless platform to communicate.

The performance of the startup has been impressive so far, with its annual recurring revenue growing by 760% year over year and customer base surging up by six times. 

It has also grown from an employee base of 15 to 45 and processes $140 million in annualized materials volume for its customers.

With a Valuation of $10 Billion, Reddit Discloses Tentative Plans to Go Public

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Reddit completed its Series F funding round most recently. Fidelity Management and Research Company LLC led the round. 

A total of $700 million is expected to have been raised by Reddit, with a post-money valuation of $10 billion. 

After this funding round, Reddit’s co-founder and CEO Steve Huffman said that the company is “still planning on going public," but it does not have a firm timeline there yet.

Reddit will utilize its latest funds to accelerate its international growth, simplify the user experience and improve website functionality. 

It will also introduce fresh video and audio features and develop a self-service advertising system. 

AROUND THE WEB

🚫 Social Communication Blocked in Zambia: Social media and networking platforms, such as Facebook, Twitter, Whatsapp, etc., have reportedly been blocked in Zambia for the ongoing general elections being held in the country. 

🎤 James Spears to Step Down as Conservator:  James Spears, the father of Britney Spears, has decided to step down as conservator for his pop singer daughter so long as the transition process is orderly and resolves every pending matter related to his acts as her conservator.


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-Scott

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