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Amazon To New York: Drop Dead; Tech Giant Abandons Headquarters Plan

Long Island Amazon

Amazon has ditched its plan to build a new headquarters in New York City, opting instead to proceed with its “HQ2” site in Northern Virginia and additional expansion in Nashville and 17 corporate offices in the U.S. and Canada. The decision means an estimated 25,000 jobs, generating $27 billion in economic benefit over multiple years, will not be coming to the New York area. The pullout came after fierce opposition by activists and politicians at the local and national… Read

Business

Apple Targets Springtime Launch Of Streaming Video Service: Reports

Apple, which has taken its time developing a strategy for entering the crowded streaming video field, is targeting springtime for the launch of a new streaming clearinghouse, according to multiple reports. Reuters and CNBC today have reported that the new venture would offer customers an experience featuring subscription offerings from the likes of CBS, Starz, Viacom and possibly HBO. It will reportedly blend those titles with its own original content as the company looks… Read

Business

MoviePass Parent’s Shares Begin Trading Over The Counter After Nasdaq Delisting

Shares in MoviePass parent Helios & Matheson began trading over the counter today after the beleaguered company was delisted by the Nasdaq. The ouster from the major stock market comes after several warnings relayed in SEC filings in recent months, given that companies cannot have their shares trade below $1 for extended periods. Helios stock has been worth less than two cents a share since a failed attempt to goose its value last summer via a reverse-split. In a filing… Read

Business

Planned Amazon HQ2 In New York, Suddenly In Limbo, Gets Renewed Push By Governor And Mayor

Long Island Amazon

New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio aren’t often on the same page, but the two political leaders have gotten in sync to implore Amazon to make good on plans to build a new headquarters in Queens. The “HQ2” project — split with Virginia after a year-long competition among 234 cities — resulted in Long Island City being chosen, with the city and state teaming to offer some $3 billion in tax breaks in exchange for an expected 25,000 new jobs. A… Read

Business

SXSW Unveils Keynotes, Adds Stacey Abrams, Elizabeth Banks, Aidy Bryant & More As Featured Speakers

SXSW has announced keynote speakers and has added another round of impressive names to their already robust roster of featured speakers. The South by Southwest Conference and Festival takes place March 8–17 in Austin. Political trailblazer Stacey Abrams, multi-hyphenate Hollywood force of nature Elizabeth Banks, Saturday Night Live fave and Shrill star Aidy Bryant, music icon David Byrne, newly-minted Grammy winner Brandi Carlile, SXSW regular Ethan Hawke, Aquaman star… Read

Business

Reddit Raises $300 Million At $3 Billion Valuation, With Tencent Among Backers

Reddit, the social network that bills itself as “the front page of the Internet,” continued a recent growth spurt by raising $300 million in new funding from investors including China’s Tencent. The Series D fundraising round values the company at $3 billion, a Reddit spokesperson confirmed to Deadline. Executives will use the new funding to bolster the capabilities and functionality of the company’s platform as they seek to make it more friendly to advertisers. Among the… Read

Business

Twitter Shares Drop 10% On Q4 Dip In Users And Wan 2019 Guidance

Twitter

Despite reporting better-than-expected profit and revenue in the fourth quarter, Twitter disclosed a decline in monthly active users, which has driven shares down 10% in early trading. Shares were at $30.71 nearly two hours into the session, on above-average volume. They remain above their 52-week low of $26.19, and had come into today up about 7% this year to date. Twitter’s user count slumped to 321 million from 330 million in the same quarter a year ago. Executives… Read

Business

Snap Stock Rockets 22% After Q4 Earnings Report Hints At More Stable Future

Snapchat

Long-battered shares of Snapchat parent Snap Inc. soared nearly 22% today on heavy trading volume to close at $8.56, their highest level since last September. The company’s fourth-quarter earnings report after the close of trading yesterday fueled today’s frenzy, which occurred on a day when stock markets were largely at a standstill. While the fledgling social media company has yet to turn a profit, and showed flat user growth, overall performance in the quarter exceeded… Read

Film

SXSW Film Festival Sets ‘Pet Sematary’ As Closing Night Film, Unveils Slate Of Midnighters, Shorts, And More

Pet Sematary

The SXSW Film Festival has added more to their already robust lineup including the world premieres of the forthcoming remake of Pet Sematary and the horror The Curse of La Llorona as well as a screening of the series finale of Comedy Central’s Broad City and the second of season of YouTube’s Cobra Kai. In addition, they have unveiled a massive slate of Midnighters, Festival Favorites, Shorts, Episodic Pilots and Virtual Cinema Projects. The 26th edition of the South by Sou… Read

Business

Snap Shares Spike After Hours Despite Red Ink And Flat Q4 User Numbers

Snap Inc

Snap Inc., which has faced pressure after missteps with its SnapChat social network and high turnover in the executive suite, reported increased revenue but flat user numbers in its fiscal fourth quarter. Shares in the tech company soared 20% after hours Tuesday after closing at $7.04, their highest level since October, during the regular trading day. Revenue increased 36% to $389.8 million and diluted losses per share narrowed to 4 cents, ahead of Wall Street’s… Read

Business

Google Parent Alphabet Beats Wall Street’s Q4 Estimates; YouTube Premium And Music Go Global

Alphabet Google

Google parent Alphabet reported fourth-quarter earnings Monday that exceeded Wall Street analysts’ expectations, but a 2% gain in the company’s stock during the regular trading day was erased after hours. Earnings of $12.77 per diluted share came in well above the analyst consensus of $10.86. Revenue of $39.28 billion beat the estimate of $38.94 billion. Advertising on Google continues to be a major driver for the company. Revenue from ads grew 20% to $32.6 billion in the… Read

Business

Amazon’s Strong Holiday Season Pushes Q4 Earnings Past Estimates – Update

Amazon

UPDATED with executive comment. Amazon reported stellar results for the fourth quarter, including record sales of its own devices like the Echo, Fire and Alexa product lines. The tech giant reported net sales of $72.4 billion, up 20% from the year-earlier quarter and ahead of Wall Street forecasts for $71.87 billion. Net income surged 58% to $6.04 a share on a diluted basis, well above the Wall Street consensus of $5.67. During a conference call with analysts, CFO Brian… Read