Business and Tech News - 4.24.24

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Skool Projekt Staff
April 24, 2024

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Spotify Profits Surge as Earnings and Revenue Beat Expectations

In Q1 2024, Spotify's new user growth underachieved by 3 million, reaching 615 million monthly active users (MAUs), while its paid subscribers rose by 14% to 239 million. Revenue for the quarter increased by 19.5% to $3.88 billion, and the company shifted from a net loss to a net income of $210 million. Looking ahead, Spotify projects a Q2 revenue of $4.1 billion and targets 631 million MAUs. The company also announced plans to raise U.S. subscription prices and introduced a new music-only plan excluding audiobooks.

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UnitedHealthcare Paid a Ransom To Protect Patient Data

UnitedHealth Group paid a ransom following a cyberattack on its subsidiary, Change Healthcare, to safeguard patient data. The attack by the ransomware group ALPHV in February disrupted U.S. healthcare by delaying prescriptions and payments. The breach exposed files containing protected health information, affecting a substantial number of Americans. Change Healthcare services are nearly back to normal, and UnitedHealth is providing free credit monitoring while continuing to review and notify those impacted.

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Analyst Issues Harsh Warning on Big Tech

Big Tech stocks, primarily driven by advancements in AI technology, have significantly boosted major indices this year. Despite a 40% decline in Tesla's value, the technology sector remains vital for overall market growth, with notable activity from Elon Musk. Nvidia's substantial rise spearheaded the gains in the tech sector, although a recent downturn resulted in a $1 trillion loss in market value for the Magnificent 7, with Nvidia experiencing a 14% drop last week. Analysts are forecasting a normalization of earnings growth for Big Tech, anticipating slower growth rates in the near future.

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US Agency Set to Ban Worker 'Noncompetes'

The FTC is set to vote on a proposal to ban noncompete agreements, which could benefit lower-income workers. Critics claim that noncompetes hinder wage increases and innovation, yet many states still have minimal restrictions on these clauses. The proposed FTC rule would broadly prohibit all noncompetes, but it is expected to face significant legal challenges. Currently, 20% of workers are bound by noncompetes, a practice extending beyond just high-level executives.

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Walmart-Backed One Debuts Buy Now, Pay Later

Walmart's fintech startup, One, has started offering buy now, pay later (BNPL) loans for big-ticket items in its U.S. stores. This move puts One in direct competition with Affirm, which has been Walmart's exclusive BNPL provider since 2019. The expansion of One's services suggests a potential shift in Walmart's financial partnerships, potentially replacing Affirm and other third-party financiers. The BNPL market continues to grow, with a 12% increase in the first quarter of 2024, totaling $19.2 billion in online spending.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.