Snap stock plummets: Will Snap shares continue to fall today, after dropping as low as $11.08 on Wednesday? The 34% plunge in stock price comes after the company reported disappointing Q4 results, including slower ad revenue growth—at a time when rivals Meta and Google increased ad revenue by 25% and 11%, respectively. The Snapchat parent also announced it would cut 10% of its workforce on Monday. Full story.
Uber earnings release: Uber reported $1.89 billion in profits for 2023, its first profitable year since going public in 2019. Plus, Uber said it expects continued growth in this year’s first quarter. The earnings report comes after the rideshare and food delivery company spent the last few years scaling rapidly. Full story.
Disney’s Iger invests in Epic Games: On Wednesday, Disney CEO Bob Iger announced the company will make a $1.5 billion equity investment into Epic Games, the maker of Fortnite, with plans to launch a “games and entertainment universe” that will partner with the popular video game. Iger says the move is a result of the huge popularity of games among Gen Alpha, Gen Z, and millennials. Full story.
Super Bowl prop bets: The number of Super Bowl bets is expected to rise 35% from last year, with an estimated 68 million adults wagering $23.1 billion, according to the American Gaming Association. Some of this year’s fringe proposition bets from offshore betting sites include factors far beyond the score and outcome of the game itself, including wagers on Taylor Swift’s outfit choices and the chances of a marriage proposal to her from Travis Kelce. (People, get a grip!) The prop bets are the latest sign that Swift is reinvigorating the NFL brand as her fanbase loyally watches games for a peak into the pop star’s romance with the Chiefs tight end. Full story.
Listeria recall: Rizo-López Foods recalled 58 dairy products on Monday, citing concerns they may be linked to a nationwide Listeria outbreak that has caused two deaths and 23 hospitalizations so far, according to the CDC. The recall includes brands like 365 Whole Foods Market and Santa Maria, with products distributed across the U.S. Full story.
EPA’s new soot rule: On Wednesday, the EPA finalized a rule that cracks down on soot pollution, lowering the maximum level of fine particle matter per cubic meter of air by 25%. The rule targets industrial sources like tailpipes and smokestacks, and hopes to prevent 4,500 premature deaths by 2032. So far, the new guidelines have received backlash from industry groups and Republican officials, who say the rule limits industrial expansion after Biden promised to increase U.S. manufacturing jobs. Full story.
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