Coronavirus Updates: Lockdowns Accelerate Activision Earnings; Tom Cruise Teams Up With Elon Musk

Coronavirus Updates: Lockdowns Accelerate Activision Earnings; Tom Cruise Teams Up With Elon Musk

Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.

  • Activision trounces earnings expectations as world turns to video games amid lockdown
  • Tom Cruise, Elon Musk: There's no coronavirus restrictions filming in space

    Activision trounces earnings expectations as world turns to video games amid lockdown

    live.staticflickr.com

    Activision Blizzard, the video game juggernaut behind the Call of Duty franchise, reported first-quarter earnings that sailed past expectations. It wasn't totally unexpected, given the effects the coronavirus lockdown has had on everything from video game publishers to streaming services. The Santa Monica-based company posted earnings of 65 cents a share on revenue of $1.8 billion. Shares soared 5% in after-hours trading.


    "Our goal to connect the world through epic entertainment is more important to our players than ever before," said Chief Executive Bobby Kotick in a statement. "We delivered strong financial results for the first quarter, and are raising our full-year outlook. I have been awestruck by the strength of our employees and their families during this difficult time."

    Kotick also raised the company's full-year outlook, pinning the robust earnings prediction on an increase in video game downloads and purchases. The surge in video gaming comes amid a dearth of options for Americans looking for entertainment with theaters shuttered and restaurants/bars still a long way off from re-opening.

    Tom Cruise, Elon Musk: There's no coronavirus restrictions filming in space

    upload.wikimedia.org

    Hollywood is having some issues with how to film blockbusters in the U.S. with the coronavirus shutting down productions. Tom Cruise, who has done most of his own stunts, has an idea. Go to space.

    The actor is partnering with NASA to make his next action movie shot on board the National Space Station, according to Deadline Hollywood. The Hollywood trade reported that Cruise and Elon Musk's SpaceX were in the early stages of teaming up with the U.S. space agency for an action-adventure feature film that would be shot in outer space. No word on the plot yet. "NASA is excited to work with @TomCruise on a film aboard the @Space_Station," NASA administrator Jim Bridentsine tweeted on Tuesday. "We need popular media to inspire a new generation of engineers and scientists to make @NASA's ambitious plans a reality."

    Subscribe to our newsletter to catch every headline.

    Cadence

    Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

    Samson Amore

    Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

    Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

    Inflation hit cities with tech-heavy workforces hard last year. Tech workers fortunate enough to avoid layoffs still found themselves confronting rising costs with little change in their pay.

    Those national trends certainly touched down in Los Angeles, but new data from the Bureau of Labor Statistics (BLS) show that the city of angels was the only major metro area that saw its wage growth grow by nearly 6% while also outpacing the consumer price index, which was around 5%. Basically, LA was the only area where adjusted pay actually came out on a net positive.

    So, what does this mean for tech workers in LA County?

    Read moreShow less
    https://twitter.com/samsonamore
    samsonamore@dot.la

    Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups

    David Shultz

    David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

    Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups
    Photo by Red Zeppelin on Unsplash

    The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

    These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

    That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

    Read moreShow less

    Why These Ukrainian Entrepreneurs Are Making LA Their Home

    Aisha Counts
    Aisha Counts is a business reporter covering the technology industry. She has written extensively about tech giants, emerging technologies, startups and venture capital. Before becoming a journalist she spent several years as a management consultant at Ernst & Young.
    Why These Ukrainian Entrepreneurs Are Making LA Their Home
    Joey Mota

    Fleeing war and chasing new opportunities, more than a dozen Ukrainian entrepreneurs have landed in Los Angeles, finding an unexpected community in the city of dreams. These entrepreneurs have started companies that are collectively worth more than $300 million, in industries ranging from electric vehicle charging stations to audience monetization platforms to social networks.

    Dot.LA spent an evening with this group of Ukrainian citizens, learning what it was like to build startups in Ukraine, to cope with the unimaginable fear of fleeing war, and to garner the resilience to rebuild.

    Read moreShow less
    RELATEDEDITOR'S PICKS
    LA TECH JOBS
    interchangeLA
    Trending