Santa Monica-based Snap reported its fourth-quarter earnings on Thursday, and they told a much different story than the gloomy outlook shared by Meta a day earlier. Whereas Meta blamed Apple for roiling its digital advertising, Snap leaders said they found a way to adjust. In turn, the social media companies’ stock prices have gone in totally different directions.
Here’s what else we’re reading in the news:
- The Biden administration takes a second look at restricting apps like TikTok.
- The San Bernardino Sheriff’s Dept. is accused of targeting vehicles carrying legal cannabis revenue for stop-and-seizures.
- Vinovest launches a platform for trading 'investment-grade' wines.
- Legendary SoCal band Sublime gets into the cannabis biz.
Snap reported its first-ever profitable quarter, ending a rollercoaster day on Wall Street with its stock price soaring. Its shares surged as high as 61% in after-hours trading, eclipsing $39.
Satellite radar imaging startup ICEYE set up its U.S headquarters in Irvine last year. On Thursday, the company announced a $136 million raise that will help expand its constellation of space satellites and further develop its technology.
Tripp, the Los Angeles-based virtual reality company simulating psychedelic experiences to alleviate depression and anxiety, has acquired VR meditation community EvolVR.
Arts District-based AMASS Brands uses non-GMO botanical ingredients like ashwagandha and sumac to create seltzers, cocktails, candles, lotions and other body care products. It just raised $15 million from investors including New York Yankees legend Derek Jeter and superstar DJ Tiësto.
Santa Monica-based Voyage SMS closed a $10 million funding round and snapped up LiveRecover, a company that aims to engage with online shoppers after they abandon their shopping carts.
As L.A. celebrates the Rams’ spot in Super Bowl LVI, Office Hours host Spencer Rascoff looks back at an episode with Rams COO Kevin Demoff, who at the time was juggling substantial disruptions both on and off the field. Five years later, Demoff’s approach has paid off.
On this episode of LA Venture, Acrew Capital’s Richard Wolpert discusses the future of the entertainment industry, the metaverse and why he thinks social media needs to be fixed.