Intellectia News

Dropbox is letting go 20% of its workforce as the cloud company undergoes what CEO Drew Houston calls a "transitional period." From a report: In a letter to staff, Houston said that the reduction in headcount would impact 528 people. The goal, he added, was to make cuts in areas where Dropbox has "over-invested" while designing a "flatter, more efficient" team structure. "As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change," he wrote. "This market is moving fast and investors are pouring hundreds of millions of dollars into this space. This both validates the opportunity we've been pursuing and underscores the need for even more urgency, even more aggressive investment, and decisive action." According to a filing with the SEC, Dropbox estimates it'll lay out total cash expenditures of $63 million to $68 million on the layoffs, primarily in the form of severance and benefits, and recognize $47 million to $52 million of incremental expense. Read more of this story at Slashdot.

Visa customers with eligible debit cards will be able to deposit funds into their Coinbase accounts -- sometimes instantly -- via a partnership announced by the payments giant and crypto exchange. From a report: Coinbase already has millions of connections to customers' debit cards but this new development allows for the real-time flow of funds for customers in the US and European Union, according to the Tuesday statement. Eligible Visa debit card holders can now "take advantage of trading opportunities day and night," said Yanilsa Gonzalez Ore, head of the Visa Direct business for North America. Visa, which powers the Coinbase debit card, said customers will also be able to buy cryptocurrencies on Coinbase with an eligible debit card and cash out their money from the platform to a bank account, also via the card. Read more of this story at Slashdot.

In Reddit's third-quarter earnings results, the company reported a profit of $29.9 million, with $348.4 million in revenue -- a 68% increase year over year. The Verge reports: The company hasn't been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter, and is now finally in the green. Reddit also grew to 97.2 million daily users over the past few months, marking a 47 percent increase from the same time last year. That number exceeded 100 million users on some days during the quarter, Reddit says. Reddit's advertising revenue grew to $315.1 million, while "other" revenue reached $33.2 million on account of "data licensing agreements signed earlier this year." Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts. Read more of this story at Slashdot.

A Russian court has fined Google an astronomical sum of around $20 decillion for YouTube's blocking of Russian media channels tied to sanctioned entities. The amount compounds weekly as Google continues to disregard the ruling. The Register reports: To put that into perspective, the World Bank estimates global GDP as around $100 trillion, which is peanuts compared to the prospective fine. Google might be one of the most valuable businesses on the planet, but even if Sundar Pichai rummages around the back of the sofa he won't be able to raise the funds to pay the penalty. The bizarre amount has been calculated after a four-year court case that started after YouTube banned the ultra-nationalist Russian channel Tsargrad in 2020 in response to the US sanctions imposed against its owner. Following Putin's illegal invasion of Ukraine in 2022 more channels were added to the banned list and 17 stations are now suing the Chocolate Factory, including Zvezda (a TV channel owned by Putin's Ministry of Defence), according to local media. "Google was called by a Russian court to administrative liability under Art. 13.41 of the Administrative Offenses Code for removing channels on the YouTube platform. The court ordered the company to restore these channels," lawyer Ivan Morozov told state media outlet TASS. The court imposed a fine of 100 thousand rubles ($1,025) per day, with the total fine doubling every week. Owing to compound interest (Einstein's eighth wonder of the world), Google is now on the hook for an insane amount of money, or what the judge on Monday called "a case in which there are many, many zeros." Read more of this story at Slashdot.