Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before the pandemic.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in-the-know about trends across industries.
1. Here are the financial reports released this week:
- Chinese retail giant Alibaba Group announced its March quarter and full fiscal year 2021 results on Thursday, noting $1.17 billion USD in losses. Read more here.
- The Walt Disney Company reported its second quarter and six months earnings for fiscal 2021, falling short of subscriber estimates for its Disney+ streaming service. Read more here.
- Canada Goose recently announced that its fourth-quarter total revenues have reached $208.8 million CAD (approximately $172.4 million USD). Read more here.
1. eBay is now offering NFTs
eBay is hoping that the sale of NFTs will help expand its pool of buyers and sellers on the platform. Last week, eBay said it was considering cryptocurrency payments.
2. Coinbase released its first earnings report since its direct listing
Coinbase wrote in a letter to shareholders that the rising prices of cryptocurrency boosted its Q1 net income to $771 million USD. The cryptocurrency exchange said it experienced strong first quarter results as the crypto market cap approached nearly $2 trillion USD by the end of the financial quarter.
3. Elon Musk tweeted that he was working with Dogecoin to improve system transaction efficiency
According to Coinbase, Dogecoin surged by 18 percent after Musk‘s tweet. He said the improvements are “potentially promising.”
4. Tesla will no longer accept Bitcoin as payment
The change has to do with the environmental toll of Bitcoin mining. Musk first announced the new payment method in late March.
5. Ethereum’s co-founder donated $1.5 billion USD of cryptocurrency to India’s COVID relief fund
Vitalik Buterin transferred 500 ETH and more than 50 trillion Shiba Inu tokens, the latter amounting to roughly $1.14 billion USD at the time of donation. India has been struggling to contain a new surge in coronavirus cases.
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