Fast-growing hospitality startup Oyo records increased revenues, but deepening losses
Oyo Hotels and Homes, a rapidly expanding hospitality startup operating in over 800 cities in 80 countries with more than 43,000 hotels, has recorded an annual increase in revenues but also deeper losses, with most of these coming due to the Indian company's aggressive expansion into more countries. Management recently acknowledged the mistake and pledged to be more cautious with expansion in 2020.
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India bans 47 more Chinese apps
India bans 47 more Chinese apps
The Government of India banned 47 more Chinese apps in the country. In June, the Government banned 59 Chinese apps that included the hugely popular TikTok. Now, 47 more apps have been banned, for operating as clones of the previously banned apps, the list of particular apps banned in the fresh decision is yet to be announced
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Apple starts iPhone 11 manufacturing in India
According to a report posted on Techcrunch, Apple manufacturer Foxconn has started building iPhone 11 units in a facility near Chennai in India, TechCrunch reported, the first time Apple has made one of its top-tier phones in that country. Apple has manufactured lower-priced iPhone models in India since 2017, and reportedly has been considering moving production of its more premium models there for some time
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Twitter plans subscription model after a massive revenue slump
After reporting Q2 earnings that showed a marked dip in ad revenue, Twitter has said its exploring alternatives, dangling the possibility of a subscription option. The social media giant reported ad revenues of $562M, down almost a quarter (23%) on a year ago as the pandemic and “civil unrest” had both contributed to the decline. Twitter CEO Jack Dorsey told investors it’ll likely run subscription “tests” this year
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