🚀 Alphabet Quarterly Profits Exceed Expectations

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Alphabet Quarterly Profits Exceed Expectations

Google’s parent company Alphabet has reportedly over-achieved on its quarterly revenue expectations by amassing $18.9 billion in profits as the tech giant’s online ad engine and cloud services flourished.

According to its financial results released on October 26, Alphabet’s profit increased from $11.2 billion in a 69 percent increase year-on-year, jumping 41 percent in the third quarter of 2021.

“This quarter’s results show how our (artificial intelligence) investments are enabling us to build more helpful products for people and our partners,” said Sundar Pichai, CEO of Alphabet and Google.

“As the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate,” the CEO added.

The increase in Alphabet’s revenue comes as it faces more scrutiny from regulators regarding its power.

The company also faced threats of a new antitrust lawsuit from the US officials over the Silicon Valley giant’s power in the online advertising market.

The latest earnings of the company are mainly built on the Covid-19 pandemic trend that saw an increase in people using the internet for shopping, learning, work, and entertainment.

Agritech Startup DeHaat Raises $115 Million

Indian-based agritech platform, DeHaat, has raised $115 million in its Series D funding round.

The funding round was co-led by Sofina and Lightrock India. Temasek co-invested in the funding round with participation from existing investors Prosus Ventures, RTP Global, Sequoia Capital India, and FMO. Dexter Capital and Vertices Partners were advisors of the Series D round.

Founded in 2012 by Amrendra Singh, Shashank Kumar, DeHaat is an online marketplace for farm products and services that connects farmers to suppliers and buyers on a single platform.

The platform offers end-to-end agriculture services like crop advisory, market linkage platform, financial services, and products for farming such as feedstuff and fertilizers to farmers.

DeHaat serves over 650,000 farmers on its platform and offers more than 850 unique agribusinesses.

The company plans to use the fresh proceeds to expand its market, upgrade its technology infrastructure, and fund its financial service offerings.

Currently, the company has a strong foothold in the eastern region of India, and with this fresh capital, it will look to go deeper into the other states and regions of India.

Apple Expands Local News Offerings to Three More Cities in The U.S.

Apple News is expanding its local news coverage and will now offer its local news experience in three additional cities in the United States- Charlotte, Miami, and Washington, D.C.

The news coverage expansion will provide readers access to several publications like Axios Charlotte, Eater Miami, the Charlotte Observer, the Miami Herald, the Washington Post, among others.

Each news experience is curated by editors of Apple News and features coverage of topics that are necessary to local communities, from restaurant openings and real estate trends to big policy decisions.

In 2020, Apple News had first rolled out its curated local news experiences for the Bay Area, New York, Houston, Los Angeles, and San Francisco. Earlier this year, the company expanded its news feature to additional cities such as Sacramento, San Antonio, and San Diego.

The company says that it plans to offer its local news feature to more cities in the future, with the Apple News service still limited to users in the US, UK, Canada, and Australia.

Puerto Rico Sees Renewed Interest Among Rich Crypto Holders

Puerto Rico is seeing a renewed interest among several crypto investors mainly due to the fact that it doesn’t levy federal income tax, and investors can pay zero taxes on their crypto profits.

Under the local law Act 22, a person who resides in the U.S. territory of Puerto Rico for at least half of the year is exempted from taxes on interest, dividends, and capital gains.

This means that the person can keep most or entire gains from crypto or other investments without having to give up U.S. residency.

In recent years, several crypto-related businesses have relocated to Puerto Rico including, the hedge fund Pantera Capital from New York and nonfungible token marketplace SuperRare from Silicon Valley.

Apart from businesses, individual investors and personalities like Logan Paul and John Paulson have also become residents of Puerto Rico.

The migration of capital that crypto is bringing to Puerto Rico is boosting economic growth in the country. However, Puerto Rico is competing against some prominent countries for crypto dollars.

Other countries like El Salvador, Switzerland, the Cayman Islands, and Malta. St Kitts, among others, are also tax havens having a crypto-friendly environment.

Around The Web

🌎 Fintech Start-up Zolve Raises $40 Million: Zolve, a fintech startup that looks to provide banking and financial services to individuals looking at migrating to international geographies, has raised $40 million in its Series A funding round. The round was led by Partners of DST Global and also saw participation from Tiger Global and Alkeon Capital; and existing investors Accel and Lightspeed Venture Partners.

📉 U.S. 10-Year Treasury Yield Ends Slightly on Lower Side: The 10-year U.S. Treasury yield struggled for direction on the morning of October 27, ahead of data and auctions, as investors were torn between strong earnings sessions and unrelenting economic concerns. The yield on the benchmark 10-year Treasury note stood at 1.6168% at 3:45 a.m. ET.

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This installment of my newsletter covers all business, tech and finance. I send this email / post this daily.

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