Your cable streaming bill may be getting more expensive once again. Warner Bros. Discovery (WBD) is reportedly planning another price increase for Max. Bloomberg didn't reveal how much WBD is expected to jack up the subscription by. The cheapest ad-free plan is currently $16 per month after a $1 increase in early 2023. WBD is said to be aiming for $1 billion in earnings from Max and Discovery+ next year.

We could find out about any Max price increase as soon as Thursday. That's when WBD will report its earnings for the first three months of the year.

The price increase may be on the way as part of WBD's seemingly never-ending cost-cutting drive. As part of that, more layoffs may be in the pipeline. Over the last year, the company has fired more than 2,000 people and eliminated their positions.

Very soon after WBD formed in 2022 following a merger between WarnerMedia and Discovery, CEO David Zazlav went into extreme costcutting mode as the company was saddled with over $50 billion in debt. The company quickly axed the just-launched CNN+, laid off staff, canceled projects, moved shows and movies from Max to ad-supported streaming services and shelved completed or nearly finished movies in favor of tax breaks.

Zazlav has reduced WBD's debt load by around $10 billion so far, according to Bloomberg. However, his decisions have infuriated creatives and many fans, such as those who are clamoring for the company to release the highly regarded live-action Looney Tunes film Coyote vs. Acme instead of canning it for a tax rebate.

Coincidentally, Variety on Wednesday published a list of media and tech CEOs' pay packages for 2023. Zazlav's compensation is said to have shot up by 26.5 percent to $49.7 million. That's around 290 times what the median WBD employee makes.

FTX has filed a plan with a bankruptcy court to pay back creditors who held cryptocurrency at the embattled exchange. The vast majority of customers are set to get their money back with interest, though they (and the debtors) missed out on major gains in the crypto market since FTX’s dramatic collapse in November 2022 — the price of Bitcoin has more than tripled since then.

FTX aims to fully pay back non-governmental creditors based on the value of their claims as determined by the bankruptcy court. That means 98 percent of creditors (those who have up to $50,000 in claims) will get 118 percent of the amount of their allowed claims. Other creditors will get their money back, plus what FTX describes as billions of dollars in compensation “for the time value of their investments.”

Government creditors are in line for payouts with a nine percent interest rate. The Internal Revenue Service and Department of Justice are among the stakeholders with which FTX has agreed settlements.

The company suggests that, if its plan of reorganization is rubber stamped, it would be able to resolve disputes with private and government stakeholders “without costly and protracted litigation.” All told, FTX says that it will be able to distribute between $14.5 billion and $16.3 billion in cash.

But, you may be wondering, where exactly is all this money coming from? After all, when FTX filed for Chapter 11 bankruptcy protection 17 months ago, it held just 0.1 percent of the Bitcoin and 1.2 percent of the Ethereum that its customers thought it had.

FTX said it was able to monetize “an extraordinarily diverse collection of assets, most of which were proprietary investments held by the Alamedaor FTX Ventures businesses, or litigation claims.” As TechCrunch reports, the assets that FTX CEO John J. Ray III and his team tracked down included around $8 billion in real estate, political donations and venture capital investments.

The company filed the updated plan of reorganization just a few weeks after co-founder and former CEO Sam Bankman-Fried (aka SBF) was sentenced to 25 years in prison. He was found guilty in November of charges including wire fraud and conspiracy to commit money laundering.

The pandemic sucked. Four years ago we were all stuck at home, and would continue being stuck at home for months on end. With all of us trapped in our houses, some products experienced a serious COVID-19 bump. Grocery delivery services absolutely blew up, as did Zoom and the perfectly-timed Animal Crossing: New Horizons.

The same goes for Peloton and its line of exercise equipment. People were buying bikes and treadmills in droves, ballooning the company’s market cap from $6 billion to $50 billion. However, what goes up must come down, and Peloton’s market cap shrank to $10 billion by 2022 and now it rests at around $1 billion. The company’s pandemic-era success story has officially ended, and now it's focused on cutting costs. So that means layoffs. Peloton is laying off 15 percent of its workforce, according to TechCrunch, which amounts to 400 people.

Aside from those massive cuts, the company is continuing to shut down brick-and-mortar showrooms. Barry McCarthy, the CEO, president and board director, is also stepping down after two years in the job. He was previously CFO at both Spotify and Netflix. Peloton says it's currently in the process of finding a successor, with current chairperson, Karen Boone, and director, Chris Bruzzo, to serve as interim CEOs.

However, it is expanding international reach, announcing a more “targeted and efficient” marketing strategy overseas. Peloton hopes all of these steps combined will reduce annual expenses by $200 million by the end of its fiscal year 2025.

All of this comes after the company reported some really bad Q3 2024 revenue and loss numbers, with a 21 percent decline in paid subscriptions compared to 2023. Unfortunately, Q2 wasn’t much better. Not that the stock market really means anything, just look at Tesla or that bizarre Trump stock, but Peloton’s shares have gone from $156 in 2021 to, uh, less than $3 today.

These aren’t just “people going outside again” numbers, as the company has experienced its share of controversies that have nothing to do with the pandemic. The Tread+ treadmill was recalled after being linked to 90 injuries and the death of a child. Peloton also recalled over 2 million bikes over a safety issue. It's been a bad few years. 

All of this doesn’t mean that Peloton can’t turn things around, as it's a fairly iconic brand in the space. It sure has some work to do, however, to reverse this decline.

The Financial Times has become the latest news organization to strike a deal with OpenAI. In a joint announcement on Monday, the Financial Times and OpenAI said that maker of ChatGPT will use the Financial Times’ journalism to train its AI models and collaborate on developing new AI products and features for the publication’s readers. ChatGPT will also attribute and and link back to the Financial Times when it includes information from the publication in its responses

“It is right, of course, that AI platforms pay publishers for the use of their material,” said Financial Times CEO John Ridding in a statement and added that the Times is “committed to human journalism.” Neither company disclosed the financial terms of the agreement. Earlier this year, The Information reported that OpenAI offers publishers between $1 million and $5 million a year to license their content to train its AI models.

Generative AI is only as good as the training data used to train the models that power it. So far, AI companies have scraped everything they can from the public internet often without the consent of creators, and are constantly on the hunt for new data sources to keep the outputs generated by these models current. Training AI models on news is one way to achieve that, but some publishers are wary of giving up their content to AI companies for free. The New York Times and the BBC, for instance, have OpenAI from scraping their websites.

As a result, OpenAI has been striking financial deals with leading publishers to keep its models trained. Last year, the company partnered with German publisher Axel Springer to train its models on new from Politico and Business Insider in the US and Bild and Die Welt in Germany. The company also has deals with the Associated Press, France’s Le Monde, and Spain’s Prisa Media.

Subscribing to the Financial Times costs at least $39 a month for. But, as some pointed out, its partnership with OpenAI effectively means a dismantling of its own paywall for general readers through generative AI.

Getir is hightailing it out of everywhere but Turkey. On Monday, the “instant delivery” startup said it would exit the US, UK, Germany and the Netherlands to serve its Turkish home market exclusively. TechCrunch notes the closures are likely to wipe out 6,000 jobs at the company.

Getir's business model, distinct from traditional shopping services like Instacart (which has problems of its own), involves establishing micro-fulfillment centers in urban areas that carry groceries and household essentials. This often lets them fulfill orders within minutes — hence the “instant delivery” moniker. Once valued at $12 billion, the startup experienced a surge in growth during the pandemic as investors bet on COVID-era consumer shopping habits enduring after lockdowns. So much for that.

“This decision will allow Getir to focus its financial resources on Turkey,” the company told TechCrunch in a statement. The startup said the markets it’s exiting made up about seven percent of its revenues.

Even as it slashes jobs and hits the undo button on its global expansion, Getir has secured funding to focus on Turkey. Mubadala (Abu Dhabi’s state-owned investment firm) and G Squared are reportedly among those financing the Turkish-only pivot.

Getir says its US subsidiary, FreshDirect, which it bought late last year, will continue to operate. But the company suggested to Reuters it was open to offers for its existing assets in the markets it’s leaving.

The startup was founded in 2015 and exploded in popularity in Turkey. From 2017 to 2023, it raised over $2.3 billion from investors as it sought global corporate conquest, scooping up smaller competitors along the way. TechCrunch says that, in early 2023, Getir had 32,000 employees.

Netflix will stop disclosing the number of people who signed up for its service, as well as the revenue it generates from each subscriber from next year, the company announced on Thursday. It will focus, instead, on highlighting revenue growth and the amount of time spent on its platform.

“In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential,” the company said in a letter to shareholders. “But now we’re generating very substantial profit and free cash flow.”

Netflix revealed that the service added 9.33 million subscribers over the last few months, bringing the total number of paying households worldwide to nearly 270 million. Despite its decision to stop reporting user numbers each quarter, Netflix said that the company will “announce major subscriber milestones as we cross them,” which means we’ll probably hear about it when it crosses 300 million.

Netflix estimates that more than half a billion people around the world watch TV shows and movies through its service, an audience it is now figuring out how to squeeze even more money out of through new pricing tiers, a crackdown on password-sharing, and showing ads. Over the last few years, it has also steadily added games like the Grand Theft Auto trilogy, Hades, Dead Cells, Braid, and more, to its catalog.

Subscriber metrics are an important signal to Wall Street because they show how quickly a company is growing. But Netflix’s move to stop reporting these is something that we’ve seen from other companies before. In February, Meta announced that it would no longer break out the number of daily and monthly Facebook users each quarter but only reveal how many people collectively used Facebook, WhatsApp, Messenger, and Instagram. In 2018, Apple, too, stopped reporting the number of iPhones, iPads, and Macs it sold each quarter, choosing to focus, instead, on how much money it made in each category.

TSMC is the world’s biggest chipmaker and its products are found in everything from phones to game consoles and computers. But devices using TSMC chips could become more expensive if manufacturers opt to buy ones that the company makes outside of its home base of Taiwan.

“If a customer requests to be in a certain geographical area, the customer needs to share the incremental cost,” TSMC CEO CC Wei said on an earnings call. “In today’s fragmented globalization environment, cost will be higher for everyone, including TSMC, our customers and our competitors.”

Talks with customers over price increases have already started. As the Financial Times points out, it’s more expensive for TSMC to manufacture chips outside of Taiwan (where over 90 percent of the planet’s most advanced semiconductors are made). But the company will be passing on those costs amid a push by companies and governments to increase chip supply outside of Taiwan, over which China is attempting to control.

TSMC has plants in Japan and is building several in Arizona, the first of which started operating this month and is expected to go into full production this year. It’s also constructing a plant in Germany.

In addition, the US government last week agreed to provide the company with $6.6 billion in funding under the CHIPS Act, which seeks to bolster semiconductor manufacturing in the country. In return, TSMC pledged to up its US investment by $25 billion to $65 billion. Aligned with that, the company announced plans to build a third US plant by the end of the decade and to start making more advanced 2nm chips by 2028.

Meanwhile, TSMC expects its manufacturing costs to increase in Taiwan. That’s because power prices there are soaring. An earthquake earlier this month is also expected to have a negative effect on the company’s profitability, as is its struggle to make the manufacturing of its most advanced 3nm chips more efficient.

Apple, NVIDIA, AMD and Qualcomm are among TSMC’s more notable customers. So if they end up buying chips from the company’s US, Japan or Germany fabs, their manufacturing costs could go up. Take a wild guess who’d end up having to eat the cost of those increased expenses so device makers can maintain their profit margins.

I recently found myself on the hunt for a new budgeting app. As a former Mint user, I knew I'd be forced to track my finances elsewhere come March 2024 when Inuit planned to shut down the service for good. I used Mint as a trusted place to track all of my accounts, monitor my credit score, follow a monthly spending plan and even set goals like building a rainy-day fund and paying down my mortgage faster. After giving Inuit's other financial app, Credit Karma, a shot and being unimpressed, I decided to immerse myself in the world of budgeting apps. Mint had been around for more than 10 years, but in that time, many other apps popped up that claimed to help you do all of the same things with your money and more. I set out to try the top competitors in the hopes that I'd find a new one that I could turn to for all of my financial needs, and to help you find the best budgeting app for you.

How we tested

Before I dove in and started testing out budgeting apps, I had to do some research. To find a list of apps to try out, I consulted trusty ol’ Google (and even trustier Reddit); read reviews of popular apps on the App Store; and also asked friends and colleagues what budget tracking apps they might be using. Some of the apps I found were free and these, of course, show loads of ads (excuse me, “offers”) to stay in business. But most of the available apps require paid subscriptions, with prices typically topping out around $100 a year, or $15 a month. (Spoiler: My top pick is cheaper than that.)

All of the services I chose to test needed to do several things: import all of your account data into one place; offer budgeting tools; and track your spending, net worth and credit score. Except where noted, all of these apps are available for iOS, Android and on the web.

Once I had my shortlist of six apps, I got to work setting them up. For the sake of thoroughly testing these apps, I made a point of adding every account to every budgeting app, no matter how small or immaterial the balance. What ensued was a veritable Groundhog Day of two-factor authentication. Just hours of entering passwords and one-time passcodes, for the same banks half a dozen times over. Hopefully, you only have to do this once.

FAQs

What is Plaid and how does it work?

Each of the apps I tested uses the same underlying network, called Plaid, to pull in financial data, so it’s worth explaining what it is and how it works. Plaid was founded as a fintech startup in 2013 and is today the industry standard in connecting banks with third-party apps. Plaid works with over 12,000 financial institutions across the US, Canada and Europe. Additionally, more than 8,000 third-party apps and services rely on Plaid, the company claims.

To be clear, you don’t need a dedicated Plaid app to use it; the technology is baked into a wide array of apps, including all of the budgeting apps listed in this guide. Once you find the “add an account” option in whichever one you’re using, you’ll see a menu of commonly used banks. There’s also a search field you can use to look yours up directly. Once you find yours, you’ll be prompted to enter your login credentials. If you have two-factor authentication set up, you’ll need to enter a one-time passcode as well.

As the middleman, Plaid is a passthrough for information that may include your account balances, transaction history, account type and routing or account number. Plaid uses encryption, and says it has a policy of not selling or renting customer data to other companies. However, I would not be doing my job if I didn’t note that in 2022 Plaid was forced to pay $58 million to consumers in a class action suit for collecting “more financial data than was needed.” As part of the settlement, Plaid was compelled to change some of its business practices.

In a statement provided to Engadget, a Plaid spokesperson said the company continues to deny the allegations underpinning the lawsuit and that “the crux of the non-financial terms in the settlement are focused on us accelerating workstreams already underway related to giving people more transparency into Plaid’s role in connecting their accounts, and ensuring that our workstreams around data minimization remain on track.”

Why did Mint shut down?

When parent company Intuit announced in December 2023 that it would shut down Mint, it did not provide a reason why it made the decision to do so. It did say that Mint's millions of users would be funneled over to its other finance app, Credit Karma. "Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features," Mint wrote on its product blog. In our testing, we found that Credit Karma isn't an exact replacement for Mint — so if you're still looking for a Mint alternative, you have some decent options.

After being briefly overtaken by Apple in 2023, Samsung once again holds the title for most global smartphone shipments. The International Data Corporation (IDC) Mobile Phone Tracker's preliminary data for 2024's first quarter showed Samsung reclaiming the lead it has held since 2010. 

Samsung has reportedly shipped 60.1 million units worldwide in quarter one, representing 20.8 percent of the market share. Apple shipped 50.1 million units for 17.3 percent of the market share. Both companies saw a decrease from 2023's quarter one, though Apple's was much more significant (-9.6 percent) than Samsung's (-0.7 percent). The top five brands remained the same in quarter one as all of 2023, rounded out by Xiaomi with 40.8 million units, Transsion with 28.5 million units and OPPO with 25.2 million units shipped. Transsion overtook OPPO to enter fourth place. 

The IDC points to these numbers as an indication that the smartphone market is strengthening. "Firstly, we continue to see growth in value and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer. Secondly, there is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world," said Nabila Popal, research director with IDC's Worldwide Tracker team in a statement. "Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets. In contrast, while the Top 2 players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters."

Tesla has joined the litany of companies that have conducted sweeping layoffs in recent times. According to Reuters, the company is firing "more than 10 percent" of its workforce; the company had more than 140,000 employees as of December 2023. The publication saw an internal memo noting the percentage, though it didn't state the exact number of jobs affected. A source also told Reuters that some staffers have already been notified, which indicates that the layoffs have already begun.

"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Tesla CEO Elon Musk reportedly wrote in the memo. "As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10 percent globally."

It emerged in early February that the company asked managers which employees' positions were essential, suggesting that layoffs were imminent. The automaker also canceled biannual performance reviews for some workers, according to Bloomberg.

Since 2020, Tesla has effectively doubled its headcount and ended 2023 with more than 140,000 employees. Although it has carried out several rounds of layoffs over the years (including dozens of workers on the Autopilot team a year ago), the company's workforce grew by about 10 percent in 2023 alone.

During Tesla's quarterly earnings call in January, CEO Elon Musk noted that the company was between "two major growth waves." The first was the popularity of the Model 3 and Y. The next is a lower-cost EV that the company seems to be pinning its hopes on. That's slated to arrive in late 2025, though reports suggest Tesla may be ditching that lower-cost model to focus on robotaxis. Musk says that the company plans to reveal its robotaxi on August 8.

Musk had warned investors to expect "notably lower" sales growth this year, which may have prompted cost-cutting efforts to appease them. Indeed, Tesla saw a sales slump in the first three months of 2024. Deliveries dropped by eight percent year-over-year and 20 percent from the previous quarter. The company is set to report earnings and sales for the first quarter of 2024 on April 23.