While Toyota helped lead the hybrid charge with its Prius, the company has been less active in EV production. But that might be in the past, as Toyota has announced another $1.3 billion for its Kentucky facility, with a focus on EVs. In particular, the company is building a new three-row electric SUV that will be available for US customers. 

Toyota's Kentucky operation is its flagship facility, with nearly 9,400 employees. "Today's announcement reflects our commitment to vehicle electrification and further reinvesting in our US operations," Kerry Creech, president of Toyota Kentucky, said in a release. "Generations of our team members helped prepare for this opportunity, and we will continue leading the charge into the future by remaining true to who we are as a company and putting our people first for generations to come."

Little is known so far about the three-row electric SUV, as Toyota only mentions it briefly in relation to the investment. However, it follows the company's prior announcement of its Urban SUV concept slated to launch in Europe this year. 

The $1.3 billion investment will also go towards creating a battery pack assembly line at its Kentucky factory (a separate manufacturing plant in North Carolina produces the batteries). Toyota has big plans for its battery production, previously announcing three battery ranges focused on higher performance and low cost slated for 2026 and onward. The company is also working on its first solid-state batteries, which have the potential to charge an EV from 10 to 80 percent in 10 minutes. Toyota's bZ4X EV currently takes 32 minutes to do so. 

Snap, the parent company of Snapchat, is laying off 10 percent of its workforce, according to an SEC filing and confirmed by a company spokesperson. The company reported a total number of 5,367 employees at the end of 2023’s third quarter, so the layoffs should impact around 540 people.

Snap discussed the decision in the SEC filing, saying the layoffs would “best position our business to execute our highest priorities” and ensure it has “the capacity to invest incrementally” over time. The company told us the layoffs were necessary to “reduce hierarchy and promote in-person collaboration.” None of those sentences really mean anything, so let's just go with "corporate restructuring." 

Snap said in the filing that it would be issuing severance packages to the impacted employees, but there's no specific information regarding package details. A Snap spokesperson confirmed to Engadget that it's “focused on supporting our departing team members.”

These layoffs are happening just one day before Snap is scheduled to report fourth-quarter earnings for 2023. The company actually did pretty well in Q3, beating out Wall Street expectations by about five percent, according to Variety.

If tomorrow's earnings report is bad, it'll show why these layoffs are necessary. On the other hand, if it's better than expected, Snap may be announcing these layoffs now to avoid doing so after a quarter of financial gains. Nobody likes to see a big company massively reduce its headcount after bragging about earnings. Snap told us the company’s in a “quiet period” until tomorrow’s Q4 financial report drops.

This follows another round of layoffs in November, in which Snap let go of 20 product managers. However, both of these news items pale in comparison to Snap’s massive culling in 2022, which eliminated over 1,300 employees.

Bad actors keep using deepfakes for everything from impersonating celebrities to scamming people out of money. The latest instance is out of Hong Kong, where a finance worker for an undisclosed multinational company was tricked into remitting $200 million Hong Kong dollars ($25.6 million). 

According to Hong Kong police, scammers contacted the employee posing as the company's United Kingdom-based chief financial officer. He was initially suspicious, as the email called for secret transactions, but that's where the deepfakes came in. The worker attended a video call with the "CFO" and other recognizable members of the company. In reality, each "person" he interacted with was a deepfake — likely created using public video clips of the actual individuals. 

The deepfakes asked the employee to introduce himself and then quickly instructed him to make 15 transfers comprising the $25.6 million to five local bank accounts. They created a sense of urgency for the task, and then the call abruptly ended. A week later, the employee checked up on the request within the company, discovering the truth.

Hong Kong police have arrested six people so far in connection with the scam. The individuals involved stole eight identification cards and had filed 54 bank account registrations and 90 loan applications in 2023. They had also used deepfakes to trick facial recognition software in at least 20 cases. 

The widespread use of deepfakes is one of the growing concerns of evolving AI technology. In January, Taylor Swift and President Joe Biden were among those whose identities were forged with deepfakes. In Swift's case, it was nonconsensual pornographic images of her and a financial scam targeting potential Le Creuset shoppers. President Biden's voice could be heard in some robocalls to New Hampshire constituents, imploring them not to vote in their state's primary. 

Reality Labs, Meta’s division for AR, VR and the metaverse, just had its best quarter yet despite continuing its multibillion-dollar losing streak. Reality Labs generated more than $1 billion in revenue during the final quarter of 2023 thanks to its Quest headsets and the Ray-Ban Meta smart glasses.

While crossing $1 billion in revenue is a new milestone for the company’s metaverse group, it’s still expected to continue racking up massive losses for the foreseeable future. Reality Labs lost $4.6 billion in the quarter, and more than $16 billion in 2023. Meta CFO Susan Li said that these losses are expected to “increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem.”

The fourth-quarter, which encompasses the holiday shopping season, has typically been when reality does the best. During a call with analysts, Mark Zuckerberg suggested that the company’s smart glasses had done particularly well, saying that Ray-Ban maker EssilorLuxottica was “planning on making more [smart glasses] than we'd both expected due to high demand.” He added that both Quest 2 and Quest 3 were “performing well,” calling Quest 3 the “most popular mixed reality device.”

Reality Labs aside, Meta had a strong quarter, reporting $40.1 billion to close out 2023, bringing its total revenue for the year to just under $135 billion. Facebook’s user base also grew to 2.1 billion daily active users (DAUs). Meta CFO Susan Li said that the company was “transitioning away” from sharing the metric and would no longer report on Facebook’s daily or monthly active users or its “family monthly active people.”

The company had shared that it would eventually stop reporting user numbers back in 2019 as Facebook’s growth began to slow. But the change shows how Facebook’s position in the company’s “family of apps” has changed in recent years. A report from Pew Research earlier this week found that Instagram is continuing to grow in the US while Facebook use remains flat.

Meta’s newest app, Threads, is still growing, however. Zuckerberg said the service has 130 million monthly users, up from “just under” 100 million last fall. “Threads now has more people actively using it today than it did during its initial launch peak," Zuckerberg said, referring to the app’s initial, but short-lived, surge in growth.

Zuckerberg also talked more about his newly-stated ambition to create artificial general intelligence, or AGI at Meta, saying it would be the “theme” of the company’s product work going forward. “This next generation of services requires building full general intelligence,” he said. “It's clear that we're going to need our models to be able to reason, plan, code, remember and many other cognitive abilities in order to provide the best versions of the services that we envision.”

After four consecutive quarters of revenue decline, Apple broke the trend and reported its first period of revenue growth today. In its earnings report for the first quarter of the financial year of 2024, the company announced a quarterly revenue of $119.6 billion, which is an increase of 2 percent from the same period last year. 

In addition, Apple CEO Tim Cook said its "installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments." This quarter includes money brought in from the sales of the iPhone 15 line introduced in September 2023, which had an obvious impact on performance. 

"Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” Cook said. He noted the company hitting "all-time revenue records across advertising, Cloud services, payment services and video as well as December quarter records in App Store and Apple Care." Cook recapped some updates made to the Apple TV app, as well as TV+ content earning nominations and awards. 

Cook went on to remind us during the company's earnings call that tomorrow is the launch day for the Vision Pro headset, calling it historic. After saying that Apple is dedicated to investing in new technologies, Cook added that the company will be sharing more about its developments in AI later this year. 

Products in the wearables, home and accessories categories didn't fare well in this quarter, though sales in the Mac department did increase year over year. iPad sales in particular dropped 25 percent over the same period last year, though Cook attributed that to a "difficult compare" to the big numbers recorded in the first quarter of 2023 due to new models with refreshed Apple Silicon. Considering the company did not release a new iPad model in 2023 at all, this is not surprising. 

Cook continued by highlighting developments like Apple opening its 100th retail location in Asia Pacific and updates on its sustainability efforts. He wrapped up by saying "Apple is a company that has never shied away from big challenges," adding "so we're optimistic about the future, confident in the long term and as excited as we've ever been to deliver for our users."

Samsung has failed to recover from the sharp decline in profit it experienced in 2022. In its latest earnings report, the Korean company has reported KRW 258.94 trillion ($194 billion) in annual revenue and KRW 6.57 trillion ($4.9 billion) in operating profit for the fiscal year of 2023. Those are markedly smaller numbers than the previous fiscal year's, especially the latter's — Samsung posted an operating profit of KRW 43.38 trillion ($35 billion) for 2022, which was already $6.9 billion smaller than the year before due to the weak demand for its chips and smartphones. According to The Wall Street Journal, these numbers represent Samsung's weakest earnings in over a decade. 

The company says its memory business showed signs of recovery, but not enough to stop it from incurring KRW 2.18 trillion ($1.63 billion) in operating losses for the fourth quarter of 2023. Its visual display and digital appliances division also posted KRW 0.05 trillion ($37.5 million) in operating losses despite TV sales doing well in the fourth quarter due to the holiday season. Samsung's mobile business showed a a decline in sales and profit quarter-on-quarter, as well, due to lower smartphone sales and "the fading of new-product effects" from previous flagship models. 

For the first quarter of 2024, Samsung's game plan is to improve its profits "by increasing sales of high value-added products," such as components meant for generative AI products. It expects stronger demand for its chips in the PC and mobile sectors this year, but it admits that its earnings may not significantly recover soon because its customers are still downsizing their inventories. Samsung has high hopes for the Galaxy S24 series, though, and believes the devices' AI capabilities can help its mobile business achieve a a double-digit growth in 2024. The Galaxy S24 phones have already started shipping with prices starting at $800 for the most basic version and at $1,300 for the S24 Ultra. 

Microsoft posted another blowout earnings report for Q2 of the 2024 fiscal year, with revenues of $62 billion (up 18 percent from last year) and profits of $21.9 billion (a 33 increase). But really, the most interesting thing about this quarter is that we finally get to see how the $68.7 billion Activision Blizzard acquisition affects the $3 trillion company. While Microsoft isn't breaking out specific numbers, it says that its overall gaming revenue increased by 49 percent, 44 points of which came from the "net impact" of the Activision deal.

Microsoft's More Personal Computing division, which includes Xbox, Surface and Windows, was up 19 percent ($16.9 billion) since last year. The company says the Activision deal accounted for 15 points of that increase. It's a huge change for a division that's been severely impacted by dwindling PC sales (which affects Windows licenses and Surfaces) and struggling Xbox consoles. PC device revenues were down 9 percent for the quarter, while Xbox hardware sales were up 3 percent.

Xbox content and services revenue is also up 61 percent since last year, 55 points of which comes from Activision. It'll be interesting to see if Microsoft can actually leverage that acquisition to help Xbox sales, or at the very least, spur on more interest in Game Pass subscriptions. (Unfortunately, we don't have any updates on how that service is doing.)

PayPal is laying off nine percent of its workforce, the company’s CEO Alex Chriss told staff in a letter on Tuesday that PayPal made public hours later. The decision will impact about 2,500 employees, who will find out their fate between today and the end of the week, Bloomberg reported earlier. PayPal's layoffs come almost exactly a year after the company fired more than 2,000 workers to keep costs down. 

Despite thousands of job cuts in 2023, layoffs at tech companies have continued into 2024. On the same day as PayPal's latest layoffs, Jack Dorsey's Block, the company that owns Cash App, Foundational, and Square, conducted its second round of layoffs in two months, cutting nearly a thousand people. Earlier this month, Google laid off more than a thousand workers in its Assisstant and hardware divisions, with CEO Sundar Pichai warning employees to brace for more cuts through the year. Discord, eBay, Riot Games, TikTok, Microsoft, iRobot, Amazon, Unity, and Duolingo, among others, have collectively cut thousands of jobs in January

PayPal was one of the earliest companies in online payments industry, but in recent years, rivals like Zelle and tech companies with deep pockets like Apple, have entered the space. The competition in the payments industry is putting pressure on PayPal. Bloomberg noted that four analysts have downgraded the company’s stock this month. The company will "continue to invest in areas of the business we believe will create and accelerate growth," Chriss said in the letter. 

PayPal's layoffs are happening despite the company's strong growth throughout 2023. The company's revenue as of September 2023 was $7.42 billion, an increase of more than eight percent compared to its revenue a year before. It beat earnings expectations and reported a "double digit growth" in the number of transactions that happened over its platform. The Information noted that Chriss, who took over as the company's CEO in September 2023, said in PayPal's last earnings call in November 2023 that its costs were "too high" and were "slowing us down."

As mortgage lender LoanDepot continues recovery efforts from a ransomware attack, it revealed on Monday that hackers stole data from more than 16 million customers. A Securities and Exchange Commission filing from the mortgage lender did not detail what kind of information the hackers breached, only that "an unauthorized third party gained access to sensitive personal information."

LoanDepot first revealed it has fallen victim to attack on January 8. The company took some IT systems offline, but it faced a slow recovery. Customers took to social media to complain payment issues, struggles to access their accounts and even trouble closing deals on mortgages. By Friday, about two weeks since LoanDepot first came forward about the incident, systems like customer portals and other internal sites returned back online. It appears that LoanDepot fell victim to a ransomware attack, where hackers demand money in exchange for access or information, according to reporting from TechCrunch.

"Unfortunately, we live in a world where these types of attacks are increasingly frequent and sophisticated, and our industry has not been spared. We sincerely regret any impact to our customers,” LoanDepot CEO Frank Martell said in a statement.

Still, the true aftermath of the attack is still coming to light. LoanDepot did not provide additional comment, or explain what types of sensitive information may have been revealed. It did say it would offer free credit monitoring and identity protection services to impacted customers. Notably, three other major financial institutions — Mr. Cooper Group, Fidelity National Financial, First American Financial — have also been hit by cyberattacks in recent months. 

Major apparel supplier VF Corp followed up on its December cyberattack disclosure, with its latest Securities and Exchange Commission form admitting to a data breach impacting up to 35.5 million customers. That means if you've purchased from its major brands like Vans, North Face, Timberland, Dickies and more, you may have been impacted. But VF Corp still insists that the incident won't hurt its financial performance.

Initially, VF Corp warned customers that the cyberattack it experienced in December could have an impact on its holiday order fulfillment. The company said "unauthorized occurrences" on its IT systems caused operational disruptions, and the attackers likely stole personal information. Now, it's come out just how widespread the damage from the attack could be. 

VF Corp did not respond to a request for comment clarifying what type of data the hackers stole. In the SEC filing, however, the company said it did not collect consumer social security numbers, bank account information or payment card information, and that there is no evidence the hackers stole passwords. It also said that the unauthorized users were "ejected" from its systems by December 15, after being discovered two days earlier. 

"Since the filing of the Original Report, VF has substantially restored the IT systems and data that were impacted by the cyber incident, but continues to work through minor operational impacts," the latest filing states. VF still has not confirmed who was behind the attack.