Google wants a bite of Apple’s hardware empire

Google has unveiled a new product line to rival Apple’s, rolling out a string of Pixel products to diversify its revenue base. These are the 5 big business stories from the week that was.

1. Google It

Apple may have just lost its status as the world’s most valuable company to an oil producer but now it has bigger concerns: Alphabet is coming for its product range.

Google this week unveiled its first smartwatch, the Pixel, to take on Apple’s own. It comes alongside a new Pixel smartphone as well as a high-end set of earpods.

With Apple raking in more than US$30 billion a year from wearables, it’s no wonder Google is now redoubling its efforts to get in on the ‘revolutionary’ products.

The move marks another step away from Google simply licensing its software to other product makers such as Samsung. Now it wants to build its own “ecosystem”.

2. Happy Place

Disney+ added 8 million subscribers and expects to add at least 20 million more by the year’s end, even as Netflix mulls using ads to cut prices and stop users leaving.

Still it has long way to go. Disney says the streaming service will take two and a half years amass 240 million users – a little larger than Netflix today – and make a profit.

It comes as a travel boom helps Disney’s theme parks recover, bringing in twice the revenue they did during the same quarter last year.

3. Keep Calm And Carry On

If you’ve been paying attention, you will have seen a fair chunk of red on the market over the last week with U.S. tech stocks copping the brunt of the damage.

In part, the market is worried by the fact interest rates are destined to keep rising in a bid to put a lid back on inflation. Growth might be a casualty of this next phase.

While none of this is news, there’s some anxious investors. If the correction has you interested in diversifying and dollar-cost averaging, check out our Learn hub.

4. Show Me The Money

After completing a tour meeting with Uber’s investors, CEO Dara Khosrowshahi has told staff that the market is demanding cash flow and profitability over pure growth.

Dara said it was crucial Uber’s economics “work before we go big” as “investors look for safety”. The shift may be playing out already catching at least one rival out.

To reach profitability Uber will begin by slashing costs across the board – starting with a hiring freeze – and by cross-selling rides and delivery to users.

Read Uber’s full email here.

5. Rapid Round Up

The fact Rivian produces next to no cars has seen the stock plummet since its big IPO last year. Yet 90,000 pre-orders have kept hope alive in the EV-maker.

Beyond Meat has copped it too. The plant-based meat company revealed it gave up profit margins in an effort to gain a foothold in Europe and launch its new jerky.

Love money? Shares in Bumble popped this week after it hit 3 million paid users. Meanwhile Grindr is flirting with a US$2.1 billion valuation as it looks at a SPAC.