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Fitbit is getting destroyed (FIT)
Posted May 5, 2016 0:3 AM
Fitbit is getting destroyed (FIT)

Fitbit shares fell as much as 17% on Thursday after the maker of smart wearables forecast second-quarter revenues lower than analysts expected.

Earnings released Wednesday topped expectations, but guidance for the current quarter missed even the lowest forecast.

The company reported adjusted earnings per share (EPS) of $0.10, beating the forecast for $0.02, according to Bloomberg. Revenues totaled $505.4 million, also topping the estimate for $443.3 million.

But guidance for the second quarter was light, at a range of $0.08-$0.11, versus $0.26 expected.

Fitbit said it sold 4.8 million devices during the first quarter.

Some analysts had raised questions about the company's ability to compete effectively with rivals like Apple. But Fitbit stands to benefit from a projected surge in wearable-device shipments over the next few years.

These 13 books inspire, inform, and even intimidate some of tech's top business leaders

It's a known fact that some of the best business leaders in the world are also some of its most voracious readers.

Just in the past few years, tech luminaries like Bill Gates and Mark Zuckerberg have started book clubs, encouraging people to read some of their favorite books. 

In that spirit, here are 13 books that have inspired some of Silicon Valley's greatest leaders.

Some of them are fiction, some of them are business-focused, and at least one is so frighteningly technical, even Gates had trouble finishing it

These are the books that inspire top tech leaders:

The 10 most important things in the world right now

Hello! Here's what you need to know on Thursday.

1. Ohio Governor John Kasich dropped out of the presidential race Wednesday, effectively handing the Republican presidential nomination to Donald Trump.

2. United Kingdom voters will cast their ballots for local representatives on Thursday. Final opinion polls put Labour candidate Sadiq Khan 12 to 14 points ahead in the race for London mayor.

3. It appears Turkey's prime minister is about to quit. Prime Minister Ahmet Davutoglu is not planning to run for party leadership at an upcoming conference, according to senior party officials.

10 things in tech you need to know today (AAPL, GOOG, ZNGA, ETSY, MTCH, FIT)

Good morning! Here's the technology news you need to know this Thursday morning.

1. Apple is going to fix its music streaming service — and it has called in Trent Reznor to help. It wants to make Apple Music easier to use.

2. Google-backed startup Yieldify laid off 10% of its employees in March. The company said it had 110% growth in revenue, however.

3. Apple bought at least three companies in the past year that nobody knows about. Only 12 acquisitions have come to light, but CEO Tim Cook said it bought 15 companies.


International money transfer app Azimo raises $15 million from Japan's Rakuten to crack Asia

Online-only international money transfer startup Azimo has raised $15 million (£10.3 million) to break into Asia and is relaunching its app with new branding.

Japanese e-commerce giant Rakuten led the investment through its $100 million (£69 million) fintech, or financial technology, fund. Rakuten owns Japan's largest e-commerce platform, which shares its name, and Viber, a rival to WhatsApp. It also has investments in the likes of Pinterest.

Azimo, founded in 2012, lets people send money to over 190 countries around the world. The startup focuses on the remittance market: migrants sending money to their families back home. Azimo's general manager and cofounder Marta Krupinska told BI that 1/2 a million people are now connected to Azimo's platform and the company has around 90 staff across two offices in Krakow and London.

The creators of Apple's Siri have built a new personal assistant called 'Viv' (AAPL)

The engineers behind Apple's virtual assistant Siri have created a new personal assistant called "Viv," according to The Washington Post.

Dag Kittlaus and Adam Cheyer, cofounders of Siri, which was bought by Apple in 2010, claim their new AI bot goes beyond what's currently out there in terms of virtual assistants.

Someone can use Viv, for example, to order a pizza without having to dial a phone number, open a webpage, or download a smartphone app.

"It’s about taking the way that humans have naturally interacted with each other for thousands of years and applying that to the way they interact with services," Kittlaus, Viv's chief executive, told the Post. "Everyone knows how to hold a conversation."

Jim Chanos is betting against Elon Musk ? here's why (TSLA, SCTY)

Billionaire hedge fund manager Jim Chanos is betting against Elon Musk.

Chanos said Wednesday he is short Tesla, the car company led by Musk, and SolarCity, where Musk is chairman. 

He was asked by CNBC whether he was short Tesla after Bloomberg reported that two executives responsible for building its cars, Greg Reichow and Josh Ensign, will leave the electric car maker. Here's Chanos on the issue:

This is why one of Microsoft's most-hated products also has a thriving community of super-fans (MSFT)

Today, 150 Microsoft customers, developers, and partners descended on San Francisco to discuss the present and future of SharePoint, the team-collaboration tool for the workplace — with another 17,000 tuning in for the webcast.

At that event, Microsoft announced a smartphone version of SharePoint is imminent, with a new design coming to the main product.

Since its inception in 2000, SharePoint has always occupied a weird psychic space among the Microsoft Office suite.

It's one of Microsoft's most-hated products, and quick searches on

A big VC investor thinks Amazon could be worth $6,000 per share

Chamath Palihapitiya really likes Amazon.

Palihapitiya, CEO of venture-capital fund Social Capital, believes that Amazon will be a $3 trillion company a decade from now.

To put that into perspective, the company currently has a share price of around $673 and a market capitalization of $312 billion.

That means Palihapitiya is talking about the company's value increasing almost as much as 10 times.

Palihapitiya said that the company's retail business will be worth $1 trillion as of 2025 and its Amazon Web Services business will be worth $1.5 trillion. And there is another $0.5 trillion in the magic that Amazon CEO Jeff Bezos brings to the company.

On the retail side, Palihapitiya said that the business is growing Prime memberships at such a rate that it will explode over the next 10 years.

YouTube is planning its own cable killer (GOOG)

YouTube is planning its own cable killer. 

The video streaming site is working on a subscription service called "Unplugged" that would offer customers a bundle of TV channels that they could stream live online, sources familiar with the plan told Bloomberg's Lucas Shaw and Alistair Barr.

YouTube has reportedly approached major media companies like CBS and Viacom, but no deals have been made yet.