Also, Xiaomi IPO prospectus reveals US$1 billion loss in Q1 and Indonesia sees its third startup IPO
Grab crosses US$1 billion revenue mark — [Yicai]
The Southeast Asian ride-hailing giant Grab has generated US$1 billion in annual revenue but has yet to achieve profitability, according to Yicai.com.
The claim was attributed to President Ming Maa, who also said the reason the company is not profitable is its investments in its financial services products (like GrabPay).
No tech company in Southeast Asia is under more scrutiny than Grab after it’s major acquisition of Uber and news that Go-Jek is set for international expansion in the coming months.
Crypto exchange hack tanks Bitcoin prices — [Quartz]
The cryptocurrency market experienced a tough day today after news circulated that Southe Korean exchange Coinrail had been hacked and up to US$40 million may have been stolen, according to Quartz.
The theft was of lesser-known coins within the exchange, but it led to significant crashes in Bitcoin, Ethereum, Litecoin and Ripple. As of publishing, the price of Bitcoin was US$6,761 — dropping below the US$7,000 number that had been something of a floor for the past few months.
According to the article, today’s crash Bitcoin the price of Bitcoin has dropped 50 per cent in 2018 which translates to a market value shrink of US$120 billion.
Ahead of anticipated IPO, Xiaomi reveals over US$1 billion loss in Q1 — [Reuters]
The Chinese smartphone maker Xiaomi is preparing for an IPO in Hong Kong that is expected to raise around US$10 billion in what would be one of the city’s largest public offerings in years. But, according to Reuters, it will need to shrug off some doubts after the company revealed Q1 losses of US$1.09 billion in its prospectus.
However, the smartphone company attributed these losses to “one-off items” and said without these expenses it would have actually been profitable by US$162 million.
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The company experienced an 88 per cent quarter-on-quarter shipment increase that generated US$5.3 billion in revenue.
NFC Indonesia aiming for July IPO — [e27]
NFC Indonesia, which is a digital exchange company, is planning to file for an IPO on the Indonesia Stock Exchange in July. It would be the third local startup do so.
NFC Indonesia is a subsidiary company of M Cash, which raised US$22 million back in November when it became the second company to list on the bourse. Kioson was the first Indonesian startup to IPO.
The company wants to use the fundraising as working capital and purchase machines, software, IT infrastructure and spend on HR resources.
Fourth generation Apple Watch could move away from physical buttons — [FastCompany]
The next generation Apple Watch might include solid-state buttons instead of physical, external, moving parts according to FastCompany.
The configuration will remain the same, but the button will act more like the iPhone home-circle which vibrates under the thumb but is not an external knob. The interesting part will be the turn-dial, which will still physically rotate despite its new functionality.
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The advantage of the design change is it closes more gaps so thus improves water resistance while also allowing more room to introduce a bigger, longer-lasting, battery.
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The post Today’s top tech news, June 11: Grab crosses US$1B annual revenue and Bitcoin crashes after crypto hack appeared first on e27.