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Science & Tech

Square surges after reporting 64% jump in revenue, more customers using Cash App

Square surges after reporting 64% jump in revenue, more customers using Cash App

Science & Tech
Shares of Square soared on Tuesday evening after posting better-than-expected quarterly results and strong growth in its consumer payments app. The San Francisco-based company reported $1.92 billion in net revenue for the second quarter — a 64% year-over-year jump. Adjusted earnings per share came in at 18 cents, far better than the 5 cent loss analysts polled by Refinitiv had expected. Square’s net loss for the quarter was $11 million on a GAAP basis. The stock jumped as much as 11% in after-hours trading, and has more than doubled this year as consumers flock to digital payments during the pandemic. Its peer-to-peer Cash App, a competitor to PayPal’s Venmo, helped drive Square’s performance in the second quarter. Gross profit for the app rose 167% year-over-year to $281 million....
Anthony Levandowski gets 18 months in prison for stealing Google self-driving car files

Anthony Levandowski gets 18 months in prison for stealing Google self-driving car files

Science & Tech
Former Uber engineer Anthony Levandowski leaves the federal court after his arraignment hearing in San Jose Reuters/Stephen Lam A U.S. judge on Tuesday sentenced former Google engineer Anthony Levandowski to 18 months in prison for stealing a trade secret from Google related to self-driving cars months before becoming the head of Uber‘s rival unit. U.S. District Judge William Alsup in San Francisco said Levandowski, who was convicted on Tuesday following a March plea deal agreement, said Levandowski could enter custody once the Covid-19 pandemic has subsided. Alsup said a sentence short of imprisonment would have given “a green light to every future brilliant engineer to steal trade secrets,” comparing what Levandowski took to a “competitor’s game plan....
Inside look at Tesla’s Giga Factory

Inside look at Tesla’s Giga Factory

Science & Tech
About half an hour drive from Reno, Nevada, more than a thousand workers are busy building a 3200 acres, battery manufacturing factory that is expected to be operational by 2020. This building, on its completion, will become the largest building in terms of its physical footprint. Yes, we are talking about Tesla’s Gigafactory, that will produce enough lithium ion batteries to propel Tesla’s electric cars into the spotlight for mass usage. Tesla is of the view that the main obstacle in the acceptance of electric vehicle by customers are the expensive lithium batteries. So a plant that can significantly boost battery production, is expected to reduce their cost by more than 30%. Once the plant is fully operational, Tesla expects to produce more batteries at this one plant than were produc...