Tech Report: Quibi calls it quits after 6 months
Quibi calls it quits
Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months.
The high-profile startup — which raised $1.75 billion for an April launch that coincided with the start of the pandemic across the US — is shutting down amid slumping demand for its videos.
Bitcoin value drops
The price of bitcoin hasn’t been this high in about two years.
The move higher comes as Paypal plans to accept cryptocurrency and allow its use for merchant payments.
Verizon turns a high profit
Verizon beat estimates for profit, helped by strong demand for its phone and internet services as offices and schools continued to operate virtually amid the COVID-19 pandemic.
Also with lockdowns easing, Verizon gradually reopened all of its company-operated retail stores in the quarter, implementing touch-less retail, appointments, and curbside pickups.
Shifting to virtual events
Meanwhile, new data reveals that people are handling the shift to virtual events with ease. In fact, 90 percent of people are experiencing increased engagement with virtual gatherings.
Zensar, a digital solutions company, says users like networking virtually, 70 percent said training and skills development is the leading reason to attend a virtual.