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Technology
Snapchatsagging share price is making it tough to retain talent. Bobby Lo, founder and CEO of mobile search app Vurb that Snap Inc acquired for $114.5 million two years ago is leaving day-to-day operations at the company. That means Lo cut out early on his four-year retention package vesting schedule, which was likely influenced by Snapchat falling to new share price lows. Snap is trading around $9.15 today, compared to its $17 IPO price and $24 first-day close.
Thatdown over 7 percent from yesterday following BTIG analyst Rich Greenfield gave Snap a sell rating with a target price of $5 saying &We are tired of Snapchatexcuses for missing numbers and are no longer willing to give management ‘time& to figure out monetization.& Greenfield is known as one of the top social network analysts, so people take him seriously when he says &We have been disappointed in SNAPproduct evolution (as have users) and see no reason to believe this will change.&
Vurb is a good example of this. The app let users make plans with friends to visit local places, allowing them to bundle restaurants, movie theaters, and more into shareable decks of search cards. It took over a year after the October 2016 acquisition for the tech to be integrated into Snapchat in the form of context cards in search. But Snap never seemed to figure out how to make its content-craving teen audience care about Vurbutility. Snap could have built powerful offline meetup tools out of the cards but never did, and lackluster Snap Map adoption furthered clouded the companypath forward around local businesses.
Now Lo tells TechCrunch of his departure, &Building experiences at Snap has been a wonderful culmination of my seven-year startup journey with Vurb. My transition to an advisor at Snap lets me continue supporting the amazing people there while directing my time back into startups, starting with investing and advising in founders.&
Lo was early to embrace the monolithic app style pioneered by WeChat in China thatbecome increasingly influential in the states. Snap confirmed the departure while trying to downplay it. A spokesperson tells me, &Bobby transitioned to an advisory role this summer, and we appreciate his continued contributions to Snap.&
Given Snap is known to back-weight its stock vesting schedules, Lo could be leaving over half of his retention shares on the table. That decision should worry investors. As a solo founder, Lo already made off with a big chunk of the acquisition price that including $21 million in cash and $83 million in stock, so with the companyshare price so low, he might have had little incentive to stay.
Snapchat Context Cards built from Vurbacquired technology
Since last July, Snap has lost a ton of talent includingSVP of EngineeringTim Sehn, early employee Chloe Drimal, VP of HR and Legal Robyn Thomas and VP of Securities and Facilities Martin Lev, CFO Drew Vollero, VP of product Tom Conrad, TimeHop co-founder Jonathan Wegener, Spectacles team lead Mark Randall, ad tech manager Sriram Krishnan, head of sales Jeff Lucas, and just last week, its COO Imran Khan.
With its user count shrinking, constant competition from Facebook and Instagram, and talent fleeing, ithard to see a bright future for Snap. Unless CEO Evan Spiegel, without the help of his departed lieutenants, can come up with a groundbreaking new product thatnot easy to copy, we could be looking at downward spiral for the ephemeral app. At what point must Snap consider selling itself to Google, Apple, Tencent, Disney, or whoever will take on the distressed social network
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Read more: Snapchat shares hit all-time low as search acquisition Vurb’s CEO bails
Write comment (99 Comments)Apple announced a whole bunch of new products today at its fancy Cupertino campus in what was its first hardware event since becoming a $1 trillion company. The company proudly unveiled the iPhone XS, the iPhone XS Max, the Apple Watch Series 4and more.
The stock market behaved as we expected. Applestock spent much of the day hovering down 1 percent, dropping as low as 2 percent at the conclusion of the big presentation. Apple (NASDAQ: AAPL) recovered by the time the markets closed, ending the day, again, down about 1.2 percent. Exciting stuff, I know.
As we&ve said before, thestock price doesn&t typically do all that much during hardware spectacles like this. Despite the amount of fanfare leading up to these big presentations, as was the caseprecedingthe iPhone Xannouncement, Wall Street doesn&t overreact. Why Because they&ve seen it all before and like many of our loyal readers, they know whatcoming. Plus, all the press leading up to the event usually takes away any opportunity for a true surprise. Leaks, too, eliminate the shock factor.
A few of Applecompetitors& stocks, however, tumbled on the news of its new lineup of iPhones and its latest Apple Watch.
Fitbittanks
Fitbit(NYSE: FIT) stock took the hardest hit on Wednesday as Apple announced its newest smartwatch, the Apple Watch Series 4. Fitbit, the creator of a competing wearable health and fitness device, closed down nearly 7 percent.
Samsung, another one of Applecompetitors, was down just 1 percent on the news of Applenew fancy-schmancy phones.
The iPhone XS, according to Apple CEO Tim Cook, is the best and greatest phone the company has ever made. And they&ll be the industryfirst smartphones to be powered by 7nm chips.
U.S. chipmaker Qualcomm(NASDAQ: QCOM) stock dipped 2 percent on that news.Apple and Qualcomm have been going head-to-head in a long-running patent war.Apple, as a result, has beenworking to remove Qualcomm equipment from its phones.
Samsung and Qualcomm closed down about 1 percent Wednesday.
A strong year for Apple
Applestock is up more than 30 percent so far this year. The company shipped some 41 million phones in Q2 2018, perCanalys (via email), and has continued todisclose positive earnings in its lead-up to the big $1 trillion. Apple beat analyst expectations when it reported $53.3 billion in revenue in its latest earnings report, up 17 percent year-over-year.
The companystock took a slight hit earlier this week after President Trump tweeted that Appleprices may climb due to China tariffs.
The tweet was a response to a letter Apple wrote to the Trump administration warning them that tariffs may increase the cost of its products, including the Apple Watch, AirPods and HomePods.
&It is difficult to see how tariffs that hurt U.S. companies and U.S. consumers will advance the Governmentobjectives with respect to Chinatechnology policies,& Apple wrote, per CNBC. &We hope, instead, that you will reconsider these measures and work to find other, more effective solutions that leave the U.S. economy and U.S. consumer stronger and healthier than ever before.&
If you missed todayevent or you&re already ready to relive it (no judgment), we live-blogged the whole thing here. Catch up on all the new hardware here.
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Read more: Here’s how Apple’s stock fared during today’s big hardware event
Write comment (98 Comments)Apple is under the impression that its & courage & has actually already settled and that it no longer needs to ship a headphone dongle with its brand-new phones. Objective accomplished! The brand-new iPhone XS and XR models will not consist of the Lightning to 3.5 mm headphone jack adapter, and users will have to purchase it separately for $9. The iPhone 8 will likewise not include the dongle progressing, The Verge reported. On the brilliant side, the dongle is only $9, and if you & ve been an iPhone owner for the previous few years, you & ve got one currently. To be clear, a lot of phones have been relocating the headphone jack-less instructions and including the dongles with its previous models was a great precedent set by Apple. That said, the Pixel 2 consisted of the dongle, so Apple is again leading the way here with an undesirable move.
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Read more: New iPhones courageously ditch the free earphone dongle
Write comment (91 Comments)XS is the normal one. XR is the cheap one. XS Max is the big one. Thata good start to understanding Apple confusing naming scheme for its new line of iPhones. Apparently jealous of Androidfragmentation, Apple decided it needed three different models, three different storage sizes and nine different colors.
You can think of the XS as the updated iPhone X, the Max as the new Plus and the XR as a revival of the great-for-kids budget iPhone SE. Herea comparison of their features, prices, options and release dates.
The iPhone XS — standard, smaller, sooner
Applenew flagship phone is the iPhone XS. If you want the best Apple has to offer that will still fit in your pocket, this is the one for you.
Itgot a 5.8-inch diagonal OLED &Super Retina& HDR screen with 458 pixels per inch, which is actually taller than the old 8 Plus5.5-inch screen, but ita little thinner, so it has less total screen volume. Dual 12 megapixel cameras offer stabilization and 2X optical zoom, plus the new depth control Portrait mode feature. It$999 for the 64GB, $1,149 for the 256GB, or $1,349 for the 512GB.
It comes insilver, gold and space gray, all in stainless steel thatwaterproof to two meters. Pre-orders start Friday, September 14th, and they ship and hit stores on September 21st.
The iPhone XS Max — bigger screen, bigger price
If you love watching movies, browsing photos and shooting videos on your phone, you&ll want the iPhone XS Max.
The 6.5-inch OLED &Super Retina& HDR screen is the biggest ever on an iPhone, dwarfing the 8 Plusscreen, yet with a similar device size since the XS Max takes up more of the phoneface. The twin 12 megapixel lenses stabilize your images and offer 2X optical zoom, as well as Portrait mode depth control.
It also comes in stainless steel silver, gold and space gray that are all waterproof to two meters, and costs $100 more than the XS at $1,099 for 64GB, $1,249 for 256GB or a whopping $1,449 for 512GB. As with the XS, pre-orders start Friday, September 14th, and you can get it in your hands on September 21st.
The iPhone XR — colorful, cheaper, duller
Don&t need the sharpest or biggest new screen and want to save some cash Grab an iPhone XR. Its size comes in between the XS and XS Max, with a 6.1-inch diagonal LCD &Liquid Retina& screen with 326 pixels per square inch.
Fewer pixels and no HDR display means the XR won&t look quite as brilliant as the XS models. The XR also only has one 12 megapixel camera lens, so it doesn&t offer stabilization or 2X optical zoom like its XS siblings, but it still gets the cool Bokeh-changing Portrait mode depth control.
The XR is only waterproof to one meter instead of two like its expensive sisters, and lacks 3D Touch for quick access to deeper features.
As a bonus with the XR, you do get 1.5 hours of additional battery life and six color options in the aluminum (&aloominium& if you&re Jonny Ive) finish:white, black, blue, yellow, coral and red. And itcheaper at $749 for 64GB, with $799 for 128GB and $899 for 256GB.
If thatnot cheap enough, you can now get the iPhone 7 for $449 and the iPhone 8 costs $599 — though there are no more iPhones with headphone jacks now that the 6S and SE are getting retired. In hopes that you&ll buy a pricier one, the XR arrives a month later than the XS models, with pre-orders on October 19th and shipping October 26th.
Apple may find this level of customization lets everyone find the right iPhone for them, though it could simultaneously produce decision paralysis in buyers who aren&t confident enough to pay. While ita headache at first, you&ll end up with a phone fit for your style and budget. Though without a ton of improvements over the iPhone X, you might not need an &iPhone Excess.&
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Read more: XS, XR, XS Max The difference between the new iPhones
Write comment (92 Comments)HQ Trivia is aiming to attract more players following a slight decline indownloads with a new, large prize. The company announced today it has bagged Target to sponsor to sponsor a special Emmy-themed game featuring its biggest-ever single winner prize of $100,000. The game will air on Monday, September 17 at 9 PM ET, but will be played in a different fashion than usual.
Typically, HQ Trivia players compete to win or split a cash prize, which often doesn&t amount to much more than enough for a cup of coffee. But this time around, HQ Trivia will run in a &one winner takes all& format, meaning only one individual will earn the winnings from the game.
Instead of a normal 12-question round with 10 second to answer, the game will continue until only one winner remains. Players can still use their extra lives, but only until question number 15. After that, they won&t work.
The gamecontent will be Emmy Awards-themed, featuring questions about shows, actors, the Emmy telecast, and other historical facts.
Target is stepping up as the gamesponsor for this winner-takes-all milestone game. The game itself will also be branded, but the exact nature of the creative is something Target is keeping under wraps for the time being as ita first for the retailer.
HQ Trivia has worked with a number of other big-name brands in the past through its game, includingWarner Bros, Nike, MillerCoors, National Geographic, Chase, Viacom, and NBCUniversal.
The news of the milestone game comes at a time when HQ Triviadownloads have been trending slightly downwards. As TechCrunchJosh Constine reported last month for the appApple TV launch, the iOS version of HQ Trivia had fallen from being the No. 1 U.S. trivia game to No. 10, and the No. 44 game to No. 196.
Today, itthe No. 135 game and No. 467 Overall app.
According to data from Sensor Tower, the app has 12.8 million downloads across platforms, the majority of which (11M) were this year.
HQ Trivia claims the app continues to have the &largest live audience on mobile daily.&
The company respondedat the time that games are a &hits business& and &don&t grow exponentially forever.&Rus Yusupov,CEO of HQ Trivia parent company Intermedia Labs, also noted that HQ was working on new game formats as a result.
Despite the fickle nature of mobile gamers, HQ Trivia has spawned a number of clones and other live games, includingFox&sFN Genius, ProveIt, FameGame, Gravy, MajorityRules, Cash Show,and manyothers. Even Facebook caught onto the trend, launching its own gameshows platform to support interactive video.
However, it remains to be seen if live game-playing is a lasting interest for mobile gamers, or just a flash in the pan.
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Read more: HQ Trivia snatches Target to sponsor game with biggest ever single winner reward of $100K
Write comment (92 Comments)Apple kicked off its hardware event today with a charming little video that did double promo duty, both introducing the event in a lighthearted way and giving a quick curated tour of the companynew &spaceship& headquarters. We don&t always post Apple advertisements here at TechCrunch, but when we do, itbecause they actually show off something new. Well, kind of new, anyway. Itnice to see it all in motion.
A low aerial shot brings us into the scene, the top floor of the spaceshipexterior, and as the opening strains of the &Mission: Impossible& theme start up, we see our protagonist (Alison, we find out later) blast out of a conference room.
A couple of things to note here: the top floor (4, by the way) is filled with outward-facing rooms, surely of various sizes and functions, but the outermost ring, right next to the windows, is where you walk. With all the people moving around those glass-lined tunnels, perhaps a better name for this HQ would be the Ant Farm.
However, there do appear to be some shared spaces with chairs and other accommodations here and there. It just doesn&t appear that lots of the outdoor spots will be cherry offices with nice views, with peons stuck in some inner ring. Thatgood. But there will have to be a full-time staff, plus robots, to keep the glass clean. Thatbad. Itpoetic in a way, though: everyone is always having to de-smudge their phones, why shouldn&t Apple have to de-smudge its headquarters
Next (via a rather dizzying pan) is what we have to assume is a spoke on the wheel, a large atrium that looks to extend from center to exterior, and is filled with calming white and neutral-colored furniture. It looks like the inside of Jony Ivesbrain. There are probably eight of these, with one or two being extra resplendent for visitors, perhaps with stores extending off the sides, portrait galleries of Apple execs and so on.
This shot is very &North by Northwest,& by the way.

Ita matte, but still. Saul Bass is the master, by the way.
The spoke opens up on the inner side onto the big courtyard, as we all know, which is elaborately landscaped and criss-crossed with paths. At the center is a large pond, though interestingly there seem to be rather few paths leading to it, since our heroine takes the direct route through the sage and other brush.
I actually expected the pond to be a bit more picturesque, but thereonly so much you can do with that climate. It seems to be only about a foot deep, lined with large rocks. I was hoping they might let it go wild with lily pads, wild birds and so on. I&ll be interested to see how they keep it free of algae so people like the protagonist can rush through it. Luckily her AirPods didn&t fall out. (If she had a headphone cable it wouldn&t be a problem. Just saying.)
Obviously Apple is making a bit of fun of itself here regarding the inconvenient nature of a ring-shaped HQ with a body of water in the middle. Shouldn&t there be a pedestrian underpass or something
Across the pond our intrepid briefcase carrier perhaps unadvisedly runs right through a bunch of people blowing grass all over each other on what appears to be a large continuous greenbelt or fairway between the lake and the ring. Doesn&t Apple know you&re supposed to leave the cuttings on the grass What do those guys think they&re doing anyway There are like 20 in one little area.
Into the far side of the ring, where therea large cafeteria filled with Applefavorite cedar furniture and stretching through all 4 stories. Some of it looks CG. If I&m honest a lot of this looks CG. It has probably been extensively touched up.
On the outside of the cafeteria spoke is a huge set of sliding doors, which employees are likely not encouraged to do a tactical roll through when they&re closing. That&ll be really nice in the mild summers of Cupertino to get the breeze in there. That space might be hard to heat if therea cold snap, though.
A nice touch has the protagonist hitting all her rings while taking a silver Apple bike from HQ to Steve Jobs Theater. Brave of Apple to show the bike failing, or grabbing her cuff, or whatever happens at the end. Usually nothing of theirs fails in their promos.
Of course the denouement is the delivery of the briefcase to Tim, and the reveal — with a shot that will probably be used and reused for dank memes in the future — that it was The Clicker.
Check out the full short film here:
Clearly Apple wanted to show off its new HQ in a careful way, and certainly they&ve whetted the appetites of many Apple devotees who will want to see this haven in person. Unfortunately, however, our heroine has tasted the bitterness of being carelessly exploited by the executives at her company, perhaps now feeling for the first time what Applemanufacturing partners exact from their workers. With luck she will learn from this and enact change from within. Now that&s an impossible mission.
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Read more: Watch Apple’s ‘Mission: Impossible’ style spaceship HQ tour
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