TIME Earnings

Etsy Stock Crashes After Reporting Huge Quarterly Loss

Etsy IPO Opens On Nasdaq
Paul Zimmerman—Getty Images General atmosphere as Etsy rings the Nasdaq Opening Bell in Celebration of IPO at Nasdaq on April 16, 2015 in New York City.

The online crafts marketplace disappointed investors with its first earnings report after its initial public offering last month.

Etsy’s stock tumbled as much as 18% Tuesday after the online crafts marketplace delivered weak quarterly results.

The company reported a quarterly loss of $36.6 million, a seven-fold increase from the $500,000 loss in the same quarter one year ago, the Wall Street Journal reports. Etsy blamed the bigger loss on a tax provision linked to corporate restructuring.

Esty also reported a 44% increase in quarterly revenue to $58.5 million, narrowly missing Wall Street forecasts of $59 million.

The results were Etsy’s first quarterly report since going public on April 16. On the first day of trading, the company’s shares opened at $31, about double its IPO price of $16. In after-hours, following the earnings report Tuesday, Etsy’s stock plunged to around $17. The shares had closed at $21 in regular trading.

TIME Phones

Hate Your Phone? This Kickstarter is for You

Courtesy of The Light Phone

This new phone is perfect for when you mostly want to disconnect

Smart phones are ubiquitous in modern life. But if you’re the type of person who hates having to carry around a mini-computer in your pocket, a new Kickstarter campaign has a solution.

The Light Phone is a credit card-sized device that does nothing but make phone calls. No games, no texts, and no Twitter that you incessantly check up on (the writer of this article has certainly been guilty of that before.) It can piggyback onto your smartphone service so that you don’t have to go completely cold turkey.

But you can at least leave the house with no access to social media while still being able to make and receive emergency calls.

The phone has its own number. But it also connects to an app that can forward all calls from your pre-existing number. The device also has a simple clock, a touch pad for entering numbers and 20 days of battery life.

In theory, buying a simple flip phone or burner phone could achieve the same goal. The Light Phone, though, is much thinner (seriously, you can fit it in your wallet) and in theory easier to connect to your existing number.

Here’s a video from the Kickstarter:

The Light Phone costs $100 to pre-order. The project has already gotten more than $120,000 in backing, and is looking to raise $200,000 by June 27. The phones are expected to ship in May 2016. The phone comes with a SIM card with 500 minutes and a mini USB charger.

TIME Google

Prostitute Pleads Guilty in Death of Google Executive, Gets Six Years in Prison

Alix Tichelman
Shmuel Thaler—ASSOCIATED PRESS Alix Tichelman, left, confers with public defender Diane August during her arraignment in Santa Cruz Superior Court Wednesday, July 9, 2014.

Woman had injected the victim with heroin and did nothing after he fell unconscious.

A call girl involved in the death of a Google executive in 2013 was sentenced to six years in prison Tuesday.

Alix Tichelman had faced charges in connection to the death of Forrest Timothy Hayes, who was found dead on his 50-foot yacht moored in the harbor of Santa Cruz, Calif.

Tichelman pleaded guilty to involuntary manslaughter, administering drugs, drug possession, destroying or concealing evidence, and agreeing to and engaging in prostitution, according to media reports. She originally pleaded not guilty in 2014.

Authorities said she injected Hayes with heroin and calmly watched him die while drinking wine on the boat. She had allegedly met Hayes through an online site for wealthy seeking young women to date.

Hayes was 51 years-old at the time and a father of five.

TIME Executives

Here’s What’s on Bill Gates’ Summer Reading List

Bill Gates
John Keatley/Redux—John Keatley/Redux Founder and Chairman of Microsoft Bill Gates holding a copy of Business Adventures by John Brooks.

The world's richest man just assigned the world some summer homework

The richest man in the world still makes time to squeeze in a good book now and then.

Bill Gates—he of the $79 billion net worth, per Forbes—released his annual summer reading list on Tuesday. In between running one of the world’s largest charities and serving as technological advisor to the company he co-founded, Microsoft [fortune-stock symbol=”MSFT”], Gates has made a habit in recent years of letting the world know what he’s reading.

Gates unveiled his new 7-book summer reading list in a post titled “Beach Reading (and more)” on his personal blog, Gates Notes. Included in this year’s list is The Magic of Reality, by Oxford University evolutionary biologist Richard Dawkins. There’s also On Immunity, by Eula Biss, which fits in well with one of the goals of the Bill & Melinda Gates Foundation by tackling the issue of childhood vaccinations.

The billionaire techie also noted that he’s trying to lighten the mood a little bit this year. “This year I tried to pick a few more things that are on the lighter side. Each of these books made me think or laugh or, in some cases, do both,” Gates wrote in the blog post.

In that vein, Gates includes a book adapted from Allie Brosh’s popular comic blog, Hyperbole and a Half, which Gates calls “funny and smart as hell.” Another item with a more graphic option is Randall Munroe’s XKCD, which draws from Munroe’s webcomic of the same name, which features a lot of mathematical and scientific humor. “It’s that kind of humor, which not everybody loves, but I do,” Gates writes.

The rest of the books Gates recommends reading this summer are: What If?, also by Munroe; How to Lie With Statistics, by Darrell Huff; and, Should We Eat Meat?, by Vaclav Smil.

TIME apps

This Is the Country That Gets the Least Amount of Sleep

woman-sleeping-bed
Getty Images

New study sheds light on who gets the best sleep around the world

Wage disparity isn’t the only gender gap separating men and women.

It turns out men also generally wake up in a better mood than women. At least according to a new report from Sleep Cycle, the alarm clock app that analyzes users’ sleep patterns. The report, which draws on data from nearly one million Sleep Cycle users in 47 different countries, found that men wake up in a better mood than women in all but three countries: Colombia, Portugal and Ukraine.

In the U.S., though, that good mood doesn’t always follow more sleep. Sleep Cycle found that women in the U.S. sleep more than men on average every day of the week. On weeknights, U.S. men sleep an average of 6 hours and 54 minutes, while women sleep 7 hours and 11 minutes. On weekends, women sleep 7 minutes longer than men.

Globally, Japanese men sleep the least at less than 6 hours per night on average. Men and women in Finland and the Netherlands get the most sleep compared with other countries.

TIME Mobile

Why Tweets Are About to Dominate Your Google Searches

The Twitter logo displayed on a mobile device.
Bethany Clarke—Getty Images The Twitter logo is displayed on a mobile device.

The two tech companies are cozying up

On Tuesday, Google announced that it is partnering with Twitter to make tweets searchable on mobile devices. The new feature will become available on the English version of Google.com, the Android and iOS versions of Google’s search app, and on mobile browsers.

“It’s a great way to get real-time info when something is happening,” writes Google senior product manager Ardan Arac in a company blog post. “And it’s another way for organizations and people on Twitter to reach a global audience at the most relevant moments.”

Google had previously gained access to Twitter’s so-called firehose, the stream of real-time posts uploaded to the social network, earlier this year—rekindling a failed partnership from several years ago.

A post on Google’s official blog shows what the new feature will look like. It demonstrates a search for “nasa twitter”:

nasa-twitter
Courtesy Google

The deal could signal more partnerships between the two to come. It looks like the two are hitting it off already:

For more on Google and Twitter’s partnership watch:

http://fortune.com/video/2015/02/05/how-the-google-search-deal-could-be-a-boon-for-twitter/

TIME Bitcoin

New York Stock Exchange Gives Bitcoin Some Mainstream Love

People attend a Bitcoin conference on at the Javits Center April 7, 2014 in New York City.
Andrew Burton—Getty Images

The digital currency takes another step toward the mainstream

The New York Stock Exchange premiered a bitcoin index on Tuesday, giving an important endorsement to the digital currency that could help give it more mainstream credibility.

NYSE President Thomas Farley couched the announcement in terms of meeting customer demand.

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,” he said in a statement from the NYSE’s parent company, Intercontinental Exchange. “We are pleased to bring transparency to this market.”

The new index tracks the price of one bitcoin in U.S. dollars by looking at transactions processed through various bitcoin exchanges. The NYSE was quick to point out that it will only track only bitcoin exchanges that “have been evaluated and meet NYSE’s quality standards.”


Last year, Mt. Gox, the leading bitcoin exchange, imploded and lost hundreds of millions of dollars worth of its customers’ holdings. Since then, the price of the digital money has dropped precipitously—to around $230 today. At its height in 2013, bitcoin traded at more than $1,200 per unit.

Initially, the NYSE bitcoin index is getting its data from Coinbase, a bitcoin wallet startup that NYSE invested in at the beginning of the year.

Other financial stalwarts are getting in on the bitcoin act, too. The Nasdaq stock exchange, Goldman Sachs, and former U.S. Treasury Secretary Larry Summers have become involving in some way with the cryptocurrency through investments in bitcoin-related startups, taking board seats in those companies and using some of its underlying technology.

Farley, for his part, is not ruffled by the possibility that bitcoin could fail to meet the promises of techno-utopians. “We’re willing to make some investments and even take on some risk earlier in the lifecycle of a new technology than some of our competitors,” he told Mashable. “The benefit is when we get it right, we get it real right. When we get it wrong, the idea is to get to that answer as quickly as possible and move on.”

Business Insider reported that this is just the beginning for NYSE’s bitcoin program. “This is just the first of many bitcoin-based indexes that the NYSE plans to launch,” the site said, citing an exchange spokesperson. “Details about further indexes have yet to be released.”

TIME advertisements

The Mad Men Finale Wasn’t a Paid Ad for Coke

"No money exchanged hands"

If you haven’t been hiding under a rock for the past day or so, you know that the AMC series Mad Men ended with the iconic “I’d like to buy the world a Coke” ad Sunday night. And it turns out Coke neither paid nor received any money for the inclusion in the show.

A Coke spokesman told People that “no money exchanged hands” as part of the show. While Coke did know that its brand would play into the finale, officials say they were not aware exactly how the show would end.

Read more at People.

TIME Yotaphone

This Crazy New Phone isn’t Like Anything You’ve Ever Seen

Courtesy of Yotaphone

This new phone has an LCD screen and an electronic paper screen

A mobile phone with two screens is now available through an IndieGoGo campaign, and it sure is something else.

The Yotaphone 2, as its known, has one LCD screen similar to that of an iPhone or an Android. On the back, though, the device has a second screen more similar to a Nook or Kindle e-reader. Yotaphone claims this is the first-ever dual screen smartphone.

Pre-ordering the phone through Indiegogo will set you back $550. For the first 48 hours of the campaign, it is discounted to $525. The phone is eventually expected to retail for $600.

Shipments are expected to be start in August.

More than $75,000 has already been raised by the campaign through the first six hours after being posted Tuesday.

The phone will also have native apps, just like other smartphones. A portable wireless charger is also available from the IndieGoGo page.

TIME Brands

These Are the 10 Most Purchased Brands in the World Right Now

Coca-Cola Buys North American Bottling Operations Of Coca-Cola Enterprises Inc. For $12.3 Billion
Bloomberg—Bloomberg via Getty Images Coca-Cola can and bottle images appear on the side of a trailer outside the Coca-Cola Enterprises Inc. bottling facility in Niles, Illinois, U.S., on Thursday, Feb. 25, 2010.

Some sweet news for soda

Coca-Cola held onto its crown as the most-purchased brand in the world last year in spite of a push for healthier fare.

Coke came out on top of the latest annual Brand Footprint study from U.K. market research firm Kantar Group, which analyzed and ranked 11,000 global brands, Business Insider reports. Kantar awarded the Coca-Cola Company brand a score of 5.7 million “consumer reach points” (CRP) — a metric that tracks the number of households buying a product and the frequency of those purchases.

Coca-Cola easily beat out its closest competitors: Colgate came in second with 3.9 million CRP, while Nestlé-owned Maggi scored 2.8 million.

Dove, which is owned by Unilever, was the fastest-growing brand in the top 10, moving up three spots to No. 9 on Kantar’s ranking. Dove, which actually sparked a bit of a backlash with its recent “Choose Beautiful” ad campaign, sells personal care products that include soaps, moisturizers and deodorants.

The rest of the top 10 brands included another Unilever property, soap brand Lifebuoy, at No. 4. That was followed by instant-coffee brand Nescafé, PepsiCo brands Pepsi and Lay’s, and dried foods brand Knorr, respectively. Procter & Gambles’ Tide detergent brand rounded out the ranking.

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