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SoftBank Loses $23 Billion in Q2 2022; Amazon buys Roomba-Maker to switch to robotics

In today’s ExchangeWire news digest: Japan’s SoftBank reports losses of US$23.4bn (£1.93bn) in the second quarter of 2022; Amazon buys robotics company iRobot Corp; and Facebook announces that it will shut down its live shopping feature this fall.

SoftBank announces $23.4 billion loss

SoftBank Group released a staggering figure Loss of US$23.4bn (£1.93bn) in Q2 2022. The Japanese tech giant has seen its investments fall in value amid rising global inflation and interest rates.

The loss is a stark contrast to SoftBank’s release for the same quarter of 2021, in which the Tokyo-based company reported a profit of 762 billion yen (£4.67 billion). The company, however, said sales rose 6% on Monday.

Amazon buys Roomba-maker for $1.65 billion

Amazon

Amazon announced it will buy iRobot Corp for $1.65bn (£1.36bn). The purchase of the robot-making company, best known for the Roomba vacuum cleaner, aims to bolster Amazon’s push into robotics and internet-connected home devices.

The deal comes two weeks after the e-commerce giant said it would buy a chain of medical practices, suggesting the company is pushing ahead with acquisitions despite scrutiny from US and European regulators.

Facebook shuts down live shopping feature

Social Media Giant Facebook will shut down its live video shopping feature October 1. The feature, which debuted on the platform in 2020, allowed retailers and influencers to stream shopping events live on Facebook, prompting users to purchase products through the social media site. From October 1, users will also no longer be able to create product playlists or tag products on Facebook.

The move comes as parent company Meta confirmed its intention to run Facebook focus on Reels, Meta’s short video product.

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Fact of the day

Brazil – the country with the highest retail e-commerce CAGR

Source: Statistical

Tech teasers from last week

Last week, we challenged your knowledge of short-form video giant, TikTok. Do you know the application behind the “tell me without telling me” trend? Find out below:

  • Shanghai – where TikTok was founded 📍
  • Meta – TikTok was the first not meta app to reach 3 billion downloads 📱
  • 1 hour and 25 minutes – how long the average user spent on TikTok per day in Q1 2022 ⏰
  • US$1.04 billion (£750 million) – the amount of advertising revenue that TikTok should make in 2022 💸
  • 175 – the number of trending songs on TikTok in 2021 that entered the Billboard 100 🔥

Don’t worry if you missed last week’s tech teasers, a new batch of ad tech, martech, media, and commerce questions are released every Friday. To never miss another quiz, sign up for The Stack today.