Snapchat Disappoints and Stock Sets In Free Fall

   Snapchat suffered a decline as its holiday sales failed to meet expectations, with revenue in the fourth quarter rising to $1.36 billion, missing estimates of $1.38 billion.

   Snap's stock plummeted by 36% following the disappointing earnings results.

   All in all, Snap's shares have fallen 87% from their peak in September 2021. This means that Evan Spiegel's (founder of Snapchat) fortune dropped from $11 billion in 2021 to $2.9 billion today.

   In response to this, Snap has cut its workforce by about 10%. These measures were applauded by JP Morgan analysts.

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Real Estate Contagion Spreads from the US to Europe

   European markets are echoing the distress signals first seen in US commercial property.

   Deutsche Pfandbriefbank in Germany saw its bond values falling due to the persistent downturn in the real estate market. To address this, the bank has upped its cash provisions.

   Additionally, New York Community Bancorp is courting investors to manage a substantial portfolio of residential mortgages through their Flagstar Bank unit.

   Options include a synthetic risk transfer involving a $5 billion portfolio of home loans, allowing the bank to transfer the risk to the asset purchaser.

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Uber's First Full-Year Profit and a Record-Setting Stock Peak

   Uber reported its very first annual profit since its public debut in 2019.

   In 2023, Uber earned $1.89 billion, or 87 cents per share, on a revenue of $37.28 billion. And gross bookings surged by 22% to $37.6 billion.

   UberEats revenue rose by 6%, while the Uber rides segment witnessed a 34% increase. The platform now powers nearly 26 million daily trips.

   These figures led to a surge in Uber's stock, hitting a record high of $71.90.

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Crypto Ransom Attacks Hit $1 Billion in 2023

   In 2023, crypto-related ransom attack payments amounted to a record $1 billion, a steep rise from the $567 million in 2022.

   Key targets for cybercriminals included hospitals, schools, and government offices.

   The cybercrime group "cl0p" exploited a file transfer software, MOVEit, securing about $100 million in ransoms from places like Shell and the UK's telecom regulator.

   Additionally, the group "Black Basta" is reported to have extorted over $107 million in bitcoin, with a portion flowing through a sanctioned Russian exchange, Garantex.

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