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Daily Crunch: AT&T CEO steps down


Daily Crunch: AT&T CEO steps down – TechCrunch

AT&T is getting a new boss, the first piece of Apple and Google’s COVID-19 contact tracing program should be available soon and Snap is looking to raise more debt.

Here’s your Daily Crunch for April 24, 2020.

1. Randall Stephenson to step down as AT&T chief, succeeded by COO John Stankey

A big changing of the guard is underway at one of the world’s biggest names in telecoms and media. The change is effective on June 1, and while Stephenson is retiring, he will stay on as executive chairman of AT&T until January 2021.

Stankey has held other roles at AT&T, including CEO of WarnerMedia and CEO of the AT&T Entertainment Group. His promotion suggests a continuing emphasis on the media side of the business.

2. First version of Apple and Google’s contact tracing API should be available to developers next week

The first version of Apple and Google’s jointly developed, cross-platform contact tracing API should be available to developers as of next week, according to a conversation between Apple CEO Tim Cook and European Commissioner for internal market Thierry Breton.

3. Snap looks to load up on cash in sizable debt offering

Snap’s Q1 earnings impressed investors but the company is still losing plenty of cash and it’s clear that the full impact of the digital ad market’s downturn won’t be seen until the company’s Q2 earnings. The company is now looking to raise looking to raise $750 million.

4. Google ditched tipping feature for donating money to sites

Leaked images obtained by TechCrunch reveal that Google considered and designed a feature that would let people donate money to websites to help support news publishers, bloggers and musicians. But the company ultimately scrapped the idea.

5. Seven VCs look into the future of fintech

Although it looks like the COVID-19 pandemic has clipped the tails of many unicorns, this era won’t last forever. Investors expect the domestic and global economy to recover, perhaps as soon as late 2020 or early 2021. (Extra Crunch membership required.)

6. House passes COVID-19 relief package to replenish PPP loan funding

The interim legislation will allocate $310 billion to replenish the SBA’s Paycheck Protection Program (PPP), $75 billion for hospitals and $25 billion for COVID-19 testing. President Trump previously expressed his approval of the bill, as well as his intention to sign it and make the funds available as quickly as possible.

7. After 160,000 accounts are compromised, Nintendo shuts down NNID logins

Nintendo confirmed earlier reports of account breaches dating back over the past few weeks. The gaming giant issued an update (via Nintendo Japan) noting that around 160,000 Nintendo Accounts were impacted, with accounts being used to purchase digital items without the owner’s consent.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

n

Five years before it finally entered the smartwatch market in earnest, Apple introduced a square touchscreen nano. Three years before the arrival of the first Pebble, people were already considering the smartwatch possibilities. Accessory makers quickly took advantage, introducing wrist bands that would let it function as a touchscreen music watch. That sixth-gen product ultimately served as a foundation for the popular device to come.u00a0n

Per Chaudhri: n

n

i had just wrapped up ios5 and took it down to show the ID team what notification centre and siri was u2013 and what it could be in the future. i never got to share it with steve. we lost him right after ios5.nn

Other interesting bits here include:n

    n

  • The Solar watch face was designed as u201cas a way for muslims observing ramadan to quickly see the position of the sun and for all to understand the sun’s relationship to time.”n
  • The butterfly animation was created using real (albeit deceased) butterflies (one of which is now framed in his home).n
  • The touch feature originally went by the name E.T. (electronic touch).n
  • The Digital Touch drawing feature was inspired by his time as a graffiti artist.nn”,”protected”:false},”excerpt”:”rendered”:”

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Ventures’ Charles Hudson on ‘the conversation no one has during an upmarket’”,”content”:{“rendered”:”

    For pre-seed startups, precarious times are baseline until they secure their first customer, first hire and first check. But no matter how built-in turbulence might be for a pre-seed founder, weu2019re entering a period where stresses are amplified and outlooks are unpredictable.n

    In light of the new market conditions, a harder fundraising market and slower expected growth, Charles Hudson (founder and general partner of Precursor Ventures) is urging his portfolio companies to reassess their futures with a refreshingly human question: u201cAre you excited and prepared to run this company for the next two years?n

    If not, you might want to do something else. Why? Because if a super early-stage company manages to survive the COVID-19 era, making it out the other end, itu2019s not clear that theyu2019ll be venture-ready when markets recover. As Hudson put it, u201cthereu2019s never been a better time to maybe fold.u201d Thatu2019s because, he explained, startups that merely survive wonu2019t be judged merely against their peers that also survived; they will also compete with brand-new startups for capital and companies that didnu2019t need to hunker down during lean times.n

    Itu2019s possible to make it through, but it wonu2019t be an easy path.n

    TechCrunch spoke with Hudson earlier this week as part of our ongoing Extra Crunch Live series that brings leading founders and investors to our (virtual) stage. Between our editors and journalists and the best questions from the audience, weu2019re working with guests to understand the new world that we find ourselves in. That weu2019re hosting these events virtually instead of in-person is testament to our changed reality.n

    But the chat was far from all gloom; Hudson is bullish on a number of things. Niche publications with subscription economics? Yes. Social services targeting particular audiences? Yep! Precursor is still cutting checks into net-new deals, and while itu2019s wrapping up its second main fund and first opportunity fund, the firm is also raising a new, larger capital pool.n

    The conversation ran the full hour we had set aside for it, meaning we had to condense some later discussions about fintech and the new trade-off between growth and profit, but we did get to diversity in venture and startups in the future, and what impact a recession might have on both (itu2019s a bigger possible impact than youu2019re considering).n

    Hit the jump for the best Hudson takeaways and the full audio recording from the session. Head here if you need Extra Crunch access; there are some trials for just a few bucks, so everyone can access the chat. Letu2019s go!n

    Raising a fund in the COVID-19 eran



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