Yahoo Finance's Julie Hyman breaks down leading business stories including losses at TikTok parent ByteDance, Binance briefly pausing its network after an exploit was confirmed, and Impossible Foods laying off workers.
JULIE HYMAN: Here are some other headlines that we're watching right now. ByteDance, the Chinese company that owns TikTok, saw its operating losses more than triple last year to $7 billion, according to a Wall Street Journal report. But ByteDance produced an operating profit in the first quarter of 2022, signaling the company could be turning a quarter-- turning that quarter after years of losing money.
The privately held company based in Beijing has long closely guarded its finances. It doesn't share financial results publicly. This report, which the Wall Street Journal says was shared internally with employees, covers the full years for 2020 and 2021, as well as that first quarter of this year.
Cryptocurrency exchange Binance temporarily paused its service yesterday due to a cyberattack, with hackers making off with an estimated $100 million worth of cryptocurrency. Binance CEO CZ Zhao tweeted this morning, confirming the exploit on its cross-chain bridge, and said that customer funds are safe. Cross-chain bridge hacks have become a top security risk recently. This incident is the latest in a recent rise in blockchain hacks.
And Impossible Foods has laid off 6% of its workforce as part of the company's restructuring to focus on future growth, according to reports. CEO Peter McGuiness reportedly said in a memo that the reorganization has been in the works for the past few months and has, quote, "created clear supply and demand functions, with an emphasis on research and development." Several employees will receive 12 weeks of salary, the folks who are leaving, plus an additional week for each year of tenure at the company, and a one-year extension for exercising stock options.