Samsung Galaxy Fold 2, 5G Galaxy Z Flip will launch in August 2020

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Samsung is expected to launch two new foldable smartphones in the second half of the year. An affordable foldable handset model is expected to hit the market next year, industry insiders said on Sunday. Samsung is expected to present the Galaxy Fold 2 and the 5G variant of the Galaxy Z Flip together with its flagship phablet Galaxy Note 20 at an event in August, the news agency Yonhap reported, citing the industry sources. But his affordable foldable smartphone, probably called the Galaxy Fold Lite, is unlikely to make its debut at the event, they said.
The South Korean technology giant was said to have released a version of its foldable smartphone that costs almost half the price of a normal Galaxy Fold. Technical experts have predicted that the Galaxy Fold 2 will have a 7.7-inch screen and a 6.23-inch cover display when unfolded, both of which are larger than the 7.3-inch or 4.6-inch displays of the predecessor. Samsung is expected to use ultra-thin glass (UTG) for the Galaxy Fold 2,…

Amid unprecedented growth on its platform, Acorns cuts roles and shuts down an office

Acorns, which helps millions of people invest their spare change in the stock market, has laid off between 50 to 70 people, TechCrunch has learned from multiple sources.

The Irvine, Calif.-based company would not confirm the total number of people laid off, but did confirm that there were cuts at the company as a result of broader business changes.

The news emerged days after the fintech company closed its Portland office earlier this week, one of four offices the company maintained. While Acorns offered Portland employees an opportunity to relocate to its Irvine headquarters, some roles were terminated as part of the relocation, the company said.

Employees laid off largely were members of Acorns’ support team. And the internal cuts are related to an external partnership with TaskUs, which out-sources customer care and support needs for other businesses. Acorns will bring on roughly 80 new TaskUs support roles in the next year, which the company said would grow its support team, just not its internal staff.

The internal Acorns support team will handle high-touch customer care situations via phone, while external roles will handle email support.

Beyond support roles, Acorns cut some people from various teams across the company.

Acorns has found unprecedented growth as the coronavirus brings new users into its world of investing and saving money. The company recently hit a milestone of 7 million sign-ups, continuing the trend that trading apps are benefiting from a down market.

At the same time, Acorns also launched a debit card that depends on users spending in order to make sense as a business product. Payment processing is a risky space to play in right now because consumer spending has nosedived due to shelter in place orders. It could be a weak spot for the company at the moment. Earlier today, Brex laid off 62 staff members, just one week after raising $150 million in venture capital money.

So, why does a company like Acorns, that is facing immense growth, need to do layoffs? Even if you’re winning right now, the pandemic and potential of an extended recession is forcing businesses to reevaluate the way they’re spending money. In Acorns’ case, it will have more headcount next year than it does right now. But dig a little deeper, and its choice to outsource roles and shut down an office means that growing right now can come at the cost of slimming down.

Investors in Acorns include PayPal, DST Global, Rakuten, Greycroft and Bain Capital.



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