Domain Daily: VR on the Factory Floor

The Dose

  • Snap Sounds the Alarm

  • Fed Crypto Data

  • Bon Voyage

  • Microsoft Does Manufacturing

Snap Out of It

Snap warned it would miss its quarterly revenue and earnings targets. The social media company said economic conditions have deteriorated "further and faster" than anticipated.

The Point: Ad spending is an economic indicator. When times get tough, cutting ad budgets is an easy way to save cash. So it's alarming that Snap adjusted its guidance just weeks after first issuing it. Wall Street took Snap's announcement as a sign that things might be rougher under the surface than they currently appear.

More on Economic Conditions

Surveying Crypto

12% of Americans held cryptocurrency in the last year, according to the Federal Reserve's latest annual Economic Well-Being of U.S. Households survey. It's the first time the Fed has included cryptocurrency in the report.

The Point: The report also shows crypto is overwhelmingly used as an investment rather than for payments. Further, nearly half of those who said they owned crypto reported annual incomes over $100,000. For reference, the median household income was $67,521 in 2020. However, 60% of those who said they used digital currencies for transactions reported making less than $50,000 per year. 

There are two takeaways. First, we're still early when it comes to adoption (check out this animation from our social media team as further evidence). Second, how people use crypto depends on their economic status.

Investors and Crypto

Airbnb Leaves China

Airbnb is closing its China business. The company will remove all mainland listings by July 30th. 

The Point: The vacation rental firm cited "pandemic challenges" for its decision. Airbnb only gets about 1% of its revenue from China, so it's not overly concerning from a business perspective. However, there's an emerging trend of American tech companies exiting the world's most populous country. Uber and LinkedIn have already called it quits. That's a pattern worth monitoring. China is the world's second-biggest market. Not being able to do business there severely limits a company's growth prospects.

Check prices in the app

Metaverse for Manufacturing

Microsoft’s "industrial metaverse" is coming to Kawasaki factories.

The Point: In these early days, it's challenging to see practical applications for the metaverse. The temptation is to view it merely as an escape from reality. But Microsoft's deal with Kawasaki shows it can be so much more. Microsoft's HoloLens overlays data and tips on top of the real world. That can make training new workers easier and help with complex tasks like repairing a broken down assembly line. Kawasaki is just the latest company to enter Microsoft's new world. Heinz and Boeing are already putting it to use.

About the Metaverse

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*The content team responsible for the above content uses primary and secondary sources they believe to be accurate, which includes but is not limited to Bloomberg, The Wall Street Journal, Financial Times, and CNBC, among others. 

*  Domain Money Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission and an affiliate of Domain Money, has (as of this writing) the following assets mentioned in this communication as part of its managed portfolios: SNAP, ABNB, UBER, MSFT