Revenge of the mutual funds

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Hello and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Our Monday show covers the latest in tech news from the weekend and what’s making headlines early in the week. This fine Monday we are celebrating the start of June, and the fact that there are still earnings rounds for us to cover and enjoy! Here’s the show rundown:

• Stocks are mixed around the world this morning while crypto stays pretty flat. Earnings this week that we’re excited about include Gitlab, Couchbase, Yext, Smartsheet, and Hashicorp. (We’re also keeping an eye on the Atomic Wallet hack.)
• Reddit’s proposed API changes (charges, more like) are having a pretty big impact on the service’s userbase; there are calls for a blackout of certain forums in response to the proposed updates. Reddit, on the other hand, is a business and needs to make money.
• Sticking to social media, news broke this morning that Twitter’s revenues are down sharply compared to year-ago totals, at least when we consider its American advertising incomes. Twitter does more than just ads in North America, but given that it’s likely a pretty big chunk of its total top line, it’s not good news.
• Canva’s valuation was slashed by a mutual fund (something that we have seen a lot lately), the latest in a string of similar headlines for other unicorns.
• Closing, WWDC is today. Get. Hype.