Plus, Apple stock falls following analyst report on iPhone productions. And Sonos unveils a plan to win back customer trust after disastrous app release. Zoe Thomas hosts.
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[00:00:00] [SPEAKER_00]: Exchanges, the Goldman Sachs podcast featuring exchanges on the forces
[00:00:05] [SPEAKER_00]: driving the markets and the economy. Exchanges between the leading minds at
[00:00:10] [SPEAKER_00]: Goldman Sachs. New episodes every week. Listen now. Here's your TNB Tech Minute
[00:00:18] [SPEAKER_02]: for Tuesday, October 1st. I'm Zoe Thomas for The Wall Street Journal. Social media
[00:00:24] [SPEAKER_02]: company Snap grappled internally with how to warn users about the risks of
[00:00:29] [SPEAKER_02]: sextortion on its app, without striking fear in young users and their parents.
[00:00:34] [SPEAKER_02]: That's according to an unredacted version of a lawsuit filed by New Mexico against Snap last
[00:00:40] [SPEAKER_02]: month. New Mexico accused Snap of prioritizing growth over safety and failing to effectively
[00:00:47] [SPEAKER_02]: address or disclose features of Snap's product that allow for abuse and blackmail. A rough
[00:00:54] [SPEAKER_02]: internal analysis by Snap in November 2022 found the company was receiving 10,000 reports of
[00:01:00] [SPEAKER_02]: sextortion each month and that those reports likely represent a small fraction of abuse,
[00:01:06] [SPEAKER_02]: according to internal documents cited by the state. In response to the suit, a spokeswoman
[00:01:11] [SPEAKER_02]: for Snap said the company made deliberate design choices to make it difficult for strangers to
[00:01:16] [SPEAKER_02]: discover minors and that Snap continues to work on additional safety measures.
[00:01:22] [SPEAKER_02]: Apple's shares slipped nearly 3 percent after an analyst from Barclays reported indications that
[00:01:28] [SPEAKER_02]: the company may have cut production orders of its latest iPhone 16 family. It's the latest
[00:01:34] [SPEAKER_02]: indication of weaker demand for the new smartphones. The note indicated a reduction of about 3 million
[00:01:40] [SPEAKER_02]: units for a quote, key semiconductor component used in iPhones. Apple hasn't said anything
[00:01:46] [SPEAKER_02]: publicly about its build plans and is unlikely to comment on new iPhone sales until it reports
[00:01:53] [SPEAKER_02]: fourth-quarter earnings in about a month. And Sonos Today unveiled a plan to win back customer
[00:01:59] [SPEAKER_02]: trust following an internal review of its disastrous app rollout earlier this year,
[00:02:04] [SPEAKER_02]: which left many customers unable to use their speakers. The company announced an extended
[00:02:09] [SPEAKER_02]: warranty, new testing procedures, and the establishment of a customer advisory board.
[00:02:15] [SPEAKER_02]: The troubled app release led Sonos in August to cut the projected revenue range for its fiscal year
[00:02:22] [SPEAKER_02]: by about 8 percent. Today's statement gave no new financial update, but the company said more than
[00:02:28] [SPEAKER_02]: 80 percent of the app's missing features have been fixed and it expects to have quote, almost 100
[00:02:34] [SPEAKER_02]: percent restored in the coming weeks. For a deeper dive into what's happening in tech, check out
[00:02:39] [SPEAKER_02]: Wednesday's Tech News Briefing Podcast.
[00:03:09] [SPEAKER_01]: oracle.com slash wall street