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Andela Cuts 420 Junior Engineers

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  • Andela Cuts 420 Junior Engineers for Experienced Engineers

In an effort to tap into the growing demand for high-quality tech engineers, Andela has announced it would let go 250 junior talents in Nigeria and another 170 in Kenya.

According to Jeremy Johnson, the company Chief Executive Officer and Co-founder, top companies in need of Andala service are demanding for high-quality engineers but because the company’s strategy has always been to train young desirable talents and place them with global companies, it has been unable to meet the increasing demand for more established engineers.

He said Andela started sourcing and evaluating senior engineers across the African continent and now they represent 25 percent of Andela talent base.

While the rising demand for senior engineers has helped drive junior placement, it has not been enough as the company has trained over 1500 engineers in the last five years.

Johnson said: “While placing teams led by senior engineers has helped drive additional junior placement, it hasn’t been enough. We now have significantly more junior talent than we are able to place. Just as important, those junior engineers want, and deserve, authentic work experience that we are not able to provide. As a result, we’ve come to the conclusion that Andela’s next phase of growth requires a strategic shift in how we think about talent.”

Andela, therefore announced it would shift focus to senior engineers and hire 700 experienced engineers between now and the end of 2020.

“Going forward, we will hire another 700 experienced engineers by the end of 2020 in order to keep up with demand from our partners. To continue creating junior engineering talent at scale, we will invest in the Andela Learning Community, through which we’ve already trained more than 30,000 learners in software engineering fundamentals. Over the next three years, we plan to cultivate more than 100,000 engineers across the continent who will, in time, contribute to the growth of their local tech ecosystems as well as the broader technology community,” added.

Andela Challenges Going Forward

In the past, Andela has been able to attract global icons as investors because it trains African talents and places them with global companies, something most icons and global companies love to identify with.

In fact, one of the notable names, Serena Williams, said she invested in “companies that embrace diverse leadership, individual empowerment, creativity and opportunity.”

Even Andela has pushed the company brand and gain global acceptance with its mission statement, “To advance human potential by powering today’s teams and investing in tomorrow’s leaders.”

Therefore, focusing on just experienced engineers because there is a growing demand for them will hurt its attractiveness and necessitate a different marketing strategy.

Also, local governments of its operating nations in Africa may accuse the company of exporting their brightest minds since established engineers are likely to abandon their current jobs for a place in a new global RECRUITING company, Andela.

Andela will now close its D0 program in Kenya, Nigeria and Uganda to focus on just Rwanda. Suggesting that the company is cutting operating costs to focus more on profitability.

“Today, we are announcing that we are closing the D0 program in Nigeria, Kenya, and Uganda. Moving forward, we will be focusing D0 training efforts on our pan-African hub in Rwanda.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Combined Market Cap of Five Largest MedTech Companies Surged by $40bn YoY

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Health Insurance

Five Largest MedTech Companies Gained Combined $40bn Year-on-Year

The coronavirus outbreak put immense pressure on the healthcare industry, forcing pharmaceutical institutions to roll out clinical trials for a COVID-19 vaccine at breakneck speed. However, many other companies also played a huge role in identifying symptoms and keeping the virus under control, which sparked significant innovations in the medical technology market.

According to data presented by AksjeBloggen, the combined market capitalization of Johnson & Johnson, Abbott Laboratories, Medtronic, Siemens AG, and Cardinal Health Inc., as the five biggest MedTech companies globally surged by $40bn year-over-year, reaching $394.3bn in October.

Abbott Laboratories Market Cap Jumped by 31%, the Biggest Increase in 2020

The World Health Organization defines medical technology, or MedTech, as the use of knowledge and technology in devices, medicines, and procedures to advance human health. One aspect of that which has been drawing more and more attention lately is remote healthcare services or telemedicine, as the growing number of people seek medical advice from the safety of their homes.

In September 2019, the combined market capitalization of the five major Medtech companies amounted to $354.2bn, revealed the Yahoo Finance data. By the end of the year, their combined value of shares rose to $398.7bn.

However, the first quarter of 2020 witnessed a significant drop, with the figure plunging to $359.1bn after the stock market crash in March. The following months brought a recovery, with the combined market capitalization of the five companies rising to $385.4bn in June.

The increasing trend continued in the fourth quarter, with the figure increasing by $8.9bn between June and October.

As the leading MedTech company globally, Johnson & Johnson witnessed an almost $40bn increase in the market capitalization year-over-year, growing from $340.3bn in September 2019 to around $380bn last week.

However, statistics indicate that Abbott Laboratories, the second-largest MedTech firm, witnessed the most significant market cap growth in 2020. In December 2019, the combined value of shares of the Chicago-based healthcare company specialized in nutrition, pharmaceuticals, diagnostic treatments, and medical devices amounted to $153bn. After falling to 139.5bn in March, this figure recovered to $161.8bn in June and continued rising.

In August, the company announced the US Food and Drug Administration (FDA) had issued Emergency Use Authorization for its BinaxNOW COVID-19 portable and affordable antigen test that can deliver results within 15 minutes. Since March, the company has got US authorizations for five other coronavirus tests, including the ID Now that can provide results within minutes.

The Yahoo Finance data show Abbott Laboratories market cap jumped to $194.1bn last week, a 31% increase year-over-year.

Siemens AG Market Cap Rose by 20% Year-over-Year

As one of the leading manufacturers and developers of medical devices in the industry, Siemens AG has also witnessed substantial market cap growth in 2020. Their products mostly center around diagnostic equipment and medical imaging systems, the largest contributor of more than €86.8 billion in revenue in the 2019 fiscal year. Statistics show the combined value of the German company’s shares rose by 20% year-over-year, rising from $87.4bn in September 2019 to $104.4bn last week.

The market capitalization of Medtronic plc, the Irish firm that has been at the top of the industry for nearly three decades, rose by 3.5% YoY. In December 2019, the market cap of the medical device company peaked at $151.3bn. After a sharp fall to $120.8bn in March, this figure recovered to $150.4bn last week.

The Yahoo Finance data indicate that Cardinal Health, Inc., an American multinational health care services company providing supplies to more than 75% of the US hospitals, witnessed the smallest increase in the combined value of shares. Statistics show its market cap rose by $350 million after the stock market crash in March, landing at $14.3bn last week, a 3.7% increase year-over-year.

 

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Buy Now, Pay Later Apps Record 8m Installs YTD, Grows by 155% YOY

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Paypal

8.43 Million People Install Buy Now and Pay Later Apps

Data presented by Stock Apps indicates that Buy Now, Pay Later applications have recorded about 8.43 million downloads. The downloads are on a year to date basis.

Coronavirus spurs BNPL apps downloads growth

The highest downloads were recorded as of September 20th at 1.4 million. As of January 20th, the BNPL applications had been downloaded 962,000 times.

The application downloads recorded a significant decline across the year between March and April at 767,000 and 734,000, respectively.

The Stock Apps research also overviewed the application downloads on a year over year basis. As of September 2019, the apps had been downloaded 650,000 times. During a similar period this year, the apps had recorded 1.4 million downloads.

The research explained the soaring popularity of BNPL apps registered this year. According to the research report:

“The Buy Now, Pay Later apps enables customers to purchase goods with payment plans segmented into installments. The apps have been on the rise this year as the coronavirus took a toll on the economy. Most people lost their jobs as different states imposed lockdowns to contain the virus. Due to the pandemic, consumer spending dropped. Essentially, as the economic uncertainty grew, many consumers were more comfortable buying a variety of essential items that had the option to make smaller payments over time without adding to their credit card debt.”

The research also linked the rise to consumers who are shunning credit cards due to high costs.

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Netflix Subscribers Grow by 2.2M in Q3 2020 as Its Mobile App Falls Two Spots behind Disney+

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Netflix Grows Subscribers by 2.2 Million in the Third Quarter

Following a blockbuster H1 2020, Netflix’s growth slowed down in Q3 2020. According to the research data analyzed and published by ComprarAcciones, net paid subscriber additions for Q3 2020 were 2.2 million. Comparatively, FactSet analysts had estimated 3.57 million while Netflix had expected 2.5 million.

According to a report made by Netflix, it had added 15.77 million subscribers in Q1 2020 against an expected 7 million. In Q2 2020, the total number of new paid subscribers was 10.1 million versus an expected 7.5 million.

Disney+ Subscribers Grow by 60M in 9 Months vs. Netflix’s 28.1M

At the end of Q3 2020, Netflix reported a total of 195.15 million. Netflix reiterated the fact that it had missed its Q3 2020 subscriber forecast due to the company’s record performance in H1 2020.

All in all, Netflix had an additional 28.1 million subscribers added in the first nine months of 2020. Comparatively, it added 27.8 million throughout 2019. For Q4 2020, the company estimates 6.0 million additional paid subscriptions. If it achieves this forecast, total paid net adds for 2020 will be 34 million, setting a new record higher than 2018’s 28.6 million.

Moreover, Asia Pacific accounted for the highest growth of Netflix net paid subscribers, contributing 46% to the global total in Q3 2020. APAC revenue grew by 66% during the period, compared to 22.7% global growth.

According to a study by Sensor Tower, Netflix was the eighth highest grossing mobile app in Q3 2020 on both the App Store and Google Play. Streaming rival Disney+ sat ahead of Netflix, in the fifth position.

Based on a Walt Disney report, Disney+ subscribers have grown at a remarkable rate since its launch. Immediately after its launch in November 2019, it had 10 million signups, growing to 26.5 million at the end of December 2019. By the end of March 2020, the number had risen to 33.5 million and further to 50 million by April 2020. As of August 2020, it had 60.5 million subscribers.

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