Back in February, Snapchat parent company Snap Inc filed for a $3 billion initial public offering and today, the company has reported its earnings for the first quarter of 2017. The numbers, as you can tell from the company’s stock plunge, were considerably less than initial Wall Street estimates…
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Apple has announced its latest quarter results including $52.9b in revenue with $11.03b profit from 50.7m iPhones, 8.92m iPads, and 4.19m Macs sold. In terms of new products, the quarter includes launch day sales for the cheaper $329 iPad and Product RED iPhone 7 and iPhone 7 Plus.
FY17 Q2 results compare to the previous quarter’s $78.4 billion in revenue, $17.89 billion in profit, 78.3 million iPhones, 13 million iPads, and 5.3 million Macs. In the same quarter a year ago, Apple reported $50.6 billion in revenue, $10.5 billion in profit, 51.1 millions iPhones sold, 10.2 million iPads sold, and 4 million Macs sold.
Full press release after the break, and stick around for our earnings call live blog at the top of the hour:
Update: Apple confirmed that its cash reserves now sit at $256.8B.
Apple Inc. is expected to report Tuesday that its stockpile of cash has topped a quarter of a trillion dollars, an unrivaled corporate hoard that is greater than the market value of both Wal-Mart Stores Inc. and Procter & Gamble Co. and exceeds the combined foreign-currency reserves held by the U.K. and Canada combined.
While there’s as yet no official confirmation of the number, it seems a pretty safe bet …
Instagram has become quite competitive lately with new features that take on Snapchat directly, and now the social network has shared that it has 700 million users which is a new milestone. Instagram made the announcement in a blog post this morning:
Apple has announced that it now has two million Final Cut Pro X users – or ‘seats,’ in the terminology used when speaking to an audience at the National Association of Broadcasters’ annual conference.
Apple said that it hit the milestone some five and a half years after launching version 10 of the professional video editing app. Notably, it said that the pace of adoption was increasing. While the company didn’t provide specific dates, it said that it had taken much less time to grow from 1M to 2M users than it had taken to hit that first million.
The milestone is significant given initial reactions to the app …
Qualcomm has released its quarterly earnings results and acknowledged the ongoing legal dispute with Apple in detail. Specifically, Qualcomm says Apple’s suppliers have “withheld ~$1 billion from their payments” over royalties for sales activity in the December quarter alone. Qualcomm has also provided a wide range of guidance for its next fiscal quarter because of the ongoing legal battle…
Apple manufacturer Foxconn is said to have made a large bid for Toshiba’s NAND storage unit. According to a new report from The Wall Street Journal, Foxconn this week offered up $27 billion for the business, a bid considerably higher than had previously been offered by companies such as Broadcom.
Apple is preparing its supply chain for the onslaught of next-generation iPhone sales in the fall, expected to be a bumper year with much anticipation for the radical ‘iPhone 8’ redesign. According to ETNews, via Digitimes, Apple has agreed a two year contract with Samsung Display to supply curved iPhone OLED panels.
Samsung is apparently upping capacity to as much as 92 million units in 2017, as demand from Apple rises. Apple uses OLED in Apple Watch and the MacBook Pro Touch Bar already, but the iPhone 8 represents the first time the company will use the display technology in the iPhone, it’s biggest product.
Instagram has steadily been introducing new features to its photo and video sharing service, and that appears to be paying off. TechCrunch reports that Instagram has shared it now has 1 million monthly active advertisers, up from half that in September and just 200,000 a year ago.
Instagram’s user base includes 400 million daily active users with 80 percent of all users following a business, the report adds, and Instagram plans to leverage that with new features.
Apple has revealed that it will be investing more than $500M in research & development in China, as it today announced plans for two more R&D centers in the country.
Apple says that there is a compelling reason for the investment …
The streaming music subscription battles continue to be fierce as Spotify announces today that it has crossed 50 million paid subscribers for its service. This is up from 40 million in September, an increase in user-base of 25% over about five months.
The U.S. Court of Appeals for the Federal Circuit made a decision today to throw out the verdict of a two-year old legal case against Apple based on data storage patents. The original verdict reached by a Texas jury stuck Apple with $533 million in damages.
Apple appears to be planning to further expand its data center presence in Northern Nevada according to a newly surfaced building permit. An application that was filed and withdrawn on February 2 points to a $50 million data center codenamed Project Isabel with Apple listed as the client.
Samsung has signed a deal with Apple to make 160 million OLED panels for the company’s next-generation iPhone, according to the Korea Herald. The iPhone 8 will likely debut in the fall with an OLED screen and Apple needs all the panels it can get for its new flagship phone.
The iPhone 8 is expected to distance itself from the iPhone 7 with a radical new all-glass design, an OLED screen between 5.2-5.8 inches, wireless charging. Rumors indicate the phone will have almost no bezels with the Touch ID home button somehow integrated into the screen.