Back in 2014, some of the biggest investors in the U.S. suggested that Apple could be the first company to achieve a trillion dollar valuation by market cap, having gotten two-thirds of the way there that year before later slipping. Investment site Motley Fool yesterday acknowledged that the company could indeed be just ‘one home-run product’ away from this, but made the seemingly-unlikely argument that Amazon may get there first …
Reuters sources have said that Apple’s billion dollar investment in Chinese ride-sharing company Didi Chuxing was one of the key factors that led to Uber ceasing independent operation in the country. It was announced earlier this week that Didi had acquired UberChina in return for a 20% shareholding.
Apple invested $1B in Didi back in May, the same month that the company began actively seeking to acquire UberChina. Together with investments with Chinese tech companies Alibaba and Tencent, it was this which led Uber to conclude that it was being out-spent and would ultimately lose the expensive battle for market domination …
Back in February an East Texas court ruled that Apple must pay more than $625 million in damages to VirnetX over patent infringement related to iMessage and FaceTime. The patent case was especially notable for being one of the highest amounts rewarded in history, but the plaintiff in the case wasn’t satisfied and asked for $190 million more in damages four months later. But for now it’s back to the step one for Apple and VirnetX in this case as a federal judge has decided the case must be revisited…
Update: Apple confirms:
“iPhone has become one of the most important, world-changing and successful products in history. It’s become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day,” said Cook. “Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we’ve always set out to make the best products that make a difference. Thank you to everyone at Apple for helping change the world every day.”
With iPhone sales reported for Apple’s fiscal Q3 yesterday, the company is now at around 988.15 million iPhones sold, meaning it’s about to pass the 1 billion units sold milestone and will likely do so any day now.
Via USA Today, Apple has become the first US company to donate to China aid efforts following the mass flooding and rainfall in the region since June. The natural disaster has affected over 30 million people in 500 cities; 164 people have been killed in the tragedy.
Although a million dollar donation pales in contrast to Apple’s total business, the donation will significantly help relief efforts in China and Apple is the only American company to offer financial support so far. Apple CEO Tim Cook acknowledged the catastrophe on Chinese social media site Weibo.
Reuters this evening reports that Apple is investing $1 billion in Chinese ride-hailing service Didi Chuxing. In a statement, CEO Tim Cook explained that the investment will give Apple a chance to learn more about certain segments of the Chinese market, while it will also deliver a strong return.
According to a new report from The Economic Times of India, Apple supplier Foxconn is close to signing a deal with the Indian government to open an iPhone manufacturing plant in the country. The report claims that Apple and Foxconn have narrowed the location for the factory down to Maharashtra.
In a new report, Reuters this evening is claiming that the FBI paid less than $1 million for the tool it used to unlock the San Bernardino gunman’s iPhone 5c. Apple, of course, denied to create a tool to do so, so the FBI went through a third-party to gain access. The report, citing “several U.S. government sources,” further claims that the technique can be used on any iPhone 5c running iOS 9.
Despite Apple’s $50 billion quarter with $10 billion in profit, the January to March period marked Apple’s first quarter in 13 years without growth including year-over-year iPhone sales declines for the first time. Apple set the expectations back in January, but its stock still took a beating after this week’s earnings report. Now activist investor Carl Icahn, who has been very noisy about what he thinks Apple should do in the past, tells CNBC he has sold his massive share of Apple stock. Icahn once owned nearly 1% of Apple’s shares, and publicizing that he’s out of the stock will likely influence other investors to follow.
Following Apple’s earnings results last night, where it posted its first YOY quarterly revenue decline since 2003, AAPL has opened down more than 8% — the stock price is far below the $100 mark as morning trading begins. Apple reported revenue of $50 billion (compared against $58 billion in the year-ago quarter), on sales of 51.1 million iPhones, 10.2 million iPads and 4 million Macs.
The stock price fall means over 40 billion dollars of market cap value has been erased overnight. Market capitalization is the approximate value of the company, a multiple of the stock price and number of shares. The stock closed yesterday at $104.
Alongside its announcement of Apple’s quarterly earnings, its first revenue decline since 2003, Apple has also announced latest numbers for Apple Music, its $9.99 per month streaming music service. The company says it now has 13 million paying subscribers, up from 11 million in February.
This compares to about 30 million subscribers to leading competitor Spotify, although the service obviously had a multi-year headstart over Apple’s streaming service, which launched last June.
Later today, at about 4.30 PM ET, Apple will announce its financial earnings results for fiscal Q2, including the latest three-month sales numbers for iPhone, iPad and Mac.
Although Apple is still going to post profits in the billions, still one of the most successful companies the world by all metrics, investor expectations are low as the company guidance indicates it will report its first decline in year-over-year quarterly revenue since 2003. The primary cause? Falling iPhone sales …
Apple’s ninth annual Environmental Responsibility Report summarises the company’s work on its three environmental priorities of renewable energy, safer materials & processes and conserving resources. As part of the third of those, the company revealed that its recycling program last year recovered 89 million pounds of materials – Business Insider noting that this included a cool $40M worth of gold.
Gold is commonly used in circuit boards because it has low electrical resistance and, unlike copper, doesn’t corrode. In most applications, a thin layer of gold covers a thicker layer of copper – which was a second valuable material recovered by Apple …