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Spotify is adding users faster than it thought it would
After a short COVID-19 related slump in Q1 2020 and a rebound in Q2, Spotify saw big growth in subscriber numbers for its latest earnings period.
AppleCare+ now covers two incidents of accidental damage per year
Replacing an iPhone under theft or loss coverage could be cheaper too.
LG Display's TV and phone screens struggle against cheaper Chinese rivals
Unable to compete with the glut of cheaper Chinese LCD panels, LG Display has replaced its chief executive and is looking to cut jobs. Early this week, the South Korean company held an emergency board meeting to accept the resignation of Han Sang-beom and appoint LG Chem President Jeong Ho-young as the new CEO, Reuters reports. According to Financial Times, the company has also revealed a voluntary redundancy program in an attempt to reduce its domestic workforce.
The Internet Archive will host 490,000 music tracks 'lost' by MySpace
When MySpace announced that it had "accidentally" (and there are question marks around that) lost 12 years of content last month, former users were devastated to learn that many of their audio files -- which they assumed would continue to exist on the site like a digital archive -- had been lost forever. But The Internet Archive comes bearing good news, having managed to salvage a collection of MP3s it's calling the "MySpace Dragon Hoard."
Drone giant DJI will take a huge loss due to employee fraud
The world's largest drone-maker, DJI, has reported that it will take a loss of up to a billion yuan ($150 million) due to employee fraud, according to Bloomberg and other sources. The company said that it fired multiple employees who apparently inflated parts costs to pad their own pockets. DJI discovered the "extensive" corruption during an internal probe and has contacted law enforcement.
Uber lost over $1 billion in Q3 as it closes in on an IPO
Uber, according to its self-reported financials, said it lost (on a GAAP basis) $1.07 billion as it continues to invest in new areas, such as bicycles, scooters and freight shipments. The company is still growing however, as revenue rose 38 percent from a year ago to $2.95 billion. Albeit, those gains are down 51 percent from the previous quarter, meaning that overall the speed of growth is slightly down. Uber earned $12.7 billion from gross bookings, or the money it makes after paying commissions to drivers and delivery people, which is up 34 percent from the previous year.
Lenovo continues to struggle as a smartphone maker
Lenovo has published its earnings for the fourth quarter of the 2017/18 financial year, and the results are... mixed. One of the report's biggest headlines is that the company posted its fastest pace of revenue growth in more than two years, thanks largely to signs of life from its PC arm -- revenue here climbed 16 percent to $7.7 billion during the quarter. Lenovo currently holds the unenviable title of world's worst performing technology stock, so it's clearly keen to tout this figure, and indeed, the company's shares climbed as much as 4.4 percent after it published the results.
Fitbit CEO says its first smartwatch will be ready for the holidays
Looks like Fitbit's new smartwatch will arrive before the holiday season, according to the company's CEO. In its second quarter earnings report, he noted that the wearable is "is on track for delivery ahead of the holiday season and will drive a strong second half of the year." Fitbit desperately needs a win and the device could give its revenue a big boost.
LG would make more money if it wasn't for smartphones
You know it's bad when your mobile business gets trounced by the rival that sold a smartphone that actually blew up in its customers pockets. That's the situation over at LG, whose mobile communications division contrived to lose $389.4 million across the last three months. In the company's latest financials, it's revealed that LG shipped 13.5 million devices and saw US sales increase by 14 percent quarter-on-quarter. But that's pretty much the same thing the company achieved in every quarter since the start of 2014, and that plan stopped making a profit partway through 2015.
Samsung's Note 7 crisis will cost at least $2.34 billion
Do you know what's really bad for your business? Selling a smartphone with a tendency to explode in your customer's pockets. That's why Samsung has revised its quarterly profit guidance, suggesting that it'll lose out on $2.34 billion in the current three-month period. That loss is all down to the Note 7 and its propensity for self-immolation that has so baffled the company's engineers.
HTC's 10 and Vive boost sales, but the future still looks grim
HTC's Vive VR headset and HTC 10 smartphone sold briskly in Q2 2016, boosting revenue 27 percent over last quarter to 18.9 billion Taiwanese dollars ($598 million). The bad news is that compared to the same period last year, sales are down 42.7 percent -- not quite as bad as the 64 percent tumble last quarter, but still a precipitous drop. The company had an operating loss of 4.2 billion Taiwanese dollars ($133 million), making five straight quarters of futility.
When will LG's smartphone patience run out?
LG is happy to announce that, thanks to its home appliance and entertainment divisions, it's made a record quarterly profit. But the company is less delighted to concede that its mobile division has suffered another weak quarter, ostensibly due to lukewarm sales of the LG G5. But LG's problems run a lot deeper than just an underwhelming flagship: It hasn't booked a profit since the second quarter of 2015. Even then, it was making a measly 1.2 cents in profit on every handset it sold, which wasn't much to brag about.
HTC sales fell off a cliff over the past year
All is not well at HTC. It today posted another difficult earnings report detailing its fourth consecutive quarter of losses. The Taiwanese manufacturer, which has just released its latest flagship smartphone, the HTC 10, lost roughly $148 million between January 1st and March 31st. More worrying still is the drop in revenues when compared to 2015: HTC brought in 41.5 billion Taiwanese dollars this time last year (and broke even), versus 14.8 billion this year. That's a 64-percent drop in revenues.
Volkswagen chokes on its first loss in 15 years
After inventing a diesel engine that doesn't emit any harmful gases into the atmosphere, you'd think that VW would never run out of money ever again. Despite this, the German auto maker has just posted a quarterly loss of €3.48 billion ($3.84 billion) which, if we're honest, makes very little sense. After all, the financial documents reveal that the firm was making a pile of money up until September, and then everything drops off a cliff. The only thing that makes sense is if something totally implausible took place, like discovering that the firm was using software in a global system of emissions fraud. But, if we're honest, nobody in their right mind would attempt something so irresponsible as that, would they.
AT&T took a $10 billion hit, but it's hoping you won't notice
In an extra-special Friday-night-before-a-holiday-weekend news dump, AT&T just announced that its Q4 results will include about $10 billion in charges. That includes a $7.9 billion "related to actuarial gains and losses on pension and postemployment benefit plans", plus a $2.1 billion charge for abandoning some copper lines it says it doesn't need anymore. Of course, you're probably already well into whatever your weekend plans are, so you'll barely even notice this happened once you get back to work on Tuesday -- which is just how AT&T hoped it would go. [Image credit: shutterstock]
EVE Online player loses $1,500 in a ship attack
You would think that no one in EVE Online would ever risk carrying around a huge pile of PLEX these days, especially after the last dozen times that something went south while someone was transporting large sums of money. But Ozuwara Ozuwara was not the kind of player to be deterred by the very real possibility of having his precious cargo destroyed. So he loaded $1,500 worth of PLEX into his ship, set off for deep space, and then got blown up by fellow player Diorden without ever making his way out of high-security space. Yes, all of the PLEX was destroyed, all 84 pieces, which comes out to roughly 70 billion ISK on the open market. The bright side is that this might at least teach the lesson that this cargo is too valuable to cart around unguarded, by which we mean that you can check back in here a couple of months from now to see the same thing happen again to another player.
Don't call it a fire sale: Amazon's Phone is now $199
When we reviewed Amazon's Fire Phone, we said that you'd better off waiting for the sequel. That's good advice for you, but not ideal for the company, since it ate a $170 million loss and has $83 million worth of unsold devices piled high in warehouses. It's probably for that reason that the company has, once again, slashed the off-contract price of the handset down from $449 to $199. Technically, of course, since the device comes with a year's free Prime subscription (worth $99), you're only really paying $100, which you have to admit is pretty damn cheap. You're still probably better to wait for the follow-up, though.
Sony forecasts fifth annual loss in six years
Sony expects to post a 50 billion yen net loss (around $490 million) in the current fiscal year, making it five annual losses across the last six years. The projection is a significant improvement from the 128.4 billion yen loss ($1.26 billion) Sony posted today for the year ending March 31, 2014, but it still sees the Japanese company languishing in the red. The projected loss is tied to Sony's ongoing restructuring, and the costs of that bleeding into this year. Despite recording 177.4 billion yen ($1.74 billion) in "impairment charges" last fiscal year, Sony expects approximately 135 billion yen ($1.32 billion) in remaining costs this year, with 80 billion yen of that ($783 million) related to losses from exiting the PC business back in February. As far as the PlayStation division goes, the outlook is rosier for the newly segmented "Game and Network Services" (Sony used to report the results of the "Game" division on its own). Sales rose by nearly 40 percent in the last fiscal year thanks to the PS4, but launching a new console contributed to an operating loss of 18.8 billion yen ($184 million), as did the closure of several MMOs. However, Sony expects to turn that loss into a gain this year. [Image: Sony]
Sprint loses hundreds of thousands of customers due to 'service disruption'
Now that T-Mobile has upped its game, Sprint is left as the only major US carrier still struggling with financial losses. That didn't get much better this quarter, as the company lost 364,000 pre-paid and 231,000 valuable postpaid customers. It says the losses were anticipated, and were largely due to widespread annoyance at disruptions to its service, caused by the ongoing overhaul of its network infrastructure. Whatever the reason, the end result was the same old story: It finished with a net loss of $151 million for the quarter. The good news, however, is that Sprint's losses seem to be getting smaller as time ticks on -- it actually lost four times as much money in the same period last year.
Sprint still struggling despite growing subscriber base and smartphone sales
Sprint has just revealed its Q4 2013 earnings, and despite increasing its postpaid subscriber base to a record 53.9 million, it still managed a net loss of $1 billion -- nearly four times worse than last quarter. That continues the US carrier's recent losing streak, and is especially notable during a holiday period when AT&T, Verizon and T-Mobile all had gangbuster quarters. On the plus side, it managed to hit its LTE coverage goal of 200 million people, but that figure is still the lowest of all the major carriers. It also sold 5.6 million smartphones compared to 5 million last quarter, with 20.5 million sold for the year. That accounts for 95 percent of postpaid subscriber sales, which tops its main competitors. With few other financial bright spots, though, new owner Softbank might be wondering what it got itself into.
