Apple CEO touts future technology amid iPhone worries
As iPhone sales declined for the second straight quarter, Apple CEO Tim Cook peeled back the curtain ever so slightly on its work in artificial intelligence and augmented reality, aiming to reassure investors that the company is ready to ride the next wave of technology. Raving about hit smartphone game Pokemon GO, Cook stressed that Apple is “high on [augmented reality] for the long-run” and investing heavily. Augmented reality, in which computer-generated content is overlaid on the real world, is one of the latest fixations in the technology business, with Pokemon GO among the first applications to catch on.
Apple sells more iPhones than expected, shares jump after hours
Apple Inc sold more iPhones than Wall Street expected in the third quarter and estimated its revenue in the current period would top many analysts' targets, soothing fears that demand for the company's most important product had hit a wall. IPhone sales dropped for the second straight quarter, pushing down Apple's total revenue 14.6 percent in the fiscal third quarter, ended June 25. Demand for Apple's phones has waned in China, partly because of economic uncertainty there, and has also slowed in more mature markets as people tend to hold on to their phones for longer.
Twitter reports slowest quarterly revenue growth since IPO
By Yasmeen Abutaleb and Rishika Sadam SAN FRANCISCO/BENGALURU (Reuters) - Twitter Inc reported its slowest growth in quarterly revenue since going public in 2013 and frustrated investors yet again with a disappointing outlook for the current quarter. The microblogging service operator's shares fell 10 percent in extended trading with investors concerned about its expansion and role in the social media landscape as it faces intense competition from fast-growing competitors like Snapchat and Instagram. The company's second quarter revenue missed Wall Street estimates and the revenue forecast for the current quarter of $590 million to $610 million was well below the average analyst estimate of $678.18 million.
Analog Devices to buy chipmaker peer Linear for $14.8 billion
By Liana B. Baker SAN FRANCISCO (Reuters) - Analog Devices Inc said on Tuesday it would buy fellow chipmaker Linear Technology Corp for about $14.8 billion, the latest deal in a wave of consolidation that has swept the semiconductor industry in the past two years. By buying Linear, Analog is aiming to boost its profitability and increase its share in the fragmented market for analog chips, which process signals such as sound, light and temperature and convert them into digital signals. The deal comes on the heels of SoftBank Group Corp's $32 billion acquisition of British chip designer ARM Holdings announced on July 18.
Australia's big banks team up to challenge Apple on mobile payment apps
By Matt Siegel SYDNEY (Reuters) - Australia's three biggest banks, including no. 1 lender National Australia Bank (NAB) , on Wednesday said they had lodged a joint application with anti-trust regulators seeking approval to collectively negotiate with Apple Inc to install their own electronic payments applications on iPhones. Apple, which operates its own Apple Pay mobile wallet, does not allow third-party electronic payment apps to be loaded onto to the hugely popular smartphones. The banks are seeking to be able to negotiate jointly for access to Apple's phones without themselves being accused of violating anti-competition law.
Tesla's Musk sees 'modest' capital raise for next strategic turn
By Joseph White SPARKS, Nevada (Reuters) - Tesla Motors Inc's next strategic turn could cost the electric car maker "tens of billions" of dollars over the long term, but will likely require only a "modest" capital raise, Chief Executive Elon Musk said on Tuesday. Musk's comments during a media open house at Tesla's sprawling, battery "gigafactory" outside Reno, Nevada, come at a time when the automaker is losing money and dealing with investigations into a crash that killed a driver using its Autopilot driving-assist software. Musk seemed unwilling to let such speed bumps slow him down.
Apple supplier LG Display puts $1.8B into flexible displays
SEOUL, South Korea (AP) — LG Display Co., a supplier of Apple's iPhone screens, said Wednesday that it will invest 1.99 trillion won ($1.75 billion) to produce flexible displays for smartphones, in a sign that more high-end smartphone makers may adopt flexible screens in the near future.
Japan latest battleground in Airbnb home-sharing war
Sarah Takeda thought she had a good little business renting a traditional tatami-mat room in her house on Airbnb. Calls for change have reached the highest levels of government, which is mulling a revision to the rules, as Japan's tourist numbers hit fresh records and Tokyo scrambles to build enough accommodation to host the 2020 Olympics. "I had no idea Airbnb was against the law when I was running it," said Takeda, a pseudonym, who has since stopped renting the straw mat room for about 3,000 yen a night.