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Showing posts from December, 2018

Netflix Said To Hire Outgoing Activision CFO

Netflix CEO Reed Hastings (centre) image : Ryan Lash/TED Netflix is reportedly hiring Activision CFO Spencer Neumann who the company says it’s planning to let go of for unspecified reasons in an SEC filing . Reuters reports this hire citing a source familiar with the matter, stating Neumann who has been placed on paid leave at Activision will take helm as CFO at Netflix early 2019. According to Activision’s filing, It intends to terminate Neumann  “for cause unrelated to the company’s financial reporting or disclosure controls and procedures.”  A hire won’t come as a surprise as current Netflix CFO David Wells made known this August of his intention to step down after a long 14 years at the company. Netflix is expected to make an official announcement of this hire in the next few days, Reuters says, also noting that the company wants its next chief financial officer to be based in the Los Angeles area with a focus on production finance. Prior to Activision Blizzard, Neumann

IP Disputes Can Now Be Taken To The Chinese Supreme Court

(From Left to Right) Former UN Secretary-General Ban Ki-moon, President of the People's Republic of China Xi Jinping and Former U.S. President Barrack Obama image : United Nations Intellectual property cases can now be taken to the Chinese Supreme Court, the government said this Saturday, marking a step to strengthen protection of IP amid complaints from U.S. along with the European Union of low enforcement of intellectual property rights in the country. With China and the U.S. in talks to come to terms on a trade dispute which has led to tariffs placed on imported goods from both sides, This move likely counts as one related to this as displaying seriousness about U.S. concerns count as a step towards this. U.S. President Donald John Trump image : Gage Skidmore Even with this, Deputy chief justice Luo Dongchuan has dismissed suggestions that this move was influenced by the U.S. side. “China has for many years followed international regulations and internation

Epic Games Said To Have Banked $3 Billion Profit This Year

image : Epic Games/Hasbro Fortnite developer Epic Games made $3 Billion in profit this year according to TechCrunch which cites a source with knowledge of its business. If this stands true, it'll mark a very successful year even more than previously estimated for the Fortnite maker. Several analyst predictions estimated the company was in line to make $2 Billion in gross profits for 2018. Epic Games CEO Tim Sweeney image : Game Developers Conference  Fortnite has proved to be a money making machine with its 125 million players spending lots of cash on in-game items for the free to play title. Epic has not released any revenue statistics for any of its games, In addition to Fortnite, it also makes money from other games like Battle Breakers, Robot Recall, Spyjinx and game development platform Unreal Engine.

Dell Returns To Public Markets After 5 Years In Private Hands

Dell CEO Michael Dell image : Dell Dell has begun trading on the public stock market after listing on the NYSE this Friday under the symbol 'DELL', a move achieved through a buyback of shares that tracked financial performance of VMware, a firm it holds a majority stake in. The buyback deal involved cash and stock, worth nearly $24 billion and allowed it to sidestep a traditional listing process which would likely have seen scrutiny from investors concerning Dell's debt pile. Dell has been leveling down its debt, majority of which was issued for its 2015 $67 billion purchase of EMC. image : Dell Dell is trading at around $45 (as of writing) on the New York Stock Exchange, It opened at $46 and hit a low of $44.77 during trading today. According to the Wall Street Journal , Silver Lake Partners, a key backer in Dell's 2013 buyout is retaining its 24% stake in the company.

Tesla Adds Larry Ellison And Walgreens Executive Kathleen Wilson-Thompson To Board

Oracle's Larry Ellison image : Oracle Tesla has made two new additions to its board with the appointment of Oracle chairman Larry Ellison and Walgreens Executive Vice President and Global Chief Human Resources Officer Kathleen Wilson-Thompson as independent directors. This appointment took effect as of December 27 2018. Tesla's board, led by its Nominating and Corporate Governance Committee made this appointment after conducting "a thorough, expansive process in searching for its new independent directors, considering candidates with a wide range of skill sets from across the globe who also hold a strong personal belief in Tesla’s mission of accelerating the world’s transition to sustainable energy." The company said in its statement. Kathleen Wilson-Thompson image : Walgreens “In conducting a widespread search over the last few months, we sought to add independent directors with skills that would complement the current board’s experience. In L

Apple Will Reportedly Start Assembling Top-End iPhone Models In India Next Year

image : Apple According to a Reuters  report , Apple supplier Foxconn will begin assembling high-end iPhone models in India, potentially taking its business in the country to a higher level and likely as a way to sidestep tariffs that may arise from a U.S.-China trade war. The report says work will begin at Foxconn’s plant in the town of Sriperumbudur with a 25 billion Indian rupees ($356 million) investment set for expansion of the manufacturing facility. This may create as much as 25,000 jobs in the Indian market, it added. Model Nyle DiMaxrco (2nd from left) and Apple CEO Tim Cook (next) react to a robot dance sequence created on Swift Playgrounds (An Apple app that teaches how to code in its Swift programming language) image : Apple  A move like this makes much sense for Apple as in addition to avoiding potential tariffs from the Chinese side where it assembles the bulk of its products, India has also placed high tariffs on imported smartphones in recent years, maki

Amazon And Walmart Face Tough Rules In Indian Market

Walmart CEO Doug McMillon (left) and Flipkart co-founder Binny Bansal image : Walmart E-commerce leaders Amazon and Flipkart are facing tough rules from the Indian government aimed at preventing predatory pricing and deep discounts that pose threat to its local retail market. The rule, effective from the 1st of February require that all vendors be treated equally on the same terms and that cash back provided must be fair and not affect the price of goods and services. The Indian government has also barred e-commerce services from coercing sellers to feature products exclusively on their platforms. E-commerce companies will have to present a certificate confirming compliance to these rules along with an auditor's note to the Reserve Bank of India by the 30th of September every year for the preceding financial year. image : Flipkart Highlights noted in the government's statement include : E-commerce companies no longer permitted to offer products made by co

White House Reportedly Mulling Executive Order To Ban Purchase Of Huawei And ZTE Equipment

U.S. President Donald John Trump image by Gage Skidmore According to Reuters , U.S. President Donald Trump is considering an executive order in the new year that will bar use of telecom equipment made by China's Huawei and ZTE for U.S. companies, a move that will mark the latest by the Trump Administration to cut Huawei and ZTE from the U.S. market following concerns its equipment could be used to spy on American citizens. Reuters says the executive order which has been in consideration for over 8 months could be issued next month and would direct the United States Department of Commerce to prevent U.S. companies from purchasing equipment from foreign manufacturers that pose national security risks. President of the People’s Republic of China, Xi Jinping, China and the U.S. are involved in a trade war which has led to tariffs placed on goods traded between both nations image : Beto Barata/PR The order might unlikely name Huawei and ZTE in a direct manner

Citron Predicts Facebook Stock Could Hit $160 Next Year

Instagram co-founder Kevin Systrom, Instagram stands as main business for Facebook with growth potential in the e-commerce sector, Systrom announced his resignation from Facebook this September Photograph by Kevin Moloney/Fortune Brainstorm TECH Activist short seller Citron Research has predicted Facebook, trading at around $134 (as of writing) may hit $160 next year as it maintains revenues and user base with little impact even in the midst of several data scandals and privacy issues. After years of growth, for the first time ever, Facebook is trading at a discount to the S&P and is at its lowest multiple ever, in part to data scandals including a most recent issue involving sharing of user data with several tech giants like Spotify, Apple, Microsoft and Yahoo, it defended itself arguing this only happened with user permission granted. Indian Prime Minister Narendra Modi (left) and Facebook's Mark Zuckerberg image : Facebook "Despite Facebook’s mass

Amazon Inks A Record Holiday Season With "More Items Ordered Worldwide Than Ever Before"

Amazon Echo Buttons image : Amazon Amazon has announced it had a record holiday season with customers purchasing millions more Amazon Devices this season compared to last year, best-selling devices for this period include the new Echo Dot smart speaker, The Echo and the Fire TV Stick 4K with Alexa Voice Remote. The company also said "tens of millions of people" globally began trials or paid memberships for its Amazon Prime subscription bundle, with over a billion items shipped for free this holiday in the U.S. Its Ring and Blink product lines also had more sales this holiday season than ever before, as per its statement . Amazon retail chief Jeff Wilke, Wilke is CEO, Worldwide Consumer at Amazon Photograph by Stuart Isett/Fortune Brainstorm Tech Other highlights noted by the company for this holiday season include : Customers requesting nearly 3x as many recipes on Alexa than normal. Alexa setting over 100 million timers. Customers requesting Alexa t

Despite Turbulence, Huawei Sold Over 200 Million Smartphones This Year

Huawei has announced that it exceeded 200 million sold smartphones this year despite turbulence relating to bans of its telecom equipment and the recent arrest of its CFO Meng Wanzhou who is currently on bail in Canada. The 200 million sales came about with strengthened sales of the Honor 10, P20 and Mate 20 models which account for a significant percentage of this figure. According to Huawei, within two months of release, The Mate 20 series had shipped over 5 million units while the popular Huawei nova series sold over 65 million units units year. Huawei CEO and founder Ren Zhengfei (left) image : HM Treasury on Flickr 8 years ago, Huawei inked a little 3 million annual sales, now growing to over 200 million in 8 years, indicating high growth for the Chinese company. It says its smartphones are being used by more than 500 million countries in over 170 countries as of current. "Looking to the future, Huawei's consumer business will focus on the core concept

Here Are All The Retail Locations Apple Opened This Year

The Apple Champs-Élysées in Paris   image : Apple Beginning January this year, Apple launched new retail spots across the globe, spanning countries from Japan to Thailand, France and others. On the 26th of January, it opened its first official store in South Korea featuring 140 employees including 18 Koreans who worked in stores around the world before heading home. Here are all the stores the company launched around the globe throughout this year: Apple Garosugil in Seoul, South Korea - The company launched its first ever store in the country on the 26th of January to thousands of customers who braved sub-freezing temperatures to witness the event attended by Apple's senior vice president of Retail Angela Ahrendts. Apple Garosugil in Seoul, South Korea image : Apple Apple’s senior vice president of Retail Angela Ahrendts, welcomes customers to Apple Garosugil. image : Apple Apple Kärntner Straße in Austria - Shortly after a South Korea lau

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Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a