Practice is perfectly legal, admits government, but abused
Apple's practice over the past decade of funnelling all of its foreign profits through its international sales office in Cork, Ireland has allowed it to skip out on taxes in some other countries on billions of dollars in profits, according to an audit done by the Australian Financial Review. In Australia, Apple has paid only $200 million on ten years' worth of profits, totally nearly AUS $9 billion, the report said.
Barnes & Noble announces plans to launch new Nook devices in early 2015
Barnes & Noble has released its third quarter financial results today, which highlights narrowed losses compared to previous reports. In addition, the company has announced its plan to launch a new Nook color e-reader in early fiscal 2015. As reported last June, Barnes & Noble suffered losses on its Nook tablet lines, and subsequently announced its move to co-brand future Nook tablets with third-party manufacturers. This move was to assume less risk in production, while still earning money from devices sold and allowing for room to focus on its digital bookstore.
Sprint claims 53.9M subscribers, 5.6M smartphone sales
Sprint's latest quarterly results show it has suffered a loss of $1.04 billion, an improvement on last year's $1.32 billion loss, under its second quarter of ownership by SoftBank. Revenue from the carrier enjoyed a year-on-year increase from $9 billion to $9.14 billion in the fourth quarter, also up from its third-quarter results, giving it a full-year revenue of $35.5 billion.
Fourth quarter results of 2013 show year-on-year decline in revenue
HTC will be moving towards offering more lower-specification devices in the future, the company has revealed. The move toward mid-range smartphones comes at the same time as the company announced its results for the fourth quarter of 2013, as well as an estimate for the first quarter of 2014 suggesting it will see another drop in revenues.
Profits across entire company, except for mobile phone unit
LG has seemingly improved its finances from the previous quarter, but managed to achieve a net loss, according to its latest financial results. Revenues of $14.03 billion gave it an operating profit for the quarter of $223.89 million, though this apparently dropped to a net loss of $60.2 million when currency movements were taken into account.
Nokia quarterly results omit sales figures for Lumia devices
Nokia has hinted at what its finances will be like in the future, in what is believed to be its last quarterly financial report before the company's mobile phone arm gets acquired by Microsoft. The company's Solutions and Networks, Here, and Advanced Technologies segments earned a profit of 408 million euro ($556 million) for the fourth quarter, an improvement when compared to the 344 million the sections earned in the third quarter.
Potential for money laundering, tricky regulation causes China Bitcoin setback
The Bitcoin virtual currency has received a setback on its path to widespread use, after China's central bank advised against its use by the country's investors and banks. The People's Bank of China (PBOC) warned financial institutions that they should not trade in Bitcoins due to the potential risks associated with the currency.
Share price change expected to net the company $1.8B
Twitter has updated the set price per share for its Initial Public Offering (IPO) to $26 each, potentially valuing the company at $18 billion. The offering of 70 million shares is up from the previous expected range of $17 to $20 per share, and in the process earns the company $1.82 billion, along with increasing the overall valuation of the company even higher.
Subscriber gains not enough to avoid $36M loss for third quarter
T-Mobile has managed to increase its customer numbers yet again, with its third-quarter results claiming another million users. Adding to the 1.1 million increase from the previous quarterly results, the carrier gained 643,000 branded postpaid subscribers, though this still didn't prevent the company from making a net loss of $36 million for the period. The total number of customers on T-Mobile is said to be more than 45 million across the entire company.
Sprint loses 313,000 customers, sells 1.4M iPhones in quarter
Sprint's first full-quarter earnings report after the completion of SoftBank's takeover and the acquisition of Clearwire gives it good news and bad news in equal measure, with the carrier's revenues rising to $7.3 billion compared to the $7.2 billion in the previous quarter. Operating losses at the company have shrunk to $398 million, an improvement on last quarter's $874 million loss, though it is still a greater loss than the $231 million in the same period last year.
Lumia sales improve year-on-year from 2.9M to 8.8M
Nokia has made an unexpected operating profit of 118 million euros ($162 million) for the third quarter, according to its latest financial results. The profit, stemming from net sales of 5.66 billion euros ($7.8 billion), is a marked turn-around from the $755 million lost for the same period last year, and helps to compensate for the $151 million operating loss it endured in the second quarter.
Verizon earns $30.3B revenue, 1.1M more wireless customers
Verizon has beat Wall Street expectations in its third quarter financial results, adding more than 1.1 million new customers to its wireless service in the period. Overall Verizon revenues of $30.3 billion marks a year-on-year increase of 4.4 percent, with the wireless business increasing its contribution to the total to $20.4 billion, up by 7.2 percent compared to last year.
First loss in HTC corporate history since going public
Samsung and HTC have both released unaudited quarterly earnings estimates, with wildly different results. While Samsung states it enjoys an operating profit of 10.1 trillion won ($9.3 billion), HTC managed to have a net loss of NT$2.97 billion ($101 million), its first quarterly loss in the company's history since it went public.
Despite generous shareholder dispersals, company still mega-profitable
Such is the level of Apple's success in making its mobile device, Mac and even its "hobbies" profitable that despite a $60 billion stock buyback program and additional billions given out in dividends, the company continues to make bank faster than it can disperse its capital. According to a new report from Moody's, Apple has at least $147 billion in reserves unencumbered by debt, accounting for about 10 percent of all the cash held by non-financial US companies.
Silver Lake deal worth $25B to complete by November 1st
Dell has cleared its final hurdle to going private, by receiving regulatory approval. The PC producer has revealed it has received "all necessary pre-merger regulatory clearances" for the $25 billion buyout by Silver Lake Partnerships and Dell founder Michael Dell, with the deal expected to close before the end of the third quarter of Dell's financial year, November 1st
Low revenues, high losses confirmed, conference call cancelled
BlackBerry has released its quarterly financial results, on the same day as its Z30 smartphone goes on sale in the United Kingdom. Just as it expected, it managed to earn $1.6 billion in revenues for the second quarter, down from the $2.9 billion in the same period last year, though the operating loss is marginally less than the $1 billion predicted, reaching $965 million.
Full purchase by largest shareholder
BlackBerry has finally signed a formal agreement with a potential buyer, Fairfax Financial Holdings, which has agreed to pay a total of $4.7 billion for the struggling smartphone maker. The Fairfax consortium is currently the company's largest shareholder, holding a 10 percent stake, with the remaining shares to be purchased for approximately $9.
Stock trading suspended for company in Toronto exchange, Nasdaq
Beleagured BlackBerry does not appear to be able to recover from its financial condition any time soon. Amid reports of its stock sales being stopped in Toronto and on the NASDAQ exchange, the company confirmed rumors that it will be laying off 4,500 workers in what may be a last-ditch to improve company finances. The move is necessitated by an expected second quarter operating loss of nearly one billion dollars on revenue of $1.6 billion from sales of 3.7 million phones and the attendant subscription fees.
Bipartisan agreement that ITC overreached in SEP punishment
On the first trading day following the news that the Obama administration had overturned the ITC's unusual SEP-based sales injunction that would have affected AT&T-model iPhone 4 and iPad 2 (and older) devices, world financial markets made their opinion plain: over $1B in Samsung's market capitalization was wiped away, while Apple gained nearly $7 billion as its stock price to continues a recent resurgence. AAPL closed up almost five percent to $469.45 and continues to edge up in after-hours trading, while Samsung shed a percentage point.
Quarterly loss considerable year-on-year improvement from $1.2B
Sharp has reported an improvement in its financial situation in its latest quarterly results, as the company fights to shake off the monetary issues endured in the last year. While it managed to report a loss of 19.9 billion yen ($182 million) for the quarter, it is a significant improvement from the $1.2 billion loss it endured last year.
For a change, Wall Street out-picked the numbers from indie analysts
Before any Apple quarterly financial conference call -- starting weeks before the end of the quarter -- pundits and analysts offer their educated guesses on how well Apple will do or did in both sales and revenue. Traditionally, Apple gave very conservative guidance and hedged its bets, and analysts were often blown away by the actual results. After years of second-guessing, Apple offered to provide what it felt was the most probable truthful guidance. It took a while, but analysts are paying attention -- and for this quarter, the pros mostly got it right.
Lumia shipments for quarter outpace entire BlackBerry range
Nokia appears to be stabilizing itself financially, though it is still not profitable, according to its latest quarterly results report. The Finnish phone producer managed to receive revenues of 5.7 billion euro ($7.5 billion) and an operating loss of 115 million euro ($151 million), a minor decrease from the 5.9 billion euro ($7.7 billion) revenue and 150 million euro ($197 million) loss of the first quarter, but an improvement from the 824 million euro ($1 billion) loss in Q2 last year.
Samsung to miss predicted 10 trillion won profit target by analysts
Samsung will be reporting another record-breaking quarter when it releases its financial results for Q2 2013 later this month, according to a newly-released earnings guidance statement. Despite the good news, the achieved profit is said to be far lower than financial analysts predicted, with a general belief that it has undersold the Galaxy S4 and other smartphones.
Only 2.7M BB10 OS smartphones shipped in Q1, 6.8M shipped in total
BlackBerry shipped just 2.7 million BlackBerry 10 OS smartphones in the first quarter of its 2013 to 2014 financial year, according to released results. Though the sales of the Q10 and Z10 devices could be seen as disappointing, the news is worsened by it being less than half of the 6.8 million phones shipped in total for the period, with the bulk of that figure made up of previous-generation devices.
Complaint to cease and desist money transfers sent to Bitcoin support organization
The California Department of Financial Institutions has attacked the Bitcoin virtual currency, by sending a cease and desist letter to the Bitcoin Foundation. The group, which serves to standardize, support, and promote the Bitcoin protocol, was sent the order to stop late last month due to alleged monetary transmissions without proper licensing.
Reportedly hiring actor Downey Jr. for HTC marketing campaign
HTC reduced the amount of pay its executives received by more than half in 2012, following low smartphone sales and relatively poor financial results. Details from an annual financial report released today comes amid reports that the smartphone producer has signed on Robert Downey Jr. for a two-year global marketing campaign.
Income rises 38 percent, China shipments up 74 percent
Lenovo has managed to reach new records in annual sales and annual pre-tax income over the last year, according to its latest quarterly financial update. The computer producer reports annual sales of $34 billion for the entire year, an increase of 15 percent compared to last year, and a 38-percent increase on taxable income to $801 million.
No major stock movement in after-hours trading expected
HP today announced financial results for its second fiscal quarter ended April 30, 2013. Second quarter diluted earnings per share was $0.55, down from $0.80 in the prior-year period and above its previously provided outlook of $0.38 to $0.40 per share. For the second quarter, net revenue of $27.6 billion was down 10% year over year.
Three-year plan will halve employee count at head office
Sharp will be drastically cutting its number of employees over the next three years, as part of a plan to financially rectify itself. Out of the 51,000 currently employed by the company worldwide, Sharp will be reportedly cull 5,000 jobs across the board, with its main office in Osaka, Japan losing approximately half of its workforce.
Exchange of ownership for $774 million in cash, stock, to help simplify business
Electronics retailer Best Buy is selling its stake in Carphone Warehouse Group to co-owner Carphone Warehouse, in its continued efforts to financially turn itself around. The sale, which sees Best Buy exchange its holdings in the European entity for £500 million ($774 million) in cash and stock according to a statement, effectively ends Best Buy's faltering expansion into the continent.
Profit for year hits $403 million, beats own estimates
Sony has managed to earn its first annual profit in five years, according to its most recent full-year financial report. Net income for the year ending March 31st saw the company earn 40 billion yen ($403 million), an improvement from the 456.7 billion yen ($6.4 billion at the time) loss earned in the 2011-2012 fiscal year, and beating the 20 billion yen ($213 million) profit it reportedly expected to earn in previous reports.
Wireless data revenues up 21 percent, 1.2M smartphone sales
Quarterly results from AT&T shows the company has managed to increase its year-on-year earnings by $100 million to $3.7 billion, matching the expectations of Wall Street. The financial information also tells that its consolidated revenues of $31.4 billion is down 1.5 percent compared to the same period last year.
Carl Icahn, Michael Dell offers still alive
Blackstone Group is ending its offer for control of Dell, citing a 14-percent drop in PC sales for the first quarter of 2013 and a lower earnings forecast for the current financial year. The withdrawal of Blackstone leaves founder Michael Dell and equity partner Silver Lake to fight with Carl Icahn for ownership of the PC manufacturer.
Four million iPhones activated on Verizon in quarter
Verizon has managed to secure an extra 677,000 subscribers to its postpaid wireless service in the first quarter of this year. Quarterly financial results released by the carrier show it as having a total of 720,000 net retail connections for the quarter, with its entire wireless subscriber base hitting 98.9 million, a year-on-year increase of 6.4 percent.
Over $1.1 billion in revenue earned company $390 million
Yahoo today released quarterly financial results that approached, but fell short of, Wall Street expectations. The company's net revenue reached $1.07 billion, the low end of what the company forecast in January, with analyst estimates at $1.1 billion. Yahoo said it earned $390 million, or 35 cents a share in the first three months of the year, compared to $286 million, or 23 cents in first quarter of 2012.
Revenue rise down to 2.5 billion in chip shipments
Processor designer ARM has revealed pre-tax profits have risen 16-percent in the fourth quarter of 2012, compared to the same period the year before. The rise sees the company earning £80 million ($126 million) from revenues of £164.2 million ($262.8 million), itself up by 21-percent from the £137.8 million ($217 million) in Q4 2011.
Reveals increases in R&D spending, iTunes revenue and profit
Closer analysis of the financial reports Apple has filed with the SEC reveals that some accounting changes the company made to increase transparency in its reporting of some expenditures and revenue has also revealed increases in both investments and profits in various divisions. The company increased its investment in Research & Development (R&D) by a full 33 percent in the December quarter, about the same as it did the year before. The reclassifications show that iTunes as a business is about the size of Microsoft's Windows and Office businesses.
Quarterly profit significant improvement to $1.2B loss in Q4 2011
Nokia made a profit of €439 million ($585 million) in the fourth quarter of 2012, according to recently released financial reports. Full year results for 2012 saw that the losses in previous quarters still puts the company at an overall loss of €2.3 billion ($3 billion), despite the Lumia-based sales uptick seen in the last quarter.
Credentials stolen from company, bank failed to prevent theft
A financial institution in Maine has agreed to reimburse a construction company $345,000 that was stolen by hackers following a ruling that the bank had "commercially unreasonable" security precautions. People's United Bank has agreed to pay Patco Construction Company every cent it lost in 2009, plus $45,000 in interest after miscreants stole the Patco banking credentials and withdrew money from the account.
Lower profit suggested due to Forex, tax rates
Acer has released its third quarter financial results, with its quarterly net profit of NT$68 million ($2.3 million) below that of a number of estimates. Reasons for the lackluster earnings were not forthcoming from the company, though it was noted that the profit is higher than the NT$56 million ($1.9 million) reached in the second quarter, and better than the net loss of NT$1.1 billion ($37 million) endured in Q3 2011.
Offsets shares given to employees in lieu of cash
As previously announced back in March, Apple has now launched its plan to buy back some $10 billion in stock as a way to offset the shares it has awarded to executives and senior personnel. The purchase plan spans three years and, although technically underway, is controlled by the discretion of the board, which will determine the best times in the coming 36 months in which to buy stock and in what quantities. The plan is not expected to have any significant impact on the company's financials, or affect the dividend the company will pay to investors.
Seifert leaves after three years of service, pursuing CEO opportunity
Chipmaker Advanced Micro Devices (AMD) reports that ex-CEO and Chief Financial Officer Thomas Seifert is leaving the beleaguered company to pursue other opportunities. The announcement drove the share price down 12 percent in above-average trading volume of the stock. Seifert is departing to locate a permanent CEO position elsewhere according to sources familiar with the matter.
Company blames worldwide PC market downturn
Acer has revealed its financial results for the second quarter, showing a sequential drop in revenue. Despite a maintained growth in PC shipments, consolidated revenue of NT$110.6 billion ($3.7 billion) is up 8.3 percent from the same time last year, yet is down 2.2 percent from last quarter. The company blames the worldwide total PC market downturn for the quarter, alongside "unfavorable economic conditions in Europe, the US, China, and Asia Pacific" weakening customer demand.
Details and executive comments
Apple is currently holding a conference call for its fiscal third quarter financial results. Refresh the page and watch below the break for updates from the event, posted with the latest additions on the top.
Wireless service gains 888,000 new subscribers in quarter
Verizon has released its second-quarter financial results, which benefited from 888,000 new wireless subscribers. The company is said to reach 94.2 million customers, marking a five percent jump compared to the same period last year. Total retail wireless service revenue surpassed $15.8 billion for the quarter, up 18.5 percent, while data revenues surged by $1.1 billion year-over-year to reach $6.9 billion.
Performance exceeds analyst projections
Just one day after signing on a new CEO, Yahoo has disclosed quarterly financial information that points to stagnating revenues and a continued decline in profits. Year-over-year revenues shrank by one percent to $1.22 billion, while profits fell by 4.2 percent to $228.5 million.
Version for iOS can function as standalone or companion app
After an unsubtle tease and open admission of testing on its company blog, IGG Software has formally unveiled its long-awaited iPad version of iBank, the company's personal financial-management software. The iPad version introduces a new subscription service that allows instant background updates of account balances from thousands of worldwide financial institutions, scheduled budgeting and can function as a standalone app without need of the desktop version.
Net revenues slide to $30.7 billion
HP has reported its fiscal second-quarter financials, pointing to a slight slide in net revenues to $30.7 billion. Earnings per share fell to $0.80, slightly higher than the internal forecast of $0.68 to $0.71, however the company nonetheless confirmed plans to eliminate eight percent of its workforce.
Robert Kwok faces fines, business restrictions
Yahoo's former senior director of business management, Robert W. Kwok, and a former mutual fund manager at Ameriprise Financial have agreed to settle insider trading charges. The Securities and Exchange Commission maintains that Kwok and fund manager Reema D. Shah shared confidential information after a chance meeting in 2008 and continued with the information exchange into 2009. Kwok pled guilty to conspiracy to commit securities fraud, and Shah pled guilty to conspiracy. Both await sentencing.
Developers tease new auto-updating feature
IGG Software, which is planning to release a version of its iBank financial software for the iPad sometime later this year, has teased a new feature of the unreleased app on its developer blog. The product now has a name -- iBank Access -- and will feature a new optional service to automatically keep bank records and the app in sync every time the app is launched. The new feature, which expands the number of institutions available, will be available by subscription.