Apple’s shares fell almost 3% in after-hours trading after the company released a Christmas quarter sales estimate that fell short of Wall Street’s projections due to the lacklustre demand for iPads and wearables. Tim Cook, the company’s CEO, emphasised that the new iPhone 15 models were performing well in China in an effort to allay…
The largest apparel retailer in the world, Inditex, which owns Zara, announced on Friday that its suppliers would purchase 2,000 metric tonnes of a raw material produced by Swedish business Renewcell from waste cotton textile. One of the first textile-to-textile recycling companies on a commercial scale in the world, Renewcell assists apparel merchants in substituting…
The Israel-Hamas conflict is already having an impact on operations for some of the most well-known corporations in the world. On October 7, the terrorist organisation Hamas launched an unexpected attack on Israeli cities and captured almost 200 people. Palestinian health officials reported that over 7,000 people had died in Gaza, while the Israeli Defence…
In the first three quarters of 2023, revenue at China’s Huawei Technologies increased somewhat. The firm attributed this increase to development in its cloud and digital power businesses as well as the increasing competitiveness of its vehicle components division. For the first three quarters of the year, Huawei reported revenues of 456.6 billion yuan ($62.4…
Ahead of government price talks for its best-selling cancer treatment Imbruvica, AbbVie announced on Friday a $2.1 billion charge associated with anticipated revenue declines following the implementation of the new price for Medicare patients in the United States. With a declared government objective of saving $25 billion annually on drug costs by 2031, the Illinois-based…
Boeing’s defence division is more difficult to turn around than management had thought. This year, the company lost $1.7 billion on projects including NASA’s Starliner capsule and the future Air Force One, mostly due to supplier failures and excessive manufacturing costs. Executives said that by taking on $4.4 billion in losses in 2022, the company…
Chip maker Intel exceeded Wall Street projections for its fourth-quarter revenue and margins, citing a robust resurgence in personal computer sales, progress in its data centre division, and an expanding clientele interested in its manufacturing capabilities. Although Nvidia continues to put intense pressure on Intel in the data centre processor market, the company’s server chip…
Japan’s Mitsubishi Motors, the latest foreign automaker to reduce its activities in the largest auto market in the world, said that it will cease production of its automobiles at its joint venture in China and transfer its ownership to its Chinese partner. The Japanese automaker’s decision comes in the midst of intense pricing rivalry in…
Details regarding a Qualcomm chip that it hopes would outperform Apple’s chips for Mac computers in particular tasks were revealed by the company this week. The chip is intended for laptops running Microsoft Windows. Executives at Qualcomm announced that the company’s new Snapdragon Elite X CPU, which has been built to better handle artificial intelligence…
With projections for electric car sales being affected by global economic concerns, South Korean battery company LG Energy Solution (LGES) cautioned on Wednesday that revenue growth will slow down in 2024. This warning caused its shares to drop by about 7%. It joins an increasing number of automakers and suppliers who are wary about the…
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