Apple on Tuesday reported its [fiscal] Q1 2017 earnings, offering a look at its performance over the all-important 3-month holiday quarter. To the surprise of many analysts, the company beat Wall Street's expectations by posting a record 78.3 million iPhone sales and $78.4 billion in revenue.
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Despite seeing its brand tarnished and anywhere between $2 billion and $5 billion wiped off its operating profit in the aftermath of Note 7 fiasco, Samsung of South Korea has managed to boost its fourth quarter earnings on the back of its semiconductor division and strong sales of the Galaxy S7 and Galaxy S7 Edge flagship devices.
Operating profits rose to $7.2 billion over the last three months of 2016 on sales of about $45.8 billion. Samsung's mobile division captured $2.1 billion in operating income, a four percent year-over-year profit increase.
Samsung Mobile expects sales of its low-cost phones in the Galaxy A and J series to grow in the coming months. All in all, this was Samsung's most profitable quarter in three years as the company has clearly bounced back from the global Note 7 recall.
Tim Cook and other executives received less revenue in 2016, as Apple failed to hit its revenue and profit goals for the year. The Wall Street Journal points to a regulatory filing, which says the miss kept the leaders from hitting some cash incentives.
Apple said its annual sales were $215.6B, 3.7% below its target of $223.6B, and its operating income of $60B was 0.5% short of their $60.3B target. As a result, Cook received $8.75 million in 2016 compensation, down from $10.3 million in 2015.
Apple is planning to announce its earnings results for Q1 of [fiscal] 2017 on January 31. The company on Wednesday updated its investor website to show that it will be hosting a conference call to discuss the quarter that Tuesday at 2:00pm PT.
Apple's first quarter is of course its holiday quarter, which covers the popular 3-month holiday shopping period between October and December. And as usual, all eyes will be on the company to see if it was able to solve its recent growth problems.
Apple is investing in SoftBank Group's new technology fund, reports The Wall Street Journal. The company confirmed its plans with the outlet to invest $1 billion in the SoftBank Vision Fund to help finance new technologies that it could use in the future.
“We believe their new fund will speed the development of technologies which may be strategically important to Apple,” Apple spokeswoman Kristin Huguet told The Journal. She also noted that Apple has been working with SoftBank for several years.
French tax authorities have recently issued Apple a fine in the amount of 400 million euros (about $422 million), according to L'Express. At the core of the adjustment is Apple's complex and controversial tax optimization scheme that allows the firm to send back the lion share of its profits to tax-friendly countries such as Ireland.
Apple plans to cut the amount it charges to sell video services over its App Store, Bloomberg reports. The outlet says the move is part of an effort to appease content partners, whose TV shows and movies are vital to the company's larger video strategy.
Previously, the iPhone maker took a 30% cut of revenue from app and in-app purchases. Then in June it announced it would slice that in half after the first year Now it sounds like Apple is going to make that an upfront price for participating video apps.
In August, the European Commission slammed Apple with a tax bill from hell over a sweetheart deal it received from Ireland—which, in the Commission's view, constitutes “illegal state aid”.
Dublin promptly promised to join Apple's fight against EU and it's put its money where its mouth is.
Michael Noonan, Finance Minister in the Irish government, said that Dublin today challenged the EU judgment by submitting an appeal to the European courts in a bid to block the decision, ArsTechnica reports.
Apple captured 103.6% of smartphone industry profits in the third quarter of 2016, making it by far the most profitable company in the business, according to BMO Capital Markets analyst Tim Long. This represents a notable increase from the year-ago quarter where Apple had grabbed 90% of smartphones profits.
Apple just announced pricing and availability information for its shiny new MacBook Pro. Apparently it will come in 3 models, starting at $1,499, and you can order them all today. Shipping times are different, however, depending on which model you're after.
The entry-level 13-inch MacBook Pro is essentially a MacBook Air replacement. It shares the slimmer design and various internals with the new MacBook Pro, but it comes with physical Function keys instead of the Touch Bar, and doesn't have Touch ID.
Apple announced the financial results for its fiscal fourth quarter of 2016 this afternoon, and although they met Wall Street estimates, the numbers are still pretty rough. iPhone sales are down 3 million units, and revenue is down $4.5 billion from the year-ago quarter.
Following the release of its earnings, CEO Tim Cook and CFO Luca Maestri hopped on a conference call to talk about their company's performance over the last 3 months, and offer up some insights into its future. Here are some of the most interesting points from the call.