Displaying items by tag: Tim Cook
US technology giant Apple has announced that it will impose a recruitment cutback - which has been primarily forced due to weak sales on the company’s iPhone devices in the lucrative Chinese market.
Bloomberg has reported that Apple CEO, Tim Cook, announced the recruitment cutbacks just a day after he sent a letter to Apple investors that warned the company was bracing itself for a year-on-year decline in revenue for its fiscal Q1, which would shave $5bn from its guidance.
In a series of meetings that were held following the disclosure, it was reported that Cook informed some staff that a number of divisions would reduce hiring, but stated that he didn’t think a complete freeze in recruitment would be an appropriate solution to take.
In addition to this, it has been further disclosed that the CEO is also yet to determine which divisions will face hiring cutbacks. However, it is believed that divisions such as Apple’s AI team will not be affected due to the leverage of investment made by the US tech company into the emerging technology.
The move will also not affect plans to open a state-of-the-art new office in Austin, Texas or its expansion plans in Los Angeles, where the company is fleshing out its original video content ambitions.
Bloomberg also pointed out that Apple has hired new staff at a significant rate over the past decade. The company recruited 9,000 workers in its most recent fiscal year, taking the total up to 132,000, while adding 7,000 a year earlier.
US technology behemoth Apple has signed a new agreement with Samsung in relation to its streaming and content services in an effort to offset a decline in iPhone sales. The deal brokered between Apple and the South Korean conglomerate will enable the use of iTunes streaming services on Samsung smart TVs.
US technology colossus Apple is reportedly renegading on a previous commitment that they made to the Irish government on the construction of $1 billion data center in rural Ireland. Irish Taoiseach Leo Varadkar has publicly disclosed that Apple CEO Tim Cook will no longer commit to the ambitious project.
However, the Taoiseach stressed that Dublin would do everything necessary in order to keep the project alive and facilitate whatever Apple needs to see the data center constructed. Apple initially disclosed its intentions to erect the facility in a rural location in the West of Ireland in February 2015. Its decision to go to a rural location was to take advantage of green energy sources located nearby.
However, the project has been subject to lengthy delays due to a number of planning objections over the last two years, and now Apple is eyeing up other potential location for the construction of its new data center. Varadkar met Apple’s CEO, but admitted that Cook did not commit to the proceeding with the project.
The Taoiseach said, “We didn’t get a start date, or a definite commitment or anything like that, but I did stress to Apple that the government would do anything within our power to facilitate the resumption of the project.”
Ireland’s Prime Minister is currently touring the US meeting potential new investors. Ireland relies heavily on foreign multinational companies like Apple for the creation of one in every 10 jobs created across the economy and sees major investments such as data centers as a means of securing their presence in the country.
Apple declined to commit when pressed on whether they remained committed to the project. A similar Apple center which was announced at the same time in Denmark is set to begin operations later this year, whilst Apple also announced in July that it would build its second EU data center in the Nordic region.
The government has said it is considering amending its planning laws to include data centers as strategic infrastructure, thus allowing them to get through the planning process much more quickly. However, such legislation is expected to be met with opposition by those within parliament.
Ireland has a checkered history when it comes to planning permission and previous governments have been brought down due to shady financial agreements between developers and politicians. A change in legislation to facilitate Apple’s attempts to construct their data center is not likely to be well received by the general public still dismayed at the country’s refusal to accept an EU ruling that Apple owed the state €13 billion in unpaid taxes.
Accenture and Apple have partnered to help businesses transform how their people engage with customers through innovative business solutions for iOS. The partnership will take full advantage of the iOS platform, and Accenture’s capabilities as a leader in industry and digital transformation, to help companies unlock new revenue streams, increase productivity, improved customer experience and reduce costs.
Accenture will create a dedicated iOS practice within Accenture Digital Studios in select locations around the world. Experts from Apple will be co-located with this team. Working together, the two companies will launch a new set of tools and services that help enterprise clients transform how they engage with customers using iPhone and iPad. The experts will include visual and experience designers, programmers, data architects and scientists, and hardware and software designers.
“Starting 10 years ago with iPhone, and then with iPad, Apple has been transforming how work gets done, yet we believe that businesses have only just begun to scratch the surface of what they can do with our products,” said Tim Cook, Apple’s CEO. “Both Apple and Accenture are leaders in building incredible user experiences and together we can continue to truly modernize how businesses work through amazing solutions that take advantage of the incredible capabilities of Apple’s technologies.”
Pierre Nanterme, Accenture’s chairman and CEO, said, “Based on our experience in developing mobile apps, we believe that iOS is the superior mobile platform for businesses and are excited to be partnering with Apple. By combining Accenture’s vast digital capabilities and industry expertise with Apple’s market leadership in creating products that delight customers, we are in a perfect position to help our clients transform the way they work.”
The new iOS tools and services will take full advantage of the latest Apple technologies and tap into Accenture’s digital and analytics capabilities, including new ecosystem services to help clients address the full range of iOS integration requirements to connect to back-end systems, leveraging Accenture’s systems integration expertise and the unique iOS advantages built by Apple with key partners like SAP and Cisco.
It will also include Internet-of-Things (IoT) services featuring new tools templates and predesigned code to help clients take greater advantage of the data from IoT platforms in their iOS apps, putting more power into the hands of workers.
Some of the most prominent figures in the US technology sector have publicly expressed their dismay and anger following the racially charged violence in Charlottesville, Virginia last week. Microsoft, Apple and Facebook have all announced they will implement measures in a bid to fightback against the rise of white supremacists in the US.
Apple CEO, Tim Cook criticized President Trump’s response to the events last week - and in a letter to his employees said counter-protesters were standing up for human rights. Cook said, “I disagree with the president and others who believe that there is a moral equivalence between white supremacists and Nazis, and those who oppose them by standing up for human rights. Equating the two runs counter to our ideals as Americans.”
Cook revealed that Apple would contribute $1 million each to the Southern Poverty Law Center and the Anti-Defamation League, who are both human right groups. In addition to this, he said it was suspending its Apple Pay support on websites that sell white supremacy clothing and accessories. E-commerce platform PayPal has also implemented similar measures.
Microsoft CEO, Satya Nadella also voiced her concern at the violence in Virginia, and said there was absolutely unequivocally no place for such racist rhetoric in the US. In a letter to employees, Nadella said, “There is no place in our society for the bias, bigotry and senseless violence we witnessed this weekend in Virginia provoked by white nationalists.”
Cloud security and performance firm Cloud-flare also publicly announced that it has now terminated its account with neo-Nazi outlet ‘The Daily Stormer. The publication drew widespread criticism following the publication of a hate-filled feature on the victims of the Charlottesville violence.
Social media colossus Facebook has also moved swiftly to take action and suspended the account of infamous white supremacist Christopher Cantwell’s accounts on both Facebook and Instagram. Twitter has also removed the online account of The Daily Stormer from its platform.
President Trump drew criticism from technology leaders following his appointment to The White House in November. His controversial policies on immigration were widely condemned in Silicon Valley, and while President Trump has taken steps to build relationships with technology firms in Silicon Valley since taking office – there scathing criticism of his response to Charlottesville will not be well received by either Trump or his republican administration in Washington DC.
Apple posted quarterly revenue of $45.4 billion for its fiscal 2017 third quarter ended July 1, 2017, and posted quarterly earnings per diluted share of $1.67. These results compare to revenue of $42.4 billion and earnings per diluted share of $1.42 in the year-ago quarter. International sales accounted for 61 percent of the quarter’s revenue.
“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” said Tim Cook, Apple’s CEO. “We hosted an incredibly successful Worldwide Developers Conference [WWDC] in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”
Apple beat Wall Street analyst predictions who expected on average Apple to post $44.49 billion in revenue and earnings per share of $1.56. Apple CEO Tim Cook talked about a "pause" in iPhone sales in May ahead of the release of the iPhone 8 this September which is expected to have a new design and represent a major upgrade that could spur sales.
Ahead of the results, Drexel Hamilton analyst Brian White said Apple's quarterly results and outlook would be “less important” as investors are “focused on the iPhone 8 this fall, along with the company's capital distribution initiative, depressed valuation and new innovations showcased at WWDC.”
Luca Maestri, Apple’s CFO said, “We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share. We also returned $11.7 billion to investors during the quarter, bringing cumulative capital returns under our program to almost $223 billion.”
Apple provided guidance for its fiscal fourth quarter predicting revenue between $49 billion and $52 billion, and gross margin between 37.5 percent and 38 percent. The company predicts operating expenses between $6.7 billion and $6.8 billion, and other income/expenses of $500 million.
Apple’s board of directors declared a cash dividend of $0.63 per share of the company’s common stock. The dividend is payable on August 17, 2017 to shareholders of record as of the close of business on August 14, 2017.
Apple chief executive Tim Cook has committed to building three large manufacturing plants in the United States, President Donald Trump said in an interview with The Wall Street Journal. Trump claims Cook has promised to build “three big plants, beautiful plants,” but didn’t go into more detail.
About 80,000 people work for Apple in the US and is said to employ about two million people in total. The company was criticized last year by Trump during his presidential campaign for outsourcing its manufacturing to factories in China. In an interview with TIME, Trump said he hoped Apple would shift its manufacturing to the US.
Only a small amount of Apple products are produced in the US, according to the WSJ, and are made in the country on contract. Flex has a deal with Apple to make Mac computers in Austin, Texas, while Quanta Computer produces Macs in Fremont, California.
However, majority of Apple products are being made in China, mainly by Foxconn Technology, a company that produces iPhone products and others. Trump also claims Foxconn has plans to build a large plant in the US and is considering locating it in Wisconsin.
Apple recently launched a new app development curriculum designed for students who want to pursue careers in the fast-growing app economy. The curriculum is available as a free download from Apple’s iBooks Store.
App Development with Swift is a full-year course designed by Apple engineers and educators to teach students elements of app design using Swift, one of the world’s most popular programming languages. Students will learn to code and design fully functional apps, gaining critical job skills in software development and information technology.
Starting this fall, six community college systems serving nearly 500,000 students across the United States will be among the first to offer the innovative curriculum. At many campuses, local businesses will also offer students mentoring and internships.
“We’ve seen firsthand the impact that coding has on individuals and the US economy as a whole. The app economy and software development are among the fastest-growing job sectors in America and we’re thrilled to be providing educators and students with the tools to learn coding,” said Tim Cook, Apple’s CEO.
“Community colleges play a critical role in helping students achieve their dreams, and we hope these courses will open doors for people of all ages and backgrounds to pursue what they love.”
The curriculum will be offered by the Alabama Community College System, Columbus State Community College, Harrisburg Area Community College, Houston Community College, Mesa Community College and San Mateo Community College District, among others. Select high schools across the country will also be teaching the App Development with Swift curriculum starting this fall. Houston Community College is opening an iOS Coding and Design School that will teach Apple’s new curriculum.
“The world calls Houston a knowledge capital because of the incredible concentration of ideas and innovation in our great city,” said Houston Mayor Sylvester Turner. “Apple’s investment in our community with the launch of the app development curriculum will tap into the creativity of our students, inspire new possibilities and foster our culture of technological transformation.”
“We are focused on preparing our students for life in a global and technological society, and in 2017 that means making sure our students have access to a state-of-the-art coding curriculum,” said Houston Community College Chancellor Cesar Maldonado.
“We are thrilled Apple is offering this incredible opportunity to advance student learning, which will especially help us bridge the gap in computer science training for minorities and women. We can’t wait to see what these students will do and already have local businesses offering mentoring and internship opportunities.”
App Development with Swift is an extension of Apple’s existing K-12 Everyone Can Code curricula which offer everyone the power to learn, write and teach coding. Swift is Apple’s powerful and intuitive programming language that gives developers the freedom and capabilities they need to create the next generation of cutting-edge software.
Popular apps including Airbnb, KAYAK, TripAdvisor, Venmo and Yelp are all created with Swift. In addition to over 1 million downloads of Swift Playgrounds, there have been over 430,000 downloads of the additional Everyone Can Code materials and over 1,000 schools across the US plan to teach with Everyone Can Code materials in the fall.
Earlier in the month, Apple announced the creation of the Advanced Manufacturing Fund focused on creating jobs in the US throughout our supply chain, with an initial investment of $1 billion. The new Swift coding curriculum is another example of Apple’s commitment to economic development and will help create even more career opportunities for students across the country. Apple now supports 2 million jobs across all 50 states, including more than 1.5 million jobs attributable to Apple’s app economy.
Apple announced financial results for its fiscal 2017 second quarter ended April 1, 2017. The company posted quarterly revenue of $52.9 billion and quarterly earnings per diluted share of $2.10. These results compare to revenue of $50.6 billion and earnings per diluted share of $1.90 in the year-ago quarter. International sales accounted for 65 percent of the quarter’s revenue.
“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook, Apple’s CEO. “We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT) RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose.”
Apple also announced that its Board of Directors has authorized an increase of $50 billion to the company’s program to return capital to shareholders and is extending the program timeframe by four quarters. Under the expanded program, Apple plans to spend a cumulative total of $300 billion by the end of March 2019.
“We generated strong operating cash flow of $12.5 billion and returned over $10 billion to our investors in the March quarter,” said Luca Maestri, Apple’s CFO. “Given the strength of our business and our confidence in our future, we are happy to announce another $50 billion increase to our capital return program today.”
As part of the latest update to the program, the Board has increased its share repurchase authorization to $210 billion from the $175 billion level announced a year ago. The company also expects to continue to net-share-settle vesting restricted stock units.
The Board has approved a 10.5% increase to the company’s quarterly dividend, and has declared a dividend of $0.63 per share of the company’s common stock, payable on May 18, 2017 to shareholders of record as of the close of business on May 15, 2017.
From the inception of its capital return program in August 2012 through March 2017, Apple has returned over $211 billion to shareholders, including $151 billion in share repurchases.
Apple plans to continue to access the domestic and international debt markets to assist in funding the program. The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.
Apple is providing the following guidance for its fiscal 2017 third quarter:
- Revenue between $43.5 billion and $45.5 billion
- Gross margin between 37.5 percent and 38.5 percent
- Operating expenses between $6.6 billion and $6.7 billion
- Other income/(expense) of $450 million
Tax rate of 25.5 percent