Alphabet Inc., the parent company of Google and YouTube, posted its financial results on July 24 for the quarter ended June 30, 2017. The tech giant reported a 21 percent jump in quarterly revenue, maintaining a strong growth rate despite a massive anti-trust fine from the European Union. The company said it made $3.5 billion in net income on sales of $26 billion. Alphabet’s profit would have been even larger if not for the record $2.7 billion EU fine. Alphabet…
Emirates Integrated Telecommunications Company PJSC (“du”) published its financial results on July 25 for the quarter ended 30 June 2017, and announced its plans to distribute AED 589.3 million of interim dividends to its shareholders for the first half of 2017 at 13 fils per share, subject to approval at the General Meeting in September 2017. In its published financial results for the second quarter of 2017, the company delivered AED 3.26 billion in Revenue, up 6.2% from AED 3.07…

Qualcomm reports $5.4 billion in quarterly revenues

Written on Wednesday, 26 July 2017 08:30
Qualcomm reported revenues of $5.4 billion for the three months to 25 June in 2017 and highlighted better than expected results in its semiconductor business. Due to Apple’s ongoing licensing dispute with Qualcomm, the company’s revenue was down 11 percent year on year, but CEO Steve Mollenkopf remains positive. Mollenkopf said the company “retained the high ground” and said the long-term outlook for the licensing segment of its business “remained strong”. The company did, however, offer a warning in its…
Kaspersky Lab researchers have detected new malware designed to steal the credentials of online banking customers. Earlier versions of the new malware, called NukeBot, were known to the security industry as TinyNuke, but lacked the features necessary to launch attacks. The latest versions however, are fully operable, and contain code to target the users of specific banks. Although the appearance of a malware family in the wild is not unusual, the fact that criminals have a ready-to-attack version of the…
Norway’s state-owned international telecom firm Telenor Group delivered a strong set of results for the second quarter of 2017 with improved revenue growth, double-digit EBITDA uplift and strong cash flow generation. Both the EBITDA and the EBITDA margin are all-time high this quarter for the company. “We were able to reduce our costs by NOK 0.6 billion (US$73.3 million) and we saw margin expansion in all our business units,” said Sigve Brekke, President and CEO, Telenor Group. “The robustness of…
US technology colossus and global search engine giant Google has avoided paying a whopping €1.1 billion tax bill in France after a Parisian court ruled in its favour. The court’s decision was a welcome reprieve for the Californian based entity, as the ruling comes just weeks after Google was fined by the European Commission (EC). Google’s legal row in relation to this tax bill has dragged on for six years, but a Parisian administrative tribunal ruled that Google was not…
US technology leaders Microsoft has shocked its workforce by announcing that it plans to cuts ‘thousands’ of jobs as part of company reorganization strategy. However, it’s been reported from a source close to Microsoft that most of the reductions will be made outside of the US, and will target staff in its sales and marketing departments. Some analysts are claiming that the restructuring of the organization is being driven by the fact Microsoft aims to double down on its fast-growing…
Qualcomm CEO, Steve Mollenkopf has claimed that 5G will represent a revenue opportunity of around $12 trillion by 2035. Mollenkopf made the statement when he was delivering his keynote address at Mobile World Congress Shanghai. However, the CEO of the global chip giant did express his belief that we have to utilize 4G technology. He said it was imperative we made the most of 4G and focused particularly on new gigabit LTE networks.
Tanzania in southern Africa will allow investors from outside the country to take part in telecom operator listings after previous attempts fell through, Bloomberg reported, such as an IPO of Vodacom Tanzania, which struggled in the face of limited local demand. The report noted that Vodacom hasn’t yet announced the result of its offer, leading to a delay in listing. Another telco moving toward an IPO is Millicom’s Tigo Tanzania. “Tanzanians, Tanzanian companies, Tanzania in the diaspora, joint ventures between…
The European Commission has fined Google €2.42 billion for breaching EU antitrust rules. Google has abused its market dominance as a search engine by giving an illegal advantage to another Google product, its comparison shopping service, according to a European Commission statement. The company must now end the conduct within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google's parent company. “Google has come up with many innovative products and…
French telecom giant Orange announced it has launched the sell-down of approximately 133 million shares that its subsidiary Atlas Services Belgium owns in BT, representing around 1.33 % of the share capital of BT, through a private placement by way of an accelerated bookbuilt offering. BT will acquire up to GBP 200m in the placement of BT shares, part of which for the benefit of its Employee Share Ownership Trust, at the placement price. Such order will be fully allocated…

Amazon to acquire Whole Foods Market for $13.7 billion

Written on Thursday, 22 June 2017 06:11
E-commerce giant Amazon and Whole Foods Market, Inc., a leading natural and organic foods supermarket, announced that they have entered into a definitive merger agreement under which Amazon will acquire Whole Foods Market for $42 per share in an all-cash transaction valued at approximately $13.7 billion, including Whole Foods Market’s net debt. “Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” said Jeff Bezos, Amazon …
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