South Korea’s SK Telecom reported revenue of KRW 4.346 trillion for Q2 2017 and operating income of KRW 423.3 billion and net income of KRW 620.5 billion. Compared to the same period last year, the revenue and operating income for the second quarter increased by 1.8% and 3.9%, respectively, owing to the improved performance of its subsidiaries including SK Broadband and SK Planet. SK Telecom’s net income grew 113.2% year-on-year (YoY) due to factors including increased equity method gain from…

Chinese tech firms to invest in struggling China Unicom

Written on Sunday, 06 August 2017 08:25
Chinese state-owned telecom company China Unicom, formally known as China United Network Communications Group, is to receive about $12 billion investment from Chinese tech firms Baidu and JD.com in a move to boost the telco lagging behind its rivals China Mobile and China Telecom, a source told Business Insider. The Chinese government is reportedly attempting to drive investment in state-owned giants through private capital. The government selected China Unicom among other state-owned enterprises last year, the report says, to see…
Spanish telecom giant Telefónica posted its Q2 results for 2017 showing strength in its South American subsidiaries and declines in Europe. The company showed “a general acceleration in growth in main financial and operational terms” as it moves to organically reduce its €48.5 billion debt pile rather than sell off assets. The operator posted revenue of around €13 billion, an increase of 1.9 percent from the same quarter in 2016. Net profit for Telefónica reached €821 million, an increase of…

Orange returns to profit in France for first time since 2009

Written on Thursday, 03 August 2017 10:50
France’s Orange Group confirmed profits of more than that achieved in 2016 on a comparable basis in its Q2 2017 financial results. It was the first time the company has returned to profit in France since 2009. Orange said the strong results were driven by strong commercial momentum by investment and continuing efforts on the transformation of the cost structure. “The acceleration seen in the Group’s growth was confirmed by the first-half results, and in particular the performance in the…

Facebook posts 71 percent increase in Q2 profit

Written on Thursday, 03 August 2017 10:02
Social network giant Facebook posted a 71 percent increase in Q2 profit and a 50 percent rise in mobile ad sales, extinguishing rumors that ad revenue growth had faded for the company as it runs out of ad display space. Facebook also announced a new milestone that there are now 2 billion people using the platform. Facebook’s shares reached a record high on Thursday, July 27, after it posted positive results, adding more than $27 billion to its market value.…
Samsung Electronics posted financial results for Q2 2017. The company’s components businesses and sales of the S8 and S8+ contributed to strong results. Samsung’s revenue for the quarter was KRW 61 trillion (approximately US$ 54.2 million), an increase of KRW 10.06 trillion YoY (year on year), while operating for the quarter posted a record KRW 14.07 trillion, an increase of KRW 5.92 trillion year on year. Samsung’s components businesses drove significant earnings in Q2, both year on year and quarter…

Etisalat Group posts Q2 declines; UAE branch shows strength

Written on Thursday, 03 August 2017 08:11
UAE’s Etisalat Group, which operates and owns subsidiaries in the Middle East, Africa and Asia, posted its Q2 financial results for 2017. The Group’s consolidated revenues amounted to AED 25.3 billion, according to the statement. The Group’s consolidated operating profit before Federal Royalty dropped about 11 percent to AED 8.8 billion, and its global subscriber base also dropped around 15 percent, according to analyst calculations. The UAE remains a strongpoint for the operator, where both its revenues and subscriber base…
Saudi Arabia’s STC shared its Q2 2017 financial results showing a 7.9 percent net income increase compared to the same period last year to reach SR 2.4 billion (US$640 million). STC Group CEO Dr. Khaled H. Biyari said the results reflect the company’s move to embrace digital transformation and Saudi Vision 2030. “The financial results achieved for the 1st half of 2017 reflects the efforts being made to constantly evolve, improve and develop the company’s strategy and operations and achieve…
Social networking colossus Facebook has seen its shares soar to a record high after it disclosed the financial results of its second quarter, which revealed that its mobile advertising business has grown by a staggering 50%. The results reaffirm the view that Facebook is now the venue of choice for an ever-increasing amount of online advertisers. Facebook owns four of the most popular mobile services in the world, and it has seen it shares rise by more than 4% to…
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…
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