Facebook has been ordered by a US court to pay a whopping $500m to a gaming software company in a lawsuit which claimed virtual reality technology was stolen. In documents shown to the court, Facebook’s virtual reality arm Oculus Rift stood accused of basing its Rift headset products on technology stolen from ZeniMax’s VR software The court heard how it was alleged that Oculus founder Palmer Luckey had developed its Rift headsets courtesy of source code which was illegally obtained…
Apple Inc. reported strong Q4 results on Tuesday, 31 January, ending a streak of previous unfavorable financial reports in 2016. A rebound in iPhone sales saw Apple’s profits lifted to record revenue in the past quarter which has eased concerns of slowing growth for the company. Apple launched its new iPhone 7 model last September which proved to be a strong money-maker for the company, even as profits dipped 2.6 percent to $17.9 billion. Apple’s revenue reached an all-time record…
The combination of cloud computing and the shrewd acquisition of LinkedIn by Microsoft has seen growth in the tech giants profits. In a financial statement Microsoft disclosed that profits rose by 3.6% in the second fiscal quarter to $5.2 billion- while revenues edged up by 1% to $24 billion. Microsoft have changed strategy in recent years, and moved away from its dependence on solely developing software to providing a broader array of services. That positioning has been proved to be…
A Canadian robo-adviser start-up has received a significant investment in a bid to boost its chances of successfully penetrating the already saturated U.S. market. Wealthsimple announced the investment of $20 million from Power Financial Corp and formally launched its operations in the US. The robo-adviser market is dominated by large investments firms, and it was established that in order for the Wealthsimple to become a success, it required a large investment – which was provided by fellow Canadian company Power…
A leading Japanese telecommunications company is believed to be weighing up an investment of more than $1 billion in office-space start-up ‘WeWork’ – according to speculation circulating from the region. The Wall Street Journal has reported that SoftBank Group Corp, which is headquartered in Tokyo, is keen on the investment which would represent the first deal from its $100 billion technology fund. Both organizations declined to comment on the speculation which simply added fuel that negotiations in relation to the…
California-based Alphabet, parent company of Google, reported strong profit growth on Thursday, 26 January, for the final three months of 2016. The company saw its profits rise on growth in mobile search and its video-sharing service YouTube. Google remains as Alphabet’s majority operating unit and advertising is still the company’s main source of profit. According to Alphabet its net income increased eight percent to $5.3 billion, which wasn’t as high as industry predictions on Wall Street, despite better-than-expected revenue. For…
British telecom and TV group BT saw its shares drop on Tuesday, 24 January, after accounting regularities were reported in Italy. BT shares sank 20.06 percent to 305.90 pence in late afternoon on London’s rising stock market. The accounting errors were first revealed in October, estimating BT would take a hit of £145 million. That figure was raised to £530 million on Tuesday. An independent review of BT’s Italian business found accounting irregularities and a “complex set of improper sales,…
Chinese e-commerce platform Alibaba reported strong revenue growth on Tuesday, 24 January, as demand for online shopping in China grows. The company said its revenues leapt 54 percent year-on-year for the quarter ended in December last year. Alibaba’s revenue reached 53.25 billion yuan ($7.7 billion) in the quarter, the company said in a statement. Alibaba’s revenue is seen as a benchmark for China’s increasingly important consumer sector. The company’s net income attributable to ordinary shareholders was 17.9 billion yuan ($2.57…
The Chan Zuckerberg Initiative, run by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, has purchased Canadian artificial intelligence start-up Meta, which uses A.I. to read and comprehend scientific papers and then provide insights to researchers, as part of its mission to eradicate disease around the world. Meta capabilities will be unified in a tool made available for free to scientists. Meta co-founder and chief executive Sam Molyneux said in a statement, “We are very excited about what lies…
American rap superstar Jay-Z has failed to translate his star-power into market dominance for his music streaming platform Tidal. In a bid to breathe new life into the platform, Sprint, which is owned by Japan’s SoftBank, said it will purchase one-third of it. Sprint, which is the fourth-largest mobile operator in the U.S., plans to distribute Tidal content exclusives for its customers. Sprint hasn’t disclosed how much it is paying for its stake in Tidal, but music industry magazine Billboard…
US ridesharing platform Uber has been hit with a whopping fine of $20m dollars - after it was discovered that the tech firm was guilty of making exaggerated claims about how much drivers could potentially earn working with the company. Uber agreed the settlement figure with the US Federal Trade Commission (FTC) who also took umbrage with Uber’s misleading message on how affordable its vehicle financing plans were. The FTC said that the global ridesharing platform’s declaration that uberX drivers…
Hewlett-Packard Enterprise (HPE), the multinational information technology company, announced on January 17 a deal to purchase – in cash – business data management firm SimpliVity for $650 million. Massachusetts-based SimpliVity, founded in 2009, sells “hyperconverged” systems that combine computing, storage and networking. The market for hyperconverged systems, according to HPE, was estimated at $2.4 billion last year and is expected to grow to almost $6 billion by the end of the year 2020. “Hyperconvergence” refers to a type of “infrastructure…
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