Spotify Technology SA shares experienced their biggest jump in almost two years after the audio-streaming giant reported a first-quarter profit, driven by a surge in paid subscribers and new feature additions. The Stockholm-based company saw its share price rise 16% to $314.80 in New York, marking the most significant intraday gain since July 2022. Spotify's paid subscriber base grew by…
Tesla, the world’s largest electric vehicle manufacturer, has reported a significant drop in profits for the first quarter of 2024, citing increased competition from hybrid vehicles and other unforeseen challenges. The company announced a 55% decrease in net profits to $1.13 billion, a steep decline from the same period last year. This downward trend comes as Tesla contends with a…
Huawei's smartphone sales in China surged by a remarkable 69.7% in the first quarter of 2024, according to Counterpoint Research. This surge contrasts sharply with Apple's 19% decline in the same period, illustrating a changing dynamic in China's smartphone market. The main driver of Huawei's resurgence appears to be the successful launch of its 5G-enabled Mate 60 series, which has…
Samsung Group has announced that executives will now work six days a week, starting this week, as the conglomerate moves into "emergency mode" to address a myriad of business challenges. This decision comes in response to the sharp depreciation of the Korean won, rising oil prices, and high borrowing costs, all contributing to business uncertainty. This shift also follows Samsung's…
BlackRock, the world's largest asset manager, has reported a record $10.5 trillion in assets under management (AUM) during the first quarter of the year. This milestone is accompanied by a remarkable 36% surge in profit, attributed to the buoyant global equity markets that have propelled investment advisory and administration fees. The surge in global stock markets, fueled by expectations of…
Apple has made a groundbreaking announcement, signaling a departure from its longstanding practice of exclusively distributing iOS apps through its App Store. As per the latest development, developers meeting Apple's stringent criteria will now have the option to offer their iPhone apps for direct download from their websites, specifically targeting users within the European Union (EU). This shift marks a…
The global smartphone market, according to recent reports from IDC, has experienced a notable rebound in the first quarter. However, amidst this resurgence, tech giant Apple Inc. finds itself grappling with a significant decline in iPhone shipments, marking its worst performance since the onset of the Covid-19 pandemic. Challenges in China Market Ever since the debut of the latest-generation iPhone…
Telegram, the popular messaging app, announced a significant milestone as it achieved positive cash flow in the first quarter of the year. Founder Pavel Durov expressed confidence in the company's financial trajectory, anticipating a profitable year ahead. A Promising Outlook: Positive Cash Flow and Growing User Base Durov revealed in a recent interview that Telegram closed the previous quarter with…
Apple Inc. is venturing into personal robotics, exploring new horizons after the recent halt of its electric vehicle (EV) project. Sources familiar with the matter reveal that teams within Apple are delving into the development of automated home devices, marking a potential shift toward innovation in the realm of household technology. Engineers at Apple are currently conceptualizing a mobile robot…
Once more, the spotlight returns to the electrifying clash between Tesla and BYD in the realm of electric cars. The latest report on Tesla's car sales unveils a remarkable turn of events as the company, spearheaded by the indomitable Elon Musk, experiences a decline in sales for the first time since 2020. Meanwhile, BYD, the Chinese electric vehicle giant, has…
