iab-business accounting & finance

Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback

25Oct

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Technology

Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback

New York CNN — Big tech companies are continuing a turnaround from last year, as Alphabet, Microsoft and Snap kicked off earnings season with strong sales results for the quarter ended in September. Google parent company Alphabet on Tuesday reported quarterly sales of $76.69 billion, up 11% from the same period in the prior year. The company also posted profits of $19.69 billion for the quarter. Meanwhile, Microsoft posted 13% year-on-year sales growth to $56.5 billion, also beating expectations. Microsoft’s quarterly profits hit $22.3 billion, up 27% from the year-ago period. Snapchat parent Snap on Tuesday reported a return to sales growth in the September quarter, after two consecut...

21Oct

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Technology

LinkedIn is cutting more than 650 jobs

New York CNN — LinkedIn is laying off 668 people across its engineering, product, talent and finance teams as part of a broader restructuring, the social media platform announced Monday. In a blog post, the social media site for professionals said it is making changes to its organizational structure and streamlining its decision making. “Talent changes are a difficult, but necessary and regular part of managing our business,” the company said. Microsoft bought LinkedIn in 2016. The company is dedicating many of its resources toward artificial intelligence. Recently, LinkedIn announced an AI-assisted candidate discovery for recruiters using the site. And in Microsoft’s most recent earn...

Samsung flags 78% profit drop as chip demand remains weak

11Oct

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Technology

Samsung flags 78% profit drop as chip demand remains weak

Hong Kong CNN — Samsung warned that operating profit in the third quarter likely plunged 78% as it continues to contend with lower than usual demand for consumer devices. The South Korean tech giant released earnings estimates Wednesday, forecasting operating profit of about 2.4 trillion Korean won ($1.8 billion) for the three months ended September. That compares with 10.85 trillion won ($8 billion) in the same period last year. Revenue was also projected to drop 12.7% from a year ago. That continues a dreary run for the electronics maker, which has reported major losses in recent months as global economic uncertainty weighs on consumers around the world, leading many people to hold o...

24Aug

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Technology

T-Mobile to lay off 5,000 workers

New York CNN — T-Mobile on Thursday announced it plans to lay off 5,000 employees, or around 7% of its total staff, over the next five weeks. The reductions will largely affect corporate and back-office jobs that are “primarily duplicative” to other roles and will reduce the company’s middle management layers, CEO Mike Sievert said in a letter to employees Thursday. The company also plans to reduce its spending on “external workers and resources,” but its retail and “consumer care” staff who work directly with customers will not be affected, he said. “What it takes to attract and retain customers is materially more expensive than it was just a few quarters ago,” Sievert said. T-Mobil...

Nvidia’s quarterly sales double on the back of AI boom

23Aug

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Technology

Nvidia’s quarterly sales double on the back of AI boom

New York CNN — The artificial intelligence boom continues to fuel a blockbuster year for chipmaker Nvidia. Nvidia’s stock jumped as much as 9% in after-hours trading Wednesday after the Santa Clara, California-based company posted year-over-year sales growth of 101%, to $13.5 billion for the three months ended in July. The results were even stronger than the $11.2 billion in revenue that Wall Street analysts expected. The company’s non-GAAP adjusted profits grew a stunning 429% from the same period in the prior year to $2.70 per share, also beating analysts’ expectations. GAAP stands for generally accepted accounting principles. Nvidia’s stock has climbed by just over 220% since the s...

Illinois passes a law that requires parents to compensate child influencers

16Aug

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Technology

Illinois passes a law that requires parents to compensate child influencers

CNN — When 16-year-old Shreya Nallamothu from Normal, Illinois, scrolled through social media platforms to pass time during the pandemic, she became increasingly frustrated with the number of children she saw featured in family vlogs. She recalled the many home videos her parents filmed of herself and her sister over the years: taking their first steps, going to school and other “embarrassing stuff.” “I’m so glad those videos stayed in the family,” she said. “It made me realize family vlogging is putting very private and intimate moments onto the internet.” She said reminders and lectures from her parents about how everything is permanent online intensified her reaction to the videos...

AI is being held up by a shortage of powerful chips

6Aug

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Technology

AI is being held up by a shortage of powerful chips

CNN — The crushing demand for AI has also revealed the limits of the global supply chain for powerful chips used to develop and field AI models. The continuing chip crunch has affected businesses large and small, including some of the AI industry’s leading platforms and may not meaningfully improve for at least a year or more, according to industry analysts. The latest sign of a potentially extended shortage in AI chips came in Microsoft’s annual report recently. The report identifies, for the first time, the availability of graphics processing units (GPUs) as a possible risk factor for investors. GPUs are a critical type of hardware that helps run the countless calculations invol...

Apple’s sales fall for the third consecutive quarter

5Aug

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Technology

Apple’s sales fall for the third consecutive quarter

CNN — Apple said Thursday that its revenue slipped 1% to $81.8 billion for its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue for the world’s most valuable company. There were some bright spots, however. The company said its services revenue reached a new all-time high of $21.2 billion. The services business — which includes Apple Music and Apple TV+ — is an increasingly important revenue driver for Apple. Moreover, Apple’s results narrowly beat Wall Street’s estimates for revenue and profit. iPhone revenue came in at $39.7 billion for the quarter, marking an approximately 2% year-over-year decline. Mac revenue was $6.8 billion for the q...

Amazon’s stock surges as profit jumps and sales jump

3Aug

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Technology

Amazon’s stock surges as profit jumps and sales jump

New York CNN — Amazon (AMZN)’s sales boomed on strong demand in the second quarter for its wide range of products, from fast delivery for Prime deals to ads, fueling a massive jump in profit from a year ago. Sales grew 11% to $134.4 billion. That’s an increase from $121.2 billion in the second quarter of 2022. The number exceeded analyst predictions of $131.4 billion revenue. The stock surged nearly 10% in after-hours trading. Amazon’s stock has risen 52% year to date, one of a handful of tech stocks that has helped power the market higher this year. The company’s profit jumped sharply compared to this quarter last year. Its net income was $6.7 billion in t...