Spotify Technology SA shares surged 16% to $314.80, marking the largest intraday increase since July 2022, after the audio-streaming giant reported a first-quarter profit and strong growth in subscriber numbers. The Swedish company's paid subscriber base grew by 14% year-on-year to 239 million, aligning with analysts' expectations. This impressive growth comes as Spotify continues to expand its offerings and introduce…

Tesla, the pioneering electric vehicle (EV) manufacturer, has reported a staggering 55% drop in profits for the first quarter of this year. The company, known for its innovative approach to sustainable transportation, cited several challenges affecting its bottom line, including heightened competition from hybrid vehicles and unforeseen disruptions such as the Red Sea conflict and an arson attack at Gigafactory…

The dynamics of the Chinese smartphone market are shifting as Apple sees a significant drop in iPhone sales, while Huawei surges ahead with impressive growth. Counterpoint's latest research indicates that iPhone sales in China fell by more than 19% in the first quarter of 2024, whereas Huawei's smartphone sales grew by a remarkable 69.7% over the same period. The resurgence…

Samsung Electronics Co., the tech giant's flagship, has mandated that executives, including heads of production and sales units, work an additional day over the weekend following a regular five-day schedule. This drastic shift in corporate strategy comes as some of Samsung's major divisions posted lower-than-expected results in 2023. With rising geopolitical tensions and a protracted war in Europe, Samsung aims…

Apple has made a groundbreaking announcement regarding iOS apps, signaling a significant departure from its traditional App Store exclusivity. The tech giant has revealed that developers meeting specific criteria will now have the option to offer their iPhone applications for direct download from third-party websites, specifically targeting users in the European Union. This move marks a pivotal shift in Apple's…

The global smartphone market has experienced a significant resurgence in the first quarter, as reported by IDC. However, amidst this overall growth, tech giant Apple Inc. faces its steepest decline in iPhone shipments since the Covid-19 pandemic outbreak, highlighting challenges in its key market, China. Sharp Decline in iPhone Shipments Apple's iPhone shipments dropped by 10 percent in the March…

BlackRock, the world's largest asset manager, has reached a historic milestone, with assets under management (AUM) soaring to a record $10.5 trillion in the first quarter of 2024. The firm also reported a remarkable 36% surge in profit, propelled by the buoyant global equity markets that bolstered investment advisory and administration fees. The surge in BlackRock's AUM, which spiked by…

Telegram has reported positive cash flow in the first quarter of the year, setting the stage for a potential profitable year ahead. Pavel Durov, the enigmatic founder of Telegram, announced that the popular messaging platform ended the last quarter on a high note, with expectations soaring for turning a profit by the end of 2024. Durov's announcement comes hot on…

Zoom Workplace brings communication, employee engagement, spaces, and productivity solutions together on a single platform with Zoom AI Companion capabilities woven throughout. Today, dispersed teams and disconnected collaboration tools have created unwanted complexity — in the form of more meetings, siloed communication channels, and information overload. A 2023 Morning Consult report commissioned by Zoom revealed that more than half of…

The endeavor encompasses the development of a mobile robot designed to seamlessly navigate households, tailoring itself to users' movements. Additionally, Apple has delved into crafting an advanced table-top device employing robotics to maneuver a display, enhancing user interaction within domestic spaces. Amid the dawn of this initiative, Apple finds itself at a critical juncture, compelled to diversify revenue streams following…

In the ongoing saga of Tesla versus BYD electric cars, a new chapter unfolds with Tesla reporting a significant downturn in its sales, marking its first decline since 2020. Meanwhile, BYD, the Chinese electric vehicle manufacturer backed by Warren Buffett, faced a staggering collapse in sales, plummeting nearly 1.5 times. Tesla Electric Car Sales: Worse Than Expected Even the usually…

In a remarkable resurgence, Huawei Technologies reported a staggering $97.48 billion in revenue for 2023, marking its fastest growth in four years. This resurgence comes as a testament to the company's ability to navigate through turbulent waters, particularly in the aftermath of the 2019 U.S. sanctions. Consumer Segment Revival The consumer segment emerged as a key driver behind Huawei's impressive…

Volvo Car AB has marked the end of an era by unveiling its last diesel-powered vehicle, signaling a decisive shift towards electric mobility. The Swedish automaker, renowned for its commitment to sustainability, rolled out the final model, the Volvo XC90, at its plant in Torsland, Sweden. This move aligns with Volvo's ambitious goal to exclusively produce electric cars by 2030.…

Hyundai, in a bold move reflecting the seismic shift towards electric vehicles (EVs), has disclosed plans for a monumental investment of $50 billion (68 trillion won). This strategic initiative aims to propel Hyundai into the echelons of the top three EV manufacturers globally by the year 2030. The Korean automotive giant's investment strategy is meticulously crafted to fortify its foothold…

Intel Corporation stands poised to receive an unprecedented boost from the U.S. government, marking the largest investment under the CHIPS Act, a significant stride in bolstering domestic semiconductor production. A tentative agreement struck with the Department of Commerce outlines Intel's potential windfall, with up to $8.5 billion in direct funding earmarked to fortify the chipmaker's U.S. manufacturing facilities. These funds…