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Business, Financial & Legal Posts - Page 5

Australian game retailer EB Games exposed for alleged employee abuse

By: Chris Smith | More News: Business, Financial & Legal | Posted: Jul 22, 2015 10:31 am

You may have noticed this news across your social media feeds over the past few days, if not - you're likely in for a sad surprise. Kotaku recently published a story 'exposing' behind-the-scenes happenings in Australian branches of the game retail chain EB Games, covering topics such as unpaid overtime, sexual harassment, verbal abuse and more.

 

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Focused mainly around one district manager by the name of Mark DiStefano, employee accounts within this article covered topics ranging from racial slurs, barrages of abuse, tears and more. Other accounts discussed rejected sexual harassment claims due to the lack of an internal HR department and 'forced' unpaid labor - threatening employees with a cut back on casual hours if unpaid work was not completed regularly.

 

EB Games management told Kotaku that they comply "with all Fair Work Australia's rules and regulations," with no pressing statements being spotted by the company just yet. Brandishing an extremely active Twitter, this may be one place to stay tuned for official updates from EB itself.

Apple posts record financial results thanks to iPhone, Mac, App Store

By: Chris Smith | More News: Business, Financial & Legal | Posted: Jul 22, 2015 9:27 am

In a recently issued press release, technology giant Apple bragged a fiscal 2015 third quarter pull of $49.6 billion in revenue and $10.7 billion profit, measuring in at $1.85 per diluted share.

 

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Compared to this time last year when Apple was pulling in $37.4 billion in revenue and a net profit of $7.7 billion, CEO Tim Cook is obviously happy with the results. With the hike explained as gaining assistance thanks to "iPhone revenue [being] up 59 percent" when compared to last year, the "strong sales of Mac, [and] all-time record revenue from services, driven by the App Store, and a great start for Apple Watch" all played a part, said Cook.

 

Set with eyes on the future, Cook further commented that customers should expect iOS 9, OS X EL Capitan and watchOS2 this coming fall.

Qualcomm layoffs could happen soon, strategic split is also possible

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 22, 2015 6:27 am

If the latest report from The Wall Street Journal turns out to be true, Qualcomm could be the next big tech giant to look at a strategic split. The company is reportedly in the process of a sweeping review that would look at the possibilities of breaking up into pieces.

 

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In the recent months, Jana partners LLC has been asking Qualcomm to cut costs, repurchase shares at a faster rate, add new members to its board of directors, and explore a break up, after it was revealed it had a $2 billion stake in Qualcomm. The strategic split would see Qualcomm cutting up and separating its chip production business from its patent-licensing arm.

 

Qualcomm is expected to report its fiscal Q3 results on Wednesday, and according to The Information, the company will lay off around 10% of its global workforce, resulting in 3000 jobs being cut.

Microsoft revenues are in, with Surface revenues up a huge 117%

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 22, 2015 3:38 am

Microsoft has posted its revenues for the quarter, with the Redmond-based OS giant posting a $2.1 billion loss, just a week away from arguably its biggest launch ever; Windows 10.

 

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The company had to get rid of thousands upon thousands of employees in its smartphone side of things, but with its $2.1 billion in loss from $22.2 billion in revenue, it's all being blamed on no flagship releases, and the fact that the company had a huge $7.5 billion write down from the acquisition of Nokia's Devices and Services Division last year. There were also two restructuring charges of $780 million and $160 million, with Microsoft noting: "these items totaled $8.4 billion or a $1.02 per share negative impact. Excluding this impact, operating income and EPS would have been $6.4 billion and $0.62, respectively".

 

But the surprising part of Microsoft's quarterly earnings is that Surface revenues are up by a huge 117%, or $888 million for the three-month period. Throughout Microsoft's entire 2015 FY, Surface revenues passed $3.6 billion, an increase of 65% year-over-year. Microsoft also notes that the Xbox has experienced growth, with the company explaining: "based on strong growth in consoles, Xbox Live transactions and first party games".

PayPal debuts on NASDAQ for the second time, now valued at $50 billion

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 21, 2015 1:33 pm

PayPal has just made its second debut on the NASDAQ this morning, with trading opening up at $41.46, reaching the heights of $42.55, before floating down to $41.03. PayPal Holdings Inc. now has a market value of just above $50 billion.

 

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The company was founded back in 1998 under the name Confinity, with the company developing security software for early personal digital assistants (PDAs). The businesses didn't reach the success that its founders hoped, but it did inspire them to create the company that would eventually be used by tens of millions across the world; PayPal.

 

Confinity eventually merged with Elon Musk's X.com, where it was soon named PayPal. The company went public in 2002 under the ticker PYPL, opening at $13 per share. But with considerable tie-ins with eBay, it made sense that eBay would acquire PayPal later that year for a swift $1.5 billion. PayPal quickly turned into the electronic money transfer platform it is today, but it was activist investor Carl Icahn that urged that eBay split PayPal into a separately traded company.

Continue reading 'PayPal debuts on NASDAQ for the second time, now valued at $50 billion' (full post)

Toshiba CEO quits after $1.2 billion in false profits is discovered

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 21, 2015 10:16 am

Toshiba is in some serious trouble right now, with its CEO and President, Hisao Tanaka, leaving the company after the Japanese electronics giant is attempting to recover from its $1.2 billion in profits being discovered as being false.

 

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Tanaka and two other executives have announced their resignations, with the three taking responsibility for the scandal. An independent investigation found that management had lied about operating profits over a six-year period so that Toshiba could meet its internal targets, all of which started in 2008, the year the GFC hit.

 

Masashi Muromachi, Toshiba's current Chairman, will reportedly fill the CEO role for the time being, where he'll also appoint a new management team. Toshiba has now lost a total of eight high-level executives in this scandal, with the company estimating a $442 million write down, but this estimate was very wrong, with it now ballooning out to almost triple that number.

AMD comes in at one quarter of ATI's previous worth

By: Chris Smith | More News: Business, Financial & Legal | Posted: Jul 20, 2015 3:34 pm

Back when AMD acquired ATI Technology for $5.6 billion, there was a buzz around the technology scene with many questions to answer. Exactly where AMD would take this venture was the biggest one and it seems that down is the current unfortunate answer. As AMD is now posts a market capitalization worth just $1.53 billion as seen on techPowerUp and Google Finance, many are wondering about a shaky AMD future.

 

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Comparing this to Intel's $140.0 billion worth sitting at 92 times over that of AMD, NVIDIA has also chimed in boasting a seven-times greater sum of $10.7 billion alone.

 

As seen in recent reports, AMD has labelled lower than expected sales of APUs as to blame for most of its current financial issues, expecting an approximate 6 percent rise in sales over Q3, 2015.

Continue reading 'AMD comes in at one quarter of ATI's previous worth' (full post)

AMD posts a Q2 revenue of $942m compared to Intel's $13.2b

By: Chris Smith | More News: Business, Financial & Legal | Posted: Jul 20, 2015 1:33 pm

It's currently AMD versus the world in online press, with the company coming under scrutiny for some product releases as of late. AMD has published press release showing a second quarter 2015 report brandishing an operating loss of $137 million and net loss of $181 million.

 

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With a total revenue of $942 million, this is compared to Intel's seven-times higher revenue of $13.2 billion over the same period. AMD CEO Dr. Lisa Su explained that her results were due to "strong sequential revenue growth in our EESC segment and channel business" being simply "not enough to offset near-term challenges in our PC processor business due to lower than expected consumer demand that impacted sales to OEMs."

 

Committing to long-term targets, goals and plans, AMD expects to see an increase of around 6 percent next quarter, hoping for an improvement on the current statistics which are "down 8 percent sequentially and 35 percent year-over-year." These further losses were again explained to be mainly to be due to a weaker than expected consumer PC demand resulting in low APU shipments.

Tesla is expanding its Gigafactory before construction is finished

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 17, 2015 2:25 am

Before the construction of its Gigafactory in Nevada is complete, Tesla is already set to expand the facility. Tesla has confirmed it has since tripled its land purchases in the state, adding a huge 1893 acres to the 1000 it secured last year.

 

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Most of the new space is buffer space according to a Tesla spokesperson, where the company could install solar farms in the area to power the Gigafactory. The electric car maker could also soon secure itself even more acerage, especially if their new cars truly are going to be selling out constantly, just as the Internet-connected Powerwall did.

Intel posts $13.2 billion in revenue for Q2 2015

By: Chris Smith | More News: Business, Financial & Legal | Posted: Jul 16, 2015 11:27 am

Boasting revenues of $13.2 billion, an operating income of $2.9 billion, a net income of $2.7 billion and an EPS of 55 cents, Intel posted up impressive Q2 2015 results. These figures show what Intel CEO Brian Krzanich claims to be a "transformation of our business as growth in data center, memory and IoT accounted for more than 70 percent of our operating profit."

 

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Naming the PC market as "challenging," Krzanich further explained that "the launches of Skylake, Microsoft's Windows 10 and new OEM systems will bring excitement to client computing in the second half of 2015." As for further reports, Intel generated around $3.4 billion in cash from operations, it paid dividends of $1.1 billion and used $697 million in order to repurchase 22 million shares of stock.

 

Looking forward to the third quarter, Intel expects to see a revenue of $14.3 billion, plus or minus $500 million. They also expect to spend $4.9 billion on R&D and MG&A combined.

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