Samsung reports record sales, Apple announces Q1 2018 revenue of $88.3b, Amazon’s stock jumps 6%, and more

Samsung reports record sales, Apple announces Q1 2018 revenue of $88.3b, Amazon’s stock jumps 6%, and more
Anna Bazyma
02.02.2018

This week was full of financial news. Many tech giants reported about their revenue or shared plans about the future. More details in our digest.

 

1) Google Play removed 700,000 bad apps in 2017, 70% more than in 2016

Google today shared details of Google Play’s efforts to protect Android users with its teams of engineers, policy experts, product managers, and operations professionals that monitor the store for misleading, inappropriate, or harmful apps. In 2017, Google removed more than 700,000 apps that violated Google Play’s policies, or 70 percent more apps than the year before.

Google does not share total Google Play app numbers anymore, so we have to rely on third-party estimates to put this 70 percent figure into perspective. Statista pegs the total number of apps on Google Play at 2.6 million in December 2016 and 3.5 million in December 2017, a 35 percent growth. How many of those were bad apps, however, is anyone’s guess.

Read more on Venturebeat

 

2) Nintendo ups its Switch sales expectations to 15 million units after profits rise 261%

Nintendo reported earnings for its fiscal third quarter of 2017 on Wednesday that beat market expectations, with the gaming giant also upping the sales forecast for its flagship Switch console.

The Japanese firm also increased its outlook for operating profit in the year ending March 2018.

Nintendo reported the following results for the three months to the end of December 2017.

Revenue of 482.97 billion yen ($4.44 billion) versus analyst forecasts of 407.86 billion yen, according to Reuters estimates. This is a more than 177 percent year-on-year rise. It’s also the highest quarterly revenue figure since the quarter ending December 2009.

Operating profit of 116.5 billion yen versus expectations of 69.3 billion yen. This is an increase of over 261 percent and the highest quarterly operating profit since the quarter ending December 2009.

Read more on CNBC

 

3) South Korea says no plans to ban cryptocurrency exchanges, uncovers $600 million illegal trades

South Korea’s finance minister said the government has no plans to shut down cryptocurrency trading, welcome news for investors worried that authorities might go as far as China’s tough action in blocking virtual coin platforms.

The comment by Kim Dong-yeon on Wednesday comes as traders at home and around the world have been spooked by conflicting comments from government officials in South Korea, a major hub for cryptocurrency trade, that Seoul was planning to ban local digital coin exchanges.

“There is no intention to ban or suppress cryptocurrency (market),” Kim said, adding the government’s immediate task is to regulate exchanges.

Reinforcing Seoul’s intent to tighten the screws on a market widely seen as opaque and risky by global policymakers, the country’s customs earlier on Wednesday announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million.

Read more on Reuters 

 

4) Apple announces Q1 2018 revenue of $88.3b: 77.3m iPhones, 13.2m iPads, 5.1m Macs

 

After forecasting a record quarter with revenue between $84 billion and $87 billion, Apple has just reported its quarterly results for the last three months of 2017. While Apple’s previous quarter included initial iPhone 8 sales, today’s results are the first to include initial iPhone X sales as it launched in early November.

Apple reports $88.3b in revenue and $20.1b profit from 77.3m iPhones, 13.2m iPads, and 5.1m Macs sold. That compares to $78.4b in revenue and $17.89b in profit from 78.3m iPhones, 13m iPads, and 5.3m Macs in the same quarter a year ago. Apple reported $52.6b in revenue and $10.7b profit from 46.7m iPhones, 10.3m iPads, and 5.4m Macs during the previous quarter.

Apple highlights that its active install base reached 1.3 billion devices in January, and the company forecasts revenue between $60 and $62 billion during FY2018 Q2.

Full press release after the break, and stick around for our earnings call live blog at the top of the hour:

Read more on 9to5mac.com

 

5) Amazon’s stock jumps 6% after its 4th-quarter results beat the Street’s expectations

Amazon’s stock jumped more than 6% after the e-commerce giant topped Wall Street’s fourth-quarter expectations.

The company reported its holiday-period results on Thursday afternoon. At the time of writing, Amazon’s stock was up $85.00 a share, or 6.1%, to $1,475.00.

Here’s what the company reported, compared with what analysts polled by Bloomberg had forecast:

  • Revenue:$60.5 billion; analysts were expecting $59.85 billion.
  • Amazon Web Services sales:$5.1 billion; the one analyst who offered an estimate to Bloomberg was looking for $5 billion.
  • Earnings per share:$3.75; analysts were expecting $1.83 a share. The company’s bottom line was boosted by a windfall of $789 million — or $1.59 a share — related to the new tax law. Without that benefit, the company would have earned $2.15 a share, beating estimates regardless.

Read more on Bussiness Insider 

 

6) Facebook will push local stories in news feed

The social network on Monday said it’ll start to emphasize news stories from local publishers in an area where a person lives. That means if you follow a local news outlet, or if someone shares a story from a news outlet in your area, it might show up higher in your news feed.

“People consistently tell us they want to see more local news on Facebook,” CEO Mark Zuckerberg wrote on his Facebook page. “Local news helps us understand the issues that matter in our communities and affect our lives.”

Read more on CNET

 

7) Apple sells fewer phones but profits rise

Apple sold slightly fewer iPhones in the final three months of 2017 than it did the year before, but higher prices compensated for the dip.

The firm reported a record $20bn (£14bn) in quarterly profits, driven by strong growth in Japan and Europe.

The results were the first official glimpse of sales figures for Apple’s expensive iPhone X.

Chief executive Tim Cook said demand for the product, which starts at about $1,000, had surpassed expectations.

Quarterly sales at the firm climbed by 13% year-on-year to a record $88.3bn.

After an initial fall, Apple shares climbed more than 3% in after-hours trade.

Apple released the iPhone X in November, coinciding with the 10th anniversary of the device.

Read more on BBC

 

8) The cryptocurrency boom helped Samsung post a record $50.2 billion profit in 2017 

Samsung Electronics Co Ltd announced on Wednesday its first stock split and said it expects demand for semiconductors to remain strong in 2018, as it posted record annual profit driven by a so-called memory chip “super-cycle.”

The tech giant’s stock split is the latest in a series of moves to bolster shareholder returns, including 5.8 trillion won ($5.4 billion/£3.8 billion) in annual dividends and 9.2 trillion won in share buybacks and cancellations in 2017.

The firm’s largesse has encouraged investors to hold shares despite concerns that the memory business may be peaking. The stock split will open the door to retail investors as well, boosting liquidity and underpinning valuations, analysts said.

Read more on Bussiness Insider 

 

9) Russian Bots Retweeted Trump’s Twitter 470,000 Times

Russian-linked Twitter bots shared Donald Trump’s tweets almost half a million times during the final months of the 2016 election, Twitter Inc. said in a submission to Congress.

The automated accounts retweeted the Republican candidate’s @realDonaldTrump posts almost 470,000 times, accounting for just more than 4 percent of the re-tweets he received from Sept. 1 to Nov. 15, 2016. Hillary Clinton’s account got less than 50,000 retweets by the Russian-linked automated accounts during the same period of time, the company said in documents posted Friday by the Senate Judiciary Committee.

Read more on Bloomberg

 

10) Only 48% of ICOs were successful last year — but startups still managed to raise $5.6 billion

Startups and projects raised $5.6 billion last year through so-called initial coin offerings (ICOs), according to a new report.

Venture capital fund Fabric Ventures and cryptocurrency data provider TokenData shared the figure in their “State of the Token Market” report, which was shared with Business Insider ahead of publication this week.

2017 saw a huge boom in companies raising money by issuing their own digital currencies, which are structured similarly to bitcoin, in return for funds to build their business. These “coins” can then be traded freely on online exchanges, offering greater liquidity to investors than traditional equity investment.

“More than $5.6 billion of capital was raised in 2017 according to the metrics used by the TokenData team,” the report says. “This compares to $1 billion of ‘traditional’ venture investing in blockchain startups in the same time frame and a ‘mere’ $240 million raised by token sales in 2016.”

Read more on Business Insider