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Apple plunges after slashing revenue guidance for its holiday quarter (AAPL)

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Tim Cook

  • Apple on Wednesday evening cut its revenue guidance for its crucial holiday quarter.
  • In a letter to shareholders, CEO Tim Cook noted iPhone weakness that primarily came from greater China. 
  • Apple shares were down 8% early Thursday.
  • Watch Apple trade live.

Apple shares were under pressure Thursday morning, down more than 8%, after CEO Tim Cook sent a letter to shareholders warning that revenue for the crucial holiday quarter was going to come in below expectations

The company said it now sees fiscal first-quarter revenue of $84 billion, below the $89 billion to $93 billion that it had previously expected

If you look at our results, our shortfall is over 100% from iPhone, and it is primarily in greater China,” Cook told CNBC. 

China’s economy grew at its weakest pace since the financial crisis last quarter as its trade war with the US added uncertainty to an already rocky environment.

But the writing was on the wall for Apple long before Wednesday’s announcement as a handful of suppliers had warned on their outlooks in recent months. 

Last month, the semiconductor manufacturer Cirrus Logic lowered its  third-quarter revenue, citing “recent weakness in the smartphone market.” And in November, suppliers Qorvo, AMS, and Lumentum all warned on their outlooks. 

Apple’s stock has had a rough couple of months, falling more than 32% from its October peak of $233.47. In August, the tech giant became the first US company with a market capitalization of more than $1 trillion. That was down to $749 billion at Wednesday’s closing bell.

Apple is set to report its first-quarter results on January 29. Analysts surveyed by Bloomberg were expecting earnings of $4.65 a share on revenue of $91.25 billion before Wednesday’s announcement. 

AppleMarkets Insider   

 

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More groups join in support of women in STEM program at Carleton

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OTTAWA — Major companies and government partners are lending their support to Carleton University’s newly established Women in Engineering and Information Technology Program.

The list of supporters includes Mississauga-based construction company EllisDon.

The latest to announce their support for the program also include BlackBerry QNX, CIRA (Canadian Internet Registration Authority), Ericsson, Nokia, Solace, Trend Micro, the Canadian Nuclear Safety Commission, CGI, Gastops, Leonardo DRS, Lockheed Martin Canada, Amdocs and Ross.

The program is officially set to launch this September.

It is being led by Carleton’s Faculty of Engineering and Design with the goal of establishing meaningful partnerships in support of women in STEM.  

The program will host events for women students to build relationships with industry and government partners, create mentorship opportunities, as well as establish a special fund to support allies at Carleton in meeting equity, diversity and inclusion goals.

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VR tech to revolutionize commercial driver training

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Serious Labs seems to have found a way from tragedy to triumph? The Edmonton-based firm designs and manufactures virtual reality simulators to standardize training programs for operators of heavy equipment such as aerial lifts, cranes, forklifts, and commercial trucks. These simulators enable operators to acquire and practice operational skills for the job safety and efficiency in a risk-free virtual environment so they can work more safely and efficiently.

The 2018 Humboldt bus catastrophe sent shock waves across the industry. The tragedy highlighted the need for standardized commercial driver training and testing. It also contributed to the acceleration of the federal government implementing a Mandatory Entry-Level Training (MELT) program for Class 1 & 2 drivers currently being adopted across Canada. MELT is a much more rigorous standard that promotes safety and in-depth practice for new drivers.

Enter Serious Labs. By proposing to harness the power of virtual reality (VR), Serious Labs has earned considerable funding to develop a VR commercial truck driving simulator.

The Government of Alberta has awarded $1 million, and Emissions Reduction Alberta (ERA) is contributing an additional $2 million for the simulator development. Commercial deployment is estimated to begin in 2024, with the simulator to be made available across Canada and the United States, and with the Alberta Motor Transport Association (AMTA) helping to provide simulator tests to certify that driver trainees have attained the appropriate standard. West Tech Report recently took the opportunity to chat with Serious Labs CEO, Jim Colvin, about the environmental and labour benefits of VR Driver Training, as well as the unique way that Colvin went from angel investor to CEO of the company.

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Next-Gen Tech Company Pops on New Cover Detection Test

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While the world comes out of the initial stages of the pandemic, COVID-19 will be continue to be a threat for some time to come. Companies, such as Zen Graphene, are working on ways to detect the virus and its variants and are on the forefronts of technology.

Nanotechnology firm ZEN Graphene Solutions Ltd. (TSX-Venture:ZEN) (OTCPK:ZENYF), is working to develop technology to help detect the COVID-19 virus and its variants. The firm signed an exclusive agreement with McMaster University to be the global commercializing partner for a newly developed aptamer-based, SARS-CoV-2 rapid detection technology.

This patent-pending technology uses clinical samples from patients and was funded by the Canadian Institutes of Health Research. The test is considered extremely accurate, scalable, saliva-based, affordable, and provides results in under 10 minutes.

Shares were trading up over 5% to $3.07 in early afternoon trade.

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