Apples rare sales warning sparks iPhone fatigue fears

first_imgAngela Lang/CNET Apple’s new lineup of iPhones didn’t have a happy holiday. And a rare sales forecast slash may bode poorly for the rest of the year.In a letter to investors on Wednesday, Apple CEO Tim Cook warned that the company’s fiscal first-quarter revenue would be weaker than previously expected. It now sees sales of $84 billion, well below the range of $89 billion to $94 billion that it forecast in November. Its gross margin is now expected to be approximately 38 percent, a tick below the range of 38 percent to 38.5 percent range it previously forecast, suggesting a shift to lower-priced, less profitable products.A warning from Apple, one of the most valuable and profitable companies in the world, is a rare occurrence that hasn’t happened in at least 15 years. The weaker holiday season — a critical period in which most of Apple’s iPhones are sold — will fan growing belief that the company is struggling with consumer fatigue for its popular smartphone and that sales may be on a downward slide. The company raised a red flag in November when it said it would stop disclosing how many units it sells each quarter. “iPhone units are likely down, and I believe prices on the more premium, higher-priced phones are down due to holiday discounting,” said Patrick Moorhead, an analyst at Moor Insights. The warning prompted concerns similar to those Apple endured more than a decade ago, when it missed its fiscal fourth-quarter numbers amid an economic downturn. Then-CEO Steve Jobs broke his practice of skipping analyst calls in order to quell investor fear, reiterating that Apple would be fine. (He was right.)That hasn’t stopped detractors from jumping on the warning. On Wednesday, law firm Bernstein Liebhard said it was investigating whether Apple mislead investors and committed securities fraud. An Apple spokesman wasn’t immediately available to comment on the law firm’s actions.Apple shares fell 7 percent to $147 in trading after the market close on Wednesday. On Thursday morning, shares fell another 9.5 percent to $142.88, before rebounding 1.6 percent to $144.52 in early Friday trading.Blame ChinaThis time, the economic downturn isn’t in the US. Cook blamed much of the shortfall on China, where the company underestimated a decelerating economy. The company saw a decline in sales of iPhones, Macs and iPads in the country.Cook cited macro factors like trade friction between the US and China, the world’s two biggest economies.”We believe the economic environment in China has been further impacted by rising trade tensions with the United States,” Cook said. See It $999 CNET may get a commission from retail offers. Aug 31 • Your phone screen is gross. Here’s how to clean it Apple Aug 31 • iPhone XR vs. iPhone 8 Plus: Which iPhone should you buy? 7:35 See All Comments See It Apple iPhone XS What to expect from Apple in 2019 $999 Beyond demand in China, Cook also blamed a decrease in carrier subsidies, price increases in foreign markets caused by a strong US dollar and customers taking advantage of cheaper battery replacements. Cook pointed the finger as well at a slowing smartphone market, which has taken a toll on other big players, like Samsung. But Avi Greengart, an analyst at Global Data, says Apple’s not taking into account the rise of players like China’s Huawei, the second-largest phone maker in the world. Or Oppo, which owns the hot upstart player OnePlus. “Apple does have a strong franchise in China, but it is not immune from competition,” Greengart said.In an interview with CNBC, Cook said a host of new products introduced in the quarter contributed to the sales miss.”We had an unprecedented number of new products during the quarter. We had new watches, we had new iPad Pros,” Cook told the financial network. “Both of these were constrained for all or most of the quarter.”Still, he remains bullish.”We had sort of a collection of items going on.” Cook told CNBC. “Some that are macroeconomic and some that are Apple-specific. And we’re not going to sit around waiting for the macro to change — I hope that it does and I’m actually optimistic — but we’re going to focus really deeply on the things we can control.”Questions about demandApple was already facing questions about demand for its next lineup of iPhones. In the latter months of 2018, Apple introduced the iPhone XS and iPhone XS Max, which offered modest upgrades like a faster processor and, in the case of the Max, a big size increase. The other new product was the lower-priced iPhone XR, which came in different colors and cost less than the iPhone XS because of its cheaper components. Addressing concerns that the new iPhones weren’t selling well, Apple said the iPhone XR has been its top-selling iPhone since its launch, which came a month after that of the iPhone XS and iPhone XS Max. But the iPhone XR sits in an awkward position. It doesn’t have the latest and greatest specs to satisfy the hardcore Apple fanboy, but at $750, it is still an expensive upgrade for consumers used to a baseline $650 for a new iPhone. In the meantime, Apple’s older iPhone 7 and iPhone 8 models remain available for consumers who don’t want to break the bank for a new smartphone. Apple has been shifting its strategy so it’s less reliant on the iPhone and generating more of its revenue from services like iTunes, the App Store and its upcoming streaming video service. “The services business will have a longer impact than hardware sales,” said Carolina Milanesi, an analyst at Creative Strategies.First published Jan. 2 at 1:42 p.m. PT. Update 1:57 p.m.: To include further detailsUpdate 2:14 p.m.: To include further details, stock market price and background.Update 2:55 p.m.: To include analyst comments.Update 3:10 p.m.: To include further comment from Tim Cook from a CNBC interview.Update 4:40 p.m.: To include more Tim Cook comments.Update Jan. 3 at 6:40 a.m.: To include a new stock quote and analyst comment.Update Jan. 4 at 6:42 a.m.: To include new stock quote and detail about law firm investigation. Apple: See what’s up with the tech giant as it releases new iPhones and more.Does the Mac still matter? Apple execs explain why the MacBook Pro was over four years in the making, and why we should care. Now playing: Watch this: Tags Aug 31 • Best places to sell your used electronics in 2019 See it Review • iPhone XS review, updated: A few luxury upgrades over the XR Boost Mobile $999 $999 See It Sep 1 • iPhone 11, Apple Watch 5 and more: The final rumors Share your voice reading • Apple’s rare sales warning sparks iPhone fatigue fears • Mentioned Above Apple iPhone XS (64GB, space gray) Phones 77 Sprint Best Buy Preview • iPhone XS is the new $1,000 iPhone X Applelast_img read more

BSE closes points 5646 down on April 28

first_imgBSE closes points 56.46 down on April 28375 views00:00 / 00:00- 00:00:0000:00BSE closes points 56.46 down on April 28375 viewsBusinessNew Delhi, April 28 (ANI): Trading at the Bombay Stock Exchange today closed 56.46 points down to stand at 22,631.61. At the National Stock Exchange the Nifty closed 21.50 points down to stand at 6,761.25. UPL and JP infratec were among the top gainers of Group A with an increase of 20.18% and 13.83% along with Jain Irrigation and Wockhardt with an increase of 13.52% and 11.73% respectively, while the top losers of Group A include Shriram City University and Ambuja Cements with a decrease of 5.24% and 4.23% along with Shriram Transport and LIC Housing Finance with a decrease of 3.46% and 3.11% at the close of the markets. The Auto sector is down 132.47 points at 13,483.49 while the banking sector is up 53.94 points at 14,964.24 and the realty sector is up 8.46 points at 1,480.63. The Indian currency is up 0.02% at Rs 60.59 per dollar.Ventuno Web Player 4.50New Delhi, April 28 (ANI): Trading at the Bombay Stock Exchange today closed 56.46 points down to stand at 22,631.61. At the National Stock Exchange the Nifty closed 21.50 points down to stand at 6,761.25. UPL and JP infratec were among the top gainers of Group A with an increase of 20.18% and 13.83% along with Jain Irrigation and Wockhardt with an increase of 13.52% and 11.73% respectively, while the top losers of Group A include Shriram City University and Ambuja Cements with a decrease of 5.24% and 4.23% along with Shriram Transport and LIC Housing Finance with a decrease of 3.46% and 3.11% at the close of the markets. The Auto sector is down 132.47 points at 13,483.49 while the banking sector is up 53.94 points at 14,964.24 and the realty sector is up 8.46 points at 1,480.63. The Indian currency is up 0.02% at Rs 60.59 per dollar.last_img read more

Kerala billionaire converts Scotland Yard into luxury hotel you can stay at

first_imgHyatt’s Great Scotland Yard HoteltwitterScotland Yard, the former headquarters of the Metropolitan Police Service (MPS) in London, has been converted into a luxurious five-star hotel by Indian business tycoon and hotelier from Kerala MA Yusuffali. MA Yusuffali, chairman of Lulu Group InternationalTwitter [Representational Image]The Scotland Yard was bought by Yusuffali, the chairman of Lulu Group International, in 2015 for Rs 1,000 crore (£110 million). The heritage site has been converted into a premium hotel in three years at Rs 685 crore (£75 million).The hotel will be managed by the Hyatt group and will open its door to the visitors later this year. The hotel has 153 rooms and the tariff per night is expected to go up to Rs 7,79,842 (nearly €10,000).Some of the uber luxuriant suites in the hotel offer scenic views of the most unique locations in London like the Buckingham Palace, Westminster Abbey and Nelson’s Column. Chandelier inside Hyatt’s Great Scotland Yard HoteltwitterThe renovation has not destroyed the originality and quintessence of the property and certain features still give a glimpse back to the history with decorations including military uniforms and artwork by the prisoners. This certainly is one of a kind experience in the hotel industry with a lot of premium features. Hyatt’s Great Scotland Yard HoteltwitterAccording to reports, the old police cells have been turned into meeting rooms and workspace areas that can be rented on request. The guests will also have access to a secret whiskey bar, a tea parlour, a ballroom and a restaurant.The Scotland Yard was chosen by Sir Robert Peel, the then Prime Minister of the United Kingdom, for the police force after the London Police was formed in 1829.last_img read more

Virtusa to buy Polaris in deal worth 350 million Report

first_imgUS-based IT major Virtusa Corporation is reportedly planning to acquire Chennai-based Polaris Consulting and Services Ltd in a deal worth $350 million (Rs 2,310 crore).The Massachusetts-headquartered IT company’s M&A discussion with Polaris is regarded as a step towards cementing its “offerings” and gain access to new clients in banking and financial services, The Times of India reported.”Polaris has the potential to fill gaps in Virtusa’s portfolio and position itself as an end-to-end digital transformation partner,” said Hansa Iyengar, analyst in London-based IT research firm Ovum.Polaris is expected to finalise the acquirer shortly as “negotiations were fairly advanced,” said a source familiar with the development. Fiserv, Genpact, Tech Mahindra are among other “possible suitors”, according to the report.Arun Jain, chairman of Polaris Consulting and Services, holds 29% stake in the company, while Rohatyn Group (formerly Citi Venture Capital International) has 19% stake. Billionaire investor Rakesh Jhunjhunwala also acquired a 4.8% stake in the company.Citigroup is the largest client for Polaris accounting for nearly 35% of its revenue.”Polaris, which counts Citigroup as top client, could find a potential suitor in Virtusa with strong footprint in consumer banking, treasury and capital markets,” said analysts.With JP Morgan Chase, British Telecommunications and AIG Global Services as top clients, Virtusa earned $479 million in revenues last fiscal year and is sitting on a cash pile of $180 million.”Virtusa wants scale and access to a new client base,” Peter Bendor Samuel, CEO of US-based Everest Group said”They have a demonstrated ability to grow services, have a young aggressive talent base and should be able to revitalize a somewhat tired and dispirited business. It’s also good timing for Polaris as valua tions for this are high,” he said.last_img read more

Strong earthquake to jolt earth on May 03 warns seismic researcher

first_imgAn unidentified technician at the French National Seism Survey Institute in Strasbourg, points at a graph February 24, 2004, [ Representational image]REUTERS/Vincent Kessler VK/AAA self-proclaimed seismic researcher named Frank Hoogerbeets is now a very popular name among conspiracy theorists all around the world. His popularity rose sky high when some of his predictions regarding earthquakes turned true. Recently, he had warned that the final days of April would witness a rise in seismic activities due to critical planetary alignment, and interestingly, on April 29, an earthquake measuring 6.2 on the Richter scale was reported in Carlsberg ridge, Yemen.Even though this might be a coincidence, conspiracy theorists are already up in arms, and they strongly propagate that the predictions made by Hoogerbeets are authentic. Now, Hoogerbeets has outlandishly claimed that another earthquake, measuring more than 8 on the Richter scale, will jolt the planet between May 01 and May 03.A recent post of Hoogerbeets on his website Ditrianum reveals that the rise in seismic activities is mainly due to the critical planetary alignment in the solar system where Venus, Mercury, and the Sun are apparently specifically positioned, thus causing a gravitational pull on the earth. This gravitational pull will destabilise the tectonic plates on the earth, resulting in increased seismic activities.Exact place not revealedEven though the Dutch researcher has not revealed the exact place where the earthquake is going to hit, conspiracy theorists believe that an earthquake with such a magnitude will cause drastic devastation in the affected area.Hoogerbeets claim that he is making use of a sophisticated system named SSGI (Solar System Geometry Index) to predict potential earthquakes on the earth. As per Hoogerbeets, SSGI is “the computation of a dataset for a specific time-frame of values given to specific geometric positions of the planets, the Moon and the Sun”.Even though many predictions made by Hoogerbeets have turned true, seismic experts have classified his claims unauthentic stating that no technology on planet earth is capable of predicting earthquakes with precision.last_img read more

Hurricane Barbara close to Category 5 intensity storm likely to weaken near

first_imgHurricane BarbaraNHC Eastern Pacific/TwitterA major category 4 storm, Hurricane Barbara, that swept across the Eastern Pacific region has now teetered towards category 5 hurricane. Barbara is likely to weaken on its way to Hawaii from Thursday, July 7.US National Hurricane Centre said the storm sustained winds of 145 mph on Wednesday. The maximum speed reached 155, just 2 mph below falling into Category 5 intensity bracket. Category 5 hurricanes are the most powerful tropical storms on the Saffir–Simpson Hurricane Scale.Watch as #HurricaneBarbara develops an eye in this #GOESWest loop from July 2, 2019. While Barbara remains a Cat. 4 hurricane, gradual weakening is expected throughout the day. More imagery: https://t.co/vJU1Ct5MKl pic.twitter.com/yiY6YRWqA5— NOAA Satellites (@NOAASatellites) July 3, 2019The storm was initially located 1,925 miles east of Hilo, Hawaii, and was moving west-northwest at 10 mph, according to CBS reports.The forecast track shows that while the hurricane remained a major intensity of Category 3 till Wednesday, the intensity will decrease in the future due to the warm temperature of Hawaiian waters. The regional temperature, reported Accuweather, does not allow a tropical storm to sustain in the current weather.Newly formed Hurricane Barbara in the Eastern Pacific Basin is no threat to land, at this time. Barbara is expected to become a major hurricane on Tuesday. pic.twitter.com/LOeLNs8tIo— National Weather Service (@NWS) July 2, 2019Accuweather has predicted that Barbara is likely to bring showers and thunderstorms to parts of Hawaii from Monday night to Wednesday of next week.last_img read more

Identify those who have kept contact with BJP Mamata urges party leaders

first_imgKolkata: Trinamool Congress supremo Mamata Banerjee has urged party leaders on Friday to identify those who had been and are still staying in contact with BJP and at the same time, said those who have joined the saffron party will not be allowed to rejoin Trinamool.She told party leaders not to worry and assured that the party will make a comeback in the 2021 Assembly polls. Banerjee met the leaders of Jhargram and Bankura at Trinamool Bhavan on Friday afternoon. Subrata Bakshi, state Trinamool president and Suvendu Adhikari, state Transport minister, also attended the meeting. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: Mamata”Intensify vigil and identify those who are keeping contact with BJP. Also find out those who had supported BJP in the recently concluded general election. Those who have joined BJP will not be allowed to rejoin the party,” she asserted. Banerjee said BJP has distorted her statement on the ‘cut money’ debacle. “BJP has distorted my view on cut money. I did not say it the way it is being circulated by BJP,” she maintained. She reiterated that despite her requests, some leaders did not develop contact with the people and the party had to pay a price for their attitude in the Lok Sabha election. Also Read – Lightning kills 8, injures 16 in state”I told you repeatedly to build contact with people. But you did not and the party is paying a price for it,” she said and once again instructed the leaders to intensify their contact with people. She also stated that the leaders should bury their hatchets and work together to make the party regain its position. She urged Arup Chakraborty, Arup Khan and Shampa Daripa of Bankura to increase their contact with people. Rajib Ghosal, Trinamool Youth Congress president of Bankura, has been sidelined and a new president will be elected. She also asked Shyamapada Mukherjee, former minister from Bankura, to keep in touch with Daripa. In Jhargram, she asked Birbaha Soren to get in touch with Uma Soren for the party’s programmes. The Trinamool supremo said in both Jhargram and Bankura, the state government has carried out massive development. Several schemes have been initiated for SC and ST people. “But despite that, we have failed to win the election. We lacked in informing the people about the schemes. The leaders lacked in developing contact with the people as well,” she said. It may be recalled that both in Jhargram and Bankura, Trinamool Congress candidates had lost to their BJP rivals. Trinamool had fielded Subrata Mukherjee in Bankura, who lost by a huge margin. Similarly, Birbaha Soren was defeated by the BJP candidate as well. Banerjee is visibly disturbed over the poll results and held a marathon meeting with the district leaders on Friday, to analyse the poll debacle in Bankura and Jhargram.last_img read more

ROYCE Simmons is looking to get off to the best po

first_imgROYCE Simmons is looking to get off to the best possible start when Saints open their season ‘on the road’ at the Stobart Stadium on Friday.His side are unbeaten in their two engage Super League games so far and place their remarkable winning record over Warrington on the line when they take to the field.“History is just that for me,” Royce said. “More important is that we do give a good effort in our home game, especially our first one at Widnes.“We are trying to say to our fans this is our home ground for 12 months and we want you to come here and support us.“The fans have to buy into that but it is us that have to lead it, show a lot of energy and commitment early in the game and get them behind us, so they can jump on the back of it.”Warrington have not beaten Saints since 2001 and their winless run on their travels stretches back to 1994.But Royce thinks they will be an even tougher proposition this time round.“Warrington have been beaten in the past due to their attitude rather than their class – sometimes they must have been thinking, ‘oh no we are going to Knowsley Road where we lose.’“But I went watching the Warrington v Hull KR at the weekend and it was a good game of football with two big packs going at each other.“Warrington have got good finishing on the edges. They have got a good attacking kicking game. They hung in there and won the game.I know Hodgo [Brett Hodgson] – I know him back to front actually – and he was at his best finishing tries down the edges. He provided the final pass for two tries and scored the last one himself and kicked the winning goal.“Joel Monaghan regularly scores 20 tries in the NRL but half of them come from attacking kicks. He is dangerous and looked so the other day. Westwood terrorises people because he is so tough.“Warrington are a tough side – sprinkled with internationals and they won two Challenge Cups so we will have to be at our best.Saints will be without Leon Pryce or Gary Wheeler for the match but the return of Paul Wellens and James Graham looks more likely.“Leon tried to run in straight lines but he started to feel twinges with his groin injury so we told him to get off,” Royce added. “Gary Wheeler could not run in training earlier in the week so neither will play. Wellens got through non-contact training on Tuesday so that is promising. James Graham got through training so the medical staff are happy for him to play.”Tickets for Saints mouthwatering Super League XVI home opener with Warrington Wolves on Friday February 25 (8pm) are still on sale.This ALL TICKET encounter kicks off Saints’ home campaign at their temporary Widnes venue.The East Stand has sold out whilst Warrington have sold their allocation of West Stand tickets.Tickets will be available on matchday from the matchday Ticket Office window on Friday – North and South Stand tickets still remain.Tickets are now on sale from Saints Town Centre Store in the Church Square Shopping Centre and by calling 01744 455 050.You cannot buy tickets from Widnes’ ticket office during the week or via the Stobart Stadium’s phoneline.Tickets will be on sale from the Ticket Office from 4.30pm on Friday only at the Stobart.Please note, you can only enter the stand your ticket corresponds to. For example, if you have an East Stand ticket, you can’t use the North Stand turnstiles to access your seat.last_img read more