By Cody Lee on Aug 19, 2014
After hovering just under the $100 mark for several weeks, shares of Apple finally surpassed the mark today and closed at an all-time high of $100.56. That breaks the Cupertino company stock’s previous closing record of $100.30, set on September 19, 2012 in the run up to the launch of the iPhone 5.
Today’s news comes just a few months after Apple authorized a 7-1 stock split (before the split, today’s closing price would be shown as $703.92), and amidst a barrage of rumors regarding the company’s plans for product releases this fall which include two new iPhones and possibly a smartwatch… Read More
By Cody Lee on Aug 8, 2014
In 2011, tech employees levied a class action anti-poaching lawsuit against Apple, Google, and other companies. The suit covered more than 60,000 workers, who claimed the firms conspired to keep their salaries lower by entering in a non-poach agreement with one another.
It was reported in April that Apple, Google, Intel and Adobe had reached a settlement for $324 million, but apparently Judge Lucy Koh (yes, that Judge Koh) didn’t like that number. Judge Koh officially rejected the proposed offer today, saying that it needed to be higher… Read More
By Cody Lee on Jul 25, 2014
For those of you still skeptical that Apple is gearing up for a blockbuster fall, check out this report from Morgan Stanley’s Katy Huberty. The analyst dug through its just-released 10-Q filing, and she says it reveals a lot about its upcoming plans.
Huberty explains that the company’s significant increase in spending all-but-confirms that we’ll see some major new products this year. In fact, its quarter-over-quarter increase is the largest we’ve seen since it introduced the first iPhone in 2007… Read More
By Cody Lee on Jul 22, 2014
During Apple’s Q3 earnings call this afternoon, Tim Cook praised the success of its iTunes software and services arm. The CEO said the division was the fastest-growing of the company’s business in the first 9 months of its fiscal year 2014.
The segment generated $4.5 billion in revenue during the 3-month period, an increase of 12% YoY (or year over year). And Cook attributed the growth to a number of factors, including growing interest in China and strong App Store numbers… Read More
By Cody Lee on Jul 22, 2014
As expected, Apple is out with its financial report for Q3 2014 this afternoon. In a press release issued just a few moments ago, the company announced that it sold 35.2 million iPhones, 13.2 million iPads, and pulled in $37.4 billion in revenue during the three month period.
Apple beat its own guidance, and met projections on just about everything but iPad numbers. It would seem that the problems continue with the popular tablet line, as sales came in more than 1 million units less than expected. We have a full breakdown of the numbers below…
By Cody Lee on Jul 17, 2014
On Tuesday, Apple launched a new service in Japan called ‘iTunes Pass.’ The service allows customers to purchase iTunes Store credit from an Apple retail store using Passbook, eliminating the need for physical gift cards and redemption codes.
At the time of launch, it was unclear if Apple intended to roll out iTunes Pass to other countries, or if it was merely just testing the waters for a bigger project. After 24 hours, that question was answered tonight when the service popped up in the US… Read More
By Cody Lee on Jul 16, 2014
Google today announced a significant update for its Google Wallet service. The new version brings about support for gift cards, money requests, and the ability to send money with your debit card for free, and it should be rolling out to iOS and Android apps shortly.
With the new gift card support, users will be able to save their electronic cards to Google Wallet, redeem them in-store, and even check their balances [only at participating merchants]. The Wallet app can even remind you to use your card when you are near stores… Read More
By Cody Lee on Jul 11, 2014
Sharp is looking to regain control of its Kameyama plant back from Apple. Nikkei is reporting this afternoon that the company has proposed a deal to the Cupertino firm worth nearly $300 million, in an effort to diversify its customer base.
The Kameyama Plant No. 1 began operations in 2004 as a facility for manufacturing large panels for flat-screen TVs. But after consecutive years of profit losses, it called on Apple to help foot the bill to transition the plant to smaller panels… Read More
By Cody Lee on Jul 8, 2014
Samsung today issued its earnings guidance for the second quarter of 2014, and in somewhat of an odd move, it attached a note to the document explaining why it will fall short of estimates. The company expects to see its profits drop for the third consecutive quarter.
The note details a number of factors, including the improving strength of the Korean won making exports more expensive, and exceedingly sluggish tablet sales. It also explains that it is running into greater competition in China from low-end device makers like Xiaomi… Read More
By Cody Lee on Jun 12, 2014
AT&T has increased its activation fees for customers who opt for two-year contracts. The increase is only a couple of dollars, from $36 to $40, but when you consider that you have to pay that for every device, every upgrade, it starts to add up.
The move is part of a larger effort by the carrier to push more subscribers away from the traditional contract/subsidy model, and towards Next. The upgrade program allows customers to get a new device every year for $0 down, and zero fees… Read More
By Cody Lee on Jun 6, 2014
According to a new report from the San Jose Mercury News, Apple has joined Google and other tech companies who have pledged $2 million in cash and services to help offset taxpayer costs of hosting Super Bowl 50 in San Francisco.
The Bay Area Super Bowl Host committee announced that is has raised $40 million for the event, which will be held at the 49ers’ newly-built Levi’s Stadium in 2016. The venue is less than 15 miles away from Apple’s Cupertino campus… Read More
By Cody Lee on May 31, 2014
Critics have been saying for years that Nintendo should get into the mobile gaming business. It’s not just that the company’s hardware business is slipping, or that it’s losing money, but mobile games happens to be a very hot space right now.
Case in point is this recent report from research firm Newzoo, which ranks public companies by game revenue. According to the firm’s data, hit mobile title Candy Crush generated more money last quarter than all Nintendo titles combined… Read More
By Cody Lee on May 30, 2014
If you don’t know the name of the guy in the picture, you should probably learn it. That is Luca Maestri, and he is Apple’s latest Senior Vice President. Maestri used to be the company’s Corporate Controller, and is now its Chief Financial Officer.
Apple announced in March that its long-time CFO Peter Oppenheimer would be retiring this year, and Maestri would be taking his place. And according to SEC paperwork filed today, he officially became Oppenheimer’s successor as of May 29th… Read More
By Cody Lee on May 30, 2014
Folks with an old iPhone laying around may be interested to know that electronic buy-back service Gazelle is offering extra money for Apple’s handsets right now. In an effort to increase its inventory, the site says it will give you an additional $10 on your iPhone trade-ins.
For those unfamiliar with Gazelle, it’s an online storefront that will pay you money for virtually any used electronic depending on the make, model and condition it’s in. The transaction is done via mail, so essentially you send them your device, and they send you cash… Read More
By Cody Lee on May 27, 2014
Apple has remained mum on rumors that it’s looking to acquire Beats Electronics, but it appears it’s finally ready to break the silence. The New York Post reports tonight that the Cupertino firm is expected to announce the acquisition within the next few days.
Perhaps even more interesting is that the Post says Apple has managed to trim some $200 million off the price tag during the past two weeks of negotiation. According to the outlet’s sources, the company has reached a deal to buy Beats for an even $3 billion… Read More
By Cody Lee on May 16, 2014
As Apple moves closer to finalizing its Beats acquisition deal, a new report is out on a recently-filed lawsuit against the headphone-maker. The plaintiff is David Hyman, founder of music service MOG (now Beats Music), and he feels that Beats owes him a lot of money.
In the suit, shared by The Wrap, Hyman claims that he was offered a stout compensation package when Beats purchased his company and made him the CEO of Beats Music, which he never received. So now he’s suing the firm for at least $20 million plus interest… Read More
By Cody Lee on May 5, 2014
Talk about a signing bonus. After officially joining Apple last week, word got out today that Angela Ahrendts has already received 113 thousand units of restricted stock. At today’s prices—remember, APPL is back up around $600—the shares would be worth roughly $68 million.
This makes the company’s new SVP of retail and online stores one of the highest-paid executives in the industry, but of course, she’ll have to wait to cash in. According to a filing with the U.S. Securities and Exchange Commission, the full amount won’t be available until 2018… Read More
By Cody Lee on Apr 26, 2014
ComiXology, the leading digital comics platform, has launched a new application for iOS today. The company sent out an email to customers this morning announcing that the old app is being retired, and a new one is now available. The biggest difference between the two, it seems, is that the new app does’t allow in-app purchases.
The change is noteworthy, as the ComiXology app has long been one of the top-grossing iPad titles in the App Store, and it comes shortly after Amazon acquired the comics platform. It’s not surprising though, as it’s the same strategy the e-commerce giant takes with its Kindle iOS app, in an effort to circumvent Apple’s 30% cut… Read More
By Cody Lee on Apr 23, 2014
As expected, Apple is out with its financial report for Q2 2014 this afternoon. In a press release issued just a few moments ago, Apple announced that it sold 43.7 million iPhones, 16.3 million iPads, and pulled in $45.6 billion in revenue during its fiscal Q2.
Other than iPad sales, Apple beat the Street estimates by a wide margin. The Cupertino company also announced an accelerated strategy for its stock buyback plans, adding an additional $30 billion to the pot (for a total of $90 billion), as well as a 7-1 stock split…
By Cody Lee on Apr 21, 2014
The court battle between Apple and Samsung raged on in California today, with Samsung calling a damages expert to the stand. Judith Chevalier, a professor of economics at the Yale University School of Management, testified that if found guilty of infringement, Samsung should only have to pay Apple $38 million.
The figure, which is actually $38.4 million, is miles away from the $2.2 billion number that Apple’s damages expert called for last week. Chevalier argued that a reasonable royalty rate for Apple’s patents would’ve been $0.35 per patent, per device, and doesn’t think the company should receive damages for lost sales… Read More