GT Advanced reaches bankruptcy deal with Apple, selling furnaces to pay debt

By Cody Lee on Oct 21, 2014

GT Advanced and Apple have reached a settlement that will allow the two companies to part ways amicably, reports The Wall Street Journal. Under the terms of the deal, GT will be paying Apple back for its $439 million loan by selling off its 2,000+ furnaces.

The news surfaced during GT Advanced’s bankruptcy hearing this afternoon—two weeks ago, the sapphire-maker filed for Chapter 11 bankruptcy protection. Low cash flow was cited as a reason for the filing, but few details are known about the circumstances. Read More

 

Apple said to be planning holiday launch for Apple Pay loyalty program

By Cody Lee on Oct 21, 2014

Apple is hoping to launch its rumored Apple Pay loyalty rewards program in time for the holiday season, reports Bank Innovation. The program was initially thought to be part of Apple Pay 2.0, expected in the fall of 2015, but new reports claim Apple pushed up the time table.

How the program will work is still unknown, but Bank Innovation says it will likely utilize Apple’s iBeacon tech. It offers an example that includes the Apple Pay user receiving a push notification while in a clothing store that reads: “hey if you buy this now, you can get this for free.” Read More

 

15 interesting points from today’s earnings call

By Cody Lee on Oct 20, 2014

Apple announced its financial results for Q4 2014 this afternoon, and for the most part it beat the Street’s expectations. The company sold 39.3 million iPhones and pulled in $42.1 billion in revenue during the three month period, and iPad sales fell short at just 12.3 million.

We’re just finishing up the conference call, where Tim Cook, CFO Luca Maestri and other members of the executive team have discussed Apple’s performance, and offered some insight into its future. As usual, we’ve rounded up the to 15 most interesting points for you below. Read More

 

Apple Q4 2014 earnings: 39.3M iPhones, 12.3M iPads, $42.1B revenue

By Cody Lee on Oct 20, 2014

Apple has posted its [fiscal] fourth quarter earnings report this afternoon, announcing that it has sold 39.3 million iPhones and 12.3 million iPads. The numbers are just about as expected, with iPhones coming in a little higher than anticipated, and iPads coming in quite a bit lower.

It’s been a significant quarter for Apple in terms of announcements, as it unveiled two new iPhones, Apple Pay and Apple Watch. It’s worth noting, however, that neither Apple Pay nor Watch were available in September, and the new iPhones were only on sale for the last 10 days. Read More

 

AT&T forced to pay $105 million over bogus billing

By Cody Lee on Oct 8, 2014

The US government has just handed AT&T a significant fine for allowing third party companies to stealthily tack on their charges to customer phone bills for things like spam SMS text messages. The announcement was made on Wednesday in a joint press conference by the FCC and FTC, who say this is the largest “cramming” settlement in history.

In total, AT&T will pay out $105 million to settle the case—$80 million is earmarked for the FTC, which it will use to set up a reimbursement program, $5 million will go to the FCC, and $20 million will go to individual states. Additionally, the carrier has been ordered to begin proactively informing subscribers if extra fees are going on their accounts. Read More

 

Apple reportedly withheld $139 million payment from GT Advanced prior to bankruptcy filing

By Cody Lee on Oct 7, 2014

Apple withheld its final payment of $139 million it was due to make to GT Advanced, reports The Wall Street Journal, ahead of its decision to file for Chapter 11 bankruptcy. It’s not known why the company withheld the money, but it’s been speculated GT was not able to meet sapphire yield requirements outlined in its deal.

That deal involved Apple loaning GT Advanced a total of $578 million to help get a large sapphire factory in Arizona up and running. The two companies announced the partnership last fall, which many believed would result in the production of a large amount of sapphire display covers earmarked for Apple’s newest iPhone models. Read More

 

Gold ‘Edition’ Apple Watch could cost as much as $1,200

By Cody Lee on Sep 12, 2014

The high-end version of the new Apple Watch could cost over $1,000, according to TechCrunch. The website has spoken to experts within the jewelry industry who say that if the 18-karat gold ‘Edition’ version of the Watch is actually made of gold, it could sell for as much as $1,200.

It’s not clear if the entire case is made of gold, or the device is just gold-plated, but TC’s contacts say it’s more likely the former. For one, an all-gold case matches up with the size and weight provided for the watch, and two, gold-plating doesn’t really live up to Apple’s design standards. Read More

 

Apple will reportedly get a 0.15% cut of all Apple Pay transactions

By Cody Lee on Sep 12, 2014

Apple has negotiated a never-before-seen deal for its new mobile payment system, according to a new report from the Financial Times. Citing sources familiar with the terms of the agreement, the outlet says that the Cupertino firm stands to make 15 cents of every $100 spent (or 0.15%) using Apple Pay.

We knew that Apple stood to make a lot of money from its new Pay service, but this is the first time we’re hearing hard numbers. “It’s unprecedented,” says Dickson Chu, former engineer at PayPal and Google Wallet. “It’s somewhat surprising that Apple was able to negotiate something Google couldn’t.” Read More

 

Apple shares drop 4% amidst iCloud security concerns

By Cody Lee on Sep 3, 2014

Shares of Apple dropped 4% today, closing this afternoon at $98.94. That’s the stock’s worst percentage slump since late January, and its worst value since it began its march towards its highest price ever in early August.

The news comes amidst the recent iCloud scandal, in which Apple’s cloud security was blamed for the leaking of several revealing celebrity photos, and ahead of the company’s highly anticipated iPhone event next week. Read More

 

New reports suggest only more expensive 4.7-inch iPhone 6 to be unveiled next month

By Cody Lee on Aug 28, 2014

Apple this morning sent out invitations for a media event on September 9th, where the company is expected to unveil the iPhone 6 and a new wearable device. We’ve heard conflicting theories on whether or not we’ll see one or two new handsets on stage, but a new report out this afternoon suggests the former.

According to website GforGames, “informed sources” are telling Chinese media outlets that only the 4.7-inch version of the iPhone 6 will make an appearance at the event, alongside a new 5s model with 8GB of storage. Apparently the larger 5.5-inch iPhone will make its debut later this year in limited quantities. Read More

 

You can now send money via text message for free with Square Cash

By Cody Lee on Aug 26, 2014

Square has released a big update for its Cash app this afternoon, bringing it to version 2.0. The app, first released in October of last year, facilitates the quick transfer of money from one user to another via e-mail, and today’s update makes the process even faster.

The UI for sending and contact screens has been optimized in Square Cash 2.0, making it easier to send money, and you can also now add notes to your payments. But perhaps the biggest addition in today’s update is the ability to send cash to anyone via text message. Read More

 

Judge denies Apple’s bid to recover $16M in legal fees from Samsung

By Cody Lee on Aug 21, 2014

Judge Lucy Koh handed down dual orders late last night, in regards to the 2012 trial between Apple and Samsung in northern California. The first has to do with Apple’s bid to recover some $16 million in legal fees from Samsung, and the second releases a $2.6 million bond back to Apple… Read More

 

Apple’s stock closes at record high of $100.56 per share

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 smartwatchRead More

 

Judge rejects $324 million anti-poaching settlement from Apple and others

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

 

Big increase in Apple spending suggests major new products incoming

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

 

iTunes software and services fastest growing part of Apple’s business this year

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

 

Apple Q3 2014 earnings: 35.2M iPhones, 13.2M iPads, $37.4B revenue

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…
Read More

 

Apple launches iTunes Pass in the US and other countries

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

 

Google Wallet updated with support for gift cards, free debit card transfers and 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

 

Sharp in talks with Apple to regain control of iPhone panel plant

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

 
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