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What's Next for GameStop (GME) Stock After Dismal Q3?
GameStop (GME) shares plummeted over 15% at one-point Wednesday as Wall Street widely sold off the stock after it reported its rough Q3 financial results.
Thu, 12 Dec 2019 23:59:11 +0000Read moreApple Avoids $150-Per-iPhone Levy After U.S., China Reach Deal
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Apple Inc. avoided 15% tariffs on its most important products, the iPhone, iPad and MacBooks, after U.S. President Donald Trump signed off on a trade deal with China.The new import duties were due to kick in Dec. 15 and could have added about $150 to the price of iPhones during the crucial holiday shopping season, according to Wedbush Securities analyst Dan Ives.“Trump delivered an early Christmas present to Apple,” Ives wrote in a note to investors following news of the trade deal. “If this tariff went through it would have been a major gut punch for semi players/Apple and could have thrown a major wrench into the supply chain and demand for the holiday season.”Holding product prices steady while swallowing additional tariffs would have cut Apple earnings per share by about 4% next year. If the company reacted by raising iPhone prices, demand would shrink 6% to 8% in 2020, Ives estimated.Apple already is paying duties on the Apple Watch, AirPods headphones, iMac desktop computer and HomePod speaker. Some of those levies may be rolled back. The deal presented to Trump on Thursday included a promise by the Chinese to buy more U.S. agricultural goods. Officials also discussed possible reductions of existing duties on Chinese products, according to people familiar with the matter.Although the Dec. 15 tariffs were averted, the broader trade war has exposed a weakness at the heart of Apple’s business. The world’s largest technology company relies on suppliers and manufacturing partners that are mostly based in China. Apple can’t quickly move production to other countries, so it has counted on a furious White House lobbying campaign this year, led by Chief Executive Officer Tim Cook, to protect its key products from tariffs.Cook met frequently with Trump this year, and even took criticism for standing beside the president as he blasted the media and House speaker Nancy Pelosi at a Mac Pro assembly facility in Texas last month.Trump said at that event that it isn’t fair for Apple to be taxed on iPhones built in China given that South Korean rival Samsung Electronics Co. wouldn’t have to pay the duties.“Cook has become so crucial in these ongoing China negotiations,“ Ives wrote on Thursday. Apple “more than any company out there has the most to lose if this tariff war does not see a truce going forward.”To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Thu, 12 Dec 2019 22:29:36 +0000Read moreAdobe Reports Quarterly Sales That Beat Analyst Estimates
(Bloomberg) -- Adobe Inc. reported sales that topped Wall Street estimates, signaling strong demand for the company’s creative and marketing software.Revenue was $2.99 billion in the fiscal fourth quarter, the San Jose, California-based company said Thursday in a statement. Analysts, on average, expected $2.97 billion.Adobe shares rose about 3% in extended trading after closing at $305.96 Thursday in New York. The stock has climbed 35% this year.Chief Executive Officer Shantanu Narayen is trying to maintain sales growth of at least 20% to convince investors Adobe is worth its lofty valuation. To do so, he’s making acquisitions, including VR business Oculus Medium this month, and investing in new products, such as Photoshop for Apple Inc.’s iPad.“Fiscal 2019 was a phenomenal year for Adobe as we exceeded $11 billion in revenue -- a significant milestone for the company,” Narayen said in prepared remarks for the company’s earnings call with analysts. “Our record revenue and EPS performance in 2019 makes us one of the largest, most diversified and profitable software companies in the world.”Despite the upbeat reception from investors, Adobe projected it will slip below the 20% growth threshold in fiscal 2020 with revenue of about $13.15 billion. Sales will increase 17% in the first half of the year, and 18% in the second half, Chief Financial Officer John Murphy said in the prepared remarks.“Adobe is about to become the first large cap software company in the SaaS era to decelerate below the 20% revenue growth threshold,” Canaccord analyst Richard Davis wrote in a note ahead of the report.In the fiscal fourth quarter, marketing software sales rose 24% to $859 million. Adobe said the unit will grow 15%, year-over-year, in the current quarter.Products from Marketo, a marketing company Adobe acquired in 2018, saw more momentum among mid-sized clients, Murphy said in the prepared remarks. Executives said in September that Adobe would invest more money to boost sales in the unit, which at that time wasn’t growing as fast as anticipated.Revenue from the creative and document cloud division, which includes Photoshop, climbed 22% to $2.08 billion in the quarter and is projected to increase 19% in the current period.(Updates with comments from CEO in the fifth paragraph.)To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Thu, 12 Dec 2019 22:07:41 +0000Read moreAMZN Stock: What to Know About Amazon Heading into 2020
Shares of Amazon (AMZN) have slipped 6% in the past six months, while the S&P 500 climbed 9%. So when will Wall Street and investors start to think about buying Amazon stock again?
Thu, 12 Dec 2019 21:24:09 +0000Read moreApple Buys U.K. Startup to Improve iPhone Picture Taking
(Bloomberg) -- Apple Inc. acquired a U.K.-based startup with technology that improves photos taken on smartphones.According to filings made public in the U.K. on Thursday, Apple corporate lawyer Peter Denwood was recently named a director of Cambridge, U.K.-based Spectral Edge Ltd., while the startup’s other advisers and board members were terminated.The documents show that Apple now controls Spectral. Similar filings in the past have revealed other startup acquisitions by the Cupertino, California-based tech giant, such as the purchase of digital marketing startup DataTiger earlier this year.A purchase price for Spectral Edge could not be ascertained. The startup said last year that it raised more than $5 million in funding.Apple didn’t respond to requests for comment. The U.S. company has opened offices in Cambridge in recent years to work on artificial intelligence for products like the Siri digital assistant.Spectral Edge uses a type of AI called machine learning to make smartphone pictures crisper, with more accurate colors. Its technology takes an infrared shot and blends it with a standard photo to improve the image.Photography has become a key differentiator in the smartphone market. Apple has rapidly added new camera features to the iPhone, including a triple-lens system in the iPhone 11 Pro earlier this year. It’s also planning to add a 3-D camera to iPhones next year for improved depth sensing and augmented reality.Spectral Edge’s technology could contribute to the AI Apple already uses in its Camera app by continuing to improve the quality of photos in low-light environments. The startup has said its technology can be applied via software or chips. Apple’s latest devices include custom processors that assist with picture taking.Apple’s purchase of the firm is one of several deals it has made this year, including buying Drive.ai’s self-driving car team and acquiring Intel Corp.’s smartphone modem business.To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew MartinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Thu, 12 Dec 2019 21:06:31 +0000Read more