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Apple reported better-than-expected earnings for the second quarter of the fiscal year 2024, which propelled its share price up by over 6% in extended trading hours to nearly $184. The iPhone maker has also announced the largest share buyback program of $110 billion, further fuelling the tech giant’s stock rally. Apple’s earnings top Wall Street’s expectationsApple reported a net income of $23.64 billion, which is down 2% from a year ago. Meantime, the earnings per share stood at $1.53 on net sales of $90.75 billion, surpassing the estimated $1.50 and $90.01 respectively. The fastest-growing s...
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A promise made by tech giant Apple to open up its iPhone payments service - after a preliminary finding by the European Commission that its behaviour was restrictive - don’t go far enough, the European Central Bank has said, in remarks that represent an unusual foray into antitrust policy. In January, the tech giant proposed to let alternative providers access the near-field communication (NFC) chip that lets users buy goods with just a tap of their iPhone. But they exclude ecommerce, transactions among friends, and wearables like the Apple Watch, said the ECB – which is currently developing i...
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Samsung has recently surpassed Apple once again, to become the world's biggest smartphone producer by number of shipments. Currently, Samsung commands about 20.8% of the global smartphone market, while Apple has approximately 17.3% of the market. Xiaomi came in at third place, with a 14.1% share. Apple had briefly seized the crown in 2023, pausing Samsung's 13-year reign as top dog in the smartphone market, however, that victory was short-lived. Apple saw smartphone shipments plunge around 10% in Q1 2024, following Android competition heating up significantly, from makers such as Samsung, Huaw...
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Apple is laying off more than 600 workers in California, marking the company's first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation. The iPhone maker notified 614 workers in multiple offices on March 28 that they were losing their jobs, with the layoffs becoming effective on May 27, according to reports to regional authorities. The workers were cut from eight offices in Santa Clara, according to the filings under the state's Worker Adjustment and Retraining Notification Act, also known as WARN. But it's not clear which departments or projects the employee...
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The European Commission today (25 March) opened non-compliance investigations into Apple, Meta, and Google’s parent company Alphabet, just a few weeks after new EU market-dominance rules extended to cover online giants. The EU executive is looking at whether Google’s search results favour its own products, at Apple’s new app business model, and at Meta’s "pay or consent" norms under which Facebook users can pay a monthly fee to avoid targeted ads. "We suspect that the proposed solutions put forward by these companies do not fully comply” with the Digital Markets Act (DMA), a new EU law which t...
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The US government sued Apple on Thursday, alleging the company illegally monopolised the smartphone market. "Apple has maintained monopoly power in the smartphone market, not simply by staying ahead of the competition on the merits, but by violating federal antitrust law," US Attorney General Merrick Garland said at a press conference. "Consumers should not have to pay higher prices because companies break the law,” he added. The US Justice Department was joined in the complaint by 16 other US state and district attorneys general. New Jersey's attorney general Matt Platkin said at a press conf...
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Apple is opening small cracks in the iPhone's digital fortress as part of a regulatory clampdown in Europe that is striving to give consumers more choices - at the risk of creating new avenues for hackers to steal personal and financial information stored on the devices. The overhaul that rolled out on Thursday last week in the European Union represents the biggest changes to the iPhone's App Store since Apple introduced the concept in 2008. Among other things, people in Europe can download iPhone apps from stores not operated by Apple and are getting alternative ways to pay for in-app transac...
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US tech giant Apple has been ordered to pay a fine of €1.8 billion for abusing its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users, the European Commission said today (4 March). The company applied restrictions on app developers preventing them from using cheaper music subscription services outside of the app, the investigation found.
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Apple will stop working on its electric cars programme, according to multiple media reports. The news was first reported on Tuesday by Bloomberg, which said that the team working on the project would begin to wind down with many shifted to artificial intelligence. The iPhone maker has reportedly been working on a multibillion-dollar electric car project since 2014 but there has been little public information about the move. In a podcast interview with tech journalist Kara Swisher in 2021, Apple CEO Tim Cook said he would be "coy" about the electric vehicle (EV) work Apple was doing. "If you so...
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Apple has officially warned users not to put their iPhones in rice if they receive a “liquid detected” alert. The support note was published last month and first highlighted yesterday by a report from Macworld, which provides news on Apple’s products. Putting a soaked phone in uncooked rice has been a popular Internet myth for how to save it if accidentally dropped into water, but it’s one that had previously been called into question. One 2014 study from an electronic device rescue service found that rice was not an effective way of drying a cell phone and that it was less effective than leav...
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