SEOUL (Reuters) - Tech giant Samsung Electronics Co Ltd warned on Thursday of possible weaker earnings this year due to softer sales of gadgets such as smartphones, a trend that is also hurting rival Apple Inc and major chipmakers.
The South Korean firm's warning came a day after Apple shares fell more than 6.5 percent, the biggest percentage drop in two years, as the iPhone maker forecast its first quarterly sales drop in 13 years.
(Reuters) : Microsoft Corp reported quarterly revenue and profit that beat analysts' expectations, driven by aggressive cost cutting and growing demand for its cloud products and services.
(Reuters) - Payment processor PayPal Holdings Inc on Wednesday reported better-than-expected quarterly revenue, as new customer additions and payment processing volumes surged, and it announced a buyback of $2 billion of its stock.
PayPal said it expects 2016 full-year earnings of $1.09 to $1.14 per share, and revenue growth of 16-19 percent on a currency neutral basis. It expects currency fluctuations to impact net revenue by 3 percentage points during the year.
HONG KONG/BEIJING (Reuters) - China's smartphone boom may be over, as even Apple Inc grapples with a slowing economy and investor darling Xiaomi Inc struggles to stand out amid intense competition in low-margin handsets.
On Tuesday, Apple reported the slowest-ever increase in iPhone shipments as the Chinese market weakened. That slowdown in the world's second-largest economy is threatening to hamstring consumption across the country.
STOCKHOLM (Reuters) - Swedish mobile gear maker Ericsson said it is ready to cut more costs if needed after lower expenses, patent fees and a sales recovery in China helped it meet forecasts for quarterly operating profit on Wednesday.
Ericsson's focus on lifting profits by paring costs comes as demand in its biggest markets shifts to upgrades of existing capacity rather than building new, next-generation networks.
(Reuters) - Qualcomm Inc forecast current-quarter profit below analysts' expectations as demand weakens for its chips used in mobile devices in a slowing market.
The company, whose customers include Apple Inc, said it expected its mobile chip shipments to fall by 16-25 percent in the second quarter from a year earlier.
Qualcomm also expects 3G and 4G device shipments to decline by 4-14 percent, hurting its licensing revenue.
(Reuters) - AT&T Inc, the No. 2 U.S. wireless carrier, said fourth-quarter revenue grew less than expected as it added fewer mainstream wireless customers than a year ago due to stiffer competition from rivals.
The company's stock fell about 2 percent.
AT&T had 526,000 net new postpaid customers, down 38.4 percent from 854,000 a year earlier. For its prepaid service, the company had 469,000 net new customers, it said on Tuesday.
(Reuters) - Sprint Corp, the No. 4 U.S. wireless carrier, on Tuesday posted a smaller-than-expected quarterly loss and raised its earnings outlook, helped by a cost-cutting drive and a boost in subscribers, sending its stock up as much as 22 percent.
Sprint shares soared to a session high of $3.08 before receding to $3.01 in the afternoon, still up more than 19 percent on the day. Those gains nearly erased the 21 percent fall in the stock in 2016 through its close on Monday.
(Reuters) - Verizon Communications Inc on Thursday reported higher-than-expected revenue for the fourth quarter as heavy promotions helped it counter aggressive offers and discounts from rivals and win new users.
Shares of the No. 1 U.S. wireless phone service provider, whose profit edged past analysts' estimates, rose 2.7 percent to $45.63 in morning trading.
(Reuters) - Sprint Corp plans to save up to $1 billion in costs by relocating its radio towers to low-cost government-owned properties from space leased from private firms, Re/code reported, citing sources.
The U.S. telecom company plans to relocate towers from the more expensive space leased from Crown Castle International Corp and American Tower Corp as soon as June or July, Re/code said on Friday.
But the move, dubbed the Next Generation Network, would result in a wave of network hiccups, Re/code reported, citing a person familiar with the company's plan.