Tag Archives: Business News

For Q1 2023, Xiaomi sold far fewer smartphones than in the first quarter of last year due to waning demand.  Xiaomi Corporation recently posted its Q1 2023 earnings report, which saw its revenue plunge 18.9% amid a wane in global smartphone demand. On Wednesday, the Chinese consumer electronics designer and manufacturer reported first-quarter sales of 59.5 billion yuan ($8.61 billion). Xiaomi’s Q1 2023 sales figure was roughly in line with the 59.43 billion yuan analysts expected for the...

The tech startup sector has recently faced challenges due to rising interest rates, which have put pressure on valuations, especially for late-stage companies. Europe’s startup ecosystem has matured significantly, and despite challenges faced by the tech industry, the region is witnessing a rise in startup mafias. According to new reports from the venture capital firm Accel, Europe, and Israel produced an average of five tech companies for every venture-backed company worth $1 billion or...

Adobe and Activision Blizzard, two of the biggest names in the technology industry, have introduced new generative artificial intelligence tools designed to assist humans. Leading technology giants Adobe and Activision Blizzard have introduced generative artificial intelligence (AI) tools to improve human creativity, not replace them. The move aims to streamline processes and empower artists and designers to produce high-quality content. Adobe, the renowned graphic software maker,...

Shutterstock will acquire Giphy from Meta for $53 million in cash, complying with the UK regulator’s order to divest the animated-images platform due to competition concerns. Shutterstock, an American provider of stock photography, footage, music, and editing tools, has announced the acquisition of Giphy Inc, the popular animated image platform owned by Meta Platforms Inc. According to the statement, Shutterstock is acquiring Giphy at an incredible discounted price of $53 million, as Meta...

Given the significance of 5G technology in the advancement of consumer electronics and connectivity, Apple said it is spending tens of billions of dollars to develop this field in the US. Popular US tech giant Apple Inc (NASDAQ: AAPL) said it has signed a multibillion-dollar agreement with Broadcom Inc (NASDAQ: AVGO), a multinational semiconductor and infrastructure software firm to produce 5G components. Through the partnership, Broadcom will develop 5G radio frequency components,...

Alibaba Cloud has emerged as an early IPO candidate and will reportedly pursue a 7% staff layoff amid its ‘streamlined’ restructuring.  The cloud arm of Chinese e-commerce giant Alibaba Group (NASDAQ: BABA) has begun a layoff set to affect 7% of its total workforce. Sources describe the downsizing as part of broader measures to prepare Alibaba’s cloud division for a spinoff. Furthermore, sources add that the new standalone company would ultimately pursue an initial public offering (IPO)....

The report says that macro drivers favor MicroStrategy shares in terms of the de-dollarization of the world economy. The German investment bank Berenberg said that investors seeking exposure to cryptocurrencies are better served if they buy the shares of MicroStrategy than those of Coinbase. A Monday report revealed to the media said that macro factors associated with the shares of MicroStrategy Inc (NASDAQ: MSTR) give investors a higher possibility of being in profit than if they went for...

Indian retail giant Reliance JioMart has begun its layoff plan, which is expected to last several weeks and impact 10,000 employees.  Reliance Retail’s versatile online shopping platform JioMart recently began a mass layoff, which could affect up to 10,000 workers. This week reports state that JioMart had already laid off 1,000 employees, with another 9,000 more job cuts to follow in the coming weeks. The Indian retail giant opted for this mass downsizing to better its margins amid a...

Banking powerhouse JPMorgan recently increased its 2023 revenue target by $3 billion on improved operational prospects.  JPMorgan Chase (NYSE: JPM) has increased its 2023 key revenue target to $84 billion following its acquisition of First Republic earlier this month. The New York-based banking giant revealed the projected performance at an investor presentation Monday which should last throughout the day. Details of JPMorgan Revenue Target Development The new JPMorgan revenue target is...

On Monday, the EU imposed a record $1.3 billion fine on social media giant Meta for transferring EU user data to the US.  Meta Platforms Inc (NASDAQ: META) recently incurred a record 1.2 billion euros ($1.3 billion) fine from the European Union (EU) for privacy violations. European privacy regulators alleged that the Facebook parent unlawfully transferred data from European users to the US. The Irish Data Protection Commission (DPC), which announced the penalty, also ordered Meta to cease...