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China’s industrial profits slow for sixth month, seen weakening further

BEIJING: Profit growth at China’s industrial firms cooled for a sixth straight month in October as factory prices and the pace of sales increases softened amid mounting uncertainties stemming from the U.S.-China trade war. The figures point to further weakening in China’s vast manufacturing sector and economy days ahead of a high stakes meeting between Presidents Donald Trump and Xi Jinping, which Beijing hopes could avert a major escalation in their trade dispute. China and the United States have slapped tariffs on…

Samsung Electronics profit growth slows on smartphone weakness

SEOUL: South Korean tech giant Samsung Electronics Co Ltd estimated on Friday earnings grew at the slowest pace in more than a year in the second quarter, as analysts said weak smartphone sales likely offset record high chip earnings. Samsung shares fell 2 percent as the guidance gave investors insight into how badly the decline in smartphone profitability is hurting the company’s bottom line after it warned in April of an earnings slowdown amid tougher competition. The world’s biggest maker of memory chips,…

Head of games at Angry Birds firm goes after profit warning

HELSINKI: "Angry birds" maker Rovio said on Friday its head of games was leaving, a week after the Finnish company issued a profit warning that sent its shares plunging 50 percent. “It’s time to pass the hoodie and move on,” Wilhelm Taht said in a statement, without giving reasons for his departure. Rovio said Taht was leaving with immediate effect for personal reasons and Chief Executive Kati Levoranta would assume his position for the time being. Rovio shares, which debuted at 11.50 euros apiece in September, fell…

Twitter hits milestone with first-ever profit

WASHINGTON: Twitter on Thursday reported its first-ever quarterly profit, a key milestone that sent shares soaring at the social network which has lagged for years behind fast-growing rivals. Twitter shares leapt 18 percent to $31.77 -- their highest levels in over a year -- as the San Francisco-based firm said it had earned $91 million in the fourth quarter, the first positive net income since going public in 2013. Revenue was up two percent from a year ago to a better-than-expected $732 million. The number of…

Facebook reaches 2 billion users as revenue jumps

CALIFORNIA: Facebook on Wednesday reported that its quarterly profit surged as its ranks of monthly users closed in on two billion, but warned of rising expenses and slowing revenue growth. The leading social network said it made a profit of $3.06 billion on $8.03 billion in revenue in the first three months of this year, posting increases of 76 percent and 49 percent, respectively, compared to the same period last year. Meanwhile, the number of people using Facebook monthly increased 17 percent to 1.94 billion,…