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Profits

Electric cars cast growing shadow on profits

PARIS: Electric cars are poised to arrive en masse in European showrooms after years of hyped concept-car launches and billions in investment by automakers and suppliers. Now comes the hard part: selling them at a profit. Battery models making their car-show debut in Paris this week, from PSA Group’s electric DS3 Crossback to the Mercedes EQC, will erode profitability as they struggle to stay in the black, executives generally acknowledge. But concerns are mounting that the impact could be worse, as consumers resist…

Apple’s iPhone X hits stores as profits soar

Apple's flagship iPhone X hit stores around the world on Friday, as the company predicted bumper sales despite the handset's eye-watering price tag and celebrated a surge in profits. Apple enthusiasts around the globe were lining up to get their hands on the new device which features facial recognition, cordless charging and an edge-to-edge screen made of organic light-emitting diodes used in high-end televisions. The new gadget marks the 10th anniversary of the first iPhone release and is released in about 50 markets…

Samsung CEO Kwon announces shock resignation as profits surge

SEOUL: Samsung said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery. The surprise resignation of Samsung’s chip and display head came as he was expected to take a bigger role following Lee’s arrest in February and the departures of other key executives in the wake of the bribery scandal. The move came on the same day the South Korean smartphone maker forecast record…

Qatar Airways boss says ‘bullying’ Gulf states will hit profits

DOHA: Qatar Airways' outspoken boss Akbar Al-Baker accused neighbouring Gulf states Thursday of "bullying" his country during the region's political crisis and said his company's profits would be hit by the dispute. Baker insisted that Qatar could sustain the impact of what he called a blockade imposed on Doha, but conceded that an impact on profits was inevitable for the Gulf carrier. "It has to (affect profits) because we have additional costs to operate in and out of the country," he said. "And this is normal…

Cloud boosts Microsoft as it absorbs LinkedIn

WASHINGTON: Microsoft on Thursday reported a rise in profits over the past quarter, showing gains in cloud computing and other new areas of focus as it absorbed the LinkedIn social network. The US tech giant said profits rose 3.6 percent in the second fiscal quarter to $5.2 billion, while revenues edged up one percent to $24 billion. The US tech giant, which is shifting away from dependence on software to a broader array of services, said the LinkedIn acquisition boosted its revenue in the last three months of the year…

Samsung says Q4 profits up 50% despite Note7 recall

SEOUL: Samsung Electronics' profits leaped in the fourth quarter, it said on Tuesday, despite the humiliating Galaxy Note 7 recall that hammered the reputation of the world's largest smartphone maker. The South Korean tech giant took another blow when prosecutors began investigating its involvement in a corruption scandal, which has seen the country's president impeached, and sought the arrest of the firm's de facto leader Lee Jae-Yong. In a statement, the group's flagship subsidiary Samsung Electronics said it posted…

Twitter’s video-sharing mobile app Vine to shut down

CALIFORNIA: Twitter Inc announced Thursday that it would discontinue the video-sharing mobileapp Vine, as it moves to cut 9 percent of its workforce worldwide to keep costs down after beating Wall Street quarterly earnings expectations. The decision comes on the heels of a failed attempt to sell Twitter as it fights against stagnant user growth and mounting competition from other social media platforms. In a post published jointly by Twitter and Vine to the blog platform Medium, the social media services said that the Vine…