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Financial News

Google to acquire Fitbit for $2.1 Billion

Google has confirmed that it has officially entered into a definitive agreement to buy Fitbit at a valuation of $2.1 billion.  Fitbit is Google’s biggest acquisition in consumer electronics since it paid $3.2bn for smart home company Nest in 2014.

Apple Services Revenue Reaches All-Time High of $12.5 Billion

Apple today announced financial results for its fiscal 2019 fourth quarter ended September 28, 2019. The Company posted quarterly revenue of $64 billion, an increase of 2 percent from the year-ago quarter, and quarterly earnings per diluted share of $3.03, up 4 percent. International sales accounted for 60 percent of the quarter’s revenue.

Huawei smartphone sales continue to rise in 2019

Huawei has reported a double-digit gain in sales despite U.S. sanctions that threaten to disrupt its smartphone and network equipment businesses. During the first three quarters of this year, Huawei generated CNY610.8 billion in revenue, an increase of 24.4% year-on-year. The company's net profit margin in this period was 8.7%.

Facebook Libra loses PayPal support

PayPal announced Friday that it will no longer be part of Facebook’s Libra cryptocurrency project. The company said that while it is quitting the Libra Association it remains "supportive of Libra's aspirations," and that the firm will continue to work with Facebook in the future.

Apple Card launches in US

Apple Card is available in the US starting today. Customers can apply for Apple Card through the Wallet app on iPhone and start using it right away with Apple Pay in stores, in apps and on websites.

Microsoft reports $33.7 bn in Q4 2019 revenue

Microsoft today reported earnings for its fourth fiscal quarter of 2019, including revenue of $33.7 billion, net income of $13.2 billion, and earnings per share of $1.71 (compared to revenue of $30.1 billion, net income of $8.9 billion, and earnings per share of $1.14 in Q4 2018). All three of the company’s operating groups saw year-over-year growth.

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