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Showing posts from January, 2019

Samsung posts fourth-quarter profit drop, warns of weak demand until the second half of 2019

Samsung Electronics reported its largest quarterly profit decline in two years during its earnings report today . As the Galaxy maker warned in its earnings guidance earlier this month , its results were hurt by slower-than-expected demand for semiconductors, which had bolstered its earnings in previous quarters even when smartphone sales were slow. Samsung’s forecast was also dour, at least for the first half of the year. It said annual earnings will decline thanks to continuing weak demand for chips, but expects demand for memory products and OLED panels to improve during the second half. The company’s fourth-quarter operating profit was 10.8 trillion won (about $9.7 billion), a 28.7 percent decrease from the 15.15 trillion won it recorded in the same period one year ago. Revenue was 59.27 trillion won, a 10.2 percent drop year over year. Broken out by business, Samsung’s semiconductor unit recorded quarterly operating profit of 7.8 trillion won, down from 10.8 trillion won a yea
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Grab raises $200M from Thailand-based retail conglomerate Central Group

Grab’s fundraising push continues unabated after the Southeast Asian ride-hailing firm announced that it has raised $200 million from Central Group, a retail conglomerate based in Thailand. Central’s business covers restaurants, hotels and more than 30 malls in Thailand, while it has operations in markets that include Vietnam and Indonesia. Its public-listed holding companies alone are worth more than $15 billion. Singapore-based Grab confirmed that this deal is not part of its ongoing Series H fundraising, but is instead an investment into its Thailand-based business. Rumors of the deal were first reported by Reuters last year. Following this investment, Central said it will work with Grab in a number of areas in Thailand, including bringing its restaurants into the Grab Food service, adding Grab transportation to its physical outlets and bringing Grab’s logistics service into its businesses. The investment represents the first time an investor has bought into a local Grab count
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New York cracks down on companies that sell fake followers

On Wednesday New York Attorney General Letitia James announced that her office had reached a settlement with Devumi, a company that made millions selling fake followers to unsuspecting customers. The state of New York found that Devumi had engaged in illegal deception and illegal impersonation in the course of fluffing up social media profiles with its automated accounts. First reported by CNN , the settlement follows a New York state probe into the company after reports of suspicious activity and potentially deceptive business practices first surfaced. Almost exactly a year ago, The New York Times reported a big feature on the company that prompted the state’s probe. In that piece , the Times describes Devumi as “an obscure American company… that has collected millions of dollars in a shadowy global marketplace for social media fraud.” The reported detailed how the company used a stable of 3.5 million bots to fuel a business that boiled down to making people look important on plat
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Tesla says the Model Y is coming in 2020

The Tesla Model Y — the SUV electric vehicle that CEO Elon Musk has been teasing and talking about since 2015 — will begin volume production by the end of 2020, the company said Wednesday in a letter to shareholders. The automaker, which has yet to show a prototype of the vehicle, said it will begin tooling for the Model Y this year. And unlike Tesla’s other electric vehicles, the Model Y will most likely be produced at the company’s massive “gigafactory” in Nevada, Musk said during an earnings call. Musk struck a bullish tone for the Model Y, predicting sales volume for the vehicle will be higher than its new Model 3. Tesla also forecast that the cost of the Model Y production line should be substantially lower than the Model 3 line in Fremont, California because it will be built on the same platform and share about 75 percent of its components with Model 3. The production ramp for the Model Y should also be faster, the company predicted. Producing the Model Y at the gigafactory
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With its Greenlots acquisition, Shell is moving from gas stations to charging stations

In a bid to show that it’s getting ready for the electrification of American roads, Royal Dutch Shell is buying Greenlots , a Los Angeles-based developer of electric vehicle charging and energy management technologies. Shell, which is making the acquisition through its Shell New Energies US subsidiary, snatched the company from Energy Impact Partners, a cleantech-focused investment firm. “As our customers’ needs evolve, we will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive,” said Mark Gainsborough, Executive Vice President, New Energies for Shell, in a statement. “This latest investment in meeting the low-carbon energy needs of US drivers today is part of our wider efforts to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.” Courtesy of Ed Robinson/Shel
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Tesla CFO Deepak Ahuja is retiring

At the tail end of Tesla’s earnings call today, Elon Musk dropped a surprise bit of news: the company’s CFO, Deepak Ahuja, will be retiring. “There is no good time to make this change,” said Ahuja, but noted that after two back-to-back profitable quarters , now might be the best time. Ahuja first served as Tesla’s CFO from 2008 to 2015, then again from February 2017 on. Zach Kirkhorn, currently Tesla’s VP of Finance, will take over the role moving forward. Elon notes that Ahuja’s retirement “won’t be immediate,” but didn’t give a specific timeline. He also says that he plans for Ahuja to stay on as a senior advisor “for probably years to come.” from TechCrunch https://tcrn.ch/2CUguTJ
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Elon Musk wants Teslas to automatically call a tow truck when something breaks

As Tesla ramps up production and gets more cars on the road, the company is still working out a few speed bumps when it comes to service. When something goes wrong, getting it fixed tends to take longer than many owners are willing to wait. In September of last year, Elon Musk promised to make fixing service times a priority. On an earnings call today, he outlined two ways they’re working on it: more spare parts at service centers, and giving Tesla cars the ability to automatically get the process started by calling a tow truck as soon as it detects an issue. Said Elon on the call: The next thing we want to add is if a car detects something wrong — like a flat tire or a drive unit failure — that before the car has even come to a halt, there’s a tow truck and service loaner on the way. False alarm? Don’t want a tow truck to show up? You’ll be able to cancel it through the in-dash display. If they can get it to work, it sounds great — but it’s not an easy challenge. Pulling it of
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Elon says Tesla might unveil its pickup truck ‘this summer’

Tesla is building a pickup truck. We’ve known that for a few years now. But when? In an earnings call this afternoon, Elon Musk said that he’s hoping to unveil the truck this summer. “It will be… unique,” he added. Note, of course, that “unveil” doesn’t mean “ship.” That, presumably, won’t happen for a while. The company is still knee-deep in Model 3 production, and is finishing its Gigafactory in Shanghai and its long-awaited Semi truck — and is actively working on getting its SUV (tentatively called the “Model Y”) into the tooling stage. The company has a lot on its plate right now. from TechCrunch https://tcrn.ch/2CQOro8
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