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Apple iPhone assembler Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom. The comments from the Taiwanese company, the world's largest contract electronics maker, echo those from other Asian tech firms that have warned of a drop in sales of smartphones, TVs, and gadgets as surging inflation and deepening concerns of a recession crimp consumer spending. , Foxconn has been largely shielded from these demand problems so far as the popularity of iPhones has endured among a loyal and relatively affluent customer base, and it is said that rising inflation will only have a limited impact on mid-to high-end smartphone demand for the rest of the year. Also Read Apple may get this colour back with iPhone 14 series Taiwan security officials want Foxconn to drop stake in Chinese chipmaker Still, Foxconn forecast flat revenue growth in its … [Read more...] about foxconn: Slowing smartphone sales start to sting this iPhone supplier

Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country, the media reported on Saturday. According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700. , "That put the total decrease in employee numbers for Alibaba, owner of the South China Morning Post, to 13,616 over the six months to June, marking the firm's first drop in payroll size since March 2016," the report noted. Alibaba reported a 50% drop in net income to 22.74 billion yuan ($3.4 billion) in the June quarter, down from 45.14 billion yuan in the same period last year. "The reduced payroll reflects Alibaba's renewed efforts to cut expenses and drive up efficiency, as it faces continued regulatory pressure, sluggish consumption and a slowing economy in China, the world's biggest … [Read more...] about alibaba: Alibaba cuts 10,000 jobs to cut costs amid falling sales

Last month, it was reported that Oppo and OnePlus may be banned from selling their smartphones. A report by The Verge now confirmed that both Chinese brands — part of the BBK Electronics group — can't sell smartphones in Germany. Why the ‘ban’ on OnePlus and Oppo? Nokia , is the reason why Oppo and OnePlus have been barred from selling phones in Germany. Both companies were fighting a patent lawsuit against Nokia and have been dealt a blow in the case. Nokia had accused both companies of using some of its patented tech, which helps in processing 4G and 5G signals. Nokia said that neither had paid for a license which is required to use the said tech. Is the ban permanent? Not really as the final verdict in the case hasn’t been announced. However, both companies’ online stores in Germany do not have products listed on them. It’s not clear whether both brands can sell their phones through third-party channels or not. What do Oppo and OnePlus have … [Read more...] about oppo: Why Nokia is the reason for Oppo and OnePlus halting sales in Germany

Audio player loading… Chinese smartphone manufacturer Oppo and its OnePlus sub-brand have withdrawn their devices from sale in Germany after losing a legal battle with Nokia over alleged patent infringements. Nokia accused the two vendors of using its 4G and 5G innovations in their mobile phones without a licence, and successfully argued for a sales injunction in Mannheim Regional Court. “This is the third time that the courts in Germany have ruled that Oppo is using Nokia’s patented technologies in its smartphones and is selling them illegally without a licence,” a Nokia spokesperson told TechRadar Pro. EU China patent dispute “The Court also found that Nokia has acted fairly. We hope that Oppo accepts its obligations and, like its competitors, renews its licence on fair terms.” The patents in question are Standards Essential Patents (SEPs), which are innovations that have been contributed to industry standards, such as 5G, and can be used by … [Read more...] about Oppo and OnePlus phones taken off sale in Germany in Nokia patent dispute

SoftBank Group Corp. is accelerating asset sales after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months, but Chief Executive Masayoshi Son faces narrowing options and slumping valuations, analysts said. Son said that he is in discussions to sell asset manager Fortress , without commenting on a valuation. SoftBank also raised $2.4 billion by selling shares in T-Mobile US during the latest quarter while unloading a variety of other holdings. , But as valuations fall, easy options for raising cash are getting harder to come by. Also Read Salary hikes for job switches to normalise as companies see slowdown in attrition Vision Fund slide points to more pain for SoftBank's Son With SoftBank having shifted focus from operating companies to tech investing, and Son staking his reputation on generating big returns that can be recycled into further tech bets, the billionaire will be keen to avoid selling … [Read more...] about softbank: SoftBank steps up asset sales from sinking portfolio

SoftBank Group Corp said that it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding, as the investment behemoth looks to shore up its cash reserve to weather the market downturn. The Japanese company will reduce its stake in Alibaba to 14.6 percent, from 23.7 percent, by settling prepaid forward contracts. Alibaba's US-listed shares were down 1.3 percent in early trade. , SoftBank booked a $50 billion loss at its Vision Fund investment arm in the first half of the year as its tech bets soured, with Chief Executive Masayoshi Son on Monday pledging to further reduce investment activity and cut costs. Also Read Alibaba cuts 10,000 jobs to cut costs amid falling sales SoftBank steps up asset sales from sinking portfolio By settling the Alibaba share contracts, SoftBank "will be able to eliminate concerns about future cash outflows and, furthermore, reduce costs associated with these prepaid forward contracts," it said in … [Read more...] about alibaba: SoftBank to gain $34 billion from cutting Alibaba stake

Close Nothing Phone (1) 1 2 3 4 5 6 7 8 9 1 9 Last month, Carl Pei 's Nothing wrapped up the big reveal of its first Phone – Nothing Phone (1). The reports of the company launching a new and more affordable version of its Phone (1) already started surfacing on the internet merely a few weeks after it went on sale. The phone was said to be dubbed "Nothing Phone (1) Lite," It reportedly would have skipped on the former's key attraction – the Glyph Interface . Carl Pei debunks the rumours of Nothing working on an affordable Nothing Phone (1) Lite , There is some sad news for you if you were waiting for a cheaper Nothing Phone (1). Nothing's boss Carl Pei debunked the report saying it is fake. Pei quote tweeted a report from the Android Police, which cites the original report, saying "Fake News." The Mobile Indian originally reported that a … [Read more...] about Don’t get your hopes high; Nothing is not launching another phone, confirms CEO

Samsung Electronics Co Ltd has scaled back production at its massive smartphone plant in Vietnam , employees say, as retailers and warehouses grapple with rising inventory amid a global fall in consumer spending. America's largest warehouse market is full and major US retailers such as Best Buy and Target Corp warn of slowing sales as shoppers tighten their belts after early Covid-era spending binges. , The effect is acutely felt in Vietnam's northern province of Thai Nguyen , one of Samsung's two mobile manufacturing bases in the country where the world's largest smartphone vendor churns out half of its phone output, according to the Vietnam government. Also Read Why US action against Chinese chipmakers is bad news for Samsung and others Samsung, which shipped around 270 million smartphones in 2021, says the campus has the capacity to make around 100 million devices a year, according to its website. "We are going to work just three days per … [Read more...] about samsung: Samsung workers in Vietnam bear brunt of slowdown in global demand for electronics

Audio player loading… Challenging conditions in the global smartphone market are showing no signs of easing (opens in new tab) anytime soon, according to reports from multiple analysts that suggest shipments fell once again during the second quarter of 2022. IDC says shipments fell for the fourth consecutive quarter to 286 million units – a decline of 8.7% and about 3.5% lower than forecast. Meanwhile Counterpoint Research puts the decline at 9% and volumes at 295 million units. China smartphone sales The smartphone industry had been hoping 2022 would be a year of recovery following the pandemic but component shortages and supply chain issues have been compounded by the rising cost of living and Russia’s invasion of Ukraine. This combination of economic, geopolitical, and manufacturing issues has been exacerbated by further lockdowns in China – a situation that has hampered Chinese vendors especially. Read more > Global smartphone sales … [Read more...] about Smartphone market challenges continue as shipments fall again

Semiconductor stocks fell globally on Tuesday as an expected visit by US House of Representatives Speaker Nancy Pelosi to Taiwan fueled a fresh escalation in tensions between Washington and Beijing. China views the visit by Pelosi, a long-time critic of Beijing, as sending an encouraging signal to the pro-independence camp in Taiwan and has repeatedly warned against it. , Taiwan is home to the world's biggest contract manufacturer of semiconductors, Taiwan Semiconductor Manufacturing Co Ltd (TSMC), and peer United Microelectronics Corp ( UMC ). Shares of the companies fell 2.4% and 3%, respectively. Taiwan chipmaker UMC expects industry to continue grow further in 2023 Taiwanese stocks dropped 1.6%, marking their biggest percentage decline in three weeks, while Chinese stocks posted their biggest fall in more than two months on mounting geopolitical tensions. "Chip stocks are really exposed to Asia. Some of them, especially chip … [Read more...] about taiwan: Chip stocks decline as Taiwan tensions mount