Spotify posts its first quarterly profit as paid subscriptions near 100m February 6, 2019 Spotify has made its first ever quarterly profit, it said today, as it revealed results for the three months to the end of December. The figures The Stockholm-based firm posted an operating profit of €94m (£82.5m), as well as a 29 per cent rise in revenue in the fourth quarter thanks to an increased number of paid [...]
Huawei offers to open Polish cyber security centre to combat spying fears February 6, 2019 Huawei has offered to open a cyber security centre in Poland in a bid to assuage fears that it is spying for the Chinese government. “We are ready to establish a cyber security center in Poland if authorities accept this as a trusted solution,” Huawei’s Poland boss, Tonny Bao, said today, according to Reuters. Read [...]
Softbank Vision Fund sells entire stake in struggling chipmaker Nvidia February 6, 2019 Softbank’s Vision Fund has sold its stake in chipmaker Nvidia, which saw shares plummet after it cut its fourth quarter revenue estimate by $500m last week. In Softbank’s third quarter report it revealed that the drop in Nvidia’s share price following the forecast cut reduced the fund’s valuation gain by ¥299.5bn (£2.11bn). Read more: Chipmaker [...]
Fine social media sites that fail to protect children, Labour says February 6, 2019 Social media companies could face hefty fines if they fail to protect children and young people on their platforms under strict new rules proposed by Labour. The party’s deputy leader, Tom Watson, will today give a speech saying the digital market has been “distorted” and outlining plans to ensure sites have a legal duty of [...]
DEBATE: Could the internet of things be the answer to the social care crisis? February 6, 2019 Could the internet of things be the answer to the social care crisis? Emanuele Angelidis, chief executive of IoT investor Breed Reply, says YES. With more and more people forced to look after loved ones, the internet of things (IoT) and artificial intelligence (AI) can help alleviate the social care issues raised by an ageing population. For a [...]
What’s the point of economists? Look to America’s tech giants to find out February 6, 2019 Despite the dire predictions from the economics profession about Brexit, the UK economy is doing well. Growth continues at a steady pace. An all-time record 32.4m people are in work. Unemployment has fallen to levels not seen since the mid-1970s. In contrast, the Eurozone is on the brink of recession – and Italy is already [...]
Food waste startup Too Good To Go gobbles up €6m from investors February 5, 2019 Danish leftover food startup Too Good To Go has grabbed €6m (£5.3m) from some of its existing investors, as it prepares to expand into four new countries in 2019. The firm, which enables users to collect leftover dishes from restaurants and stores at discounted prices, has partnered with 1,500 retailers in London to date, including [...]
Apple turnover: Former Burberry chief to leave executive role at iPhone maker February 5, 2019 Former Burberry chief executive Angela Ahrendts is to leave her role as Apple's head of retail in April, after five years at the company. Having led Apple's retail and online stores, Ahrendts will now be chasing “new personal and professional pursuits”. It was revealed last month that Ahrendts received a total pay packet of $5m (£3.9m) from Apple in [...]
Snap shares soar as it reports minimal quarterly losses and beats revenue estimates February 5, 2019 Shares in Snap jumped more than 20 per cent in after-hours trading tonight, as it trounced consensus estimates on revenue and quarterly losses. Revenue in the three months to 31 December increased 36 per cent to $389.8m (£300.9m), beating the average analyst estimate of $379.4m as collated by S&P Global Market Intelligence. The company's net loss fell [...]
Renault-Nissan-Mitsubishi alliance considering self-driving tie-up with Google’s Waymo February 5, 2019 A trio of major vehicle manufacturers is said to be in advanced talks with Google's autonomous driving unit Waymo on utilising the division's tech for transport services. The Renault-Nissan-Mitsubishi alliance is exploring a tie-up with Waymo in which the two parties would develop self-driving taxis as well as other mobility-as-a-service infrastructure, the Nikkei reported today. The [...]