Tag - Financial
BlackBerry is continuing to hemorrhage money, after its latest financial results show it endured a net loss of $670 million for the most recent quarter. Revenue for the Canadian smartphone producer is also poor, pulling in just $400 million over the three-month period ending in May, a year-on-year drop of 39 percent, with the balance sheet hammered by a list of adjustments and a hefty asset impairment charge pushing it into the red.
Apple Pay has expanded its reach yet again in the United States, adding another 44 financial institutions to the long list of those supporting the mobile payments platform. The new additions to the list of over 1,300 arrive just a few weeks after another update, with support for Apple Pay introduced by another 30 banks and credit unions earlier this month, as well as another 30 banks brought onboard in mid-May.
The probe by the European Commission into Apple's tax arrangements may come to an end soon, possibly next month, according to one official. Irish finance minister Michael Noonan believes the Commission could offer its ruling in July, one that will decide the legality of Apple's movements of funds through specific countries to avoid paying high amounts of tax, as well as other arrangements beneficial to the company provided by EU member states.
Following reports of greater international expansion on the horizon and some 30 banks and credit unions added in the middle of last month, Apple has again updated its list of partner financial institutions that are offering support for Apple Pay with another 30 banks and credit unions. The overall list of US institutions offering Apple Pay support now cracks 1,300, even though domestic merchants have been slow to adopt the technology that would enable Apple Pay -- and its NFC-using mobile wallet rivals -- to thrive in the US.
Apple has risen from fifth place to third in Fortune's rankings of the top 500 corporations in the US, ending a two-year run at fifth place, and now trailing only Walmart and Exxon Mobil. This year, Apple move pushed Chevron and financial firm Berkshire Hathaway down to fourth and fifth. While Apple was out-earned by both Walmart ($482.1 billion) and Exxon ($246.2 billion), it remains the most profitable publicly-traded company in the world, with profits of $53.4 billion -- more than Walmart and Exxon's annual profits combined.
Apple has raised A$1.425 billion (just over $1 billion in US dollars) through the sale of Australian bonds on Friday. This was the second such bond sale Apple has held in Australia, with a sale from last summer raising about $1.642 billion -- and setting a record for a non-financial sector bond sale in that country. Apple has taken to using bond sales as a way to raise money for its US-based investments and payouts, such as share buybacks and investor dividends, rather than "repatriating" some of its staggering $200 billion in foreign cash reserves.
Apple is preparing to issue bonds in the Asia Pacific region, in order to raise funds for a number of shareholder-related actions, according to a report. It is claimed Apple will be selling bonds in Taiwan and Australia so it can raise between $3 billion and $4 billion in debt, which it can then use to fund dividend payments and share buybacks, all without touching any of its large cash reserves it mostly holds outside of the United States.
As happens every two weeks, Apple has updated its Apple Pay partners page to add yet more US financial institutions that are now supporting adding their credit and debit cards to Apple's Wallet app on iOS devices and the Apple Watch, enabling Apple Pay after a verification check. In this round, another 30 banks and credit unions have jumped on board, bringing the total to at least 1,270 institutions now offering support for the mobile wallet technology. At this point, the remaining institutions to be added are generally small local or regional institutions.
On Tuesday, Apple updated its partner page for Apple Pay, adding another 26 US banks and credit unions to a list that now extends to at least 1,240 financial institutions (not including two "loyalty card" issuers, BJ's Wholesale and Kohl's). Along with the new banks, a new prepaid "digital MasterCard" program has launched in the UK with Apple Pay support from a company called Wirecard, with the service known as "boon." Users will be able to transfer money into a prepaid account, and then use the digital card with merchants who support various virtual wallet technologies.
CNBC Mad Money host Jim Cramer welcomed Apple CEO Tim Cook on for an in-person interview in which Cook highlighted the strong points of the company's most recent financial quarter. Despite headlines about the company seeing its first-ever year-over-year drop in iPhone sales, Cook has pointed out previously and again this evening that Apple is seeing increasing numbers of switchers, and that the company has actually performed well in the face of strong economic headwinds and a slowing worldwide PC and smartphone market.