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Tech slump, is there light at the end of the tunnel?
Apple continues to grow, Q1 results proved to be much better than expected, largely thanks to a rise in iphone sales, ipad sales were down but the pioneering tablet remains a bestseller overall but are we seeing the death of the ipod? Sales of the once revolutionary music storage device are down by more than fifty percent.
Profits were $10.2 billion in Q1. CEO Tim Cook revealed that Apple has acquired twenty four companies in the last year and a half. The tech giant also announced a $30 billion share buy back scheme and plans to increase its quarterly dividend by eight percent. Shares rose by about nine percent after the results came out.
The market liked Facebook’s results, lifting the share price up by around four percent, profits were $642 million with revenues up seventy two percent. The most important improvement was in mobile advertising which now makes up about sixty percent of total advertising revenue for the firm. The company says the number of users has reached 1.3 billion with more than a billion of those using facebook on a mobile device. Smartphones are now getting cheaper in parts of the world where they have been out of financial reach for the majority of people. Chinese made smartphones are now retailing for around $150.00.
All the good news for two of the world’s biggest internet communication firms comes during what’s being called a tech stock ‘slump’. Both Amazon and Microsoft will report their Q1 results this week with the companies expected to reveal how they are constantly seeking new directions and innovations. Amazon is signing a deal with HBO to stream TV and films to Prime members. Microsoft has been developing its cloud based services and products.
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