Connect with us

Published

on

Shares of Apple climbed in premarket trading after the iPhone maker announced a record-setting buyback program on the heels of second-quarter earnings topped Wall Street’s estimates.

Apple announced Thursday that its board authorized $110 billion in share repurchases, a 22% increase over last years $90 billion authorization, Bloomberg earlier reported.

The move marks the largest buyback value ever announced in US history.

In 2018, Apple came close to the new record when it authorized $100 billion in share repurchases, according to Bloomberg, citing data compiled by market research firm Birinyi Associates that goes back to 1999.

Apple also said that its revenue for the three-month period ended on March 30 rang in at $90.8 billion. Though it was a 4.3% drop from the year-ago period, it topped the $90.3 billion analysts had anticipated.

The results came as a relief to investors, Bloomberg reported, as Apple has posted sales declines in the past five out of six quarters in the face of a tough smartphone market in China.

Last month, Apple was overtaken by Samsung as the worlds No.1 phone maker, according to the latest data from research firm IDC.

Following the earnings report, shares of Apple climbed 7% in extended trading Thursday — which continued into premarket trading Friday, when the company’s stock was up more than 6%.

Apple did not provide formal guidance for the rest of its fiscal 2024, but on an earnings call with analysts, finance chief Luca Maestri said the company expected the current quarter will deliver double-digit year-over-year percentage growth in iPad sales.

Subscribe to our daily Business Report newsletter!

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story.

The Services division is also forecast to continue growing, Maetstri said, which includes subscriptions, warranties, licensing fees and Apple Pay features.

In addition, Apple reported reported net income of $23.64 billion, or $1.53 per share — down 2% from $24.16 billion, or $1.52 per share, in the year-ago period.

The iPhone’s slumping sales played a part in the decline.

Apple chief Tim Cook told CNBC that sales in the fiscal second quarter suffered from a difficult comparison to 2023, when the company realized $5 billion in delayed iPhone 14 sales from COVID-induced supply issues.

If you remove that $5 billion from last years results, we would have grown this quarter on a year-over-year basis, Cook said, per CNBC. And so thats how we look at it internally from how the company is performing.

Apple said iPhone sales fell nearly 10%, to $45.96 billion, suggesting that there’s weak demand for the latest iPhone, the 15 Pro and Pro Max models, which were released in September.

Sales of other Apple products, including its Apple Watch and AirPods headphones, also dropped 10% year-over-year, to $7.9 billion.

The decline didn’t come as a surprise to analysts.

Mac sales, meanwhile, were up 4%, to $7.45 billion. Cook attributed the growth to the upgraded M3 chip placed in the companys new MacBook Air models as of March.

With the new chip, Apple’s coveted Mac laptops promise to offer sharper 1080p webcams, support for faster Wi-Fi networks and up to 18 hours of battery life, according to CNBC.

Though the actual laptop design remains the same as earlier models, the new M3 chip also allows users to add up to two external displays — an improvement from a single screen. However, the lid of the laptop has to remain closed to support two screens, otherwise just one will work.

Continue Reading

Sports

Hutson brothers, Leonard, Fink among top NHL prospects playing in the NCAA hockey tournament

Published

on

By

Hutson brothers, Leonard, Fink among top NHL prospects playing in the NCAA hockey tournament

With the end of March approaching quickly, the college hockey season is coming to an end, and the NCAA tournament begins on Thursday on the networks of ESPN. The Frozen Four takes place the second weekend in April, with the national championship on April 12.

Many players involved in the proceedings will find themselves in NHL uniforms in the next few weeks, or next few years. There is no shortage of talent in this year’s tournament, and it should make for some incredible hockey and memorable moments.

With that in mind, there are some key NHL prospects to watch over the next couple of weeks, sorted by team.

Whether they are highly touted draft picks from years past, expected lottery picks this summer or late bloomers who have grabbed the attention of the scouting world, there are quite a few players who will be looking to make their mark on the tournament — and the pro ranks thereafter.

Continue Reading

UK

University of Sussex fined record £585,000 by regulator in free speech case

Published

on

By

University of Sussex fined record £585,000 by regulator in free speech case

The University of Sussex has been fined £585,000 by the higher education regulator for failing to uphold freedom of speech. 

The Office for Students (OfS) criticised the university’s policy statement on transgender and non-binary equality, saying that it could lead staff and students to “self-censor”.

The policy has a requirement to “positively represent trans people” and asserts that “transphobic propaganda [would] not be tolerated”.

File photo dated 14/07/22 of Professor Kathleen Stock, Professor of Philosophy at the University of Sussex, after being made an OBE for services to higher education a investiture ceremony at Buckingham Palace, London. A mass protest is set to take place as Ms Stock who is a feminist delivers a speech at an Oxford Union event which has sparked anger among some student groups.
Image:
Professor Kathleen Stock after being made an OBE for services to higher education. Pic: PA

The university said it will legally challenge the OfS’s decision and accused the regulator of pursuing a “politically motivated” inquiry against it that resulted in “egregious and concocted” findings.

The OfS launched its investigation after campus protests calling for the dismissal of Professor Kathleen Stock.

She left the university in 2021 after being accused of transphobia when she published a book questioning whether gender identity was more “socially significant” than biological sex.

The OfS said the University of Sussex’s policy had a “chilling effect” on Prof Stock’s views.

“Professor Stock said that she became more cautious in her expression of gender critical views as a result of the policy,” the OfS said in a statement.

“There were some views she did not feel able to express, and therefore teach, despite those views being lawful.”

Professor Sasha Roseneil, the vice chancellor at the university, said the OfS findings mean “it is now virtually impossible for universities to prevent abuse, harassment, or bullying on our campuses”.

“Under this ruling, we believe that universities would not be permitted to expect their staff and students to treat each other with civility and respect,” she said.

“The OfS is effectively decreeing libertarian free speech absolutism as the fundamental principle for UK universities. In our view, the OfS is perpetuating the culture wars.”

Prof Roseneil has claimed that the OfS did not interview anyone from the university in its three-and-a-half-year investigation and that the fine is “wholly disproportionate”.

“The behaviour of the OfS sets a dangerous precedent and constitutes serious regulatory overreach in service of a politically motivated inquiry,” she said.

She added that the investigation findings “leave universities unable to have policies to prevent abusive, bullying and harassing speech and that will perpetuate the culture wars”.

Modern architecture (1961) University of Sussex in Falmer, use of red brick and concrete
Image:
The University of Sussex

The OfS was given the power in January to issue fines where freedom of speech was not upheld at a university.

The fine issued to the University of Sussex is the largest-ever issued by the regulator, with the institution saying it’s 15 times larger than any other sanction imposed.

Read more: Controversial free-speech law delayed ‘over anti-semitism fears’

Arif Ahmed, the director for freedom of speech and academic freedom at the OfS, said that the regulator’s probe “also found deficiencies in the University of Sussex’s decision-making process, with decisions about important free speech and equality matters taken by people without the authority to do so”.

“Those decisions may not have been in the best interests of students and staff,” he said.

“Substantial monetary penalties are appropriate for the scale of wrongdoing we have found.”

Bridget Phillipson, the education secretary, said that “free speech and academic freedom are non-negotiables in our universities”.

“If you go to university you must be prepared to have your views challenged, hear contrary opinions and be exposed to uncomfortable truths,” she said.

“We are giving the OfS stronger powers on freedom of speech so students and academics are not muzzled by the chilling effect demonstrated in this case.”

Continue Reading

UK

Prince Harry ‘in shock’ as he quits Sentebale charity set up in honour of Princess Diana

Published

on

By

Prince Harry 'in shock' as he quits Sentebale charity set up in honour of Princess Diana

Prince Harry has said he is devastated and “in shock” to have to quit as patron of a charity he set up in honour of his mother.

Sentebale was established in 2006 to help children and young people in southern Africa, particularly those with HIV and Aids.

But the Duke of Sussex said he had been forced to step down amid a battle in the organisation between the chairwoman Dr Sophie Chandauka and the board of trustees.

He released a statement with his co-founder, Prince Seeiso of Lesotho, saying they had established the charity “in honour of our mothers”.

“With heavy hearts, we have resigned from our roles as patrons of the organisation until further notice, in support of and solidarity with the board of trustees who have had to do the same,” they said.

“It is devastating that the relationship between the charity’s trustees and the chair of the board broke down beyond repair, creating an untenable situation.”

Details of the row in the charity are unclear but it is reportedly over a decision to focus fundraising in Africa.

“What’s transpired is unthinkable,” the princes’ statement added.

“We are in shock that we have to do this, but we have a continued responsibility to Sentebale’s beneficiaries, so we will be sharing all of our concerns with the Charity Commission as to how this came about.”

Prince Harry and Sophie Chandauka in Florida last year. Pic: PA
Image:
The Duke of Sussex and Sophie Chandauka in Florida last year. Pic: PA

In her own statement, Dr Chandauka said she would not be intimidated, adding: “For me, this is not a vanity project from which I can resign when I am called to account.”

She said she had reported the trustees to the Charity Commission and that a UK court had issued an injunction to stop them removing her.

“There are people in this world who behave as though they are above the law and mistreat people, and then play the victim card and use the very press they disdain to harm people who have the courage to challenge their conduct,” Dr Chandauka said.

She added that this was a “story of a woman who dared to blow the whistle about issues of poor governance, weak executive management, abuse of power, bullying, harassment, misogyny, misogynoir – and the cover-up that ensued”.

Read more from Sky News:
Trump urged to fire defence secretary over war plans leak
Ex-footballer avoids jail for kicking wife in the head

A Charity Commission spokesperson said it is “aware of concerns about the governance of Sentebale”.

“We are assessing the issues to determine the appropriate regulatory steps,” a spokesperson for the commission said in a statement.

Prince Harry was inspired to start the charity after spending two months in Lesotho when he was on a gap year in 2004.

He was in the small African country – which has one of the world’s highest rates of HIV and Aids – as recently as last October.

The prince talked to young people around a campfire about the “massive difference” Sentebale was making. Last April, he was also pictured with Dr Chandauka at a charity polo match in Florida.

Five former trustees also released a statement that said resigning was “devastating” but the “result of our loss in trust and confidence in the chair of the board”.

They said they were forced to quit as they could not allow Sentebale to take on the “legal and financial burden” of a lawsuit brought by the chairwoman “to block us from voting her out after our request for her resignation was rejected”.

They added that the decision to resign was “not a choice willingly made, but rather something we felt forced into in order to look after the charity”.

Who is Dr Sophie Chandauka?

Born in Zimbabwe, Dr Sophie Chandauka is a corporate finance lawyer who is described as a campaigner for “diversity, equity and inclusion”.

She has had a 20-year executive career and in 2021 received an MBE for extraordinary contributions to diversity in business.

Dr Chandauka is the co-founder and executive chair of Nandi Life Sciences, an American biotechnology company which focuses on developing therapeutics for rare cancers and auto-immune diseases.

According to her profile on the Sentebale website, she has experience “leading strategy, legal and operations functions” and has held roles for companies in technology, retail and investment banking.

These have included Meta, the parent company of Facebook, Instagram and WhatsApp, and Morgan Stanley and Virgin Money.

She has served on several non-profit boards and is also the executive founder and chair of the Black British Business Awards.

Dr Chandauka previously served on the board at Sentebale from 2009 to 2015, before later returning to become the organisation’s chair in July 2023.

Educated in the UK, Canada and the US, Dr Chandauka is based in New York City.

Continue Reading

Trending