iPhone assembler Foxconn sees rise in holiday quarter profits despite gloomy expectations

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Among the gloomy predictions being made for iPhone X sales, analysts were predicting that lead iPhone assembler Foxconn would announce declining profits for Q4 2017 …



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Foxconn profits ride high on iPhone X, dispelling worries about Apple’s sales

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Apple assembly partner Hon Hai — better known as Foxconn — has posted net income of $ 2.5 billion for the December quarter, reportedly linked to strong orders and consequent sales of the iPhone X.
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Nintendo Details Jump in Smartphone Game Profits Following ‘Animal Crossing: Pocket Camp’ Launch

Nintendo recently reported earnings for its fiscal third quarter of 2017, including data related to the company’s two-year-old smartphone game business. In the report, Nintendo confirmed that its smart device and intellectual property related earnings increased from 10.6 billion yen (about $98 million) in the nine months ended December 31, 2016 to 29.1 billion yen (about $267 million) in the same period in 2017.

While this includes income from Nintendo’s smartphone games as well as royalty income, Bloomberg reported that Nintendo’s smartphone game profits specifically grew from 8.8 billion yen in the year-ago quarter to 11.2 billion yen this fiscal quarter. The only smartphone game that launched this fiscal quarter for Nintendo was Animal Crossing: Pocket Camp, which is said to have generated $17 million globally and reached a download number of 22 million since its launch in November. The other major smartphone game to debut from Nintendo in 2017 was Fire Emblem Heroes.

Nintendo said it plans to get its players to continue returning to and enjoying previously released iOS and Android games through ongoing updates, not including the recently confirmed imminent shut down of its first iOS app Miitomo.

In our smart-device business, consumers not only continued to enjoy Super Mario Run and Fire Emblem Heroes, which became available for download during the previous fiscal year, but also had fun with Animal Crossing: Pocket Camp, released globally during October and November. Smart devices and IP related income were up to 29.1 billion yen (172% increase on a year-on-year basis).

In our smart-device business, we will focus on operations that encourage more consumers to continue to enjoy playing the applications that they have downloaded

Although Fire Emblem Heroes and Animal Crossing: Pocket Camp are free-to-download apps, they’re believed to net Nintendo more of a profit in the long run thanks to players who become enticed to spend money on in-app purchases. Alternatively, Super Mario Run is a free-to-start app where users can play a few levels and then must spend $9.99 to gain access to the full game.

At one point, Nintendo described the freemium model of Fire Emblem Heroes as an “outlier” in its overall smartphone game plan and that it prefers Super Mario Run‘s pay-once structure, but so far that’s been the only app to go that route. Additionally, the company’s previous earnings report mentioned Super Mario Run had yet to reach an “acceptable profit point” around 10 months after launch.

Otherwise, Nintendo’s earnings report detailed a huge success for the company’s Switch console, selling 12.13 million units from April to December 2017 and now totaling 14.86 million units sold to date. Upon this report, Nintendo increased its operating profit outlook from 120 billion yen to 160 billion yen for the year ending March 2018, and bumped up the Switch sales forecast from the already-surpassed 14 million units to 15 million units for the same period.

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Samsung posts best ever financial results in 2017, with profits of $50 billion

South Korean electronics giant Samsung has revealed record-high sales figures for last year, with a total operating profit of $ 50 billion (KRW 53.65 trillion). The company released it’s Q4 results today, alongside numbers for the whole of 2017. In the last three months of the year, Samsung amassed $ 61.54 billion (KRW 65.98 trillion) in consolidated revenue, which amounted to $ 14.13 billion (KRW 15.15 trillion) in operating profit.

The headline sum is that $ 50 billion 2017 profit, which comes off the back of huge total earnings of $ 223.45 billion (KRW 239.58 trillion).

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Samsung reports record profits in Q4 2017, up 64% YoY, expects strong Galaxy S9 sales

Samsung has reported its earnings for Q4 2017, in which the company has made operating profit of 15.15 trillion won ($ 14.13 billion), up 64.3% YoY for the quarter that ended December 31, 2017. This is a new all-time high quarterly profit, due to strong sales of memory products for servers and mobile storage as well as OLED panels for premium smartphones. It reported revenue of 65.98 trillion won (61.54), a increase from 53.33 trillion won last year and net profit of 12.26 trillion won, a 72.9% increase from 7.09 trillion won for the same period a year earlier. For the whole FY17 it reported revenue of 239.58 trillion won, up 18.6% and operating profit of 53.65 trillion won, up 83.4% compared to the previous year. IM sector that includes Mobile Communications and Networks Businesses posted 25.47 trillion won consolidated revenue and 2.42 trillion won operating profit for the quarter, down 3.2% compared to 2.50 trillion won in the same quarter last year. “Earnings in the mobile business declined due to a hike in marketing costs under strong seasonality. Total smartphone shipments decreased due to the lineup optimization of low-end models, while shipments of flagship products, such as the Galaxy Note 8, increased from the previous quarter,” said Samsung In 2018, Samsung …
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Samsung sets record Q4 profits ahead of Galaxy S9 launch

Samsung's head honcho was found guilty of bribery last year and its vice-chairman stepped down due to "unprecedented crisis," but that didn't affect the Korean conglomerate's cashflow at all. In fact, the company did very well in the fourth quarter o…
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LG posts its biggest-ever revenue, highest yearly profits in 8 years in 2017; narrows smartphone losses in Q4 2017

LG Electronics has reported revenues of 16.96 trillion won (US$ 15.3 billion) for the fourth quarter that ended December 31, 2017, which is up 14.8% compared to the same quarter last year. For the whole 2017 it reported record 61.4 trillion won (US$ 55.4 billion) revenues, up 10.9% YoY and profits of 2.47 trillion won (US$ 2.23 billion) – the highest profit since 2009 – up 85% from 2016 due in large part to strong performance by premium home appliances and TVs.  It  reported operating income of 366.8 billion won (US$  330.9 million) for the quarter, down 35.2% for the same quarter in 2016. Mobile Communications sector reported a quarterly revenue of 3.07 trillion won (US$  2.77 billion), up 9% QoQ and 3% YoY due to steady sales of  increasing sales of V30 and Google’s new premium OLED phone Pixel 2 XL.  The sector posted a operating loss of 213.2 billion won (US$ 192.33 million), compared to loss of  459.3 billion won a year ago. “Loss narrowed QoQ and YoY by increasing premium product sales and improving business structure, despite marketing expense for V30 and component price increase, said LG. For the whole 2017 it reported 11.67 trillion won (US$ 10.52 billion) revenue, despite a challenging marketplace and strong competition from Chinese brands, …
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Apple will pay $38 billion U.S. repatriation tax on $245 billion in overseas profits

A small surprise was nestled in the middle of Apple’s announcement of a $ 350 billion contribution to the U.S. economy today: Apple confirmed that it will repatriate the giant pile of cash it has held overseas. According to the release, Apple expects to pay approximately $ 38 billion in U.S. repatriation taxes, which means that it will be using a special corporate tax break to repatriate approximately $ 245 billion in profits created outside the country.

Prior to the passage of the reduced 15.5 percent tax rate, Apple faced a 35-40 percent cost to bring overseas profits back into the United States — a tax burden it was unwilling to bear. Including both federal and state taxes, Apple might have been expected to pay up to $ 100 billion in taxes on $ 250 billion of overseas profits.

Apple’s plans to bring the foreign cash back into the United States have been underway for some time. In September 2016, Apple CEO Tim Cook openly spoke of the company’s expectation that it would rapidly receive a tax cut from whomever the next president was, and that the company would likely repatriate the cash in 2017.

In April 2017, the White House floated a reduced repatriation rate of 10 percent, which Congress subsequently increased in its late December tax bill. Apple waited for the new rate, and nearly $ 60 billion in savings, to bring the cash back into the United States.

Despite hopes that Apple might immediately announce all of its plans for the massive windfall, potentially including a giant-sized acquisition, the company did not specify how it will use the repatriated cash. Instead, it focused on the $ 38 billion tax payment, noting that a “payment of that size would likely be the largest of its kind ever made,” and that the tax will be part of its $ 350 billion contribution to the U.S. economy over the next five years.

Update at 1:20 p.m Pacific: Bloomberg reports that Apple will give employees below “director” level a one-time bonus of $ 2,500 in restricted stock units, “following the introduction of the new U.S. tax law.” The grants will be issued to “most employees worldwide in the coming months.”

Apple – VentureBeat

Bongs for kids, profits for companies? Scholar Emily Dufton on the past and future of marijuana activism

The 2016 election seemed like a tipping point for marijuana legalization. Almost 60 percent of Americans support legalizing the drug, and voters in California — the state with the largest economy — decided to approve recreational weed, effectively tripling the scope of the national industry overnight.

But a permanent path toward legalization is unsure, says scholar Emily Dufton. Her book Grass Roots: The Rise and Fall and Rise of Marijuana in America (out now from Basic Books) chronicles marijuana activism in the US and shows that marijuana’s place in politics is unlike that of any other drug. Pot is a stand-in for the political issues of the times, the only drug with a legal status that has slipped back and forth over the decades. It…

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Foxconn profits plummet 39% following iPhone X production woes

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Apple manufacturing partner Foxconn this week posted a 39 percent year-over-year decrease in net profit, losses that industry watchers attribute to the difficult-to-assemble iPhone X, which remains in limited supply.
AppleInsider – Frontpage News