Technology News

Cisco beats as network gear demand rises, new bets pay off

(Reuters) - Cisco Systems Inc beat analysts’ estimates for quarterly revenue and profit on Wednesday, as the network gear maker benefited from demand for its routers and switches as well as growth in newer areas of focus such as software. Shares of the company, which also forecast second-quarter revenue largely above expectations, rose 4 percent in extended trading, putting them on track to add to a near 16 percent...

15 Nov 12:58 AM 0 Read More...

Walmart's LatAm delivery app Cornershop eyeing Canada and U.S

MEXICO CITY (Reuters) - Cornershop, a Latin American grocery delivery app being acquired by Walmart, plans to expand into Canada early next year as a test market for the United States, an executive for the three-year-old mobile app said. Walmart is buying Cornershop, which offers deliveries in Mexico and Chile, for $225 million. The deal, one of Walmart’s various global investments and tie-ups geared at helping the...

14 Nov 11:21 PM 0 Read More...

Cisco quarterly revenue beats estimates

(Reuters) - Cisco Systems Inc reported quarterly revenue above Wall Street estimates on Wednesday, lifted by growth across its traditional business of routers and switches, as well as in its newer focus areas such as cyber security and software. The company’s net income rose to $3.55 billion, or 77 cents per share, in its first quarter ended Oct. 27, from $2.39 billion, or 48 cents per share, a year earlier. Total ...

14 Nov 9:12 PM 0 Read More...

Uber posts $1 billion loss in quarter as growth in bookings slows

SAN FRANCISCO (Reuters) - Uber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year. The San Francisco-based firm lost $1.07 billion for the three months ending Sept. 30, a 20 percent increase from the previous qu...

14 Nov 9:03 PM 0 Read More...

Instacart wins $271 million in new funding in November: source

(Reuters) - Grocery delivery startup Instacart raised an extra $271 million in November from investors including U.S. hedge fund Tiger Global Management, bringing its latest round of fund raising to $871 million, a source familiar with the matter told Reuters. The San-Francisco-based startup announced last month it had raised $600 million in a new round led by D1 Capital, the brainchild of former Viking Global Invest...

14 Nov 8:00 PM 0 Read More...

Bitcoin drops to one-year low as slump persists; ethereum down sharply

NEW YORK/LONDON (Reuters) - Bitcoin fell to a more than one-year low on Wednesday, breaching a key support level of $6,000 and causing a wave of selling in the digital currency and other crypto assets in what has been a prolonged market slump that began early this year. Bitcoin fell to as low as $5,533.09 BTC=BTSP on the Bitstamp platform. It was down 9 percent at $5,690.47. “For the last few days you could see th...

14 Nov 7:59 PM 0 Read More...

BMW, Vodafone, Ericsson urge EU to consider 5G car standard

BRUSSELS (Reuters) - BMW, Vodafone and Ericsson made a last-ditch effort on Wednesday to persuade the European Commission to open the way for the use of 5G technology in cars, concerned about the EU executive’s preference for a wifi-based technology being pursued by their rivals. The companies said it was crucial for the industry to have the freedom to adopt a range of technologies for internet-connected cars in a ...

14 Nov 6:17 PM 0 Read More...

A matter of volume: threat from ascendant Chinese phones hangs over Apple

SAN FRANCISCO (Reuters) - A raft of profit warnings from Apple Inc (AAPL.O) suppliers this week has fueled investor concerns that iPhone sales, in terms of volume, have hit a wall that could spell trouble for the company’s plans to make services its main pillar of growth. For the past year, investors had largely been willing to overlook stagnating unit sales of the iPhone because average selling prices kept rising....

14 Nov 3:28 PM 0 Read More...

Tencent profit beats on investment gain, no progress on China gaming

HONG KONG (Reuters) - Tencent (0700.HK) beat third-quarter profit forecasts on Wednesday but gave no update on a regulatory block in China, the world’s largest gaming market, that has damaged its core business. China has imposed tougher rules on the gaming industry, including a halt to new game approvals as part of a regulatory overhaul and calls to tackle addiction among young people. Tencent, China’s biggest ga...

14 Nov 3:19 PM 0 Read More...

VW to convert three German plants to build electric cars

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) will convert three German factories to build electric cars, as Europe’s largest automaker by sales starts mass producing zero-emission vehicles in a major strategy shift following its emissions cheating scandal. The German company said on Wednesday its plant in Emden, which currently builds the VW Passat, would build electric cars from 2022 onwards, while its factory in ...

14 Nov 3:14 PM 0 Read More...