Morning Beat: Sony Corp (ADR) (SNE), General Motors Company (GM), and Microsoft Corporation (MSFT)
Sony Corp (ADR) (NYSE:SNE) posted better than expected third-quarter earnings at the back of impressive sales for Play Station 4 consoles. Revenues came in at $21.5 billion translating to a net profit of $1 billion. The gaming unit registered a 10.5% year over year growth, bringing in $4.89 billion in revenue.
Sony Pictures was also on an impressive run thanks to movie releases of the likes of Spectre and Hotel Transylvania 2. The unit brought in $2.18 billion in revenue. Sony Corp (ADR) (NYSE:SNE)’s mobile phones business continues to struggle as sales were down by 14.7% to $201 million in the quarter.
Buoyed by the impressive run the firm has reaffirmed its full-year forecast of a 140 billion yen profit
General Motors Company (NYSE:GM) is accelerating plans for the development of self-driving and electric cars. The nation’s largest automaker is in the process of forming a team that will spearhead its efforts. Vice President Doug Parks is to head the team, starting February 1, 2016.
The automaker has also appointed Sheri Hickok to take over as the chief engineer for ‘autonomous joint venture.’ He is also to oversee fleet execution. The team is tasked with the coming up with designs for electrical and battery systems as well as software for the cars. General Motors is currently putting final touches on its new electric car Chevrolet Bolt that it says will clock 200 miles on a full charge. The car will retail for $35,000.
Cloud Computing is turning to be Microsoft Corporation (NASDAQ:MSFT)’s safe-haven as a key driver of growth. Companies are increasingly deploying the company’s cloud services as their digital platform, thus fueling the growth.
Thanks to investment on this front, Microsoft has become a behemoth well ahead of Alphabet Inc (NASDAQ:GOOGL) and Oracle Corporation (NYSE:ORCL). However, it continues to play second fiddle to Amazon which has an assailable lead at the back of a 65% growth rate.
Microsoft Corporation (NASDAQ:MSFT) currently offers clients the much-needed flexibility when moving say their software to its data centers. If it is to catchup with Amazon.com, Inc. (NASDAQ:AMZN), it will have to demonstrate why its products are far much better than those of its peers.
Apple Inc. (NASDAQ:AAPL) is working on a new wireless charging system for iPhones and iPad. According to TechCrunch, the system would allow for the charging of iOS devices while further away from charging mats. Currently, the firm is looking at ways to reduce power loss with the technology.
The cutting edge technology could appear in devices as early as next year according to sources. It is such technologies that Apple Inc. (NASDAQ:AAPL) is hoping will give its devices an edge in the industry. If successful it won’t be the first wireless charging system to hit the market.
Alphabet Inc. (NASDAQ:GOOGL) and Samsung have already made developments on this front. However, the current systems require a charging plate, something that Apple is planning to do away with.
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