Morning Beat: Microsoft Corporation (MSFT), Facebook Inc. (FB), and Twitter Inc (TWTR)
Microsoft Corporation (NASDAQ:MSFT) is in the final stages of shutting down its phone business after spinning off Nokia’s feature phone business. According to the Verge, the company plans let go 1,850 staff tied to the unit. Most of the cuts will target operations in Finland where 1,350 staff are set to lose their jobs.
The Verge quoting an internal memo says Microsoft Corporation (NASDAQ:MSFT) has recorded a $950 million impairment and restructuring charge that will cater the imminent shutdown. CEO, Satya Nadella is on record saying that the company plans to focus its phone efforts on areas it has differentiation on enterprises of which Nokia operations are believed not to be part.
Facebook Inc. (NASDAQ:FB) has achieved yet another milestone, its messaging app WhatsApp having emerged as the most popular app on Android. According to a new report by SimilarWeb, the messaging app was the most used in 109 countries. Messenger came in a distant second having topped charts in 49 countries
The two apps outdid the likes of Viber, Line WeChat, and Telegram, which are still trying to play catch up. Having two apps dominating the first two spots further affirms Facebook Inc. (NASDAQ:FB) dominance in connecting people all over the world.
Twitter Inc (NYSE:TWTR) CEO, Jack Dorsey, has admitted that it will take some time to fix the embattled social networking platform, which faces an uncertain future. The executive however remains confident that they are making progress as the continue to devise develop and release new exciting features on the service
The remarks come on the relaxation of the 140-character limit that has differentiated the platform from other social networking sites. Newly introduced changes will now allow users to add links attachments and some other features without them counting as part of character limits. Twitter Inc (NYSE:TWTR) CEO also stated that they are not planning to introduce drastic changes to avoid alienating loyal users.
Apple Inc. (NASDAQ:AAPL) will have to meet local sourcing rules if it is to open its own stores in India. The country’s finance minister, Arun Jaitley, has reportedly ratified the requirement, which is a big blow for the iPhone maker.
The tech giant will now have to source 30% of all the components it uses in its devices if it is to open any flagship stores. Given that, Apple Inc. (NASDAQ:AAPL) relies on China it could struggle to meet the requirement as the same means it will have to initiate some changes to its production chain.
Prime Minster Narendra Modi is the only one who can rescind the requirement, in favor of the tech giant.
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