Latest news with #Bloomberg
The Star
25 minutes ago
- Business
- The Star
Philippines' Marcos eyes India trade, defence in talks with Modi
MANILA: Philippine President Ferdinand Marcos Jr (pic). will discuss trade and defense relations with India when he meets with Prime Minister Narendra Modi during a state visit to the South Asian nation next week. "They are also expected to exchange views on regional and international issues of common concern,' Foreign Affairs Assistant Secretary Evangeline Ong Jimenez-Ducrocq said in a briefing on Friday (Aug 1). Marcos' trip to India is set on Aug. 4-8 upon Modi's invitation. "We recognise the economic and strategic potentials of India, and we hope to open up possibilities for the future,' Jimenez-Ducrocq said. Marcos' efforts to expand economic cooperation with India, one of the world's largest and fastest-growing economies, come amid the implementation of US President Donald Trump's tariffs this month. The 19 per cent tariff imposed on Philippine goods is on par with many other South-East Asian nations, removing a trade advantage that Manila had touted when the US initially threatened a 17 per cent levy in April, which was among the lowest rates in the region that time. The US levy on India's goods is set at 25 per cent. Marcos' visit to India also comes at a time when the two nations - which face a similar security concern - are improving defence ties. Manila has a territorial dispute with Beijing in the South China Sea while New Delhi has a border row with China over the Himalayas. The Philippine and Indian navies are set to hold joint maritime exercises in waters facing the South China Sea from Sunday, Philippine military chief Romeo Brawner Jr. told reporters on Thursday evening. Brawner said Manila is looking at ordering more weapons systems and equipment from India. The Philippines previously procured a shore-based anti-ship missile system from India's BrahMos Aerospace Pvt. Ltd., a contract worth 18.9 billion pesos (US$324 million), as the nation boosts its coastal defense. "We still have two sets of BrahMos systems that will arrive in the next few years,' Brawner said, adding that other weapons systems of the Philippine Navy are also from India. "We found out that what's made in India are of high quality but not too costly. So it's good if we partner with India.' - Bloomberg
Time of India
27 minutes ago
- Business
- Time of India
Apple iPhone sales hit 3 billion mark amid 13% YoY surge in Q3
Academy Empower your mind, elevate your skills Apple has sold 3 billion iPhones since the device first launched in 2007, CEO Tim Cook announced during the company's third-quarter (Q3) earnings call, according to took Apple nine years to reach 1 billion iPhone sales in 2016. Since then, it has sold another 2 billion devices, showing how the iPhone's popularity has grown over Q3, iPhone sales rose by 13% compared to the same period last year, generating $44.6 billion in revenue. The iPhone remains Apple's best-selling Apple had strong results to report this quarter and higher-than-expected iPhone sales, rising import tariffs could create challenges in the months ahead. Some analysts, including Bloomberg's Mark Gurman, believe the recent boost in iPhone sales may have been due to customers rushing to buy before potential price a positive note, Apple saw a modest recovery in China, where the company has recently struggled. Revenue from the region grew from $14.7 billion to $15.3 billion year-on-year, a welcome sign after several weaker also shared more positive news about Apple's performance in India . The company reported record revenue in India from April to June, with double-digit growth in iPhones, Mac computers, and the services business. Cook also said that the company is going to open its new Apple retail stores in India later this Apple reported quarterly revenue of $94.04 billion, up 10% from last year. Net profit reached $23.4 billion, or $1.57 per diluted share, a 12% increase in earnings per share.
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Business Standard
27 minutes ago
- Business
- Business Standard
Apple beats estimates with $94 billion revenue; India's iPhone exports rise
Apple Inc delivered its strongest quarterly revenue growth in more than three years, reporting $94 billion during the April-June quarter (Q3), significantly surpassing Wall Street expectations. The performance was driven by a rebound in iPhone demand, stronger sales in China, and continued momentum in the services division. Apple's revenue rises $94 billion, beats expectations Revenue rose by 9.6 per cent to $94 billion in the third quarter of the American financial year, according to the company's announcement on Thursday (local time). Analysts had projected an average of $89.3 billion, according to a report by Bloomberg. Apple also forecast that fourth-quarter revenue would increase by a percentage in the mid- to high-single digits, outperforming the 3 per cent rise predicted by analysts. Chief Executive Officer Tim Cook said that they had seen an acceleration of growth around the world in the vast majority of markets we track, including Greater China and many emerging markets. Consumers rush to buy iPhones ahead of Trump tariffs Although US tariffs have raised Apple's operating costs, they provided a temporary boost to sales last quarter, with consumers hurrying to buy products ahead of anticipated price hikes. However, Cook clarified that this accounted for only 1 percentage point of the overall 10-point sales gain. The company has also been regaining ground in China, where domestic phone brands have been making headway with customers. Apple's services division was another strong performer, beating Wall Street estimates. iPhone, services drive strong performance Apple shares climbed around 2 per cent in after-hours trading following the earnings release. The stock had fallen 17 per cent so far this year, trailing behind Nvidia Corp. and Microsoft Corp. in market valuation. Apple had previously projected a $900 million impact from tariffs in the third quarter, expecting revenue growth in the low-to-mid-single digits. On Thursday, the company reported that tariffs had ultimately cost it $800 million. It anticipates an additional $1.1 billion in tariff-related expenses during the current quarter. Third-quarter earnings rose to $1.57 per share, exceeding the average estimate of $1.43. In China, Apple reported revenue of $15.4 billion, a 4.4 per cent increase from the same period last year. Wall Street had expected $15.2 billion in sales from the key market. Apple generated $44.6 billion from iPhone sales during the June quarter, surpassing estimates of $40.1 billion. In addition to the tariff-driven demand, the iPhone business was lifted by the February release of a new entry-level model named the 16e. Priced at $599, it significantly exceeded the cost of its predecessor, the $429 iPhone SE. Apple is set to unveil its next generation of iPhones in September, with the models typically launching in the final weeks of the fiscal fourth quarter. Services remained Apple's fastest-growing segment, with third-quarter revenue climbing 13 per cent to $27.4 billion. India has surpassed China to become the largest exporter of smartphones sold in the United States, propelled by Apple Inc's expansion of iPhone assembly in the country. In the quarter ending June 30, 2025, shipments from India accounted for 44 per cent of the US market. Apple and other tech firms have been steadily shifting production away from China to mitigate risks linked to tariffs and escalating geopolitical tensions. India and Vietnam have emerged as key alternatives in this supply chain strategy. The move has attracted criticism from US President Donald Trump, who has been urging companies to repatriate manufacturing jobs.
Economic Times
27 minutes ago
- Business
- Economic Times
Apple iPhone sales hit 3 billion mark amid 13% YoY surge in Q3
Apple has sold 3 billion iPhones since the device first launched in 2007, CEO Tim Cook announced during the company's third-quarter (Q3) earnings call, according to reports. It took Apple nine years to reach 1 billion iPhone sales in 2016. Since then, it has sold another 2 billion devices, showing how the iPhone's popularity has grown over time. In Q3, iPhone sales rose by 13% compared to the same period last year, generating $44.6 billion in revenue. The iPhone remains Apple's best-selling product. While Apple had strong results to report this quarter and higher-than-expected iPhone sales, rising import tariffs could create challenges in the months ahead. Some analysts, including Bloomberg's Mark Gurman, believe the recent boost in iPhone sales may have been due to customers rushing to buy before potential price a positive note, Apple saw a modest recovery in China, where the company has recently struggled. Revenue from the region grew from $14.7 billion to $15.3 billion year-on-year, a welcome sign after several weaker quarters. Cook also shared more positive news about Apple's performance in India. The company reported record revenue in India from April to June, with double-digit growth in iPhones, Mac computers, and the services business. Cook also said that the company is going to open its new Apple retail stores in India later this year. Overall, Apple reported quarterly revenue of $94.04 billion, up 10% from last year. Net profit reached $23.4 billion, or $1.57 per diluted share, a 12% increase in earnings per share.
Bloomberg
27 minutes ago
- Business
- Bloomberg
Salem: Building New AI-enabled Oil Rigs
ADNOC Drilling is forging ahead with its global expansions plans with more M&A. The UAE-based firm is planning to buy a company operating oil and gas rigs in Kuwait and Oman which would be the second such deal in less than a year. Youssef Salem, CFO of ADNOC Drilling spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the expansion plans plus their use of AI. (Source: Bloomberg)
