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economy

Consumer Electronics Spending 2013

Spending on consumer electronics will climb to $1.1 trillion in 2013

January 8th, 2013

According to the Consumer Electronics Association, worldwide spending on consumer gadgets will reach $1.1 trillion in 2013. The CEA, which organizes the Consumer Electronics Show set to kick off on Tuesday, said global consumer spending on electronics will grow 4% over 2012 after having dipped roughly 1% last year. The estimate comes from Steve Koenig, director …

Nokia to cut 1,000 jobs from Finnish phone plant

March 22nd, 2012

Nokia on Thursday announced that it will cut as many as 1,000 jobs at its plant in Salo, Finland. The company’s layoffs will happen gradually through 2012, with most cuts happening by the end of June, Reuters reported. The Salo plant is the last large cell phone manufacturing plant in Western Europe, as most businesses …

Intel may postpone mass shipments of Ivy Bridge processors

February 17th, 2012

Intel recently notified partners of its plans to postpone mass shipments of the company’s Ivy Bridge processors, reports DigiTimes. The company still plans to announce new products that will ship in small volume in April according to the report, although mass shipments are not expect to occur until after June. The supposed delay comes as a number of …

Samsung head tells employees to brace for stiff competition, weak economy this year

January 3rd, 2012

Samsung recently warned employees at its South Korea headquarters that the company will face stiff competition amid a weak economy this year. “The global economy’s low-growth trend will continue and uncertainty surrounding the business environment won’t be easily removed,” Samsung Chairman Lee Kun Hee told his employees according to Bloomerg. The company had a solid …

Sony blames Q1 net loss on earthquake, economy

July 28th, 2011

Sony reported its fiscal first quarter results on Thursday and recorded a net loss of 15.5 billion Yen ($198.7 million). The company attributed the loss to the earthquake that struck off the coast of Japan in March, as well as a “stagnate” economy in the United States and Europe. Sony’s operating profits were 27.5 billion …

Qualcomm chip shipment forecast lower than expected, Europe to blame

July 22nd, 2011

Qualcomm said it expects to ship between 120 million and 125 million chips during the quarter ending in September, a figure that is lower than the 130 million units MLM Partners LLC analyst Tero Kuittinen expected the company to move. The lower projection hit Qualcomm in late trading on Tuesday when its stock price fell …

Nokia to shed additional 490 jobs

May 20th, 2009

As Finnish cell phone giant Nokia continues to cut costs in an effort to combat declining demand, the company recently told Reuters it would shed an additional 490 jobs in the near future. 170 employees from Nokia’s logistics, production management and production support divisions will be released and the company will extend its Voluntary Resignation …