Samsung posts a 23 percent profit decline due to weak demand

Samsung has reported a record consolidated revenue of 76.78 trillion Korean won (US$54 billion) for the third quarter of 2022, but it has also posted a decline in profit from the previous quarter and year-over-year. The tech giant’s operating profit (K…

Meta says it will lose even more money on the metaverse in 2023

A year later, Meta’s pivot to the metaverse is proving even more expensive. Reality Labs is losing more money than ever, Facebook’s parent company disclosed in its latest earnings report.Reality Labs, the unit that oversees the company’s virtual and au…

EV startup Arrival to refocus business on electric vans for the US market

In 2018, fledgling EV maker Arrival partnered with UPS to build a new generation of electric delivery vans, beginning with a pilot fleet of 35 vehicles, for use in both the US and Europe. The company quickly expanded its scope from there, working on pl…

Tesla’s chaotic third quarter saw profits climb but revenue falter

Tesla faced increasing transportation costs paired with “raw material cost inflation,” continued component shortages and a strengthening dollar in Q3, all of which which ate into its quarterly revenue ($21.45 billion vs $21.96 billion expected). Yet th…

BMW will spend $1.7 billion to build EVs in the US

It’s a big day for huge EV investments in the US. The Biden admin announced it’s awarding $2.8 billion to companies developing EV battery materials earlier today, and now BMW says it’ll be investing another $1.7 billion towards building electric vehicl…

Take-Two is shutting down the developer behind the mobile hit ‘Two Dots’

Rockstar, Zynga and 2K owner Take-Two Interactive is shutting down Playdots, the New York-based studio behind the popular mobile game Two Dots, Bloomberg has reported. Sixty-five employees will lose their jobs, the company confirmed to Bloomberg. …