Oracle Chief Executive Officer Safra Catz put an Old Testament spin on her company's software copyright battle with Google as she told jurors about an encounter with her adversary's top lawyer at a bat mitzvah in 2012.Catz's testimony in San Francisco federal court was intended to buttress what Oracle claims was Google's brazen theft of Java code to build its Android operating system, and to begin to explain how that theft caused the database maker damages of $9.3 billion.Catz's message: Google undercut Oracle's licensing revenue by co-opting Java to develop Android into the operating system now used in 80 percent of the world's mobile devices.Google took a language designed to "write once, run anywhere" across different computing platforms and "forked," or split into two, Oracle's Java community of programmers, she said.AdvertisementGoogle lifted and employed the code so that it would only run on Android, leading smartphone manufacturers such as Samsung Electronics, ZTE., and Motorola to adopt that platform, which the search engine company offered for free, and to cease paying Java licensing fees to Oracle, Catz testified."They use Android instead of taking a copy of our software."
One97 Communications Ltd., the owner of an Indian online payment processor backed by Alibaba Group Holding Ltd. s finance arm, said funds at its disposal were enough to last five years, enabling it to build a business model that s predictable.We have enough money in the bank to last 21 quarters if we keep spending at the same rate as last year, Vijay Shekhar Sharma, chief executive officer of One97 that owns Paytm, said in an interview to Bloomberg TV in Hong Kong.One97, which was founded in 2000 by Sharma, doesn t plan to sell shares in an initial public offering for at least three years, Sharma said.The company has received funding from Intel Capital, private-equity firm SAIF Partners and Fitbit Inc.-backer Sapphire Ventures LLC.A Morgan Stanley fund marked down the value of its investment in Flipkart by more than 25 percent, paring the valuation to $11 billion in less than a year from as high as $15 billion.India s only food-tech unicorn, Gurgaon-based Zomato Media Pvt., saw its billion-dollar valuation slashed in half this month by analysts at HSBC Securities and Capital Markets India .Paytm started as a provider of value-added-services for mobile phones and later evolved into a marketing platform for consumer brands to reach customers via text messages and voice calls.The payment-processing system Paytm is the public face of One97.Its businesses include mobile-recharge services and an e-commerce platform where consumers can find goods including clothing and cameras.
The Nokia brand is set to return to smartphones, two years after the Finnish company sold its flagship handset business and walked away defeated by Apple Inc. and Samsung Electronics Co.Nokia Oyj said Wednesday it will license its brand to a Helsinki-based company run by former Nokia managers, HMD Global Oy, which plans investments topping $500 million to bring mobile phones and tablets to the market.FIH Mobile Ltd., part of Foxconn Technology Group, will help to build the devices.HMD will be in charge of designing, making and selling the devices, said Ramzi Haidamus, president of Nokia s IP-licensing business.If things don t live up to expectations, the company isn t saddled with enormous inventory and expense still on the books, said Ramon Llamas, an analyst at IDC.Nokia and HMD will be trying to crack a tough market with Samsung, Apple and Huawei Technologies Co. dominating smartphone sales with about half of the total 334 million high-end phones shipped in the first quarter, according to data from researcher IDC.Royal Philips Electronics NV sold its television business to TPV Technology, which kept the Dutch company s name on its sets.For Finns, the deal may restore some national pride in the country s best-known company.The sale of the business, less than three years after then-Chief Executive Officer Stephen Elop joined Nokia from Microsoft, prompted Ilta-Sanomat, Finland s biggest tabloid, to called him a Trojan Horse who assisted Microsoft all along.HMD is now acquiring the rights for the next decade.Nokia more recently has been getting most of its revenue from wireless network equipment and related software and services.
The struggling apparel chain s chief executive, Art Peck, told shareholders that Gap is open to selling its merchandise on Amazon or other third parties in the U.S. To not be considering Amazon and others would be in my view delusional, Mr. Peck said Tuesday in response to an investor s question at the annual shareholder meeting.We are always considering all of our opportunities beyond our traditional mix of channels and stores.The company, which also owns Banana Republic and Old Navy, is scheduled to post quarterly results after market close on Thursday.As early as 2014, Amazon was in discussions with about 10 well-known retailers, including Abercrombie & Fitch Co. ANF -0.82 % , to list their products on its online marketplace.Selling on Amazon presents a double-edged sword for specialty retailers with store fleets as large as Gap s. While they can tap into the online marketplace s growing shopper base, the listings might also discourage shoppers from visiting stores, where brick-and-mortar retailers tend to have better luck converting traffic to sales.Gap management spent last year revamping its merchandise offering after attributing weak performance in previous quarters to style and quality missteps.
LONDON—After satellite services providers Inmarsat PLC and Eutelsat Communications SA have worried investors with recent cuts to their sales outlook, the chief executive of rival SES SA on Wednesday said ample growth opportunities remain for his company.Shares in the Paris-based company plummeted 27% in price on the day and are down more than 32% for the month.But investors still appear to remain skeptical about the entire sector.Mr. Sabbagh is trying to persuade investors that SES isn t just buying and deploying satellites to provide capacity, but rather has managed to provide growth by tapping emerging demand, such as beaming more higher-definition television than has historically taken place.In a signal SES remains bullish about the industry s prospects, the company last month agreed to take a controlling stake in O3b Networks Ltd., which is deploying a fleet of spacecraft to beam high-speed Internet to remote locations.SES said it would spend $20 million to increase its stake from 49.1% to 50.5% and has taken a call option to acquire the rest of the stock for $710 million.
If we re right, this poses a long-term strategic risk for these firms, analysts including Jason Bazinet wrote in a research note.Citigroup downgraded Scripps and Discovery to sell from neutral and maintained a neutral rating for Viacom.Hulu, the online video service co-owned by 21st Century Fox Inc., Walt Disney Co. and Comcast Corp., is said to be planning a live TV package of channels from its owners and their peers.Because the three represent the largest buyers of sports rights in the U.S., Citigroup expects one Hulu bundle to be sports-centric -- what it termed NewLu.Discovery slumped 3.3 percent to $26.55 and Viacom lost 1.7 percent to $38.74.Disney Chief Executive Officer Bob Iger confirmed Hulu s plans to become a cable-like service Wednesday, saying the move will help his company as a part owner of Hulu and as a programmer.Media companies and pay-TV distributors are beginning to offer smaller packages of live channels as an alternative to costly cable and satellite service and to draw new viewers to their channels.Sports content is unique: it s not fungible with Web-based video offerings from Netflix and Amazon, they wrote in the note.
NetEase is one of the first major game companies to commit support for Google s new virtual reality initiative.The Chinese publisher and developer announced that it is making a game for Daydream, Google s new mobile VR platform that it talked about at Google I/O event today.The title is Twilight Pioneers, an action role-playing game with a fantasy setting.As one of the first developers globally to feature on Google I/O 2016, we are pleased to be among the first companies to commit to making games for Daydream, NetEase chief executive officer and director William Ding noted in a press release.Leveraging our track record in game development and innovation, we are confident of delivering the superior VR gaming experience to players in China and around the world.NetEase has previously worked on mobile games like Chrono Blade and a licensed app based on the movie Kung Fu Panda 3.It also runs many of Blizzard s games, including Hearthstone, in China.NetEase opened a U.S. division earlier last year to release games in North America, starting with Speedy Ninja for mobile.
Grand Theft Auto V hasn t run out of gas yet.Take-Two released its financial results for the fiscal year 2016 today, posting a GAAP generally accepted accounting practices net revenue of $1.414 billion, up 31 percent from the previous year.Non-GAAP revenue was slightly down for the year $1.561 billion compared to $1.669 billion the previous year and quarter $342.5 million compared to $427.7 million for fiscal fourth quarter 2015 .These non-GAAP numbers were better than expectations from within the company.Fiscal 2016 marked the third consecutive year of stronger-than-expected Non-GAAP revenues and profits for Take-Two, said Strauss Zelnick, chairman and chief executive officer of Take-Two, in a press release sent to GamesBeat.Our results were driven by the continued extraordinary performance of Grand Theft Auto V, ongoing momentum in our NBA 2K and WWE 2K series, the successful launch of XCOM 2, and our highest-ever revenue from recurrent consumer spending.Battleborn, which launched earlier this month, will also be a part of fiscal 2017.The report also noted that Rockstar Games, developer of Grand Theft Auto V and Red Dead Redemption, is working on a new project that the company will announce soon.
Facebook Inc. Chief Executive Mark Zuckerberg plans to meet with roughly a dozen prominent conservatives Wednesday to quell concerns that the social network is biased against conservative ideas.The meeting, at Facebook s headquarters in Menlo Park, Calif., marks the company s latest attempt at damage control after a report last week that curators of Facebook s trending topics feature suppressed news about conservative events and from conservative sources.In 2012, digital ad spending was less than $200 million.Mr. Zuckerberg co-founded Fwd.US, a group that lobbies for more open U.S. immigration policies, including expanding a work-permit program that has brought thousands of foreign engineers to Silicon Valley.Mr. Zuckerberg also appeared to criticize Mr. Trump during remarks last month at Facebook s annual developer conference when he said, Instead of building walls, we can help build bridges.Facebook is a corporate sponsor of both the Republican and Democratic conventions this summer.
Expedia Inc. s chief executive officer is expecting more company in the world of online travel booking, predicting Facebook Inc. will follow Google into the business.Facebook is already working on e-commerce, letting users save their payment information on the social media giant s site and purchase products they see advertised there directly through buy buttons.Google now lets users book trips and lodging directly through its search engine, a feature the U.S. Justice Department cited when it approved Expedia s takeover of Orbitz last year, saying Google was increasing competition.The development would bring both risks and opportunities for Expedia and rivals, Khosrowshahi said.For years, hotel companies have tried to find ways to drive more sales through their own websites so they can avoid the premiums paid to the likes of Priceline and Expedia when customers book lodgings and trips through them.If Facebook pushes into travel booking it will most likely follow Google s lead, building a tool that lets hotel chains and online travel agents show up in search results on the social network, Dan Wasiolek, an analyst with Morningstar Inc., said in an interview.This new targeted advertising platform in theory is supposed to offer a better way to target travelers when they re planning a trip and when they re in the destination, Henry Harteveldt, founder of the travel industry research firm Atmosphere Research Group, said in an interview.Travel companies including Hyatt Hotels Corp. and Air France-KLM are using Facebook s Messenger application to talk to customers.So is Expedia, said John Morrey, vice president and general manager of Expedia U.S. That s another area that Facebook could expand its presence in, Harteveldt said, either by getting more companies to do business on Messenger or building its own booking tool in the app.Expedia, which celebrated its 20th anniversary last week, went on a $6 billion acquisition spree in 2015 by buying Orbitz and vacation rental company HomeAway.Startups like GetYourGuide GmbH, Vayable Inc. and Peek Travel Inc. have raised venture capital for their own tour-booking websites and applications.
AP ImagesJohn McAfee, anti-virus software founder, current presidential candidate, and one-time murder suspect, recently announced his involvement with a company called MGT Capital Investments.Hmmm.But it s still much more valuable than it was a few weeks ago.Google FinanceAccording to a press release last week, McAfee joined MGT as Executive Chairman and Chief Executive Officer.By 2012, it had switched to acquiring intellectual property for online gaming platforms, and now is focused on acquiring, developing and monetizing intellectual property assets.And according to Michael Antonelli, an institutional equity sales trader, the stock surge shows how a press release can have drastic effects on a share price—even if it doesn t last long.
Tesla Motors Inc. said it will sell about $1.4 billion in stock to help pay for an expansion that includes its forthcoming Model 3 electric car and boosting annual production to 500,000 vehicles in 2018.The total sale will be about $2 billion, with the rest of the shares to be sold by Chief Executive Officer Elon Musk to cover tax obligations on stock options he s exercising, the company said Wednesday in a statement.The electric-car maker needs to add production because it has received more interest than expected in its Model 3 sedan, which is supposed to go on sale late next year.Consumers had lined up at stores around the U.S. to order the car, which was unveiled March 31.Tesla said in the filing that about 8,000 customers canceled orders and that it scrapped about 4,200 reservations because they appeared to be duplicates from speculators.Kallo said Tesla s latest figure is still a very solid number for Model 3 reservations and that some churn in the pre-orders was expected.The shares rose less than 1 percent to $211.60 in extended trading at 6:28 p.m. in New York.It s going to make sense for us to raise some amount of money, some combination of equity and debt and make sure the company has a good buffer of cash on hand, Musk said on the call.Tesla had $1.44 billion in cash and equivalents at the end of the first quarter, up from $1.2 billion at the beginning of this year.When asked about the timing of Archambault s report and the latest Tesla stock offering, Leslie Shribman, a Goldman spokeswoman, said: Our research is independent.
Cisco just reported its third quarter earnings and we're examining them now.It reported:EPS Q3 EPS $0.57 versus expectations of $0.55, that's a beat.Revenue of $12 billion versus expectations of $11.97 billion, another slight beat.Investors are also happy with Cisco's solid guidance.It expects the next quarter to show 0%-3% Y/Y growth which excludes the set-top business that Cisco sold and EPS of $0.59-$0.61.Analysts were expecting actual revenue to decline 3.3% and EPS of $0.58.The stock is up about 5% in after hours trading.Here's the full press release.Cisco Reports Third Quarter EarningsSolid Quarter Driven by Strong Execution; Continued Strong Margins and Momentum in Growth AreasQ3 Revenue : $12.0 billionGrowth of 3% year over year -- Q3 guidance was 1% to 4% growth year over year normalized to exclude the SP Video CPE Business for Q3 2015 Q3 Earnings per Share: $0.46 GAAP; $0.57 non-GAAPQ4 Guidance:Revenue: 0% - 3% growth year over year normalized to exclude the SP Video CPE Business for Q4 2015 Earnings per Share: GAAP $0.48 - $0.53; Non-GAAP: $0.59 to $0.61Cisco today reported third quarter results for the period ended April 30, 2016."We delivered a strong Q3, executing well despite the challenging environment," said Chuck Robbins, Cisco chief executive officer.A reconciliation between net income and EPS on a GAAP and non-GAAP basis is provided in the table following the Consolidated Statements of Operations.Cisco continued to build a greater mix of recurring revenue as reflected in deferred revenue.Days Sales Outstanding in Accounts Receivable DSO -- was 33 days at the end of the third quarter of fiscal 2016, compared with 33 days at the end of the second quarter of fiscal 2016, and compared with 37 days at the end of the third quarter of fiscal 2015.Other Financial HighlightsIn the third quarter of fiscal 2016, Cisco declared and paid a cash dividend of $0.26 per common share, or $1.3 billion.The remaining authorized amount for stock repurchases under this program is approximately $16.2 billion with no termination date.AcquisitionsDuring the third quarter of fiscal 2016, Cisco completed the following acquisitions:Jasper Technologies -- provides a cloud-based Internet of Things IoT service platform to help enterprises and service providers launch, manage and monetize IoT services on a global scale.Acano -- provides on-premises and cloud-based video infrastructure and collaboration software.Synata -- will enable us to deliver search capabilities for collaboration cloud applications.Leaba -- a fabless semiconductor company whose semiconductor expertise is expected to help to accelerate Cisco'snext generation product portfolio and bring new capabilities to the market faster.CliQr -- provides an application-defined cloud orchestration platform that is expected to help Cisco customers simplify and accelerate their private, public and hybrid cloud deployments.Business Outlook for Q4 Fiscal 2016 Cisco estimates that GAAP EPS will be $0.48 to $0.53 which is lower than non-GAAP EPS by $0.08 to $0.11 per share in the fourth quarter of fiscal 2016 as follows: Q4 2016 Share-based compensation expense $0.05-$0.06Amortization of purchased intangible assets and other acquisition-related/divestiture costs 0.03- 0.05 Total $0.08-$0.11 Share-based compensation expense is expected to impact Cisco's results of operations in similar proportions as the third quarter of fiscal 2016.
That follows customer cancellations of about 8,000 cars and 4,200 duplicates canceled by the company.Company executives had previously indicated reservations totaling about 400,000, without giving an absolute number.The reservations have been coming organically, without a promotional push since the March 31 unveiling.Meanwhile, Tesla said, its existing models are still very much for sale."If we wanted to, we believe that we could further increase the number of Model 3 reservations with minimal effort but believe it is better to guide customers to purchase products currently in production," Tesla said in the filing.The $1.4 billion sale of shares falls within most Wall Street expectations after Tesla Chief Executive Officer Elon Musk indicated earlier this month that the company would need to raise "some combination of equity and debt and make sure the company has a good buffer of cash."The company says it plans to make 500,000 units of the Model 3 by 2018.Earlier today, shares had climbed 3.2 percent after Goldman Sachs Group Inc. estimated Tesla would require only about $1 billion in additional capital.
In Berlin s venture capital arms race, E.ventures is the latest tech investor to stock up.The firm, with operations in Germany, San Francisco, Brazil and Asia, said it s closed a $150 million fund to invest in early-stage European technology startups and has hired Bernardo Hernandez, a veteran of Google Inc. and Yahoo Inc., as its fifth general partner.The company is also raising a U.S. fund that may be as large as $175 according to a filing with the Securities and Exchange Commission.Along with an existing $290 million growth fund, E.ventures becomes one of the largest VCs angling for stakes in Germany s burgeoning startup scene.Hernandez, a Spaniard who started at Google in its marketing division in 2005 and later joined executive Marissa Mayer when she became Yahoo s Chief Executive Officer, plans to move from California to Berlin in June, said Christian Leybold, a general partner at E.ventures.E.ventures is the latest German VC to raise a big new fund in hope of competing for the startups being created in Berlin and elsewhere.Project A Ventures, Cherry Ventures and BlueYard Capital have all raised funds in excess of $135 million this year.In Europe, "there are companies in our portfolio from Stockholm to Lisbon.Founded in the late 1990s by veterans of German media company Bertelsmann and the European branch of AOL Inc., E.ventures uses software and some 70 data sources to track "performance indicators" of startups to see who s growing faster than expected and may warrant a meeting, said general partner Matthias Schilling.It also positions itself as willing to invest enough time to guide entrepreneurs.The firm s press release announcing its latest fund did not shy away from candidly noting, with choice language, the kinds of people "founders do not like".E.ventures focuses on consumer Internet, online media and mobile computing startups and invests in companies including NGINX, an open-source Web server, and Farfetch, an online luxury retailer.
Facebook Inc. Chief Executive Officer Mark Zuckerberg met with political conservatives to explain how the social network comes up with its trending news topics, seeking to quell concerns that liberal-leaning news and sources were favored by the company s editors.I want to do everything I can to make sure our teams uphold the integrity of our products.The participants had a constructive discussion, and Facebook got feedback on its community standards, trending topics, and ways for conservative groups to make better use of the social network, a Facebook spokesperson said in a statement.The meeting at the company s Menlo Park, California, headquarters included a training session on audience engagement, a meeting with Zuckerberg and other executives, an explanation of trending topics -- and a demonstration of Facebook s virtual-reality technology, Oculus, Facebook said.Zuckerberg sought to clear the air after an anonymously sourced report in Gizmodo last week alleged that his team of human editors leaned toward liberal sources in selecting stories for the trending news feature.Still, the conservatives invited to the meeting, including talk-show host Glenn Beck, think-tank leader Arthur Brooks and political commentator S.E.Cupp, were aiming to understand better how Facebook presents its news.
Hironao Kunimitsu turned Gumi Inc. into a 32 billion yen $291 million company by betting early on smartphone apps.Now, he s pouring money into virtual reality, on the hunch that we re on the cusp of the next tech boom.The chief executive officer of the mobile-games company isn t alone.Other Japanese peers, including Gree Inc., invest in the sector.The industry is at the same point that smartphones were almost a decade ago, with plenty of opportunities right now to invest in virtual-reality hardware and software before they become mainstream.Gumi s partners in the fund are Marco DeMiroz and Tipatat Chennavasin, both former gaming executives.While iconic publishers such as Nintendo Co., Sega and Namco dominated the industry two decades ago, it was upstarts like Gumi and Colopl that foresaw the potential in smartphones.DeNA Co., an early mobile Internet pioneer and Nintendo s smartphone game partner, has no plans for investing in VR, according to founder Tomoko Namba.
LOS ANGELES AP — Mark Zuckerberg on Wednesday held a wide-ranging discussion with a group of conservative commentators who said afterward the Facebook CEO acknowledged the giant social network has a problem reaching conservatives.While the Facebook executives did not comment further on an internal investigation into allegations of political manipulation, they explained how difficult it would be for Facebook employees to inject bias into what stories make it into the "trending topics" section of the site or on individual users' news feeds, Cupp said.In a Facebook post afterward, Zuckerberg did not directly respond to allegations that Facebook employees suppressed conservative stories on its "trending topics" feature."I wanted to hear their concerns personally and have an open conversation about how we can build trust.Topics that appear as trending can have a self-fulfilling effect, as more Facebook readers see and share the items, and other news organizations decide to write their own stories.AP Technology Writer Barbara Ortutay in New York contributed to this report.
For investors in Taiwan s $841 billion stock market, Tim Cook matters more than Tsai Ing-wen.While the ascension of independence-leaning Tsai to the presidency on Friday has sparked concern relations with China will deteriorate, JPMorgan Asset Management and BlackRock Inc. say the bigger risk is the slowdown in the global smartphone business.Apple reported its first quarterly sales decline in 13 years, with Chief Executive Officer Cook acknowledging on April 26 that -- nine years after the iPhone s game-changing debut -- the market had stopped growing.Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. both reported falling profit last quarter.Investor confidence in Taiwan s stock market reflects "export demand, and by far the dominant export demand factor is electronics and Apple in particular," said Howard Wang, Hong Kong-based head of greater China for JPMorgan Asset Management, which managed $1.7 trillion as of March 31.Pegatron Corp., which assembles iPhones, missed profit expectations and said April sales dived 16 percent.TSMC, one of the largest manufacturers of the application processors that are a mobile device s brains --- cut its 2016 smartphone demand forecast in April.In March, Chinese President Xi Jinping vowed to "resolutely contain Taiwan independence secessionist activities in any form," a warning to Tsai s incoming government.The Communist Party considers the island a province, even though it has been governed separately for more than 66 years, and reserves the right to use force to prevent it from moving toward formal independence."Taiwan having a government that s uninterested in unification with China is nothing new," Chou said, referring to two former presidents who leaned toward independence.She will focus on economic and social issues."
While this could significantly increase the robot s software lineup and help with sales, it also cedes a measure of control to Google, which owns the operating system and will now have the power to approve apps and take a cut of the revenues.Billionaire Son, who has long professed his admiration for the late Steve Jobs, took a page from Apple Inc. s playbook by positioning the $1,800 robot as an application platform.The Tokyo-based company said Android will help Pepper broaden its reach and eventually help generate revenue.But it s not designed for menial tasks.The SoftBank founder has bet the robot s friendly physical appearance would spur adoption and attract app developers.That runs counter to the trend of disembodied assistants that reside in a user s smartphone, like Apple s Siri and Google Now.Amazon.com Inc. s Echo voice-activated home assistant is a cylinder about the size of a coffee tumbler.There was a lot of internal discussion on this topic and we decided on a challenge of creating a humanoid robot, Fumihide Tomizawa, chief executive officer of SoftBank Robotics, said at the briefing.