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Nintendo profits fall 55 percent as people save their cash for the Switch 2

People are so excited for the next-gen Switch, they're likely holding off on buying Nintendo's current consoles and games. At least that's what the company's latest earnings report seems to indicate. For the quarter ending on June 30, Nintendo posted a net profit of 80.9 billion Japanese Yen, which is higher than its forecast but over 50 percent lower than its net profit for the same period last fiscal year. In addition, the company said it only sold 2.1 million Switch consoles for the quarter. That means it experienced a 46.3 percent decline on unit sales year-on-year. Even its games didn't sell well, seeing as Nintendo posted a software sales figure that's 41.3 percent lower than last fiscal year's at 30.64 million units sold. 

In its report, Nintendo admits that the low sales figures for games was caused by the lack of big releases, such as the previous year's The Legend of Zelda: Tears of the Kingdom. The Super Mario Bros. Movie also helped "energize" its business back then. But since hardware sales for this quarter are similar to the previous one's, Nintendo considers its Switch sales to be stable. 

Nintendo is expected to launch its "Switch 2" console soon. It was expected to come out sometime this year, but according to reports published in the previous months, it will be released in early 2025 instead. There's still very little known about the upcoming console, but rumors say it will have backwards compatibility, as well as 4K capabilities. 

This article originally appeared on Engadget at https://www.engadget.com/nintendo-profits-fall-55-percent-as-people-save-their-cash-for-the-switch-2-140019403.html?src=rss

© Photo by Kris Naudus / Engadget

A gaming console

Intel will cut over 15,000 jobs in a sweeping cost-cutting effort

In a crushing quarterly update, Intel disclosed that it will cut more than 15 percent of its workforce. The layoffs, which could impact over 15,000 jobs, are part of the company's $10 billion cost-reduction plan to recover financial stability. Intel posted a second-quarter net loss of $1.6 billion, plunging from the net income of $1.5 billion it reported in the same period of 2023.

CEO Pat Gelsinger addressed employees with a memo acknowledging the scope of today's announcements. "This is painful news for me to share," he said. "I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history."

As well as the job cuts, the cost-reduction plan includes creating separate financial reporting for Intel Products and Intel Foundry. The Intel Foundry branch saw an operating loss of $2.8 billion in Q2, even more than the $1.8 billion operating loss it saw during the second quarter last year. Intel has been in the process of overhauling its foundries to make them more competitive. In the interim, it has had to rely on other companies for some production. TSMC, the same manufacturer used by Apple, Qualcomm and AMD, is producing its new Lunar Lake chips.

The company took an additional hit in the public eye when its 13th- and 14th-generation desktop CPUs began experiencing instability issues. While a fix is expected this month to prevent any further problems, any damage that the microcode errors caused to CPUs appears to be permanent.

This article originally appeared on Engadget at https://www.engadget.com/intel-will-cut-over-15000-jobs-in-a-sweeping-cost-cutting-effort-220951016.html?src=rss

© ASSOCIATED PRESS

FILE - A sign mark's the entrance to Intel's Hawthorne Farm Campus in Hillsboro, Ore., on July 14, 2010. Oregon's political leaders said Thursday, Feb. 10, 2022, they want their state, where chipmaker Intel is its largest corporate employer, to carve a bigger share of the booming semiconductor industry. The announcement comes three weeks after Intel announced that it is investing $20 billion to build a new chip factory in Ohio. (AP Photo/Don Ryan, file)

Nintendo profits fall 55 percent as people save their cash for the Switch 2

People are so excited for the next-gen Switch, they're likely holding off on buying Nintendo's current consoles and games. At least that's what the company's latest earnings report seems to indicate. For the quarter ending on June 30, Nintendo posted a net profit of 80.9 billion Japanese Yen, which is higher than its forecast but over 50 percent lower than its net profit for the same period last fiscal year. In addition, the company said it only sold 2.1 million Switch consoles for the quarter. That means it experienced a 46.3 percent decline on unit sales year-on-year. Even its games didn't sell well, seeing as Nintendo posted a software sales figure that's 41.3 percent lower than last fiscal year's at 30.64 million units sold. 

In its report, Nintendo admits that the low sales figures for games was caused by the lack of big releases, such as the previous year's The Legend of Zelda: Tears of the Kingdom. The Super Mario Bros. Movie also helped "energize" its business back then. But since hardware sales for this quarter are similar to the previous one's, Nintendo considers its Switch sales to be stable. 

Nintendo is expected to launch its "Switch 2" console soon. It was expected to come out sometime this year, but according to reports published in the previous months, it will be released in early 2025 instead. There's still very little known about the upcoming console, but rumors say it will have backwards compatibility, as well as 4K capabilities. 

This article originally appeared on Engadget at https://www.engadget.com/nintendo-profits-fall-55-percent-as-people-save-their-cash-for-the-switch-2-140019403.html?src=rss

© Photo by Kris Naudus / Engadget

A gaming console

Intel will cut over 15,000 jobs in a sweeping cost-cutting effort

In a crushing quarterly update, Intel disclosed that it will cut more than 15 percent of its workforce. The layoffs, which could impact over 15,000 jobs, are part of the company's $10 billion cost-reduction plan to recover financial stability. Intel posted a second-quarter net loss of $1.6 billion, plunging from the net income of $1.5 billion it reported in the same period of 2023.

CEO Pat Gelsinger addressed employees with a memo acknowledging the scope of today's announcements. "This is painful news for me to share," he said. "I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history."

As well as the job cuts, the cost-reduction plan includes creating separate financial reporting for Intel Products and Intel Foundry. The Intel Foundry branch saw an operating loss of $2.8 billion in Q2, even more than the $1.8 billion operating loss it saw during the second quarter last year. Intel has been in the process of overhauling its foundries to make them more competitive. In the interim, it has had to rely on other companies for some production. TSMC, the same manufacturer used by Apple, Qualcomm and AMD, is producing its new Lunar Lake chips.

The company took an additional hit in the public eye when its 13th- and 14th-generation desktop CPUs began experiencing instability issues. While a fix is expected this month to prevent any further problems, any damage that the microcode errors caused to CPUs appears to be permanent.

This article originally appeared on Engadget at https://www.engadget.com/intel-will-cut-over-15000-jobs-in-a-sweeping-cost-cutting-effort-220951016.html?src=rss

© ASSOCIATED PRESS

FILE - A sign mark's the entrance to Intel's Hawthorne Farm Campus in Hillsboro, Ore., on July 14, 2010. Oregon's political leaders said Thursday, Feb. 10, 2022, they want their state, where chipmaker Intel is its largest corporate employer, to carve a bigger share of the booming semiconductor industry. The announcement comes three weeks after Intel announced that it is investing $20 billion to build a new chip factory in Ohio. (AP Photo/Don Ryan, file)
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  • Apple’s Q2 2024 earnings reveal a drop in iPhone, iPad salesSamuel Axon
    Enlarge / The Apple Park campus in Cupertino, California. (credit: Anadolu Agency | Getty) Apple's earnings report for the second quarter of the company's 2024 fiscal year showed a slide in hardware sales, especially for the iPhone. Nonetheless, Apple beat analysts' estimates for the quarter thanks to the company's rapidly growing services revenue. iPhone revenue dropped from $51.33 billion in the same quarter last year to $45.96 billion, a fall of about 10 percent. This was
     

Apple’s Q2 2024 earnings reveal a drop in iPhone, iPad sales

3. Květen 2024 v 00:32
The Apple Park campus in Cupertino, California.

Enlarge / The Apple Park campus in Cupertino, California. (credit: Anadolu Agency | Getty)

Apple's earnings report for the second quarter of the company's 2024 fiscal year showed a slide in hardware sales, especially for the iPhone. Nonetheless, Apple beat analysts' estimates for the quarter thanks to the company's rapidly growing services revenue.

iPhone revenue dropped from $51.33 billion in the same quarter last year to $45.96 billion, a fall of about 10 percent. This was the second consecutive quarter with declining iPhone revenues. That said, investors feared a sharp drop before the earnings call.

Notably, Apple's revenue in the region it dubs Greater China (which includes China, Taiwan, Singapore, and Hong Kong) fell 8 percent overall. The company fared a little better in other regions. China's economy is slowing even as China-based Huawei is taking bigger slices of the pie in the region.

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