Samsung Electronics grew net profit by more than 400 percent in Q1, to $4.91 billion, on revenue of about $52.3 billion, a nearly 13 percent increase year-over-year. The results were credited mainly to higher memory chip prices resulting from AI demand buoying the company’s semiconductor business. Solid performance in smartphones — with the launch of its Galaxy S24 series, the first to pack AI-optimized chips — supported the stellar performance. It was a dramatic rebound from 2023, when post-COVID economic fallout drove Samsung to a 15-year profit low and semiconductor losses of almost $11 billion. Read more
Amazon has pulled the plug on CodeWhisperer, which has been incorporated into its Q Developer product, announced at November’s re:Invent as part of an AI-powered AWS enterprise suite called Amazon Q, which also includes Q Business. Both Q Developer, which enables natural language coding, and Q Business, a data-driven productivity tool are now in general release, and Q Apps has just been added in preview, letting employees “build generative AI-powered apps from their company’s data, without any prior coding experience.” The move comes as Amazon seeks to gain ground on the Microsoft-owned GitHub’s AI coding products. Read more
Anthropic has launched a paid tier catering to business customers as well as a free mobile app for iOS users featuring its chatbot Claude. The generative AI startup — which has backing from Amazon, Google and Salesforce — is positioning itself to compete with companies like OpenAI, Google and Microsoft that focus on enterprise plans for revenue while also offering individual plans. Anthropic’s Team plan starts at $30 per user per month, on par with competing enterprise products, and requires a minimum of five seats. Anthropic has been beta testing Team over the past few quarters in industries including legal, tech and healthcare. Read more
Apple revealed its largest quarterly decline in iPhone sales since the July-September period in 2020 during the pandemic, placing additional pressure on the tech giant to step up its artificial intelligence efforts. Apple iPhone sales for January-March dropped 10 percent year-over-year, as its top product faced increased competition from Huawei in China, Apple’s third-largest market. Apple’s quarterly revenue decreased 4 percent from the same period last year to $90.8 billion, marking the fifth dip in the past six quarters for the company. Apple’s $23.64 billion profit for the quarter represents a 2 percent reduction from last year. Still, Apple shares rose in after-market trading. Read more
Chinese telecommunications firm Huawei Technologies continues to bounce back after taking an initial hit from U.S. sanctions resulting from the company being declared a national security threat in 2019. Year-over-year, net profit surged 564 percent to $2.7 billion in Q1, with revenue up 37 percent to $24.65 billion. It was the company’s fourth consecutive quarterly profit gain. Although Huawei doesn’t breakout performance for individual sectors, analysts estimate the company’s smartphone sales rose 70 percent, leading to further speculation the global firm is taking market share from rivals, particularly Apple in China. Read more
