Apple's revenue grew considerably during the most recent quarter but iPhone sales were down. The company sold 77.3 million iPhones during the holiday quarter, about one million less than the same time last year. It's the first time Apple has ever seen declining sales on its iPhones during the holiday season. However, the company did post $88.3 billion in revenue, up 13% from last year.
There was good news and bad news in the earnings report for Alphabet, the parent company of Google. The company beat expectations on revenue but fell short on earnings. Ad sales were strong but that profit was offset by increased ad spending.
And Amazon soared past Wall Street expectations thanks to strong holiday sales. The company beat on revenue and earnings. Amazon also set a new record, posting profits above $1 billion for the first time.
We dive into these earnings reports with Gene Munster, Managing Partner at Loup Ventures. Munster believes Amazon's profitability was a one-time thing. He is also predicting that Apple will release a new iPhone soon with a screen that's 25% bigger.
Plus, Cheddar's CEO Jon Steinberg talks to veteran newsman Dan Rather about his new partnership with The Young Turks. Rather now has a half-hour show airing on the network's YouTube channel. "The News with Dan Rather" will offer commentary and analysis on today's news, something he never did on "CBS Evening News." The show airs Mondays at 5:30pm ET.
Apple's Racial Equity and Justice Initiative is a $100 million program aimed at combating systemic racism while working to advance racial equity across the country. Alisha Johnson, director of the initiative, joined Cheddar at SXSW to discuss the work being done. "We focused on three critical areas. The first is education. The second is criminal justice reform, and the third is economic empowerment, really looking first in our own supply chain, how can we really increase our spend with Latinx, Hispanic, and indigenous-owned businesses," she said. "And then how can we go further to empower entrepreneurs who have been cut out of access to funding and capital and really help them to get the funding."
What you Need to Know on Thursday, March 17. Updates from Ukraine, President Biden refers to Putin as a ‘war criminal’ for the first time, Walmart has ambitious hiring targets for Q1, and Netflix takes steps to crack down on password sharing.
The Federal Reserve announced that it will raise its interest for the first time in more than three years to fight record inflation. Cheddar News spoke with Mark Hamrick, Senior Economic Analyst at Bankrate how the move will impact the wallets of everyday Americans.
Paul T. Murray, president at PTM Wealth Management, joined Cheddar News to break down the implications of the Starbucks CEO shakeup, as the coffee company faces issues of unionization and pandemic-related closures. "Well, shareholders love Howard Schultz returning. I mean he's an iconic CEO, a visionary, a guy who made coffee as American as apple pie and shareholders are gonna continue to love that," Murray continued. "But he's got an uphill battle, frankly, because, this unionization push has now spread to 26 states, 100 stores, and the COVID pandemic is going to continue to be a headwind, especially in China where Johnson really made a lot of headway."
Social audio app Clubhouse reached $1 billion valuation milestone this January, and Fadia Kader, head of strategic media partnerships at Clubhouse, joined Cheddar News to talk about what its been doing to keep the drive going. "We are the category first leaders. We are 100 percent focused on social audio. It's not just a feature that we've just like bottled up and put on there. We are a medium that is 100 percent focused on community and social audio," she said.
