Business

Apple’s upcoming iPhone SE 5G could help attract billion-plus Android users- J.P.Morgan

Published

3 years ago

December 13, 2021

Apple Inc’s upcoming iPhone SE 5G has the potential to attract more than a billion non-premium Android users, J.P. Morgan analysts said on Monday.

The company is expected to launch the iPhone SE with 5G capabilities in early 2022, according to media reports and the brokerage, with the analysts adding the model will allow Apple to target the mid-range smartphone market dominated by rivals such as Samsung Electronics and Huawei Technologies.

The upcoming smartphone has the potential to lure nearly 1.4 billion low- to mid-end Android phone and about 300 million older iPhone model users, the brokerage estimated.

“Apple’s trade-in program for non-iPhones is admittedly not as attractive as the iPhone trade-in values, it could nonetheless lead to an average starting price range of $269 to $399 for the 5G iPhone SE, which is still very competitive,” analyst Samik Chatterjee, rated five stars on Refinitiv Eikon for his estimate accuracy, said.

The iPhone SE currently starts from $399, compared with $799 for the iPhone 13 and $999 for the iPhone 13 Pro.

Since launching the iPhone 13 range and new iPads in September, Apple has scrambled to keep up with the global chip shortage and supply chain disruptions.

Meanwhile, Apple’s shares have extended their march, with the company inching closer to the $3 trillion in market capitalization.

In a separate note, J.P.Morgan said consumer demand for major upgrades like 5G models is expected to remain strong and also a priority for supply, even as it wanes for most hardware products including smartphones, TVs and PCs.

The brokerage raised its estimates for fiscal 2022 iPhone SE unit sales to 30 million units and annual iPhone shipments expectations to 250 million units, 10 million higher than a year earlier.

JPM raised its target price for Apple to a Street high of $210 from $180, according to Refinitiv Eikon.

(Reporting by Aniruddha Ghosh in Bengaluru; Editing by Sriraj Kalluvila)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

24 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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