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Apple Reaches Tentative $100M Deal In Class-Action Lawsuit By US App Developers

Dell Inc. Q2 adjusted earnings Beat Estimates

Dell Inc. (DELL) announced earnings for second quarter that decreased from last year.

The company’s bottom line totaled $0.88 billion, or $1.05 per share. This compares with $1.10 billion, or $1.37 per share, in last year’s second quarter.

Excluding items, Dell Inc. reported adjusted earnings of $1.91 billion or $2.24 per share for the period.

Analysts had expected the company to earn $2.03 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.7% to $26.13 billion from $22.78 billion last year.

Dell Inc. earnings at a glance:

-Earnings (Q2): $1.91 Bln. vs. $1.62 Bln. last year.
-EPS (Q2): $2.24 vs. $1.92 last year.
-Analysts Estimate: $2.03
-Revenue (Q2): $26.13 Bln vs. $22.78 Bln last year.

Gap Lifts FY21 Outlook; Shares Up 6%

Shares of Gap Inc. (GPS) jumped over 6% in extended session on Thursday after the apparel retailer lifted its full year 2021 outlook.

The company now sees full-year earnings of $2.10 to $2.25 per share, compared to prior estimate of $1.60 to $1.75 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.78 per share for the year.

For the second quarter, Gap reported profit of $258 million or $0.67 per share, compared to a loss of $62 million or $0.17 per share in the same period last year. Adjusted earnings for the quarter was $272 million or $0.70 per share for the period. Analysts projected earnings of $0.43 per share for the quarter.

Revenues for the quarter grew 29% $4.21 billion from $3.28 billion in the same period last year. Analysts had a consensus revenue estimate of $4.12 billion for the quarter. Comparable sales were up 3% year-over-year, and up 12% versus 2019.

GAP closed Thursday’s trading at $26.35, down $1.13 or 4.11%, on the NYSE. The stock, however, gained $1.65 or 6.26% in the after-hours trade.

Watch live: Biden delivers remarks on Kabul terror attack that killed 12 U.S. service members

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President Joe Biden is slated to deliver remarks about the deadly terrorist attack near Kabul's international airport, which killed 12 U.S. service members and wounded 15 more.

The White House had cleared the president's schedule after the attacks near the Hamid Karzai International Airport, where a massive evacuation effort is underway as the U.S. commits to the complete withdrawal of troops from the country by the end of August.

ISIS militants have claimed responsibility for the attack. After two suicide bombers detonated explosives, several gunmen opened fire on civilians and military forces in the area, the Pentagon said.

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Dell Technologies Q2 Profit Trounces Wall Street View

Dell Technologies (DELL) Thursday reported a profit for the second quarter that trumped Wall Street view, as revenues jumped 15%, driven largely by strong demand for products like desktops and notebooks.

Round Rock, Texas-based Dell’s second-quarter profit slipped to $880 million or $1.05 per share from $1.10 billion or $1.37 per share last year.

Adjusted earnings were $1.91 billion or $2.24 per share for the period, up from $1.62 billion or $1.92 per share last year. Analysts polled by Thomson Reuters estimated earnings of $2.03 per share. Analysts’ estimates typically exclude special items.

Revenue for the quarter grew 15% to $26.12 billion from $22.73 billion last year. Analysts had a consensus revenue estimate of $25.50 billion.

Client Solutions Group revenues grew to 27% to a record $14.3 billion, with commercial client revenue up 32% and consumer revenue up 17%.

Infrastructure Solutions Group revenue rose 3% to $8.4 billion, as servers and networking revenue was up 6% and storage revenue slipped 1%.

“We had strong results again this quarter, with all business units growing,” said Tom Sweet, chief financial officer, Dell Technologies. “We are creating long-term value by taking share, pursuing high-value growth opportunities and profitably growing and modernizing our core business. For example, in the storage space, VxRail orders were up 34% and PowerStore continues to ramp up nicely.”

DELL closed Thursday’s trading at $101.55, down $0.51 or 0.50%, on the Nasdaq. The stock further slipped $1.55 or 1.53% in the after-hours trading.

KISS Postpones Show At Last Minute As Paul Stanley Tests Positive For Covid-19

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Apple Reaches Tentative $100M Deal In Class-Action Lawsuit By US App Developers

Apple has announced that it has a deal to settle a class-action lawsuit initiated by a group of US app developers who claimed anti-competitive practices in the company’s App Store.

The lawsuit was filed in 2019, and claimed that Apple charged developers excessive commissions on in-app purchases. To settle, Apple will pay $100 million into a Small Developers Assistance Fund and will change its terms on app transactions.

The settlement still needs a judge’s approval. But Apple issued a statement announcing what it called “significant changes” to its App Store, systems and procedures. .The number of price points available to app developers will expand from less than 100 to more than 500.

To give developers even more flexibility to reach their customers, Apple is also clarifying that developers can use communications, such as email, to share information about payment methods outside of their iOS app. Developers will not pay Apple a commission on any purchases taking place outside of their app or the App Store. Users must consent to the communication and have the right to opt out.

Today, Apple also announced additional App Store updates with the launch of the News Partner Program. Recognizing the importance of rigorous journalism and a free and independent press, the program includes a new slate of initiatives to expand Apple’s support for journalism.

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