Quake affects Ericsson supply
Top mobile telecom equipment maker Ericsson warned that Japan’s devastating earthquake would hit the supply of components, adding to concerns about a sector already hampered by shortages. “It is reasonable to expect that the events in Japan will affect supply of components, but it is too early to say to what extent,” Ericsson said in a statement yesterday. Ericsson said it did not expect the disaster in Japan to have any material impact on its first quarter sales and it had no reports of injured or missing employees there.
Box office revenue plunges
Early estimates indicate a steep drop-off in box office revenue outside the US following the earthquake in Japan. International movie ticket sales plunged 60 percent last weekend from a year earlier, according to Standard & Poor’s Equity Research analyst Tuna Amobi. Amobi notes that Japan is one of Hollywood’s biggest markets, accounting for about 10 percent of international box office revenue. Meanwhile, Warner Entertainment Japan Inc says theaters will stop showing Clint Eastwood’s movie Hereafter, which has scenes depicting the 2004 Indian Ocean tsunami. Sony Pictures is delaying the release in Japan of Battle: Los Angeles.
China Mobile profits up 3.9%
China Mobile Ltd (中國移動), the world’s biggest phone carrier by subscribers, says profit last year rose 3.9 percent on growing demand for mobile Internet services and as it signed up more customers. The Beijing-based company said yesterday that profit rose to 119.6 billion yuan (US$18.2 billion) last year. Revenue rose 7.3 per cent to 485.2 billion yuan. China Mobile said mobile Internet service was accounted for about a third of revenue last year.
Porsche revenue rises 59%
German luxury sports car maker Porsche said on Tuesday revenue rose 59 percent in the five months from August to December to a record 3.87 billion euros (US$5.4 billion). The company is making a transition from a fiscal year that runs from Aug. 1 to July 31 to one based on the normal calendar year, as is the case with Volkswagen, ahead of a planned tie-up. Operating profit rose to 688 million euros from 227 million euros in the same period in 2009.
Newspaper ads at 25-year low
Newspaper advertising in the US has sunk to a 25-year low as marketing budgets followed readers to the Internet, where advertising is far cheaper than what publishers have been able to command in print. Advertisers spent US$25.8 billion on newspapers’ print and digital editions last year, according to figures released on Tuesday by the Newspaper Association of America. That’s the lowest amount since 1985, when total newspaper advertising stood at US$25.2 billion. After adjusting for inflation, newspaper advertising now stands at about the same level as nearly 50 years ago.
YouTube buys Green Parrot
Google-owned YouTube said on Tuesday that it has bought an Irish digital video company whose technology can help improve the quality of amateur footage submitted to the video-sharing site. Financial details of the acquisition of Green Parrot Pictures, which was founded by Anil Kokaram, an associate professor at the engineering school of Trinity College in Dublin, were not disclosed.