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Thursday,28-October-2021

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AirPods, Watches help Apple lead global wearable market in Q3

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Apple led the global wearable market with 33.1 per cent share during the third quarter and AirPods along with Apple Watches were hugely popular due to pandemic-driven demand, a new IDC report has said.

Xiaomi followed in second place with 17 million units shipped, 12.8 million of which were basic wristbands. Huawei ranked third with unit shipments at 13.7 million.

Overall, the global wearables market grew 35.1 per cent (on-year) with total shipments reaching 125 million units, according to new data from the International Data Corporation’s (IDC) WorldWide Quarterly Wearable Device Tracker.

The surge was driven by seasonality, new product launches and the global pandemic.

“Many countries began easing restrictions and opening up their economies during the third quarter, which helped bolster outdoor activity as well as demand for wearables,” said Jitesh Ubrani, research manager for IDC Mobile Device Trackers.

“Meanwhile, a broader range of price points from numerous vendors meant that there was something for everyone.”

New products from the likes of Apple, Samsung, and others helped renew interest in popular categories such as smartwatches and hearables.

Meanwhile, consumer spend on electronics also increased during recent months as spending on travel, dining out, and other leisure activities decreased.

“The double-digit growth not only indicates strong demand, but also suggests that many people got a wearable device for the first time in both emerging and developed markets,” said Ramon T. Llamas, research director, Mobile Devices and AR/VR.

Samsung’s strategy to attack the earwear market with multiple brands continues to pay off as the company ranked fourth in the wearables market. Its hearable shipments reached 8.4 million during quarter along with 2.6 million smartwatches.

Fitbit and BoAt tied for fifth place, each holding 2.6 per cent of the wearables market.

“BoAt focuses solely on the Indian market (a rapidly growing market for wearables) and primarily sells hearables. Post-lockdown in India, the company has benefitted from to a strong marketing campaign and tie-ins with local cricket teams,” the IDC report mentioned.

Business

Small LPG cylinders, financial services at FPS proposed

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 The Centre on Wednesday proposed to sell small LPG cylinders through Fair Price Shops (FPS) across the country.

There is a proposal to provide financial services through FPS and extending MUDRA loans to its dealers for capital augmentation.

There are a total of 5.32 lakh FPS in the country. With this step, the Centre is aiming at taking its services closer to poorer and needy consumers.

Focussing on enhancing financial viability of FPS, Department of Food and Public Distribution Secretary, Sudhanshu Pandey in a video conference with representatives of multiple ministries and PSUs stressed on the need of taking proactive measures for the same.

The representatives from oil marketing companies appreciated the proposal for retail selling of small LPG cylinders through FPS and informed that “necessary support required would be provided for the same in coordination with interested state or Union Territory (UT) governments,” said a release from the Ministry of Consumer Affairs, Food and Public Distribution in New Delhi.

The representative from the Department of Financial Services appreciated the government’s proposal to provide financial services through FPS, extending MUDRA loans to FPS dealers for capital augmentation and informed that necessary support would be provided for it in coordination with interested state or UT governments.

Earlier, the CEO, Common Service Centre (CSC), gave a presentation about the various service offerings provided by it. An update on the activities undertaken by CSC to tie-up with individual state or UT governments to take this initiative forward was presented, too.

Set up under the Ministry of Electronics and Information Technology, the CSC scheme provides a centralised and collaborative framework for delivery of services to the citizens.

In his concluding remarks, Sudhanshu Pandey mentioned that different states or UTs can take up these initiatives and tailor them to suit their individual requirements.

Representatives from the Ministry of Electronics and Information Technology, Department of Financial Services, Ministry of Petroleum and Natural Gas, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, CSC e-Governance Services India Limited and all states/UTs participated in the virtual conference, the release added.

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Google logs record $18.9 bn profit, Search and YouTube soar

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Alphabet, the parent company of Google, has posted an all-time record revenue of $61.9 billion for the July-September quarter, along with record profits at $18.9 billion.

Google Services revenues were $59.9 billion, up 41 per cent, and Google Search and other advertising revenues of $37.9 million in the quarter were up 44 per cent.

The company said in a statement late on Tuesday that YouTube advertising revenues of $7.2 billion were up 43 per cent due to strength in both direct response and brand advertising.

“Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” said Sundar Pichai, CEO of Alphabet and Google.

“Search remains the heart of what we do. We have made remarkable advances over the past 23 years that benefits Search and related products like Google Assistant, which just celebrated five years,” he added.

For Google Cloud, the revenues were $5 billion for the third quarter, up 45 per cent.

“Google Cloud Platform’s (GCP) revenue growth was again above cloud overall, reflecting significant growth in both infrastructure and platform services,” said Ruth Porat, Senior Vice President and Chief Financial Officer.

At the Alphabet level, headcount grew by nearly 6,000 in the third quarter, including seasonal campus hires.

“We expect robust headcount growth in Q4 for both Google Services and Google Cloud,” the company said.

Alphabet said that with respect to foreign exchange impact on reported revenues, it expects virtually no impact in Q4 in contrast to a 1.5 per cent tailwind in Q3 and 4 per cent in its Q2.

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Petrol, diesel rates raised again by 35 paise/ltr

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Petrol and diesel prices increased again on Wednesday after a two-day break as global oil prices failed to relent and continued to remain firm.

Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to Rs 107.94 a litre while diesel prices also increased by the same margin to reach Rs 96.67 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, petrol prices have now risen to Rs 113.80 per litre while diesel to Rs 104.8 5 a litre, the highest among all metros.

Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.

The fuel prices remained static last week on Monday and Tuesday, but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. It remained static again on Monday and Tuesday before rising again on Wednesday. There was no change in rates on October 12 and 13.

Diesel prices have now increased for 25 of the last 33 days taking up its retail price by Rs 8.15 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 22 of the previous 29 days taking up its pump price by Rs 6.75 per litre.

Crude prices have been on a surge rising over three year high level of over $ 86 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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