The COVID-19 lockdowns in China, which began in late March, “resulted in an even more severe shortage of certain critical components” than before, said Cisco CEO Chuck Robbins on an earnings call Wednesday for fiscal Q3 ended April 30. “This in turn prevented us from shipping products to customers at the levels we originally anticipated heading into Q3.”
Consumer spending intentions ticked down slightly in April, Cowen reported Thursday, saying an April survey of 2,500 U.S consumers showed “inflationary pressure worsened,” with 70% of respondents indicating prices for daily goods were up year on year vs. 60% in a March survey. About 27% said prices were up “significantly,” vs. 19% in March, the report said. In response to higher prices, 42% of respondents were cutting or expected to cut spending, “up sharply” from 34% in March, Cowen said.
The “next wave” in the transition of the information and communications technology sector is the “nascent intelligent edge revolution,” said Analog Devices CEO Vincent Roche on an earnings call Wednesday for fiscal Q2 ended April 30. ADI finished the quarter with 79% year-over-year revenue growth to $2.97 billion, driven by double-digit increases in all its “end markets.”
Worse-than-expected logistics constraints, excess inventory and a sales slowdown in several categories, including electronics, slammed Target in Q1 FY 2022 ended April 30, sending the stock plunging Wednesday 24.9% to $161.71.
New York Gov. Kathy Hochul (D) announced Wednesday the state's Division of Human Rights filed a complaint against Amazon, alleging the company discriminates against pregnant workers and employees with disabilities by denying them reasonable accommodations. Amazon has policies that force pregnant workers and those with disabilities to take an unpaid leave of absence rather than allowing them to work with a reasonable accommodation, the complaint said.
Supporters of a proposal to reallocate the 12 GHz band for 5G think the proposal will likely move forward in coming months, buoyed by responses by FCC Chairwoman Jessica Rosenworcel and Commissioner Brendan Carr to members of Congress last week, as a follow-up to the recent House hearing. Meanwhile, Dish Network Chairman Charlie Ergen offered a candid assessment of the future of DBS spectrum in a presentation to analysts.
Russia's invasion of Ukraine may not be a game-changer for digital cybersecurity policy, but it holds lessons for Europe, speakers said at a Wednesday Centre for European Policy Studies webinar on Ukrainian digital resistance. Cybersecurity has become "a weapon in a war," forcing mobile operators to look at the issue in a broader context, said European Telecommunications Network Operators Association Director General Lise Fuhr. The aggression heightened cybersecurity concerns in EU countries, said Lorena Boix-Alonso, European Commission director-digital society, trust and cybersecurity.
The Supreme Court might be showing interest in tech groups’ emergency appeal of a 5th U.S. Circuit Court of Appeals order allowing a Texas social media law to be enforced, said court watchers this week. Texas responded Wednesday to NetChoice and Computer and Communications Industry Association, as requested by Justice Samuel Alito (see 2205160030).
Elon Musk agreed for a year after his Twitter takeover to pay each “continuing” employee “at least the same base salary and wage rate” earned before the transaction, according to a preliminary proxy statement filed Tuesday at the SEC for an as-yet-unscheduled special shareholders virtual meeting to vote on the sale. Musk is offering $54.20 a share in cash to take Twitter private.
Voxx beefed up consumer tech inventory “to allow for additional lead times in procurement and shipment,” and better serve customers amid continued supply chain disruptions, said CEO Pat Lavelle Tuesday on the company’s Q4 fiscal ’22 earnings call. Securing chips in FY ’23 “will continue to be challenging,” he said.