Samsung has reported a record consolidated revenue of 76.78 trillion Korean won (US$54 billion) for the third quarter of 2022, but it has also posted a decline in profit from the previous quarter and year-over-year. The tech giant's operating profit (KRW 10.85 trillion or US$7.6 billion) has declined 23 percent from the second quarter and around 31.4 percent from the same period last year. Samsung's operating profit from July to September 2021 was KRW 15.82 trillion, which was 26 percent higher than the quarter prior to that. In its earnings report, the company said its various divisions have been grappling with weak demand in the midst of global economic instability. 

Weak demand for consumer products and customers' inventory adjustments caused its Memory business' earnings to shrink. Its LSI business' earnings fell due to weak demand for phones and TVs, as well, though revenue from SoCs grew due to an increased portion of 5G. Samsung's Visual Display Business was also affected by low demand and increased costs.

Samsung's Mobile eXperience (MX) business was its bright spot last quarter. Together with the company's Networks business, it posted KRW 32.21 trillion (US$22.6 billion) in consolidated revenue and KRW 3.24 trillion (US$2.27 billion) in operating profit, which are both higher than the previous quarter's. The company attributes the MX business' success to sales of the Galaxy Z Fold 4 and Z Flip 4, both of which showed stronger growth than their predecessors. Further, the Galaxy S22 series was able to maintain "solid sales momentum." 

The tech giant expects its mobile business to perform even better in the fourth quarter as demand for smartphones and wearables increases due to year-end seasonality. And since the smartphone and wearable markets are expected to grow as a whole next year, Samsung's mobile business might continue bringing in solid profits. Another division that did well in the third quarter is the tech giant's Foundry business, which delivered record earnings (KRW 23.02 trillion or US$16 billion in consolidated revenue and KRW 5.12 trillion or US$3.6 billion in operating profit) thanks to solid demand from global customers.

On the same day that it released its third quarter earnings, Samsung has also formally named Jay Y. Lee as its executive chairman. It's mostly a symbolic move, seeing as Lee is the company's de-facto leader anyway. But as Bloomberg notes, the title could help make things smoother for Lee as he closes deals with other companies around the world in an effort to expand Samsung's semiconductor and biotechnology businesses. Lee, who was sentenced to five years in prison in 2017 after being found guilty of bribing public officials, received a presidential pardon in August so he could help South Korea overcome the economic crisis. 

A year later, Meta’s pivot to the metaverse is proving even more expensive. Reality Labs is losing more money than ever, Facebook’s parent company disclosed in its latest earnings report.

Reality Labs, the unit that oversees the company’s virtual and augmented reality projects, lost $3.7 billion in the third-quarter of 2022, a jump from a $2.6 billion loss a year ago and $2.8 billion last quarter. Reality Labs has lost more than $9 billion so far in 2022. And the company’s finance chief said the trend is unlikely to reverse anytime soon. “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,” outgoing CFO Dave Whener said in a statement.

That’s significant because Meta’s massive investment in Reality labs has already proved costly for the company. Meta reported earlier this year that it lost $10 billion on Reality labs in 2021. The company also confirmed that the “next generation of our consumer Quest headset” is expected to launch “later next year,” an apparent reference to a Meta Quest 3.

CEO Mark Zuckerberg also warned that the company could face “near-term challenges on revenue.” The company reported $28 billion in revenue for the quarter, which was in line with analyst expectations, but “still behind where I think we should be,” according to Zuckerberg.

Zuckerberg also confirmed that Meta would continue to slash hiring as it deals with slowing revenue growth. “Some teams will grow meaningfully but most other teams will stay flat or shrink over the next year,” he said. “In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.”

Developing…

DJI has launched a new cinematic drone called Avata, which was made to work with the new DJI Goggles 2 video headset. While it's in the same category as the brand's previous first-person view (FPV) cinematic model, it takes on a more usual "cinewhoop" form factor with prop guards protecting its quad propellers. Since it's a cinewhoop, the Avata was designed to have the speed and agility of racers but with the stabilization technology needed to be able to capture smooth and vivid footage. 

It can hover, accelerate like a racer and zoom in and out of tight spaces while shooting videos, and its battery can last for up to 18 minutes before needing a recharge. The Avata is equipped with a stabilized camera that has a 1/1.7-inch CMOS sensor with 48 million effective pixels, an f/2.8 aperture and an ultra wide-angle lens. That camera is capable of shooting 4K videos in 60fps and 2.7K videos in 50, 60, 100 or 120 fps. And users can shoot quite a bit of footage before worrying about space, since it has 20GB of internal storage.

While it can be controlled using the existing DJI FPV Remote Controller 2 and the DJI FPV Goggles V2, it was designed to be used with the company's newer models. DJI Goggles 2 is the brand's next-gen video headset with a clearer micro-OLED screen than its predecessor and an adjustable diopter, so that people who wear glasses wouldn't need them while using the device. It can wirelessly stream the drone's live footage from the user's phone or computer for an immersive first-person viewing experience. Meanwhile, the DJI Motion Controller gives pilots the power to perform complex flight maneuvers with one hand. 

The DJI Avata is available starting today from the company's website and various retailers. On its own, the drone costs €579, £499 or $629, while a set with the DJI Goggles 2 and a DJI Motion Controller costs €1,429, £1,229 or $1,388.

DJI

After a strong quarter earlier this year, Apple is continuing to break records. According to the company's financial results posted today, it's reporting a revenue record of $83 billion, an increase of 2 percent from the same period last year. Apple also said it reached an all-time high for its installed base of active devices "in every geographic segment and product category." However, the company's profits are down by a whole 11 percent, and while it continued to see growth in its iPhone sales, revenue from Macs and wearables dropped.

It's worth noting that Apple's recently announced MacBook Air with M2 chip only started shipping this month, so the numbers for Macs are likely to increase next quarter. Considering the devices the company is expected to launch in the fall, it's also possible consumers are holding out for new products and waiting out the ongoing inflation. 

Apple CEO Tim Cook said in a press release “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers.” The company's CFO Luca Maestri added “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment."

The company is holding a call at 5pm ET to shed light on its results and answer questions from the investor community, and we'll update this post with any newsworthy findings.

For the second quarter of 2022, Samsung has reported a consolidated revenue of KRW 77.2 trillion (US$59.4 billion), which is a record high for the quarter ending on June 30th. Samsung's operating profit also reached KRW 14.1 trillion (US$10.8 billion) — that's 12 percent higher from the same period a year earlier and is its best yet since 2018. As has been the case these past years, the company's semiconductor or Device Solutions (DS) division greatly contributed to those numbers and has achieved a historical high in quarterly revenue for the second consecutive quarter.

The DS division posted KRW 28.5 trillion (US$21.9 billion) in consolidated revenue and KRW 9.98 trillion (US$7.7 billion) in operating profit in the second quarter, thanks mostly to server chip demand. However, chip demand for consumer products, such as mobile phones and PCs, was much weaker than expected "due to widening impacts of macro issues." In fact, Samsung said its DRAM and NAND shipments came in below guidance. The company also expects demand for consumer devices to stay weak and even believes that there's a possibility for this slump in demand to make its way to enterprise.

As you can guess based on that information, Samsung's Mobile eXperience (MX) business was also affected by the overall decline in market demand. The company blamed "geopolitical issues and concerns over inflation on top of continued weak seasonality" for the mobile division's decline in earnings. It also said the costs of components and logistics affected the business' profitability and caused it to slide lower than the previous quarter's.

The tech giant doesn't expect smartphone sales to blow up next quarter either: Demand for new phones will likely stay similar year-on-year or show only a single-digital growth, it predicts, because of prolonged geopolitical issues and economic uncertainties. That said, it's hoping that the launch of new foldables could pad its sales numbers in the coming months. Samsung will unveil its next-gen foldable phones at its upcoming Unpacked event on August 10th. 

Facebook parent company Meta has just reported its earnings for the second quarter of 2022, and it was another quarter of shrinking profits. Total revenue of $28.8 billion was only down one percent compared to Q2 one year ago, but net income dropped 36 percent to $6.7 billion. Making almost $7 billion in profit is not a bad quarter for anyone, but the size of the decline compared to a year ago is pretty significant. And, according to the Wall Street Journal, this is the first-ever drop in revenue for Meta / Facebook — so even though we're only talking one percent, it's still noteworthy.

Revenue from advertising and Meta's "family of apps" was essentially flat year-over-year, and Reality Labs (home to hardware like the Meta Quest and other metaverse-related initiatives) actually grew 48 percent year-over-year to $452 million. But Reality Labs accounted for a $2.8 billion loss this quarter, a 15 percent larger loss than Q2 one year ago. At this rate, it seems likely that Reality Labs will lose Meta more than the $10 billion it cost the company in 2021.

This comes the same day that the FTC announced it was seeking to block Meta's acquisition of 'Supernatural' VR workout app maker Within, a proposed sale that was announced last year. “Instead of competing on the merits, Meta is trying to buy its way to the top,” John Newman, deputy director of the FTC's Bureau of Competition, said in a statement.

Meta is holding a call with investors at 5PM ET, and we'll be listening in to hear comments from CEO Mark Zuckerberg and will update this post with anything we learn.

Developing...

DJI has significantly expanded its gimbal lineup with the RS3 and RS3 Pro models designed for mirrorless and cinema cameras. It also launched some other interesting cinema products derived from the innovative Ronin 4D camera gimbal, including a LiDAR focusing system and "DJI Transmission" for remote monitoring and control of compatible gimbals. Finally, it announced that it has joined Panasonic and Leica's full-frame L-Mount alliance and unveiled a compensation for removing ProRes RAW from the Ronin 4D. 

DJI's flagship mainstream gimbal is now the DJI RS3. The key new feature over the RSC 2 is an automatic locking system that releases and unfolds the gimbal when it's turned on, then folds and locks it when turned off. That avoids the usual dance of steadying the camera by hand when turning off the gimbal, then manually locking three separate axes. 

DJI

Tapping the power button sends it into sleep mode, "which makes powering on the device, stowing it away and relocating much faster," DJI notes. It also uses quick-release plates for "position memory" so in theory, you only have to balance your camera once. 

It weighs in at just under 2.8 pounds but can handle a payload of 6.6 pounds, enough to support most mainstream mirrorless cameras. The 3rd-generation stabilization algorithm offers a 20 percent improvement over the RSC 2, so it's easier to shoot low angles, running or filming from a moving vehicle. For longer lenses up to 100mm, SuperSmooth provides further electronic stabilization. 

DJI

It has a Bluetooth shutter button that supports automatic connection without the need for a camera control cable, along with a 1.8-inch full-color OLED display with 80 percent more surface area than the RSC 2. That screen allows a full gimbal setup in most scenarios without connecting the mobile app, while the redesigned UI and control layout makes it easier to operate. Part of that is a new physical gimbal mode switch that lets you select pan follow, pan and tilt follow and FPV modes instantly. 

Finally, a new battery grip provides up to 12 hours of battery life and can be easily changed out via a quick release system. It supports PD fast charging at 18 watts and can be charged independently or during use for non-stop operation. The DJI RS3 gimbal is now available from authorized retailers and at DJI's store priced at $550 for the standalone gimbal and $720 for the DJI RS3 Combo that adds a briefcase handle, focus motor, second control cable and a carrying case. 

DJI

Next up is the RS3 Pro, another technological tour de force from DJI. It's built from carbon fiber so it weighs just 3.3 pounds, but can handle up to 10 pounds of payload — enough for pro cinema cameras like the Sony FX6, Canon C70 and RED Komodo. Like the RS3, it also has the new automated axis lock system, Bluetooth shutter button, 1.8-inch OLED touchscreen and gimbal mode switch. 

The RS3 Pro borrows a key feature from the Ronin 4D, the optional DJI LiDAR Range Finder. It projects 43,200 ranging points within a 46 foot indoor area, and powers a next-generation focus motor with extra torque and one-step mounting. That allows for "autofocus on manual lenses with no need for repetitive calibration," according to DJI. 

DJI

The LiDAR Range Finder has the same chip as the one on the Ronin 4D and a built-in 30mm camera, giving similar ActiveTrack Pro focus and gimbal tracking capabilities. That will allow pro cameras to maintain steady, clear shots in "even more dynamic scenarios," DJI says. The RS3 Pro is now available starting at $870 or $1,100 in a combo with an extended quick release plate, phone holder, focus motor and kit, Ronin Image Transmitter and more. The LiDAR Range Finder will be sold separately priced at $660. 

DJI has also announced that it's selling the DJI Transmission remote control/monitor seen with the Ronin 4D as a separate device. It uses DJI's O3 tech used on drones like the Mavic 3, transmitting video in 1080p/60fps at a ground range of up to 20,000 feet with end-to-end ultra-low latency. Monitoring is done via the 7-inch, 1,500-nit High-Bright Remote Monitor. 

DJI

With compatible devices like the RS3 Pro, you can not only monitor and record video output but also control the gimbal, camera recording and more, using the DJI Master Wheel and Force Pro. It also adds a DFS band that allows for up to 23 channels, letting large crews work simultaneously with ten or more transmitters. The DJI Transmission arrives this September for $2,500 or you can purchase the High-Bright Monitor separately for $1,700. 

Finally, DJI announced that it's now a member of the L-Mount Alliance and has partnered with Leica on the Zenmuse X9 L-Mount unit that's compatible with Leica, Panasonic and Sigma L-Mount lenses. And for any Ronin 4D buyers disappointed with the removal of Apple ProRes RAW support, DJI announced that it will support Apple ProRes 4444 XQ, the highest-quality ProRes codec short of ProRes RAW. 

Nintendo sold (PDF) 23.06 million Switch units overall for the fiscal year ending in March 2022, over 5 million units fewer than its previous year. The gaming giant originally thought it was going to sell 25.5 million units this fiscal year, but it lowered its forecast to 24 million (and then 23 million) because the continued global chip shortage has made it difficult to procure components. In fact, the company most likely expects to continue grappling with supply chain issues, because it has lowered its forecast to 21 million Switch units sold for its next fiscal year ending in March 2023.

Nintendo's sales were buoyed by the pandemic in previous years, with people purchasing new gaming consoles to get them through the COVID lockdowns. The Switch even became the company's best-selling home console ever after total sales eclipsed 103.54 million units in the third quarter. Nintendo noted in today's financial release that it has now sold a total of 107.65 million consoles.

Even though global lockdowns aren't as regular, parts continue to be harder and harder to get, so the company's forecast must also reflect that reality. Analysts and industry execs previously expected the chip shortage to persist throughout 2023, but Intel chief Pat Gelsinger recently said that the issue could drag on until 2024.

Nintendo also expects lower net sales and net profit overall in its next fiscal year. In FY2022, it reported net sales of 1,695 billion yen (US$13 billion) and an operating profit of 592 billion yen (US$4.6 billion). Next year, it expects its net sales to fall to around 1,600 billion yen (US$12.3 billion) and its annual operating profit to fall to $500 billion yen (US$3.8 billion). 

Despite the lower hardware sales, Nintendo has claimed the highest annual software sales for a single hardware family. It sold 39 million Switch games in its 2022 fiscal year, led by Pokémon Brilliant Diamond and Shining Pearl with 14.65 million units sold. Pokémon Legends Arceus, which sold 6.5 million copies in seven days, has sold 12.64 million units so far. Mario Kart 8 Deluxe sold 9.94 million units, while Kirby and the Forgotten Land sold 2.1 million units in just over two weeks.

Uber had a successful first quarter of 2022 by some measures, as it more than doubled its revenue year-over-year to $6.85 billion. Increased demand for rides following the Omicron surge played a role, as did higher ride prices due to a shortage of drivers.

The company reported that riders took 1.71 billion trips last quarter, an increase of 18 percent from the first three months of 2021. Gross bookings (the total amount Uber receives from customers) for rides increased by 58 percent year over year to $10.7 billion. Delivery gross bookings rose by 12 percent to $13.9 billion. Uber's revenue from rides was $2.52 billion. From deliveries, it earned $2.51 billion in revenue.

However, Uber's net loss increased from $108 million in Q1 2021 to $5.93 billion last quarter. That's largely due to its equity investments in Didi, Grab Holdings and Aurora Innovation. Still, Uber believes it will be cash-flow positive on a full-year basis for 2022.

Growth is expected to continue this quarter. Uber claims the value of rides booked in April surpassed 2019 levels, for one thing. The company also noted that rider wait times and surge trips were at their best levels for a year.

Uber says that many drivers have opted to move over to Eats deliveries. CEO Dara Khosrowshahi said the company won't have to make "significant incremental incentive investments” to keep drivers on the platform and persuade new and lapsed drivers to get behind the wheel. The same can't be said for rival Lyft.

That company expects it will need to spend more to entice drivers to return or join its platform. It's taking longer than expected for its driver base to return to pre-pandemic levels, Lyft president John Zimmer told Reuters. Uber has a leg up on Lyft in this regard, since its drivers can choose to deliver food and other items instead of ferrying passengers around. However, Lyft didn't provide more details of how much it will spend on driver incentives.

Lyft earned revenue of $875.6 million for the first quarter, a year-over-year increase of 44 percent. It had a net loss of $196.9 million, down significantly from the $427.3 million net loss it posted a year earlier. Its active number of riders rose to 17.8 million from 13.5 million in Q1 2021.

All eyes are on Apple today, after a tumultuous series of earnings reports dropped this week. Google parent company Alphabet missed revenue expectations, while Meta (formerly Facebook) recorded a higher profit than expected this quarter. Apple just released its results and the company has performed respectably in its second quarter of the fiscal year 2022. This was its best March quarter yet, with revenues of $97.3 billion — a 9 percent jump from the same period last year. That said, it's still a drop from its results last quarter, where it broke all-time records with revenues of $123.9 billion. 

Apple also hit a new all-time high on its revenue from Services, which includes things like subscriptions to TV+, Music and Fitness+. With its strong showing on the awards circuit recently, it's hardly a surprise that TV+ is drawing in subscribers. Apple doesn't break down how much it makes specifically from each individual service, so it's hard to say just how much impact shows like Coda or Ted Lasso have had.

The rest of the company's products continued to do well too, with revenues from Mac, iPhone and "Wearables, Home and Accessories" all having increased year over year. The one segment that faltered was iPad, raking in about $7.6 billion compared to around $7.8 billion the same time last year. That's pretty typical for iPads, though. 

The wearables category was the most eye-catching, with Apple making $19.8 billion this quarter from sales of things like AirPods and watches, compared to $16.9 billion this time last year. That's more than it made from Macs, which came in at $10.4 billion this quarter (up from $9.1 billion last year). If you're keeping track, that means the Services category made Apple almost twice as much money as Macs, which is the next closest category (aside from iPhones, which came in at about $50.5 billion).

The company is hosting an earnings call at 5pm Eastern today, and may shed some light on what exactly helped its services segment perform so well. We'll be tuning in and will update this story with any relevant updates, so do check back later today. 

This story is developing, please refresh for updates.