Tech business week: Start-up map and financial results revealed

27 Jul 20159 Shares

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This week in tech, start-up map of Ireland published and Apple, Microsoft and others reveal financial results.

Start-up map of Ireland goes online

A very useful, living and breathing online map has been produced by Start-up Ireland that takes into account the entire start-up ecosystem in Ireland, including start-ups, accelerators co-working spaces and more.

Produced ahead of the Start-up Gathering this October, the map will always be a work in progress. Anyone who wants their start-up added to the list should email michaelguerin@startupireland.ie.

For anyone trying to get a grasp of the start-ups of today, access incubators, investors, co-working spaces, accelerators and lots more, it is a fine, detailed piece of work.

Apple reports US$49.6bn quarter, says little about Apple Watch

Apple has been circumspect about the performance of its Apple Watch wearable except to say it got off to a ‘great’ start. The company reported a US$10.7bn profit on third quarter sales of US$49.6bn.

Apple reported third-quarter growth was fuelled by record numbers of iPhone and Mac products and strong revenue from services.

“We had an amazing quarter, with iPhone revenue up 59pc over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” said Tim Cook, Apple’s CEO.

Microsoft posts US$2bn loss on US$22.1bn in Q4 revenues

Software giant Microsoft has incurred losses of US$2.05bn on fourth quarter revenues of US$22bn, which the company attributed to the costs associated with the US$7.5bn writedown for its acquisition of Nokia Devices as well as restructuring charges of US$780m.

Microsoft also blamed its poor fourth quarter results on the strengthening of the US dollar.

There was also a further charge of US$160m associated with the company’s restructuring.

ChangeX raises €400k seed round

ChangeX, a not-for-profit start-up, has raised €400,000 from a coterie of investors including Storyful founder Mark Little, Ben & Jerry’s co-founder Jerry Greenfield, prominent Irish financier Dermot Desmond and some high-profile Silicon Valley investors.

The investors also include: John O’Farrell, general partner of Andreessen Horowitz; Albert Wenger, managing partner at Union Square Ventures; Realex founder Colm Lyon; Brian Caulfield from DFJ Espri and Bil McKiernan from WMC Capital.

“I’m a long-time supporter of and believe in the power of grassroots movements and ChangeX has the potential to really accelerate their growth and impact and that’s important for the world,” Greenfield said. “I’ve known Paul for a few years now, I like his work and I’m just delighted to support him and the team in getting ChangeX to fly.”

ChangeX, which was our Boole Start-up of the Week in recent weeks, connects people with the best ideas and like-minded people so they can work on causes that they are passionate about.

Qualcomm to slash 15pc of workforce

Smartphone chipmaker Qualcomm — maker of the Snapdragon processor — is to slash 15pc of its workforce amidst a global slowdown in chip demand and pressure from an activist investor.

Qualcomm, a US$105bn technology powerhouse, employs 31,000 people worldwide and believes it could cut US$1.1bn a year in annual costs by cutting 4,500 workers by 2016.

Qualcomm, which operates a global R&D operation in Cork and is an investor in Dublin tech firm Cubic Telecom, has been under pressure since activist hedge fund Jana Partners acquired a US$2bn stake in the company.

9 out of 10 Irish adults bought online in the last year

The digital economy is alive and kicking in Ireland with nine out of 10 adults making purchases online in the last year. But Irish firms are missing out because 91pc of them don’t have e-commerce capabilities.

New research from Deloitte shows Irish consumers are no longer using the internet to simply source information. Engaging with businesses and other consumers, as well as sharing experiences, is becoming an increasingly important part of the purchasing decision and the majority of consumers under the age of 35 put most of their trust in anonymous online consumer reviews.

Clothing and footwear (49pc), hotel and accommodation (46pc), transport services (44pc) and books, music and games (42pc) are amongst the most popular items purchased online.

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Irish countryside image via Shutterstock

Brigid O Gorman is the sub-editor of Siliconrepublic.com

editorial@siliconrepublic.com