Hi there. Welcome to the end of another fantastic week. This week had a few interesting stories in the world of technology, both locally and internationally.
Below we have curated some of the major stories around the globe you might have missed.
Apple lost $6 billion due to chip shortage
In its recent profitability report for the fourth fiscal quarter of 2021, Apple announced robust profitability with all-time highs in its services and Mac divisions.
According to the company’s report, it recorded revenue of $83.4 billion, up 29 percent year over year, and earnings per share of $1.24. This falls short of Wall Street’s earnings forecast of $84.85 billion.
Apple’s CEO, Tim Cook, announced that supply chain restrictions had a significant influence on the financial results of the quarter, leading to about a $6 billion loss.
“We had a very strong performance despite larger-than-expected supply constraints, which we estimate to be around $6 billion,” Cook said, citing “industry-wide chip shortages that have been talked about a lot and COVID-related manufacturing disruptions in Southeast Asia”.
The company believes that the supply chain issues might cost the company much more in its December quarter.
Apple released its iPhone 13 and 13 Pro, a new iPad mini, the ninth-generation iPad, Apple Watch Series 7, third-generation AirPods, and, most recently, the widely anticipated MacBook Pro powered by Apple silicon.
However, getting your hands on these products is still more difficult than it has been in the past.
Stripe enters the carbon removal market
Global payment company, Stripe Inc. has announced that it’s now making a run to remove carbon dioxide from the atmosphere by signing up for carbon-removal technologies.
According to the company, it has made plans to form a partnership with a London investment firm, Deep Sciences Ventures, which builds technology companies from the ground up.
Deep Sciences Ventures will enlist the help of scientists to devise new methods for removing carbon dioxide from the environment.
If they come up with viable concepts, Stripe will be their first customer. It will pay DSV startups $500,000 each upfront to capture and store carbon, then a further $1 million if they meet performance milestones.
“There are just too few companies that are even attempting to build permanent carbon removal at the scale needed, and we need more shots on goal,” said Nan Ransohoff, Stripe’s head of climate.
Stripe is not the only company potentially trying to limit the damage of global warming. Similar technological companies like Microsoft Corp., Shopify Inc., and reinsurance giant Swiss Re, are also paying tech startups to remove carbon from the atmosphere.
Mastercard now allows banks on its payments network to provide cryptocurrency services
Mastercard announced a deal with cryptocurrency firm Bakkt which will make cryptocurrency options available to banks and merchants across its payment platforms, according to a report from CNBC.
The company had first announced earlier this year that it would begin allowing its cardholders to conduct some transactions on its network using specific cryptocurrencies.
It went further in July to announce that it was working with crypto and digital asset startups as part of its effort to increase consumer adoption of cryptocurrencies.
According to the payment giant, banks on its global payment network will be able to provide cryptocurrency incentives for users using their credit and debit cards. It also says customers will be able to use their crypto holdings to pay for products and store digital assets on Bakkt’s platform.
“Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital asset options, but also deliver differentiated and relevant consumer experiences.”
Sherri Haymond, executive vice president of digital partnerships at Mastercard.
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