Consumers’ pullback in discretionary spending is having an outsized impact on Best Buy: The retailer’s comparable sales fell 10.1% year-over-year in Q1.
Best Buy is in a tough spot: Given the challenging market for consumer electronics, the retailer is revamping its membership program to try to boost loyalty and drive sales.
GM cancels its best-selling EV, the Chevy Bolt, while Tesla slashes prices to accelerate sales. Intensifying competition could be the opportunity for consumers to switch to EVs.
Its chip division will post a steep Q1 loss due to high inventories and slowing demand for PCs and smartphones. Austerity measures could sideline its expansion plans.
The world's largest chipmaker forecast a 16% sales tumble in Q2 as the tech sector slows down. Its plans for new factory locations could be in peril.
Optimizing its user interface for touchscreens could help to make Microsoft’s Windows 11 a viable option for gaming on future handheld devices without investing in a mobile console to compete with Nintendo or Sony.
An outage Monday downed Apple Music, Radio, and iTunes Match for users in the US, Europe, and Asia. Are persistent outages due to infrastructure or possible cyberattacks?
Apple’s MacBook mostly dodged holiday weakness a few quarters ago, but shipments fell 40.5% compared to the first three months of 2022. This trend could continue throughout the year.
Cutting back international availability of 23 technologies used in semiconductors production makes future chipmaking efforts more difficult for China.
San Francisco sees a rise in other vehicles hitting AVs and drivers fleeing the scene with little fear of being caught. Technology alone cannot solve this issue.
Reebelo defies financial turmoil to raise $29 million in funding: The Singapore-based consumer electronics resale marketplace plans to use the funds to grow its US business and expand into new markets.
China’s semiconductor industry stockpiles: Chipmakers fill several large warehouses in anticipation of tighter economic restrictions. This might result in artificial global scarcity that could haunt the chip sector for years to come.
Slowing consumer demand rocks tech’s ivory tower: Apple, Alphabet, and Amazon turned in disappointing quarterly earnings. Expect further austerity measures, including layoffs, which could prove costly.
Samsung unpacks incremental upgrades: Galaxy smartphones aimed at filmmakers and low-light photographers, plus a slew of high-end notebook PCs, are not the products consumers are looking to buy today.
Constrained chip supply continues: The yearslong chip crisis isn’t getting any better, and some markets aren’t expecting relief until 2024. But dwindling consumer demand could lead to oversupply and stagnating innovation.
PC slump slams peripheral and accessory market: The ripple effects of reduced consumer spending are creeping beyond PCs. Webcams, which were backordered during the pandemic, saw a 50% decline in sales in Q4.
US consumers spent $497 billion on tech last year, according to the Consumer Technology Association. That’s a $15 billion drop from 2021. This year, spending will decline again, by $12 billion.
Apple’s next move: The company lost $1 trillion in a year, saw China’s COVID-19 shutdowns diminish Q4 iPhone sales, and is now wrestling with shrinking demand for multiple products as consumers brace for a recession.
Amazon laying off 18,000: That’s significantly more than previously disclosed and could indicate that widespread job cuts are around the corner for tech companies. Job uncertainty could lead to panic and stall innovation.
Interoperability standard Matter could be a boon for advertisers: We share a snapshot from our recent report on how the long-awaited protocol is creating a new blueprint for marketers to reach consumers.