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Feb 28, 2024 • 4 min read

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Apple Car Gets Shelved:

Apple has officially halted its electric vehicle project, effectively ending a decade-long initiative to break into the electric car market, according to a Bloomberg report. This decision puts a stop to what was one of Apple's most forward-looking endeavors. The internal announcement was made to the project's extensive team, which included over 2,000 staff members, by Apple's COO Jeff Williams and Kevin Lynch, the project's Vice President, signifying a major strategic shift within the company.
Renowned for its innovation and dominance in consumer electronics with highly successful products like iPhones and iPads, Apple's move away from the electric car project marks a significant redirection of its aspirations and resources. Despite the initial postponement of the project to 2028, the company has now decided to scrap the idea altogether. Following this pivot, the staff who were dedicated to developing the electric vehicle are being reassigned to other areas within Apple.
A substantial number of these employees will join the company's Artificial Intelligence division, under the leadership of John Giannandrea, Apple's head of AI. This strategic reorientation reflects Apple's commitment to leading in areas of technology where it sees the most potential for growth and impact, shifting away from the highly competitive automotive sector, where it would have contended with established players like Tesla.

Zoom Earnings:

Zoom, a leading video chat software company, reported fiscal fourth-quarter results that exceeded analysts' expectations. Adjusted earnings per share were $1.22, higher than the forecasted $1.15, with revenue reaching $1.15 billion against an expected $1.13 billion. This performance represents a modest revenue growth from the previous year's $1.12 billion.
The company achieved a significant turnaround, reporting a net income of $298.8 million, contrasting with a net loss in the same quarter last year. Despite challenges in maintaining high growth rates post-pandemic, Zoom continues to expand its enterprise customer base, showcasing the company's enduring appeal and adaptability in the evolving online work landscape.

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