| 1 | Chinese tech giant Huawei reported its fastest growth in four years, with 2023 profits more than doubling despite U.S. sanctions. Since 2019, the U.S. has cut off Huawei's access to U.S.-made technologies and components, citing security risks. More: - Despite the sanctions and export controls, Huawei reported its third consecutive year of growth in 2023, fueled by its smartphone and autos businesses.
- The Shenzhen-based company recorded a profit of 87 billion yuan ($12B) last year, surpassing 2022's 35.6 billion yuan but falling short of its record 113.7 billion yuan profit in 2021.
- Highlighting its efforts to diversify, Huawei said revenue from its smart car business more than doubled last year.
- Its consumer business, including handsets, grew by 17.3% to reach 251.49 billion yuan.
- “We’ve been through a lot over the past few years but through one challenge after another, we’ve managed to grow,” Huawei chair Ken Hu said on Friday.
Zoom out: - In 2023, the telecom quietly launched its Mate 60 Pro smartphone in China, featuring advanced semiconductor chips for 5G-level download speeds.
- After the release, Huawei's smartphone shipments in China surged by 47% in Q4, placing it fourth in market share ahead of Xiaomi.
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| 2 | Russian President Vladimir Putin has ordered his government to explore the production of game consoles, potentially rivaling PlayStation and Xbox in Russia. A Kremlin spokesperson said the plan will help grow Russia's gaming industry. More: - Video game makers like Sony, Microsoft, and Nintendo halted sales to Russia after it invaded Ukraine, though local vendors have still found ways to import consoles.
- During a recent economic development meeting, Putin directed government officials to study the requirements to produce gaming consoles domestically.
- He ordered officials to plan specialized operating and cloud systems for the consoles, which would be both stationary and portable.
- The team, led by Russian Prime Minister Mikhail Mishustin, has until June 15 to study the proposal.
Zoom out: - In February, the Russian Organization for Developing the Video Game Industry (RVI) presented a five-year roadmap to the government for game development. The plan stated that a Russian-made console could launch in 2026-2027.
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| 3 | Shares of social media company Reddit peaked at over $70 this week before falling back down to close at $49.32 on Thursday. Yesterday's share price was below the first-day closing price last Thursday, when Reddit debuted on the New York Stock Exchange. 
What happened: Reddit made its Wall Street debut on March 21, allowing the public to begin buying shares in the social network. Priced at $34 in the IPO, the stock surged 48% on its first trading day, followed by an 8.8% climb on Tuesday, closing at a high of $65.11. However, the upward trend began reversing mid-week, with shares falling to $49.32 by Thursday's close. What it means: Expecting a drop in Reddit's value, many investors shorted the stock at its peak, with Ortex data showing that at least 7.1% of the company's available shares have been sold short — a high figure for a recently listed stock. Zoom out: The downturn occurred after additional share sales by company executives, combined with a report labeling the stock as "grossly overvalued." Earlier this week, Reddit revealed in a corporate filing that CEO Steve Hoffman sold 500,000 shares, while COO Jennifer Wong also sold 514,000 shares. The size of the sales has fueled speculation about the executives' confidence in the company, which is 20 years old but has never turned a profit. |
| 4 | Apple will bring the cross-platform messaging standard RCS, or Rich Communication Services, to iPhones starting this fall, according to a Google web page. RCS support in the Messages app would add features and improve conversations between iPhones and Android smartphones. More: - Google's since-deleted web page stated that Apple "will be adopting RCS in the fall of 2024."
- Once it rolls out, "it will mean a better messaging experience for everyone," the page said.
- The timeline suggests RCS support could launch on iPhones with iOS 18, which is due out in September alongside the iPhone 16.
- RCS will allow Android users to send high-resolution photos and videos to iPhone users through the default messaging app.
- Other improvements include better group chats, audio messages, typing indicators, read receipts, and Wi-Fi messaging.
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| | 5 | Meta will delete the Facebook News tab in the U.S. and Australia in early April. The company has reported an 80% drop in Facebook News usage in Australia and the U.S. over the past year. News makes up less than 3% of what users view in their feeds, Meta said. More: - The News tab, launched in 2019, displays news stories from national, international, and local sources.
- In a blog post, Meta said "People don't come to Facebook for news and political content."
- Once the tab is removed, users can still view news stories on their feeds, and publishers can continue to post article links on their pages.
Zoom out: - Meta removed the dedicated tab on Facebook in the U.K., France, and Germany last year.
- The company said it's prioritizing investments in products and services "people value the most."
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| 6 | Meta plans to bring new AI capabilities to its Ray-Ban smart glasses in April. The AI features can identify animals, objects, and landmarks and answer questions based on photos captured with the frames. More: - The update will also enable the glasses to support AI language translations in English, Spanish, Italian, French, and German.
- Wearers activate the glasses' smart assistant by saying "Hey, Meta," followed by a prompt or question.
- A computer-generated voice then responds through the built-in speakers.
- Meta provided The New York Times with early access to test the AI features in various settings such as grocery stores, cars, and zoos. While the AI excelled at identifying dog breeds, it faced challenges with zoo animals.
Zoom out: - Meta revealed the Ray-Ban Meta Smart Glasses, the successor to its two-year-old Stories smart glasses, in September. Starting at $299, the frames can shoot video and live stream to Facebook or Instagram.
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