Ericsson is also looking towards artificial intelligence (AI) and automation to push its business, as the company reported 54 billion Swedish kronor (SEK) (almost $6 billion) in net sales for the third quarter, up from 49 billion SEK in the same quarter last year. Cost of sales for the quarter was 34 billion SEK, down from 36 billion SEK this time last year, while research and development (R&D) expenses were down from 10.5 billion SEK to 9.4 billion SEK. Opex was 16 billion SEK, down from 17 billion SEK. Total net income for the quarter was 2.6 billion SEK, an improvement on the 3.5 billion SEK loss this time last year, with net sales in its Networks division up by 13 percent year on year to 35.9 billion SEK. Across Networks, products were up by 17 percent to 25 billion SEK and services rose by 5 percent to 10.6 billion SEK.
IBM's third quarter revenue missed expectations as its cognitive solutions and technology services and cloud platforms units saw declines from a year ago. Big Blue reported earnings of $2.94 a share on revenue of $18.8 billion, down 2 percent from a year ago. Non-GAAP earnings were $3.42 a share. Wall Street was expecting IBM to report third quarter earnings of $3.40 a share on revenue of $19.1 billion. IBM has been heavily focused on growing artificial intelligence as a business.
South Korean chat giant Kakao has begun beta testing a personalised service for its artificial intelligence (AI) speaker, the company has announced. The service, called Voice Profile, will allow Kakao Mini, the firm's AI speaker, to recognise the speaker and fine tune its services to his or her taste. Users can download the Hey Kakao app, which controls the speaker, and register their profile and voices. The speaker's voice will be registered by answering a line of questions. Kakao Mini will be able to name the person talking through voice recognition when asked.
Volvo has teamed up with Nvidia to use the latter's Drive AGX Xavier platform in its next generation of cars set to hit the road early next decade. An earlier partnership between the pair said artificial intelligence (AI)-enabled vehicles would be on the market in 2021. Although Xavier was touted as being built to handle level 5, or fully autonomous, driving when launched at the start of the year, the companies said that the initial release will be "Level 2 ". Further, Xavier would be used for "new connectivity services, energy management technology, in-car personalisation options", the companies said. "Autopilot done right will bring a jump in safety and driving comfort. Your car will drive you and constantly watch out for you. Making this possible will require sensor architecture, AI software, computing, and safety technology like nothing the world has ever made," Nvidia CEO Jensen Huang said during his GTC Europe keynote.
Amazon Web Services and C3 IoT are building on their existing partnership with a wide-ranging go-to-market strategy. The companies said on Wednesday that they plan to increase investments in existing customer deployments, joint sales, technology integrations, a global event series, and training on joint solutions for sales and delivery personnel. The aim is to drive AI adoption among commercial and public sector organizations, the companies said. To date the C3 platform on AWS has been deployed at more than 30 organizations, including John Deere, Engel, Engie, ConEd, 3M and US Air Force. Related: C3 IoT raises $100 million, eyes global expansion 3M taps C3 IoT as Internet of Things, AI platform C3 IoT's Tom Siebel: CEO, boards driving IoT, digital transformation deals Founded by Thomas Siebel, C3 has been expanding rapidly, targeting multiple industries with an IoT analytics platform and close cloud ties to Amazon.
Shares of newly public search technology firm Elastic N.V. are soaring in Friday trading, opening up nearly double from their IPO price and holding onto gains an hour after the open. Elastic, based in Mountain View, Calif., (though it is officially incorporated in The Netherlands), saw its offering of 7 million shares many times over-subscribed. The price last night, $36, was above an expected offering range of $33 to $35. That range was itself up from an initial expected range of $26 to $29. The offering will raise $252 million for the company, based on its selling 7 million shares.
ZipRecruiter raised $156 million in Series B venture funding with plans to expand its machine learning and artificial intelligence infrastructure and grow internationally. The online recruiting marketplace, which has raised $219 million in total venture funding, hatched in 2010 as a service that enables companies to post job listing in multiple places. Since then, ZipRecruiter has pivoted from a volume play to one focused on using machine learning, deep learning and artificial intelligence to bring quality candidates to companies. ZipRecruiter has received more than 430 million applications for jobs at more than 1.5 million businesses since 2010. The company has a large small business customer base, the its enterprise footprint is growing at a rapid clip.
With the advantage of two sets of eyes and ears, one of us got the news live while the other just saw it in a series of cryptic text messages upon landing at Newark Airport a couple hours later: Cloudera and Hortonworks are entering a merger of equals that sees Cloudera stockholders owning roughly 60% of the combined company. Larry Dignan delivered the news flash yesterday: It puts together a company with roughly a $5 billion valuation and $750 million in revenues, with players that have been slowly advancing toward cash flow positive balance sheets. Until now, we thought that IBM would have been the more likely suitor for Hortonworks, given an OEM relationship that was finding increasing commercial traction. But as IBM of late has been busily pivoting the future of its business from Watson cognitive computing toward a boarder implementation of AI, not to mention the urgency of building the IBM Cloud business, there's been bigger fish to fry. The deal brings together two formerly fierce rivals.
It's now a Fall ritual for me: emerge from the haze of summer, walk the kids to school and jump on the 34th Street crosstown over to Jacob Javits Convention Center. Once I get there, I badge up and join all my Big Data buddies who've come to town for Strata Data Conference New York, to show off what they did on their summer vacations. The other part of the ritual is to collect all the press releases and briefing notes and put together a summary of the news, including a few announcements from vendors who weren't even at the show. This post constitutes the 2018 edition of that summary. Typically, after so many briefings (I had 15 this year), some common themes emerge.
Renesas has announced the acquisition of Integrated Device Technology (IDT) in a deal worth $6.7 billion. On Tuesday, the Tokyo, Japan-based semiconductor manufacturer said the deal will add a number of "complementary product lines" to the Renesas lineup, which will support the firm's growth strategy. The acquisition has been agreed for $49 per IDT share, representing a premium of roughly 29.5 percent over IDT common stock price as of August 30. The all-cash transaction is worth approximately $6.7 billion (733 billion yen). Equity finance will not be raised for the transaction' instead, cash reserves and bank loans will provide the funding required.