Briefs: Apple disappoints; Boston Beer falls flat; Chipotle prepares to spice things up
Apple posted its first quarterly sales decline in 13 years, as demand for its iPhone waned and its new watch failed to fill the void. The tech giant sold 51.2 million phones in the three months ended March 26, down from 61.2 million in the year-earlier period; profit slipped from $13.6 billion to $10.5 billion. Goldman Sachs, long practiced at selling IPOs to CEOs and the rich, began offering savings accounts to the masses. After buying $16 billion in retail deposits from GE Capital, the investment bank offered 1.05 percent interest on new online accounts with its GS Bank USA. Such liquid assets will help Goldman meet capital requirements. ● ● The craft beer revolution finally hit Boston Beer. The company said its shipments for 2015 may decline up to 4 percent, as its Sam Adams brand battles almost 5,000 small U.S. breweries. Its answer: a crop of specialty quaffs like Nitro Coffee Stout and Grapefruit IPA. Facebook and Twitter continued down different paths. The social network beat forecasts to report $5.38 billion for the recent quarter, thanks to stronger-than-expected demand for mobile and video ads on the site. Twitter posted slowing sales growth for the recent quarter and forecast revenue for the current period far below expectations. While Twitter added 5 million users in the first three months of the year, it struggled to attract advertising from big brands, its main source of revenue. ●● In a bid to woo back customers and investors, Chipotle Mexican Grill will add chorizo sausage as a burrito filling. Tofu, added in 2014, has been virtually the only change to Chipotle’s menu in more than two decades.
CEO Wisdom “We consider the car a smart mobile device on four wheels, essentially no different to a cell phone or tablet.”