THE NEWS WRAP: Apple delivers stronger than expected results
Tech giant Apple has revealed it sold 33.8 million iPhones last quarter, overall revenue at $US37.5 billion, beating analysts’ forecasts of $US36.8 billion.
The company also revealed it sold 14.1 million iPads for the quarter – up slightly from 14 million for the same quarter last year – and 4.6 million Macs, down from 4.9 million a year earlier.
The company also expects a strong Christmas, with projected revenues of $US55 billion to $58 billion for the December quarter.
Treasury Wine Estates set to face class action over US results
Litigation funder IMF has announced it will fund a class action lawsuit on behalf of shareholders of Australian wine giant Treasury Wine Estates over the poor performance of its US wineries between August last year and July this year.
“Shareholders who purchased shares in Treasury Wines during the Period may be eligible to participate in the claim, which IMF will fund subject to the specific factors set out in the funding documentation, including a level of participation acceptable to IMF,” IMF says in a statement.
For its part, TWE issued a statement denying IMF’s allegations, which include misleading and deceptive conduct, and alleged breaches of continuous disclosure obligations.
“TWE strongly denies any allegations of wrong doing and will defend any class action proceedings vigorously,” it states.
Bendigo Bank to take aim at big four in financial services inquiry
Bendigo and Adelaide Bank managing director Mike Hirst has announced the regional lender will urge the federal government to create a “level playing field” for smaller players in its submission to the forthcoming financial services inquiry.
“I think people often misconstrue the nature of the concentrated nature of Australia's financial sector as being anti-competitive,” Hirst says.
“I can assure you the market is very competitive. What we don't have, however, is an even playing field that promotes customer choice. Size is a powerful ally in any endeavour. In banking in Australia it provides larger players with funding and regulatory advantages that ultimately restrict consumer choice. That needs to be put under a microscope.”
The Dow Jones Industrial Average is down 0.01% to 15568.93. The Aussie dollar is at US95.73 cents.