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This week, we learned the following headline stories:
Apple shares fell 7 percent upon the news that that the tech giant had their worst quarter in 13 years due to declining iPhone sales, which dropped 16% from this time last year. The fickle Chinese market is partially to blame, along with decreased consumer desire to upgrade upon each release due to lack of new features. If you own Apple stock, don’t panic and sell just yet. If you’re a business contemplating going public, remember that with increased performance comes increased expectations.
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Japanese car maker Mitsubishi revealed that they were using unethical means to pass fuel economy tests in Japan for the past 25 years on more than 600 thousand vehicles. Not unlike Volkswagen’s massive misstep with Dieselgate, the auto manufacturer has suffered intense backlash, losing half of its market value. The issue goes beyond Japan as the EPA has ordered them to re-test vehicles in the U.S. The growing list of dishonest automakers is a continued lesson that you can run, but you can’t hide from the consequences of doing shady business.
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The CEO of Greek Yogurt brand Chobani announced that he would give 2,000 full-time employees shares of up to 10% of the company when it sells or goes public. The generosity of Hamdi Ulukaya, a Turkish immigrant, could make many of them millionaires if and when this happens. Ulukaya acknowledged his employees’ contributions as part of the brand’s success. You are only as good as the people you hire ,and keeping them happy should be a continual focus.
Google, Ford, Uber, Volvo and Lyft announced on Tuesday that they are formed a coalition to help bring self-driving cars to market more quickly. The group, dubbed “Self-Driving Coalition for Safer Streets,” said in a statement that they will "work together to advocate for policy solutions that will support the deployment of fully autonomous vehicles." Each of the five companies are working on self-driving models. These futuristic vehicles could have big impact on our roads, businesses and lives once they hit the streets, bringing the Jetsons a little closer to reality.
That’s all for this week in Business, tune in next week for the biggest headlines impacting your business and career.