Business

THE NEWS WRAP: Apple surprised by sapphire screen maker’s bankruptcy

Kye White /

Apple has admitted it found sapphire screen manufacturer GT Advanced Technologies (GT) decision to file for bankruptcy “surprising”.

 

Earlier this week GT abruptly filed for bankruptcy, stunning investors, creditors and Apple, who had backed the materials maker for its bet on sapphire screen technology, The Wall Street Journal reports.

 

As recently as August GT executives said they expected to end the year with $US400 million ($AU 453 million) in the bank.

 

Apple called the bankruptcy “a surprising decision”. A source told The Wall Street Journal that Apple had been working with GT to keep it solvent.

 

Symantec exploring split

 

Symantec is the latest technology company to explore a breakup.

 

Sources told Bloomberg the company is in advanced talks to split up its business into two entities, one that sells security programs, and another that does data storage.

 

The company has been struggling to strengthen its growth. Revenue declined in the latest fiscal year and is projected to be unchanged this year as it grapples with a PC sales slump that has damaged sales of its antivirus software.

 

Truecaller secures $60 million in funding

 

Swedish startup Truecaller has announced it has raised $US60 million ($AU68 million)in a Series C round led by Atomico, Kleiner Perkins Caulfield & Byers, and Sequoia Capital, TechCrunch reports.

 

The company helps users identify all the phone numbers calling their smartphone, whether that number is listed in the phone’s contacts or not.

 

Overnight

 

The Dow Jones Industrial Average is up 274.83 to 16,994.22. The Australian Dollar is currently trading at US88 cents.

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Kye White

Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.

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