Technology News

Tesla’s Musk nears $750 million options payday ahead of results

OAKLAND, Calif. (Reuters) – Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers.

FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke

Shares of Tesla surged 10% on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic.

Monday’s rally put Tesla’s market capitalization at $145 billion. Importantly for Musk, its stock market value reached a six-month average of $96 billion. Hitting a six-month average of $100 billion would trigger the vesting

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Angry Birds maker Rovio lifts profits with lower costs

FILE PHOTO: Angry Birds game characters are seen at the Rovio headquarters in Espoo, Finland March 13, 2019. Picture taken March 13, 2019. REUTERS/Anne Kauranen

HELSINKI (Reuters) – Rovio Entertainment (ROVIO.HE), maker of the 10-year-old “Angry Birds” mobile game series, on Tuesday reported an almost 75% rise in first-quarter profit, helped by lower costs.

The Finnish company, which listed its shares in 2018, said its adjusted operating profit rose to 13 million euros ($14.1 million) from 7.5 million while revenue fell 6% to 66.6 million euros.

“The high operating profit of the quarter was driven by the low level of user acquisition and the stability of our key games, especially Angry Birds 2,” Chief Executive Kati Levoranta said in a statement.

Levoranta said it was too early to quantify and distinguish the impact of the corona pandemic for its business.

“In our games, we have seen an increase

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Nokia wins network equipment order from India’s Bharti Airtel

FILE PHOTO: The Nokia logo is seen at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez

(Reuters) – Nokia Oyj said on Tuesday it has won a multi-year deal with India’s third-largest telecom firm Bharti Airtel Ltd[BRTI.NS] to provide equipment and services.

“This is an important agreement for the future of connectivity in one of the world’s largest telecoms markets and solidifies our position in India,” Nokia Chief Executive Officer Rajeev Suri said in a statement.

Nokia said the Indian firm’s rollout, which will also lay the foundation for providing 5G connectivity in the future, will see some 300,000 radio network units deployed across nine circles in India, but did not give any financial details of the deal.

However, industry analysts said this kind of deal could be valued at around $1 billion.

Nokia said the deal includes Nokia’s Single Radio Access Network solution, AirScale Radio

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U.S. wireless firms extend concessions for coronavirus-hit till June 30

WASHINGTON (Reuters) – Major U.S. wireless firms said on Monday they will extend a commitment through June 30 not to cancel service or charge late fees to customers who have been impacted by the coronavirus pandemic.

FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez

In March, the Federal Communications Commission (FCC) said major wireless and internet providers – including Verizon Communications (VZ.N), Comcast (CCZ.N), AT&T Inc (T.N), T-Mobile US Inc (TMUS.O) and Alphabet Inc’s (GOOGL.O) Google Fiber – had agreed not to terminate service for subscribers for 60 days. In total, more than 700 companies have now agreed to the voluntary measures.

Verizon, AT&T, Comcast and T-Mobile all said on Monday they will extend the voluntary commitments that were set to expire in mid-May.

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