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AWS Foothold in the EU
Later this month Telefonica Germany [O2D:DE] will move one million of its 5G customers on to a cloud provided by Amazon’s [AMZN] Amazon Web Services. This marks the first time that a mobile operator has switched its core network to a public cloud. “I want to see it working for at least one to two quarters and have a roadmap to move at least 30–40% of my customer base by 2025–26,” said Mallik Rao, Chief Technology and Information Officer at Telefonica Germany.
Good News in Renewables
LONGi Green Energy Technology [601012:SS] has set a new record for an important solar benchmark: its new cell has an efficiency level of 27.3% in laboratory settings, ahead of the previous top level of 27.1%, also set by LONGi last November. Elsewhere, the Siemens Energy [ENR:DE] share price jumped as much as 13% on the news that it had raised its forecast for the year, and that it is to replace the CEO of its wind turbine unit.
Reddit Reports Major Ad Boost
Having made its debut in March, Reddit [RDDT] on Tuesday released its first set of quarterly results. It posted revenue of $243m, above the $212.8m consensus of a LSEG poll of analysts. Ad revenue of $222.7m was up 39% year-over-year, a faster rate than its competitors. Meta [META], meanwhile, said on Tuesday it is to expand its suite of generative artificial intelligence (AI)-generated ads.
Seoul Filip to EV Battery Sector
The South Korean government is to pump ₩9.7trn into the local electric vehicle (EV) battery sector. This will go towards building out a supply chain to meet the requirements of the US Inflation Reduction Act. Firms including LG Energy Solution [373220:KS] and Samsung SDI [006400:KS] have been moving to source graphite from outside China. Elsewhere, electric truck maker Rivian [RIVN] shares fell 6% afterhours, after it reported a wider-than-expected Q1 loss.
Will Buyback Help EA Regain Lost Ground?
A broader gaming slowdown has impacted video game publisher Electronic Arts [EA] in Q1, with the company forecasting full-year bookings below Wall Street estimates in its earnings Tuesday. EA also announced a new three-year, $5bn stock buyback plan. “Issuing buybacks will help offset some of the negative sentiment on the short term, but game publishers should be working toward an upswing once the next console generation presents itself,” Joost Van Dreunen, a lecturer at NYU's Stern School of Business, told Reuters.
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