TikTok faces US ban, Apple ‘reduces Vision Pro shipments’

The US Senate has approved a controversial landmark bill that could see TikTok banned in America. It gives TikTok’s Chinese owner, ByteDance, nine months to sell its stake or the app will be blocked in the United States. The bill will now be handed over to US President Joe Biden, who has said he will sign it into law as soon as it reaches his desk. TikTok has told the BBC that it did not have an immediate response to the move. Previously Bytedance said it would oppose any attempt to force it to sell TikTok. BBC 

Spotify turned the largest quarterly profit in its 18-year history as chief executive Daniel Ek makes good on his promise of a “new phase” for the streaming group after decades of freer spending.  Spotify reported net income of €197mn on €3.6bn in revenue in the three months to the end of March. In the same period a year ago, it lost €225mn on €3bn in revenue. But its austerity, such as pulling back on marketing spending, had an impact on user growth in the quarter. Monthly active users reached 615mn, lower than the 618mn Spotify had forecast, which it blamed on “moderated marketing activity”. FT.com

Jean-Michel Jarre is no stranger to pioneering technology – so it was fitting he has become the first passenger to take off in KleinVision’s flying car. Known for his laser show concerts – watched by millions – he was a frontrunner in the electronic, ambient and new-age genres of music. And as a long-time supporter of future tech – he jumped at the chance to complete two flights in the record-breaking vehicle at Piestany international airport in Slovakia. Sky News 

Tesla shares surged nearly 10% in after-hours trading on Tuesday after posting earnings results, despite a revenue miss for the first quarter of 2024, a steep decline in profits, and a recall of its most recently released car, the $100,000 Cybertruck. The electric vehicle manufacturer posted $21.3bn in revenue, lower than the $21.48bn that was estimated and a 9% drop year over year – marking its biggest decline since 2012. Profit was $1.1bn, a 55% decline from the first quarter of 2023, the company said. The Guardian

Apple is reportedly cutting its Vision Pro headset shipment forecast for the rest of the year due to cooling demand. Apple analyst Ming-Chi Kuo writes that Apple cut orders for the Vision Pro even before it launched outside of the US. His sources claim that Apple now expects to sell only around 400,000 to 450,000 units in 2024, compared to what Kuo says was a “market consensus” of 700,000 to 800,000. Demand for the $3,500 Vision Pro dropped much lower than the company was expecting. The Verge

European Union officials have raided the offices of a Chinese company as part of a probe into subsidies, exposing rising tensions between the bloc and one of its biggest trading partners. The European Commission said Tuesday that it carried out “unannounced inspections” at the premises of a company making and selling security equipment in Europe, which it suspects may have benefited unduly from state subsidies. It did not name the company. CNN

Chris Price