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Snap Shares Falls Down to An All Time Low

After dropping as much as 8.6 per cent to bottom out at an all-time low of $6.84 per share, the social media company's stock recovered to close at $7

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Snapchat made more interactive with 2 new features. Pixabay

 Photo-messaging app Snapchat’s parent company Snap shares fell to an all-time low after an analyst commented that the company may run out of cash by 2020.

Snap shares tumbled more than six per cent on Tuesday after a Wall Street analyst said the Snapchat parent was “in danger of running out of cash by 2020”, NYpost.com reported.

Last week, Snap CEO and Co-Founder Evan Spiegel told employees in a 15-page memo that the company is gunning for “full-year profitability” in 2019.

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Snapchat on a smartphone device. Pixabay 

Instead, Snap is poised to fall “woefully short” of that goal, losing a projected $1.5 billion next year, according to Michael Nathanson of research firm MoffettNathanson.

Snap is not only “running out of money” but also lacks “options to rectify its cash burn problem,” Nathanson was quoted as saying.

After dropping as much as 8.6 per cent to bottom out at an all-time low of $6.84 per share, the social media company’s stock recovered to close at $7 — 59 per cent below Snap’s IPO price of $17 per share in March 2017.

Also Read: Snapchat Expanding Its ‘Our Story’ Feature

Nathanson called Facebook the cause of Snap’s woes — the result of its having “unashamedly copied promising product features, such as Stories, and deployed them across its platform.” (IANS)

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Apple’s Recycling Robot Is Capable of Disassembling 200 iPhones Per Hour

In 2018, the company refurbished more than 7.8 million Apple devices and helped divert more than 48,000 metric tons of electronic waste from landfills. 

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Apple has received nearly one million devices through its programmes and each Daisy can disassemble 1.2 million devices per year. Pixabay

 Apple on Thursday announced to expand its global recycling programmes and introduced Daisy, its recycling robot that is capable of disassembling 200 iPhones per hour.

US customers can send their iPhones to be disassembled by Daisy which is 33 feet long, has five arms and can methodically deconstruct any of 15 iPhone models.

Daisy will disassemble and recycle select used iPhones returned to Best Buy stores throughout the US and KPN retailers in the Netherlands, the company said in a statement ahead of Earth Day that falls on April 22.

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For cobalt, which is a key battery material, Apple sends iPhone batteries recovered by Daisy upstream in its supply chain. Pixabay

Apple also announced the opening of its “Material Recovery Lab” dedicated to discovering future recycling processes in Austin, Texas.

The Lab will work with Apple engineering teams as well as academia to address and propose solutions to today’s industry recycling challenges.

“Advanced recycling must become an important part of the electronics supply chain, and Apple is pioneering a new path to help push our industry forward,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives.

Apple has received nearly one million devices through its programmes and each Daisy can disassemble 1.2 million devices per year.

In 2018, the company refurbished more than 7.8 million Apple devices and helped divert more than 48,000 metric tons of electronic waste from landfills.

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The Lab will work with Apple engineering teams as well as academia to address and propose solutions to today’s industry recycling challenges. Pixabay

Daisy can take apart iPhones to recover materials such as cobalt, aluminum and tin, which are then recycled back into the manufacturing process.

Once materials have been recovered by Daisy, they are recycled back into the manufacturing process.

Also Read: Parkinson Treatment Possible Through A Blood Pressure Drug

For cobalt, which is a key battery material, Apple sends iPhone batteries recovered by Daisy upstream in its supply chain.

They are then combined with scrap from select manufacturing sites and, for the first time, cobalt recovered through this process is now being used to make brand-new Apple batteries. (IANS)