Monday Apple Rumors: Apple Snaps Up Mobile App-Maker SnappyLabs

The startup had only one employee, its founder

   

Monday Apple Rumors: Apple Snaps Up Mobile App-Maker SnappyLabs

daily apple rumors  300x180 Monday Apple Rumors: Apple Snaps Up Mobile App Maker SnappyLabsHere are your Apple rumors and AAPL news items for today:

Pictured: On Sunday, Apple (AAPL) confirmed that it had made another mobile app acquisition, TechCrunch notes. The iPhone-maker says it has purchased SnappyLabs, which developed SnappyCam, an app that increases the functionality to smartphone cameras. SnappyLabs has just one employee — its founder, John Papandriopoulo. SnappyLabs’ website have now shut down and the SnappyCam app has been removed from the App Store. In a statement confirming the acquisition, Apple noted that it does not reveal its reasons for acquiring “smaller technology companies.” SnappyCam has been priced at $1 on the App Store. The app had topped App Store sales rankings in nine countries. In prior media interviews, SnappyLabs’ founder said that the company was financed by the app’s success rather than by funding from venture capital firms. Apple did not disclose the terms of the acquisition.

iPhone 5S 200x200 Monday Apple Rumors: Apple Snaps Up Mobile App Maker SnappyLabs
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Criticism: After some stakeholders noted a lack of diversity among Apple’s senior management and board, the company has added language to its charter to promote broader demographic representation among its executives, Bloomberg notes, Trillium Asset Management and the Sustainability Group had expressed disappointment that Apple’s board included on one woman. They also noted a lack of female members among Apple’s senior management team. The shareholders met with Apple officials and warned that they planned to raise the matter at the company’s shareholder meeting in February. However, after Apple altered the language in its charter, the stakeholders have scuttled plans to push the issue for now. Apple is the latest technology company to be criticized for a lack of diversity among its senior management. Other tech giants, including Twitter (TWTR) and Facebook (FB) have faced similar complaints in recent months.

Thumbs Down: On Monday, Apple stock was downgraded by one analyst for reasons that had nothing to do with iPhone or iPad sales, StreetInsider notes. Standpoint Research founder and Director of Research Ronnie Moas cut his rating for AAPL stock from “Hold” to “Sell.” According to Moas, the downgrade was motivated by the way Apple compensates workers at its supply chain partners. “For Apple Computers to pay their workers $2 an hour while they have $150 billion in the bank is nothing short of obscene…” Moas wrote. He noted that workers in factories building Apple devices face “back-breaking and eye-burning work in depressed states of mind and in many instances have already committed suicide.” Some Apple manufacturing partners including Pegatron and Foxconn have faced intense criticism from labor activists over the conditions at their factories and the length of worker shifts. “Instead of treating their employees like human beings, they are treated like animals,” Moas notes.

For more about the company, check out our previous Apple Rumors stories.


Article printed from InvestorPlace Media, http://investorplace.com/2014/01/monday-apple-rumors-apple-snaps-mobile-app-maker-snappylabs/.

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