by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Intel this afternoon posted Q1 revenue of $7.1 billion, a bit ahead of both the Street consensus of $6.98 billion and the company’s unofficial guidance of $7 billion. Profits of 11 cents a share were well ahead of the Street consensus of 3 cents.
“We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns,” Intel CEO Paul Otellini said in a statement.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
THQ shares are posting a fat gain today after the videogame company announced that it has completed a previously announced cost-reduction plan designed to chop its annual spending by $220 million.
THQ CEO Brian Farrell said in a statement that the company’s goal is to return to profitability and generate positive cash flow in the March 2010 fiscal year, and to position the company for long-term sustainable growth.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Texas Instruments this afternoon said it will cut its staff by 12 percent, including 1,800 layoffs and 1,600 voluntary retirements and departures. The company will take about $300 million in related charges. TI said total saving from the latest cuts and the restructuring of its wireless business late last year will total about $700 million after all reductions are completed in Q3.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
More trouble lurks ahead for Yahoo (YHOO), Collins Stewart analyst Sandeep Agrawal warned this morning.
“We believe that the fundamentals at YHOO are deteriorating,” he writes in a research note. “On the one hand, economic headwinds and turmoil in the financial markets are causing weaker display ad revenues.”
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