Someone at Sony is probably listening to the Carter Family belt out "Keep On the Sunny Side" after having to report to investors (PDF) a $315 million net loss during the company's first fiscal quarter ended June 30, 2012, but as it turns out, maintaining a positive outlook is no easy task. In fact, Sony's financial outlook for the full fiscal year is the exact opposite. In pretty much every sector of business, Sony expects business to be lower than previously forecast, and in terms of portable hardware (think PS Vita), Sony expects "significantly lower" sales than what was being forecast in May.
Confidence in Mark Zuckerberg's ability to navigate his social networking ship through rough financial waters is beginning to waver. Investors reacted negatively to Facebook's second quarter financial report, sending shares of the social network down almost 15 percent in after market trading, after it had already dipped 8 percent during regular trading hours on Thursday.
Shares of Zynga plummeted 40 percent to $3.03 in after market trading after the social game developer reported a net loss for its second quarter ended June 30, 2012. Zynga tried to put a positive spin on the fact that its Q2 revenue of $332 million represents a 19 percent year-over-year increase and that its six months year-to-date revenue of $653 million is a 25 percent year-over-year increase, but the numbers still added up to a $22.8 million net loss for the quarter, and a $108.1 million net loss for the six month period.
San Jose's networking kingpin Cisco is planning to hand out about 1,300 pink slips, which equates to 2 percent of its workforce, as it attempts to cope with a sluggish global economy and flat sales. The latest round of layoffs come just one year after Cisco announced 6,500 job cuts, but reducing jobs is not a cure-all to Cisco's problems, nor is a weak economy the only thing the company has to worry about.
Apple late Tuesday announced financial results for its fiscal 2012 third quarter ended June 30, 2012, and the numbers are nothing short of obscene. All those iDevices, app sales, and other products and services combined to rake in an $8.8 billion profit on quarterly revenue of $35 billion, compared to $7.3 billion profit on $28.6 billion in revenue during the same quarter one year ago. Nonetheless, analysts collectively shrugged their shoulders and said, 'Meh, it could have been better.'
Bob Feldstein, a name you're probably not familiar with, worked behind the scenes at Advanced Micro Devices (AMD) getting the company's chips into game consoles, including securing deals to use AMD hardware in all three next-generation console devices from Nintendo, Sony, and Microsoft. He was a pretty important figure at AMD, joining the Sunnyvale company when it acquired ATI six years ago, and now he's taking his talents to Nvidia.
Advanced Micro Devices (AMD) didn't give investors much reason to celebrate yesterday when announcing its second quarter financial results. The Sunnyvale chip designer reported revenue of $1.41 billion in Q2, which is representative of an 11 percent drop sequentially and a 10 percent decline year-over year. AMD pointed to a weak market as the reason why the numbers dropped the way they did.
Here's an interesting tidbit for those Maximum PC readers who were wondering why the two biggest players in mechanical hard drives have yet to seriously jump into the SSD waters: OCZ's shares are currently spiking after insider rumors claimed that Seagate and Micron are considering buying out the company.
Auction site eBay is rolling in riches as its online business continues to boom. Revenue for the second quarter ended June 30, 2012 spiked 23 percent year-over-year to $3.4 billion, eBay said. Second quarter income on a non-GAAP basis reached $730 million, up 16 percent compared to one year ago, while GAAP income hit $692 million. PayPal is a big reason why eBay is doing so well these days.
By all means, Intel was on top of its game in the second quarter of 2012. The Santa Clara chip maker reported quarterly revenue of $13.5 billion, operating income of $3.8 billion, and net income of $2.8 billion. Talk all you want about the PC sales slump, Intel still performed well, with its PC Client Group pulling in $8.7 billion in revenue, up 3 percent sequentially, along with its Data Center Group adding another $2.8 billion (up 14 percent sequentially). If the numbers are so strong, why is Wall Street on edge?