billion

 

Forsee Out as Sprint CEO

Gary Forsee, chairman and CEO of Sprint, resigned on Monday. The news came about a week after several media outlets cited anonymous sources who said the move was imminent. Forsee has come under fire from board members for Sprints ailing financials. Indeed, Sprint lowered its financial forecast for the current quarter, saying revenue would fall […]

Nokia to Acquire Navteq for $8.1 Billion

Nokia said Monday it is buying navigation software maker Navteq Corp. for $8.1 billion. Nokia will pay $78 for each Navteq share including outstanding options. The deal has been approved by both companies boards and is subject to customary closing and regulatory conditions. It is expected to close during the first quarter of 2008. Nokia […]

EarthLink Cuts Jobs

EarthLink Inc. said on Tuesday it will cut 900 jobs and close four offices because it needs to reduce operating costs. The companys stock was up 48 cents on the news, closing at $7.34. The loss of 900 employees represents about half of EarthLinks work force. EarthLink is closing its offices in Harrisburg, Penn., Knoxville, […]

Vodafone Wont Sell Stake in Verizon Wireless

Vodafone said Wednesday it wont sell its stake in Verizon Wireless. The British company owns a 45 percent stake in Verizon Wireless and had an option to sell up to $10 billion of it to Verizon Communications Inc. By declining to sell, Vodafone ends recent speculation about what it would do with its U.S. arm. […]

Sprint Profits Drop to 1 Cent Per Share

Sprint Nextel Corp. reported a drop in second-quarter profits on Wednesday due to its WiMAX initiative and takeover expenses. The wireless provider said it earned $19 million during the three months that ended June 30, or 1 cent per share, compared with $370 million, or 10 cents per share, during the same period a year […]

Cisco Profits Rise on Increased Sales

Cisco Systems Inc. saw a 25 percent rise in profit in its fourth quarter of 2007 as customers spent more money, the company reported on Tuesday. The equipment makers fourth-quarter net income climbed to $1.93 billion, or 31 cents a share, up from $1.54 billion, or 25 cents, a year earlier. Sales increased 18 percent […]

Nortel Posts $37 Million Loss

Nortel Networks posted a second-quarter loss on Thursday. The company reported a $37 million loss, or 7 cents a share, compared with a net income of $342 million, or 79 cents a share a year earlier. That number was inflated by a $510 million legal settlement. Nortel said the net loss in the second quarter […]

Nokia Device Business Posts Strong Q2, NSN Stumbles

Nokia and Nokia Siemens Networks said Thursday its second quarter net income more than doubled, on the strength of a 29 percent jump in handset shipments, beating its forecast. However, after this first reporting quarter for the newly combined network company, NSN does not expect to achieve the double-digit profitability it was hoping for. Taken […]

Alcatel-Lucent Posts Another Loss

Alcatel-Lucent, still struggling from last years merger, posted its second straight quarterly loss Tuesday. The equipment maker reported an adjusted net loss of $460.3 million in the second quarter, or 37 cents per share, compared with what would have been a profit of $413 million, or 17 cents per share, from a year ago. The news sent […]

Verizon Reports 4.5% Earnings Growth

Verizon Communications Inc. on Monday reported second-quarter earnings that came in 4.5 percent higher than a year ago. The nations second-largest phone company attributed the increase to growth in its wireless division. Verizon earned $1.68 billion, or 58 cents per share, up from $1.61 billion, or 55 cents per share, in the second quarter of […]

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