Telecommunications equipment maker Tellabs Inc. announced today that it is cutting its workforce after reporting $999 million in losses for the third quarter.During a morning conference call, Rob Pullen, company president and CEO, said the company will cut 280 jobs between now and the...
I hate to admit it, but during these troubling economic times I have succumbed to the cool, refreshing Kool-Aid the wireless industry is serving. And I gotta tell you, it tastes good.Sure, nearly every company involved in the telecom space has seen its stock...
Texas Instruments Inc. reported weak revenue and profit in the third quarter on a slowdown in orders - as it forecasted last quarter, the company said - and said it would sell off part of its wireless business.TI's stock sank more than 5% in...
Korean vendor LG Electronics Co.'s market share slid as it was hit by a slowdown in Europe and India, but the mobile devices company remained strong in the United States, according to results released today.LG's strength in the U.S. sets the table for Apple...
How the current economic climate impacts the wireless industry remains to be seen, but the world's infrastructure leader posted a strong third quarter despite the economic downturn.L.M. Ericsson released its results from the latest quarter today and reported operating income of $763 million. The...
Sony Ericsson Mobile Communications posted solid unit shipments for the third quarter, but reported financial metrics that illustrated the company's struggles with its portfolio in the current market. Revenue for the seven-year-old, Japanese-Swedish joint venture reached $3.8 billion, down 10% from the year-ago quarter...
Nokia Corp. posted a 5% drop in revenue and a 21% drop in operating profit over the year-ago quarter, but its profit margin remained strong and the company stuck with its industry projection for 10% annual growth for the global handset market.Profit margins in...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Carrier--Barclays Capital lowered its price target on Centennial Communications to $8 from $14 and cut its estimates to 37 cents from 45 cents for the...
The third quarter has been busy: AT&T Mobility Inc. released the 3G iPhone; Sprint Nextel Corp. said that its iDEN network may be on the market and the economy fell apart. This last issue has pushed speculation that carriers may see impacted earnings...
Financial analysts typically gauge companies on their future prospects, not past performance. That is acutely so for the current moment in history, a couple weeks into the critical fourth quarter. The collapse of the financial sector, tightened credit markets and global repercussions that began...
Motorola Inc. shares continued dropping Thursday, hitting their lowest level since 1992 amid concerns that cellphone demand will be hurt by spreading weakness in the economy.Motorola's stock closed at $4.56 Thursday, down 66 cents or nearly 13%. Adjusting for splits and dividends, shares are...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Carrier--Credit Suisse First Boston lowered its estimates and price target on AT&T on mixed news coming from the company. The new price target is $34,...
As stock indices fell sharply today, the selling sent the shares of many leading wireless handset vendors down to well below their prior 52-week low. At the same time, wireless industry analysts projected a tough fourth quarter as consumer spending - particularly in the...
MetroPCS Communications Inc. posted limited third-quarter results, displaying strong growth and a year-over-year drop in customer churn. The carrier reported 249,265 net additions during the quarter, nearly double the 114,302 customers the carrier added during the same quarter last year. MetroPCS ended the third...
Shares of Glu Mobile Inc. continued to slide after the company lowered its third-quarter forecast. The San Mateo, Calif.-based mobile game publisher said it expects revenues "slightly below" its August forecast of $24 million to $24.7 million. The company also said it will likely...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Handset and infrastructure vendors--R.W. Baird upgraded Tellabs to outperform on deeply discounted valuation and the possibility for improved financial prospects next year. --Credit Suisse First...
Editor's Note: This is one of a series of stories examining the current economic downturn and how it affects the wireless industry. For more on this topic, visit RCRWireless.com/EconomicDownturn.WE'VE ALL READ THE SURVEYS: don't leave home without it. As the handset has become a...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Handset and infrastructure vendors--R.W. Baird lowered its estimates on Nortel Networks after the company lowered its guidance. New estimates are a loss of 6 cents...
Palm Inc.'s revenue for the first fiscal quarter just ended was flat and the company lost about $40 million, vastly beyond losses in the year-ago quarter. While Palm said it shipped 1 million smartphones in the last quarter, up nearly 50% from the year-ago...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Carrier--Credit Suisse First Boston lowered its rating on Vodafone Group to neutral from outperform, saying it believes the company is likely to slightly miss its...
Nokia Corp. gave somewhat vague mid-quarter guidance last Friday that sent its stock tumbling more than 9% to a new 52-week low. The Finnish giant, with about 40% global market share, said it sees "weaker consumer confidence in multiple markets," a cryptic remark it...
U.S. Cellular Corp. and parent company Telephone and Data Systems Inc. have their sights set on the Big Apple, stock wise. Both companies announced today intentions to switch their publicly traded shares to the New York Stock Exchange from their current listing on the...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Other--R.W. Baird lowered its estimates on OmniVision Technologies following weak results and guidance. New estimates are $1 rather than $1.44 for 2008 and $1.13 rather...
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Carrier--Credit Suisse First Boston lowered its estimates on Sprint Nextel despite the fact that the carrier made small improvements during the second quarter. The firm...
