Financial News

  • Alcatel-Lucent Posts First-Quarter Loss

    Alcatel-Lucent Posts First-Quarter Loss

    Alcatel-Lucent, a telecommunications equipment maker, announced today that it posted its fifth straight quarterly loss. The company lost 181 million euros ($282 million) compared to a loss of 8 million euros a year earlier, when profits were boosted by the sale of businesses to Thales SA. Revenues were down 3.86 billion euros ($6.02 billion) compared with 3.88 billion euros from last year. Read More

  • Motorola First-Quarter Sales down 21%

    Motorola First-Quarter Sales down 21%

    Motorola, the company that manufactured the first commercially available cell phone, saw its overall sales drop 21% in this year’s first-quarter. Sales dropped to $7.45 billion from last year’s first-quarter sales number of $9.43 billion. Motorola’s cellphone division dropped 39% compared to the sales numbers from first-quarter 2007. The mobile phone division lost $418 million… Read More

  • Samsung Electronics Posts First-Quarter Profits of 37%

    Samsung Electronics Posts First-Quarter Profits of 37%

    Samsung Electronics announced today that its net profit was up 37% in the first-quarter of this year. Much of the increase came from sales of cell phones in emerging markets. Samsung earned 2.19 trillion won ($2.2 billion) in the three months that ended on March 31. Sales rose 19% to 17.11 trillion won ($17.19 billion). Samsung said that mobile sales “achieved similar volume” to last… Read More

  • NextWave to Sell Spectrum Holdings

    NextWave to Sell Spectrum Holdings

    NextWave Wireless is planning to sell its holdings of U.S. airwaves. It is estimated that the licenses held by NextWave are worth billions of dollars. The money raised from the sales will be used by NextWave to pay off debt and invest in the company’s products. NextWave makes telecommunications equipment. Among other things, it makes chips for WiMax, a next-generation wireless standard being… Read More

  • AT&T to Cut Wireline Jobs but add Wireless Jobs

    AT&T to Cut Wireline Jobs but add Wireless Jobs

    The largest telecommunications company in the United States announced today that it will cut 4,600 jobs to facilitate a shift to growing sectors of its business. Most of the layoffs will be among managers in the wireline operation, which includes local phone service and service for large corporate customers. Jobs in finance will also be cut. ”Even with the reductions announced today, we… Read More

  • Nokia Profits up 25% in First-Quarter

    Nokia Profits up 25% in First-Quarter

    Nokia posted a $1.9 billion profit in the first-quarter of this year, up 25% from last year’s $1.6 billon first-quarter. Revenue grew 28% to $20 billion from $15.6 billion a year earlier. Nokia saw strong growth in Asia, the Middle East and Africa. Despite nearly $2 billion in profits, Nokia stock dropped 13.5% by the end of trading on Thursday. Analysts had predicted a 42% rise in profit… Read More

  • South Korea’s LG Electronics has Record 1st Quarter Sales

    South Korea’s LG Electronics has Record 1st Quarter Sales

    The world’s fifth largest mobile phone manufacturer had a record first-quarter this year. LG Electronics sold 24.4 million mobile phones in the quarter ending in March of 2008. The sales helped the company earn a profit of 422 billion won ($427 million). In last year’s first-quarter, LG Electronics lost 123 billion won. LG sales were led by the high-end Viewty, Voyager and Venus… Read More

  • Troubled Motorola to name David Dorman as Chairman

    Troubled Motorola to name David Dorman as Chairman

    Motorola, a company that helped bring the cell phone to fruition, has been struggling lately. To recapture world market share, Motorola will name former AT&T chief executive David Dorman to the position of chairman next month. Dorman will be named to his new position on May 5 of this year, after Ed Zander retires at the company’s annual meeting. Dorman will have plenty of work to do. Read More

  • Nokia to Close Plant in Bochum Germany

    Nokia to Close Plant in Bochum Germany

    When Nokia announced in January that it planned to close its manufacturing plant in Bochum Germany, many union leaders and politicians were upset with the world’s largest mobile phone maker. To make the closing easier on workers, Nokia will spend $314 million and set up a transfer company that it will help staff for one year. The agreement means the plant can close on June 30 of this year. Read More

  • Developing Continents Help Soften Mobile Sales Slowdown

    Developing Continents Help Soften Mobile Sales Slowdown

    As the mobile phone market in Europe and North America slows down the slack is being picked up by Africa and Asia. Handset manufactures sold 238 million phones in the first quarter of this year, up 10% from a year ago, but down 15% from 2007’s fourth quarter. Fourth Quarter sales are usually up because of Christmas sales. Texas Instruments, a large chip maker for the mobile industry, warned… Read More

 
  • $18 Million Raised by Thumbplay

    $18 Million Raised by Thumbplay

    Thumbplay, a mobile entertainment company, announced today that it has raised $18 million in new capital. Thumbplay will use the seed money to expand its direct-to- consumer product offerings, in addition to further developing the tools it provides content owners, creators, publishers and brand marketers. The company plans to accelerate its strategic growth plans and to expand internationally in… Read More

  • T-Mobile USA Posts Strong Fourth-Quarter Numbers

    T-Mobile USA Posts Strong Fourth-Quarter Numbers

    T-Mobile USA reported good numbers for the fourth-quarter of 2007. The company added 951,000 new customers and generated $4.4 billion in revenue. These numbers are up from 2006’s fourth-quarter, when T-Mobil USA added 901,000 customers and had $3.81 billion in revenue. By the end of 2007, T-Mobile was the fourth largest cell phone service provider in the United States with 28.7 million… Read More

  • Nortel Networks Sees Tuff Times

    Nortel Networks Sees Tuff Times

    Nortel Networks, a telecommunications equipment maker, lost $957 million last year and announced another reorganization. To stop the bleeding, the company will cut 2,100 jobs and move another 1,000 jobs from North America to low-wage countries. News of the staff reduction sent shares down 13% to $9.93 a share in New York trading. Several analysts are questioning Nortel’s reliance on a fading… Read More

  • Texas Instruments to Expand OMAP Chip Line Beyond Phones

    Texas Instruments to Expand OMAP Chip Line Beyond Phones

    Texas Instruments announced today that it will add new chip applications beyond the mobile phone market. The new chips will be used in everything from music players to medical equipment. The company, which faces stiff completion from Qualcomm in the wireless arena, will expand its OMAP product line. OMAP is currently used to support gaming and video in cell phones. “We’re basically… Read More

  • Qwest Promises to Offer Better Services

    Qwest Promises to Offer Better Services

    Qwest Communications International announced today that it plans to deepen partnerships to offer better video, Internet and wireless services. The company plans on spending around $1.8 billion for capital improvements. Qwest forecast that revenue for 2008 will be flat or down slightly as improvements are made. Recent quarterly profits have been up, thanks to a tax benefit and an increase in… Read More

  • BlackBerry Subscriptions Underestimated in Fourth-Quarter

    BlackBerry Subscriptions Underestimated in Fourth-Quarter

    Research in Motion, the BlackBerry manufacturer, announced today that it underestimated last year’s fourth-quarter subscription additions by 15 to 20 percent. Last December the company said net subscriber account additions would total 1.82 million, but a more accurate count shows 2.09 million to 2.18 million new subscriptions. Research in Motion credits the increase to the popularity of… Read More

  • The Wall Street Journal’s Digital Network goes Mobile

    The Wall Street Journal’s Digital Network goes Mobile

    The Wall Street Journal Digital Network announced today a free, downloadable application for Windows Mobile phones that provides users access to WSJ.com, MarketWatch.com and Barrons.com. The service was developed with help from Action Engine Corporation, a mobile application platform provider. While on-the-go, users will be able to read financial news, mange their personal stock portfolio, track… Read More

  • Motorola may Restructure or Dump Mobile Phone Division

    Motorola may Restructure or Dump Mobile Phone Division

    After the New York stock market closed yesterday, Motorola announced that it is considering ways to deal with its ailing mobile phone division. Some have speculated this means selling or spinning-off the division, but the statement’s language leaves open other possibilities. Motorola said it would consider separating the handset division from the company and that it is looking at ways to… Read More

  • North Korea to build new Mobile Network for the Masses

    North Korea to build new Mobile Network for the Masses

    Stalinist North Korea has contracted with the Egyptian company Orascom Telecom to provide mobile phone service in the communist country. North Korea began mobile service in November 2002 but within 18 months banned the service for ordinary citizens and recalled handsets. It is believed the network is still available for government officials. The deal will give Orascom Telecom a 25-year lease… Read More

  • Comstar to Build WiMax Network in Armenia

    Comstar to Build WiMax Network in Armenia

    Comstar UTS, a Russian land-line operator, announced today that it has started building a mobile broadband network using WiMax technology in Armenia. Comstar will buy base station equipment from Airspan Networks. “We intend to launch the network this year and, therefore, become the first and the largest wireless broadband Internet operator in Armenia,” Comstar’s president, Sergei… Read More