Tis the season for earnings and there’s a lot to choose from. Let’s start with today’s big news. Facebook had it’s first report since their rather craptastic IPO. The results were less than stunning:
Facebook posted a net loss of $157-million, or 8 cents a share in the second quarter, due to hefty stock compensation charges related to its IPO, compared to net income of $240-million, or 11 cents, in the year-ago quarter.
Excluding the charges, Facebook said it earned 12 cents a share.
In its first report to Wall Street since the IPO, the world’s No.1 social networking company said that revenue in the three months ended June 30 was $1.18-billion, compared to $895-million in the year-ago quarter.
This was enough to send the stock sharply downwards in after hours trading. Not good if you’ve invested in the social networking giant.
Next was Apple earlier this week. The good news is that they beat their guidance and made an obscene amount of money:
The Company posted quarterly revenue of $35.0 billion and quarterly net profit of $8.8 billion, or $9.32 per diluted share. These results compare to revenue of $28.6 billion and net profit of $7.3 billion, or $7.79 per diluted share, in the year-ago quarter. Gross margin was 42.8 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.
Here’s the bad news. The street expected more:
But analysts had expected profits of $9.8 billion, or $10.38 a share, on $37.35 billion in revenues.
After the announcement, Apple’s shares were trading down more than $29 at under $572.
It’s a weird world when you make money and still get punished for it.
Finally, there’s Symantec. First they announced their earnings:
GAAP operating margin for the first quarter of fiscal year 2013 was 16.1 percent compared with 18.3 percent for the same quarter last year. GAAP net income for the fiscal first quarter was $172 million compared with net income of $191 million for the year-ago period. GAAP diluted earnings per share were $0.24 compared with $0.25 for the year ago quarter. Variation in year-over-year GAAP results were as expected due to increases in restructuring costs and IT infrastructure investments.
GAAP deferred revenue as of June 29, 2012, was $3.745 billion compared with $3.689 billion as of July 1, 2011, up 2 percent year-over-year and up 5 percent after adjusting for currency. Cash flow from operating activities for the first quarter of fiscal year 2013 was $340 million compared with $503 million for the year ago period.
Those are solid numbers. But the news doesn’t end there:
Symantec today announced that Enrique Salem, president and chief executive officer (CEO), has stepped down effective immediately and Symantec’s board of directors has appointed Steve Bennett president and chief executive officer, in addition to his continued role as chairman of the board.
Unlike the first two tech companies, this news didn’t affect the stock. That’s great for them.
Expect more releases to come next week.
Surprise! If Your Employer Gave You A Smartphone, You Work More
Posted in Commentary with tags Smartphone on July 30, 2012 by itnerdGood Technology who makes security products and push e-mail services for smartphones did a study that I just tripped over today. The study states that if your employer supplied you with a smartphone, you fully expect to be working more:
In a survey of US working adults sponsored by Good Technology, more than 80 percent of people continue working when they have left the office – for an average of seven extra hours each week – almost another full day of work. That’s a total of close to 30 hours a month or 365 extra hours every year. They’re also using their cell phones to mix work and their personal life in ways never seen before.
Here are the key stats:
Here’s the problem that I see with this trend. First, you’re not being paid for this extra work. Second, there’s no line between work and life. Both of which are problematic. Sure these devices can help you to be more productive, but at the same time there have to be limits. Employers need to set limits to the use of these devices. They cannot expect workers to be available simply because they hand out these devices.
What do you think? Are employers taking advantage of their workforce by giving them smartphones? Do workers have to better manage their work life balance? Does something extreme like changes to the laws that govern labor have to be done? Post a comment and share your thoughts.
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