Updated from 1:35 p.m. EDT with new stock prices
Tech stocks slid Friday as disappointing earnings reports, including one from
(MSFT - Get Report)
, weighed down shares.
(ERIC - Get Report)
surged after the company posted
first-quarter revenue. Net income fell 55% from a year ago to 2.65 billion Swedish kronor ($442 million), while revenue rose 5% from a year ago to 44.2 billion kronor ($7.38 billion). Analysts surveyed by Thomson Financial were looking for sales of $6.97 billion. Ericsson shares were up $2.93, or 13.5%, to $24.63.
Chinese search giant
(BIDU - Get Report)
gained $21.69, or 6.3%, to $363.69 after the company posted better-than-expected first-quarter results and reported strong growth in traffic and online advertising.
Microsoft shed $1.97, or 6.2%, to $29.83 after its third-quarter results and updated forecast Thursday failed to live up to the Street's
. Revenue for its third quarter was flat at $14.45 billion and in line with analysts' expectations of $14.5 billion. Net income fell 11% to $4.39 billion, or 47 cents a share, from $4.93 billion, or 50 cents a share, in the year-ago period. It beat analysts' EPS expectations of 44 cents. For the next fiscal year, the company projected revenue ranging from $66.9 billion to $68 billion and EPS of $2.13 to $2.19. Analysts are expecting revenue of $66.5 billion and EPS of $2.10.
(YHOO - Get Report)
fell 50 cents, or 1.8%, to $26.80 as Microsoft's
for Yahoo to accept its $31-a-share offer neared.
Research In Motion
lost $3.62, or 2.9%, to $120.04 after a report in Fortune.com that said the company's upcoming iPhone killer device has been delayed by two to three months. Mike Abramsky, an analyst at RBC Capital agreed that the launch of RIM's HSDPA/3G 9000 series handset may be pushed to July/August instead of the generally expected May announcement. Reasons for the delay include concerns about battery life, voice quality, and other issues, he said in a research note.