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Microsoft's Earnings: Weekly Tech Recap

Qualcomm Enjoys Smartphone Boom

Chipmaker Qualcomm (QCOM - Get Report) blew past Street targets on Wednesday, thanks to strong smartphone sales.

"We are very pleased to report record revenues, earnings per share," said Qualcomm CEO Paul Jacobs, in a press release. "Chipset shipments this quarter [were] driven by increased demand for smartphones and data-centric devices across an expanding number of regions and price points," Jacobs continued.

Qualcomm shares ended the week down $1.18, or 2.15%, at $53.72.

Symantec's Turnaround Continues

Security specialist Symantec (SYMC - Get Report) topped Wall Street's third-quarter estimates and offered healthy guidance Wednesday.

"I think that the company is definitely gaining momentum right now," said Enrique Salem, the Symantec CEO, in an interview with TheStreet. "We saw a good spending environment in the December quarter. Growth of information is increasing [and] there were also high-profile attacks like WikiLeaks that are making people aware that they have to protect their information."

Symantec shares, however, ended the week down 45 cents, or 2.53%, at $17.46, mirroring the broader retreat in tech stocks.

Tech's State of the Union

The tech sector featured prominently in Tuesday's state of the Union address with the President stressing the importance of investing in technology and education.

Companies like Google and Facebook are models of American success, he said, emphasizing the key role that technology will take towards creating new jobs in the country.

Nokia's OS Plans

Phone maker Nokia (NOK - Get Report) is expected to announce a new operating system partnership during the company's analyst day Feb. 11. Analysts say Microsoft's Windows Phone 7 or Google's Android software are the likely choices.

Nokia shares ended the week up a penny, or 0.09%, at $10.57.

Tech's Week Ahead

It's another big earnings week for tech next week, with U.K. chipmaker ARM Holdings (ARMH), Chinese search giant Baidu (BIDU), Broadcom (BRCM) and Electronic Arts (ERTS) posting results on Tuesday.

Take-Two Interactive (THQI), Sony (SNE) and Radware (RDWR) are also on deck.

On Wednesday, with Apple, News Corp.'s (NWSA) Rupert Murdoch will announce the first iPad-only newspaper, TheDaily, at a flashy New York City event.

Thursday, Verizon will start taking pre-orders for the new Apple iPhone.

--Written by James Rogers in New York.

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