Facebook, preparing for its eagerly anticipated $5 billion initial public offering, said first-quarter revenue rose 45% from a year earlier to $1.06 billion, but was down 6% from the December quarter.. The social networking giant said its cost of revenue increased $110 million, or 66%, over the same period. Facebook largely attributed the rise in costs to data center expansion and a 66% increase in headcount. Facebook plans to list on the Nasdaq exchange under the symbol "FB."
Texas Instruments (TXN - Get Report), the chipmaker, reported better-than-expected first-quarter profit and revenue and provided an upbeat forecast. "As we expected, our business cycle bottomed in the first quarter, and early signs of growth began to emerge," said Rich Templeton, Texas Instruments' CEO, in a statement. "Orders were up 13 percent, and backlog is growing again. Particularly encouraging is the breadth of increased orders across geographical regions and markets, including the industrial sector." Texas Instruments earned 22 cents a share during the quarter, including a charge of 10 cents a share related to the acquisition of National Semiconductor and restructuring. Analysts were looking for earnings of 29 cents a share.
Apple reports fiscal second-quarter earnings after the market closes Tuesday. Analysts forecast earnings of $10.02 a share on revenue of $36.7 billion. The company has topped the consensus view on a quarterly basis 97% of the time since 2003, according to Birinyi Associates. Investors will be paying close attention to iPhone sales, given recent worries of a slowdown.
Three components of the Dow Jones Industrial Average report earnings before the opening bell Tuesday: 3M (MMM), United Technologies (UTX) and AT&T (T).
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