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Earnings Bonanza: Tech Weekly Recap

NEW YORK ( TheStreet) -- I wish Michael Landon were still alive because there's only one way to describe this week in tech; bonanza, as in earnings bonanza.

Reports from tech heavyweights such as Yahoo! (YHOO - Get Report), IBM (IBM - Get Report), Google (GOOG), Microsoft (MSFT - Get Report) and a host of others, as well a few high-profile IPOs were the talk of tech this week, along with a new CEO in Silicon Valley.

The show started off on Monday, when Yahoo! appointed Google's Marissa Mayer as its new CEO, shocking everyone. Mayer, who was employee no. 20 at the search giant, was in charge of Google's Local efforts, including Location, Maps and Local services.

There was plenty of skepticism surrounding the appointment, as Mayer has never run a public company, much less dealt with the laundry list of issues facing Yahoo!, as it tries to keep itself relevant in a constantly changing tech environment.

Yahoo! released second-quarter earnings a day later, beating Wall Street estimates, as display revenue and search revenue showed modest gains year over year.

The Sunnyvale, Calif.-based Internet giant reported a non-GAAP profit of $190 million, or 27 cents a share, on revenue of $1.081 billion, aided by a 1% rise in display revenue and a 4% rise in search revenue. Analysts polled by Thomson Reuters expected Yahoo! to report earnings of 23 cents a share on $1.095 billion in revenue

Shares of Yahoo! ended the week higher, up 1.11% to close at $15.91.

Intel (INTC) reported a second-quarter earnings beat on Tuesday, but sent a mixed picture for the rest of 2012.

The no.1 chip maker earned 57 cents a share on $13.5 billion in revenue, up from $13.03 billion in the year-ago quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 52 cents a share on $13.56 billion in sales.

Despite the earnings beat, Intel lowered its guidance for fiscal 2012, saying it expects year-over-year revenue to grow between 3% and 5%, down from its prior view of high single-digit growth. For the third-quarter, Intel expects $14.3 billion in revenue, plus or minus $500 million. Analysts surveyed by Thomson Reuters had predicted the chip maker will generate $14.6 billion in revenue.

Even with lowered guidance, Intel shares manged to eke out a 1.07% gain for the week to wind up at $25.52.

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