Updated from 11:41 a.m. EDT
Tech stocks moved lower Friday on the heels of an earnings miss at
The Nasdaq 100 was trading down about 17 points to 2035.88, as shares of Google slid 5.2%. The Internet search giant, which typically trounces earnings estimates, posted earnings of $925.1 million, or $2.93 a share, on net revenue of $2.72 billion. Excluding items, the company would have earned $3.56 a share. Analysts polled by Thomson Financial expected earnings of $3.59 a share on revenue of $2.68 billion. Shares closed down $28.47 to $520.12.
fell 5% after the chipmaker posted weaker-than-expected first-quarter earnings and issued weak second-quarter revenue guidance. The company earned $84.3 million, or 28 cents a share, on revenue of $445.9 million. Analysts expected earnings of 29 cents a share on revenue of $452.8 million.
Looking ahead, Xilinx sees second-quarter revenue that will be flat to slightly down on a sequential basis. Analysts, meanwhile, were expecting an increase to $459.1 million. Shares closed down $1.44 to $27.26.
tumbled 12.9% after the processor of electronic payments posted in-line second-quarter earnings but warned that third-quarter earnings would be below forecasts. The company posted adjusted earnings of $2.4 million, or 7 cents a share, on revenue of $22.9 million. Analysts expected earnings of 7 cents a share on revenue of $22.7 million.
Looking ahead, CyberSource sees third-quarter adjusted earnings of 6 cents a share on revenue of $23.8 million. Analysts project earnings of 9 cents a share on revenue of $23.7 million. Shares closed down $1.78 to $12.03.
rose 5.6% after the chipmaker posted in-line second-quarter earnings. For the period ended July 1, the company reported adjusted earnings of $7.4 million, or 3 cents a share, on revenue of $104.7 million. Analysts expected earnings of 3 cents a share on revenue of $107.9 million. "In the second quarter, we experienced improvement in our enterprise storage, fiber to the home, and telecom businesses on a sequential basis," the company said. "We believe the overall business environment is improving as we go into the second half of 2007, and we are executing on our corporate restructuring to improve the Company's operating performance going forward." Shares closed up 45 cents to $8.47.
rose 1.8% after the computer memory product maker posted second-quarter results that blew past estimates. The company posted adjusted earnings of $71.8 million, or 30 cents a share, on revenue of $827 million. Analysts expected earnings of 16 cents a share on revenue of $792.9 million. "Demand for our products in the retail channel recovered nicely in the second quarter, resulting in record megabyte sales," the company said.
Looking ahead, SanDisk said that it looks for an improving memory market. "We expect product gross margins to improve gradually in the second half of the year, driven by more moderate price declines resulting from an expected improvement in the balance between demand and supply, declining manufacturing costs and strength in our income from royalties," SanDisk said. Shares closed up $1 to $56.96.