Updated from 7:26 p.m. ET Tuesday
led the after-hours charge on Tuesday as it
checked in with first-quarter earnings that beat Wall Street's expectations by a penny a share. The chipmaking giant said it earned 16 cents a share, excluding acquisition costs. Analysts had expected earnings of 15 cents a share, according to
Thomson Financial/First Call
The company also said that its microprocessor business may have bottomed and is now experiencing "normal seasonal patterns." More specifically, after falling 23% in the first quarter, Intel sees revenue declining at a slower pace in the second quarter and possibly even growing.
The 16 cents a share figure Intel posted is down more than 50% from the 38 cents a share it booked in the fourth quarter and the 36 cents a share it earned during the year-ago quarter. Intel said it expects second-quarter revenue to come in between $6.2 billion and $6.8 billion, still in the range of analysts' $6.76 billion projection. Intel also stuck by its commitment to spend $7.5 billion on equipment in 2001.
Earnings/revenue reports and previews
Airline earnings will crowd the atmosphere Wednesday, with
all set to give their latest financial reports.
beat analysts' estimates for the first quarter, but took a major charge to write down some of its investments.
In the quarter, the media and entertainment conglomerate reported cash earnings per share of 23 cents, up from the 19 cents a share pro forma figure of a year earlier and ahead of the consensus of 20 cents. Revenue for the quarter was $9.1 billion, up from $8.3 billion a year ago.
But it hasn't been all fun and games since the close on Tuesday as
warned Wednesday morning that its second-quarter earnings would fall below estimates and said it expects to cut up to 3,000 jobs.
posted earnings that were in line with analyst estimates at 5 cents per share.
J.P. Morgan Chase
reported earnings that were 4 cents a share ahead of analyst estimates, with results that hit 70 cents a share. Still, profits are lower than the year-ago period because of the market and general economic troubles.
Level 3 Communications
said it lowered its revenue guidance for coming quarters.
said it earned 33 cents a share in the first quarter excluding certain items, topping analysts' expectations by two cents.
The big pharmaceutical company also said revenue climbed about 7% to $7.65 billion from $7.16 billion. Revenue was cut by $229 million by foreign exchange issues and by $103 million by the market withdrawal of the drug Rezulin, the company said.
After Tuesday's Close
did not warn of disappointing earnings in the past few months, and as such was one of a select few companies. Today it lived up to its promise and met earnings expectations of 2 cents per share. Additionally, it reported revenue figures that were four times higher than those of the same period last year, but predicted that revenue would fall slightly in the next quarter.
The company also announced a stock option exchange program, where employees can trade in their old options for two new options at a presumably lower price. The stock has fallen nearly 85% from its highs.
came out with EPS figures showing a 16-cent loss, well below the First Call consensus expectations of a 13-cent loss.
, a producer of optical-networking equipment, posted losses of 7 cents per share for the first quarter of 2001, slightly better than the 8-cent loss that had been expected. The truly positive news came in the additional prediction of $50 million to $60 million in revenue next quarter, with an increase to $60 million to $70 million in the third. ONI posted revenue slightly above $45 million for the first quarter reported today. Additionally, the company said it expects to increase its number of customers to between 28 and 30 by year-end.
, an Old Economy mail metering company, posted better-than-expected gains in after-hours trading Tuesday. Citing last quarter's EPS of 53 cents vs. the consensus expectations of 52 cents, the company also gave guidance for slightly higher earnings in the next quarter.
posted earnings of 22 cents per share for its fiscal fourth quarter, beating previously lowered estimates of 21 cents. This is above the previous year's same-quarter earnings of 18 cents per share.
met estimates of 2 cents per share in its after-hours report today. Still, company profits fell from the previous quarter to the first quarter reported Tuesday.
beat last quarters' First Call estimates of 16 cents per share earnings, by posting an EPS of 18 cents Tuesday. Additionally the company announced that it was planning on cutting approximately 6% of its workforce, or 2,500 jobs in the near future. Both
Credit Suisse First Boston
cut their earnings estimates on Texas Instruments on Wednesday morning.
, long a tech darling, is attempting a comeback. The company posted earnings of 21 cents a share, a penny above consensus estimates. While these first-quarter results were at the high end of expectations, the company did shift its outlook and dropped the lower end of its growth expectations for the full year to 35% to 50%. CSFB cut its 12-month price target on Veritas.
Savings and loan institution
stomped all over previous analyst earnings estimates by posting EPS for the last quarter totaling $1.15 per share, while the consensus was well lower, at $1.02 per share. Just to rub it in all the other fumbling companies' faces, they also announced a 3-for-2 stock split and a rise in their cash dividend.
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After Tuesday's Close
announced amidst the craziness of the after-hours earnings turmoil that its next-generation 737-900 airplane was certified by the
Federal Aviation Administration
, and expects to earn similar approval from Europe's
Joint Aviation Authorities
by April 20.
, a young adult online network, announced late today that it was going to cut its workforce by 33%, a total of 55 employees. The company had already laid off 20% of its workforce back in January.
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