Motorola ( MOT) was among the winners in late trading Wednesday after the cell-phone maker beat Wall Street's second-quarter expectations and gave a higher-than-expected third-quarter sales projection.The company earned $1.38 billion, or 54 cents a share, on $10.8 billion in sales in the second quarter. A year earlier, earnings were $933 million, or 37 cents a share, on revenue of $8.4 billion. On an adjusted basis, subtracting about 21 cents a share in one-time gains, Motorola's profit was 33 cents a share. Analysts were looking for an adjusted profit of 31 cents a share on $10.1 billion in sales, according to Thomson First Call. Looking ahead to the third quarter, Motorola expects sales of $11 billion, above the $10.3 billion Wall Street was forecasting. Shares climbed $1.65, or 8.6%, to $20.90. Citrix Systems ( CTXS) plummeted after it posted second-quarter gains, but gave an uninspiring guidance. Citrix, which makes software and other products for network access and security, posted a second-quarter profit of $46.5 million, or 24 cents a share, up from $27.9 million, or 16 cents a share, a year ago. Excluding items, including amortization and stock-options expense, Citrix earned 33 cents a share in the latest quarter, matching analysts' estimate. Second-quarter revenue rose 30% to $275 million, beating Wall Street's estimate by about $9 million. For the third quarter, Citrix expects to earn 33 cents or 34 cents a share, excluding items, on sales of $275 million to $280 million. Analysts had forecast earnings of 34 cents a share on sales of $272.9 million. For the year, Citrix sees earnings of $1.36 to $1.39 a share, excluding items, on sales of $1.11 billion to $1.12 billion. Analysts were looking for earnings of $1.38 a share on sales of $1.1 billion. Shares slumped $3.05, or 8.8%, to $31.72 after hours. MGI Pharma ( MOGN) sank after the biopharmaceutical company swung to a second-quarter loss and missed Wall Street's expectations. The company recorded a loss of $19.4 million, or 25 cents a share, including a $9.9 million impairment charge on the company's equity investment in SuperGen. Excluding items, the company posted a loss of $6.1 million, or 8 cents a share. Wall Street was looking for a profit of 1 cent a share. Revenue totaled $87.2 million, compared with analysts' estimate of $87.7 million. A year ago, MGI had income of $12.7 million, or 17 cents a share, on revenue of $67.2 million a year ago. For 2006, MGI now expects a loss from operations in the range of $15 million to $30 million, excluding items. The company cut its revenue forecast to $330 million to $350 million from an earlier projected range of $370 million to $385 million. Analysts, on average, anticipated $370.4 million in revenue. Shares tumbled $4.17, or 19%, to $17.26 after hours.
Apple Computer ( AAPL) moved higher as its third-quarter earnings sailed past Wall Street's expectations, even though revenue fell short. Apple earned $472 million, or 54 cents a share, up from $320 million, or 37 cents a share, a year ago. The earnings per share beat analysts' forecast by a dime. Sales grew 24% to $4.37 billion, compared with analysts' estimate of $4.4 billion. For the current quarter, Apple expects to earn 46 to 48 cents a share on sales of $4.5 billion to $4.6 billion. Analysts had predicted that Apple would earn 52 cents a share in its fourth quarter on sales of $4.94 billion. Still, shares jumped $4.63, or 8.6%, to $58.78 after hours. Shares of Openwave Systems ( OPWV) dropped after the software products company said it expects fiscal first-quarter 2007 revenue to be flat to modestly below the prior quarter. The news comes just two weeks after Openwave share tanked after the company cut its fourth-quarter revenue forecast. Openwave said July 6 it expects to break even, before items, in the quarter, with sales of $90 million to $92 million. Wall Street was looking for fourth-quarter revenue of $90.9 million and first-quarter revenue of $99.6 million. Openwave will report fourth-quarter results on Aug. 3. Shares fell 94 cents, or 13%, to $6.30 after hours. Yum! Brands ( YUM) said second-quarter earnings rose 8% year over year, but predicted same-store sales will probably grow only 1% in 2006. Previously, the owner of KFC, Pizza Hut and Taco Bell had been planning on 2% to 3% growth. For the second quarter, Yum earned $192 million, an increase of $14 million from the prior year. Earnings per share increased to 68 cents from 59 cents a year ago. The company posted revenue of $2.18 billion, up 1% from $2.15 billion last year. Analysts were calling for a second-quarter profit of 62 cents and a top line of $2.19 billion. For the full year, Yum raised its earnings outlook to at least $2.83 a share from at least $2.81. The new projection matches expectations. The restaurant operator said growth should be robust in its China and international divisions. Shares dipped 51 cents, or 1%, to $48.62 in late trading.