NEW YORK ( TheStreet) -- The 3.6 earthquake that hit Washington D.C. Friday morning wasn't enough to shake the impact of Apple's ( AAPL) own product spill, which culminated later in the day with an iPhone 4 press conference.Steve Jobs and Co. admitted that "we're human," yet left a lot of questions unanswered as they discussed a "fix" to the iPhone 4 antenna problems. Unhappy iPhone users will receive free cases or a full refund, but investors won't get an apology. "To investors, you know, you invest in the company we are, so if the stock goes down $5 ... I don't think I owe them an apology," Jobs said during the conference.
We still don't know when Intel ( INTC) will find its way inside smartphones, but the company followed through with its eight-year run of reporting above-consensus second quarter results. In fact, Intel saw its best quarter ever, reporting revenue of $10.8 billion, up from $8 billion during the same period last year and above analysts' estimates of $10.25 billion. Intel's beat bolstered most of tech for the week, although chief chip rival AMD ( AMD), which posted a narrower loss over last year, saw shares fall Friday 0.5% to close at $7.37. Notes from Wall Street analysts Friday took a cautionary tone toward the company, which is dealing with production delays of its new Fusion graphics processor. Intel stock closed down about 50 cents on Friday at $21.02.
Less dazzling than Intel's earnings performance was Google's ( GOOG). Faced with lower ad volume due to weak business in Europe, Google posted earnings of $6.45 a share, up from the $5.36 a share level a year ago but below the $6.52 profit analysts were looking for. The company continues to dominate the ad search business and its Android-powered smartphones have given Google new advertising revenue streams, but investors are waiting for the search giant's next big thing.
Tech's week ahead On Monday, watch for our report of bellwether IBM's ( IBM) second-quarter results, which hit after market close. Wall Street expects strong numbers from the tech giant, and investors will be watching to see whether the company continues its recent software momentum. IBM, which recently strengthend its long-term guidance, expects to generate 49% of its profit from software by 2015, up from 42% last year. Analysts surveyed by Thomson Reuters expect IBM to bring in second-quarter revenue of $24.17 billion and earnings of $2.58 a share, compared to $23.3 billion and earnings of $2.32 a share in the prior year's quarter. Dial up TheStreet on Tuesday, which will be packed with Apple coverage. Our tech team will live-blog Apple's quarterly earnings, which are set to fly around market close. The iPhone 4 maker has likely said all it has to say about the phone's recent antenna problem, but expect analysts to try and wheedle out as much information as they can. --Written by James Rogers in New York Follow James Rogers on Twitter and get more stock ideas and investing advice on our sister site, Stockpickr.com.