Cisco's Drop, Yahoo!: Morning Tech Bytes
NEW YORK (
) --
Cisco
(CSCO) - Get Report
tanked in premarket trading after its first-quarter earnings report Wednseday.
The network equipment-maker was down more than 17% after a weaker-than-expected outlook took the Street by surprise. Cisco projected second-quarter revenue growth of 3% to 5%, while analysts had estimated a 13% year-over-year increase.
Adjusted profit rose to 42 cents a share from 36 cents a share last year, above analysts' estimates of 40 cents.
First-quarter revenue soared 19% from last year to $10.75 billion, slightly edging analysts' expectations of $10.74 billion.
Yahoo!
(YHOO)
named Wayne Powers head of its North American advertising sales, the company announced Wednesday. Powers is currently president of
Time's
Media Group. Powers replaces Joanne Bradford, who left Yahoo! in May for
Demand Media
.
Shares of Yahoo! fell 1.4% to $16.70 in premarket trading.
Viacom
(VIA) - Get Report
will sell
Harmonix
, the maker of the popular
Rock Band
music video game franchise, the company announced Thursday during its third-quarter earnings call.
Shares of Viacom rose 2.2% to $38.10 in premarket trading.
Research In Motion's
(RIMM)
new BlackBerry Playbook tablet will retail for less than $500, CEO Jim Balsillie told
Bloomberg News
Wednesday.
Apple's
(AAPL) - Get Report
iPad device starts at around $499. RIM is trying to differentiate its device by emphasizing its ability to play Flash, which the iPad cannot.
Shares of RIM declined 0.96% to $57.88.
Hulu
, the popular online video Web site, will generate $240 million in revenue this year, up from just $108 million last year, CEO Jason Kilar announced Wednesday. The service, a joint venture between NBC Universal,
News Corp.
(NWSA) - Get Report
and
Disney
(DIS) - Get Report
has reportedly been weighing several investment options, including an IPO.
--Written by Olivia Oran in New York.
>To follow the writer on Twitter, go to
.
>To submit a news tip, send an email to:
.
