NEW YORK (
, fell 0.5% in pre-market trading Tuesday after the carrier
Verizon posted an adjusted profit of 54 cents a share, while analysts had expected 55 cents a share. Sales for the fourth quarter were $26.4 billion, 2% below the $27.1 billion mark in the year-ago period. Analysts had expected revenue of $26.48 billion.
Ericsson generated profit of 4.32 billion kronor ($658.4 million) vs. 314 million kronor a year earlier. Revenue rose to 62.78 billion kronor from 58.3 billion kronor a year earlier, due largely to stronger mobile broadband sales and investments in 2G expansions in China.
Chinese Internet giant
announced it is launching a $760 million fund to invest in online, social and mobile gaming companies. Tencent will invest in companies within the next two to three years, it said.
is on track to generate $150 million in advertising revenue this year, up from $45 million in 2010, according to research firm
. The company has 200 million users and a valuation of $3.7 billion.
said Monday it had grown to 6 million users and saw more than 380 million check-ins during 2010. The location-based app's largest event by check-in was the Rally to Restore Sanity in D.C.
--Written by Olivia Oran in New York.
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