Webwire: Apple profit grows 125%; Vodafone seeks new India partner
July 20, 2011
Apple posted yet another quarter of record results in its Q3, growing profit 125% to $7.31 billion, on 82% higher revenue of $28.57 billion.
Vodafone is in talks with at least two private equity firms to find a new partner for Indian venture Vodafone Essar, sources say. The company will need to offload at least 1% to comply with foreign ownership laws, and may sell that amount to existing Indian investors and then a larger stake to a new foreign partner.
Chinese search engine Baidu has launched a beta version of its long-anticipated web browser, and has also agreed to pay music labels to offer songs through its music services, settling a long-running piracy dispute.
Twitter CEO Dick Costolo has pledged to keep the site simple even as it expands rapidly, indicating it will not wade in to the feature war between Facebook and Google+.
The US FBI has arrested 16 people from across the nation in connection with hacking crimes including the attack on the PayPal website by hacker collective Anonymous.
The number of Chinese internet users grew to 485 million by end-June, according to government statistics, but this still represents a mere 36% penetration rate.
Hulu will offer potential buyers a guaranteed five-year access to shows developed by the streaming site's current media company owners, including Disney and NBC, sources say. Another source claims Microsoft has dropped out of the Hulu auction.
Yahoo lifted its second-quarter profit 11.3% to $237 million, even as revenue fell to $1.1 billion, with search advertising revenue declining 15%.
Phil Marshall / Tolaga Research
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