THE WRAP: Cisco sparks market swoon
August 13, 2010
This week the stock market dived after tech heavy Cisco complained of uncertainty, while spymasters continued to fret about the BlackBerry.
Cisco’s quarterly profit spiked 79% but its missed revenue estimates and uncertain outlook prompted a sell-off across the tech sector.
RIM won a reprieve in Saudi Arabia after reportedly handing over key codes, but was given an ultimatum by Indian security chiefs.
A Google and Verizon agreement on handling web traffic, which excluded mobile networks and possible “additional” services, was greeted with derision by open internet proponents.
HP CEO and chairman Mark Hurd resigned suddenly after admitting to making false expense claims to conceal a relationship with actress Jodie Fisher.
Price competition in emerging markets drove down Bharti Airtel’s profit and helped flatten the bottom line of shareholder SingTel.
Telstra earnings were off 4.7%, including a hefty writedown at Hong Kong cellco CSL, whose revenue shrank 22%. Rival Optus lifted quarterly profit 22% on the back of mobile growth.
Jack Narcotta/Technology Business Research
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