Google and IBM quarterly results 'disappoint'
Thursday 17 April 2014
Fears that the technology sector is overheating grew last night as Google and IBM posted disappointing quarterly results.
Google shares tumbled after the company’s results missed analyst forecasts during the first three months of the year.
Although profits were $3.45 billion (£2.05 billion), the average “cost per click” was down 9% from a year earlier, raising concerns about future advertising revenues. It was also hit by the discounted sale of Motorola Mobility to Lenovo in the period for $3 billion, having spent $12.5 billion on the smartphone maker in May 2012.
Meanwhile, IBM reported its lowest quarterly revenue in five years, down 4% to $22.5 billion, because of weak hardware sales.
Both results come after investors turned their backs on companies like Amazon and Yahoo! at the start of the week. Stock market listings by firms like King, creator of Candy Crush, have fared badly.
- 1 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 2 Maisie Williams has an excellent message for one confused fan
- 3 There is something wrong but very right about this Bible illustration
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Tampon tax scrapped in Canada after petition convinces conservative government
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Maisie Williams has an excellent message for one confused fan
Archaeologists discover 2,400-year-old gold bongs in Russia
Tampon tax scrapped in Canada after petition convinces conservative government
Migrants in Kos: Photos show real tragedy after British tourists complain of 'awkward' holidays
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...