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Jul 24, 2013

Facebook shares leap 20 percent as users, mobile ads climb

By Alexei Oreskovic

(Reuters) – Facebook Inc beat Wall Street’s revenue targets as its mobile advertising business gains steam and the Internet company reported a rise in the number of users who visit its online social network every day.

Shares of Facebook jumped 20 percent to $31.81 in afterhours trading on Wednesday.

Jul 24, 2013

Google unveils new Nexus 7 tablet to expand hardware role

SAN FRANCISCO (Reuters) – Google Inc on Wednesday showcased a new-generation, slimmer Nexus 7, which the Internet search company hopes will expand its presence in consumer hardware and ensure that its online services remain front-and-center on mobile devices.

The new Nexus 7, featuring a Qualcomm Inc Snapdragon processor and a higher display resolution, on July 30 will be priced at $229 for a basic version with 16 gigabytes of storage. The original year-old tablet started at $199 for an 8 gigabyte version.

Jul 23, 2013

Third Point to sell most of Yahoo stake, Loeb to quit board

SAN FRANCISCO (Reuters) – Activist hedge fund Third Point LLC reached an agreement to sell two-thirds of its stake in Yahoo Inc back to the company, pocketing a tidy profit and relinquishing three seats on the board of a company trying to effect a tricky turnaround.

Third Point’s decision to sell a chunk of its single largest corporate holding comes as the struggling Internet company’s stock fell over 4 percent on Monday after having surged more than 80 percent during the past 12 months, due largely to aggressive share buybacks and the value of Yahoo’s Asian assets.

Jul 22, 2013

Yahoo to buy back 40 million shares from Third Point

By Alexei Oreskovic

(Reuters) – Activist hedge fund Third Point LLC reached an agreement to sell two-thirds of its stake in Yahoo Inc back to the company for $29.11 per share on Monday, sending shares of the Internet company down nearly 5 percent.

Three Yahoo board directors appointed by Third Point, including Daniel Loeb, the hedge fund’s chief, will resign from Yahoo’s board. Third Point will still own about 20 million shares, less than 2 percent of the Internet media company’s common stock.

Jul 18, 2013

Google quarterly results miss estimates, Motorola weighs

SAN FRANCISCO (Reuters) – Google Inc reported second-quarter results short of Wall Street’s estimates as weakening prices for the Internet company’s ads and widening losses from its Motorola mobile phone business weighed on the bottom line.

Shares of Google, which had risen to all-time highs in recent weeks, were down more than 5 percent at $863 in after- hours trading on Thursday, having earlier closed at $910.68 on the Nasdaq.

Jul 17, 2013

Plunging ad prices underscore doubts over Yahoo turnaround plan

SAN FRANCISCO (Reuters) – Marissa Mayer’s plan to resuscitate Yahoo seems a simple one: get back the eyeballs, sell more ads and charge higher prices. But the chief executive’s plan seems to have run into a major snag.

The price the company charges per ad slid 12 percent in the April to June period, six times the decline just a quarter ago – a fall that some say highlights how Yahoo has been caught unprepared for the industry shift to automated, programmatic ad buying.

Jul 16, 2013

Yahoo trims 2013 sales outlook as CEO Mayer’s effort falters

SAN FRANCISCO, July 16 (Reuters) – Yahoo Inc
trimmed its outlook for 2013 revenue on Tuesday after reporting
ongoing reductions in display advertising sales volume and
prices in the second quarter, signs that CEO Marissa Mayer’s
attempts to revive the struggling Internet giant may not produce
results in a timely fashion.

The company is now forecasting revenue of $4.45 billion to
$4.55 billion this year, down from $4.5 billion to $4.6 billion
previously. Yahoo also reported that second-quarter net revenue
was down slightly at $1.071 billion, though it posted adjusted
profit that was ahead of Wall Street targets.

Jul 12, 2013

Microsoft aims to power mobile effort in major overhaul

SAN FRANCISCO (Reuters) – Microsoft Corp launched its biggest internal overhaul in five years to streamline the development of products from Windows to tablets, hoping to catch nimbler rivals in mobile and cloud computing.

Lack of coordination and infighting have hurt innovation within the $74 billion (48.75 billion pounds) revenue, 98,000-employee organisation, which hopes to accelerate the design of products that appeal to a new generation of users more accustomed to smartphones and tablets than laptops or desktop PCs.

Jul 11, 2013

Ballmer tightens grip on Microsoft with major revamp

SAN FRANCISCO, July 11 (Reuters) – Microsoft Corp’s
sweeping re-organization on Thursday creates a company that,
more than ever, bears the stamp of Chief Executive Steve
Ballmer.

The face of Microsoft since he took the reins from
co-founder Bill Gates in 2000, Ballmer stressed the importance
of improving internal collaboration and eliminating redundancies
when he released the company’s new organizational blueprint.

Jul 11, 2013

Factbox: The faces behind Microsoft’s re-organization

SAN FRANCISCO (Reuters) – The reorganization Microsoft Corp announced on Thursday represents the most sweeping re-structuring of the world’s largest software company since 2008, designed to better align Microsoft’s operations with Chief Executive Steve Ballmer’s stated goal of becoming a “devices and services” company.

Microsoft’s stronghold providing software for PCs is under threat as consumers and corporations increasingly turn to mobile devices, such as smartphones and tablets, and to Web-based software.

    • About Alexei

      "I write about Internet companies including Google, Yahoo and Facebook. I’ve covered technology and business for more than ten years at publications including TheStreet.com, CNET and The Industry Standard magazine."
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