MediaFile

Tech wrap: Cisco beats “low bar”

August 10, 2011

Cisco Systems Inc’s quarterly results edged past Wall Street’s scaled-back expectations as IT spending held up despite fears of a severe pullback, buoying its shares in extended trading. The world’s largest networking equipment maker reported sales of $11.2 billion in the fiscal fourth quarter, surpassing expectations for under $11 billion.

“They beat a low bar. A lot of it is coming from cost cutting, which we anticipated. In that sense it’s a relief,” Joanna Makris of Mizuho Securities USA told Reuters.

Groupon Inc’s plans for an initial public offering have been dented by the stock market slump and new financial disclosures that suggest the daily deal company’s business is slowing in North America, analysts said on Wednesday.

Facebook has begun closing the accounts of California prison inmates after a convicted child molester viewed the pages of his victim from behind bars, authorities and the social networking site said.

Now Reuters.com columnist Mitch Lipka wonders if Facebook can help its 750 million citizens, like Elisa Zuritsky, protect themselves from hackers?

A German court has temporarily barred Samsung Electronics from selling its flagship Galaxy tablet in most of the European Union in a significant victory for market leader Apple Inc.

In other Apple news, media companies are taking different routes in addressing new iTunes subscription rules announced a couple months ago. AllThingsDigital’s Peter Kafka says big print publishers like the New York Times are complying with the new rules and handing over 30 percent of their subscription revenues “in order to reach the 225 million iTunes accounts Apple controls.”

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