EBay Losing Ground
EBay Inc. (EBAY), reported Q1 revenue of $677 million or 51 cents a share, on
revenue of $3.7 billion. For the quarter, eBay included 18% year-on-year
increase in PayPal sales to $1.5 billion and the addition of 5 million
registered PayPal accounts with Marketplace revenue climbing 13%, to $2 billion.
Chief Executive John Donahoe said in a conference call that the company added
2.8 million new users to eBay and PayPal via mobile devices such as smartphones
and tablets. “We see accelerating change in the external market, led by mobile,”
Donahoe said. “It’s less about location and more about consumer engagement
anytime, anywhere.” The company said it expects Q2 earnings to come in at 61
cents to 63 cents a share and revenue in a range of $3.8 billion to $3.9
billion, citing weakness in Europe and the United Kingdom. Full-year earnings
forecast of $2.70 to $2.75 a share with revenue between $16 billion and $16.5
billion, excluding certain items. EBay Inc. (EBAY) ended the trading session
down 6% on Thursday.
Microsoft Corp. (MSFT) reported fiscal Q3 revenue of $20.5 billion and profit of
$6.06 billion, or 72 cents a share. Chief Financial Officer Peter Klein has
reportedly announced his departure from the software giant at the end of the
current fiscal year. Microsoft shares were higher by 3% in after hour trading on
Google Inc. (GOOG) announced Q1 net revenue grew by 23% or $9.99 billion in
revenue. Google Q1 net income came in at $3.35 billion or $9.94 per share and
excluding certain items, earned $11.58 a share. Consolidated revenue in Q1 was
reported at $13.97 billion. Google shares were trading 2% higher during after
hour trading session on Thursday.
International Business Machines Corp. (IBM) or 'big blue' reported net income of
$3.03 billion or $2.70 per share for Q1. Revenue fell 5.1% to $23.41 billion or
3% when adjusted for currency fluctuations. Revenue in systems-and-technology
unit of 'big blue' - including its hardware business - fell 17% for its
sixth-straight quarter of declining sales performance. The company said it will
reduce its work force in some areas to meet its per-share earnings target for
this year although, Chief Financial Officer Mark Loughridge said the company
expects to report accounting charges related to those reductions this quarter.
Software revenue eased 0.5%, technology services revenue decreased 4.3% and
business services revenue fell 3.3%. Services backlog increased to $141 billion.
Revenue in the Americas, IBM’s largest market, fell 4% or 3% adjusting for
currency impacts. IBM maintained full-year adjusted EPS target of $16.70 per
share. IBM shares were trading lower by 4% in after hour trading on Thursday.
Gold for June delivery rose $9.80, or 0.7%, to settle at $1,392.50 an ounce on
the Comex division of the New York Mercantile Exchange on Thursday. Price for
gold reached its highest level since last Friday. The recent selloff on the
precious metal has created temptation for many, as gold investors begin testing
Labor Department on Thursday reported new unemployment claims last week rose by
4,000 to 352,000, indicating little change in a soft U.S. labor market. Over the
past month, new claims edged up by 2,750 to 361,250, striking the highest level
in two months. For week ending April 6, continuing claims fell by 35,000 to a
seasonally adjusted 3.07 million.
The Philadelphia Federal Reserve said Thursday, business-conditions index edged
down to 1.3 from 2.0 in March. Phili Fed new orders index fell to negative 1.0
in April from 0.5 in March and index for hiring plans increased to 2.7 from 0.9
The Conference Board on Thursday reported that its leading economic index ticked
down 0.1% in March, following three months of gains. "In addition to headwinds
from government spending cuts, the private sector economy may struggle to
maintain its momentum. The biggest challenge remains weak demand, due to nervous
consumer sentiment and slow income growth," said Ken Goldstein, a Conference
Board economist. Among the 10 indicators tracked by the Conference Board's
index, five made positive contributions in March, led by the interest rate
spread while the largest negative contribution came from consumers'
expectations. The LEI is a weighted gauge of 10 indicators designed to signal
business cycle peaks and troughs.
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April 18, 2013