Intel moves higher on Q2 results - UPDATE 1 15.07.2003 22:55 Headlines
SAN FRANCISCO (AFX) -- Tech heavyweight Intel Corp. rose 3 percent and was
the most heavily traded issue after-hours Tuesday as the top chipmaker posted
net income that doubled from the year before.
Intel , the world's largest maker of semiconductor chips, doubled its
second-quarter net income to 14 cents a share and its revenue grew 7.9 percent
to $6.8 billion from the same quarter last year. Looking ahead, revenue could
total $6.9 billion to $7.5 billion during the third quarter, Intel said.
Shares of Intel gained 70 cents, or 2.9 percent, to change hands for $24.80 in
recent dealings. It was the most active stock on Island ECN.
Motorola , the second-biggest mobile phone maker, posted its fourth straight
quarterly profit -- by the barest margin -- but sales weakened again owing to
slack demand in Asia.
For the second quarter, Motorola () said it earned $119 million, or 5 cents a
share, compared with a loss of $2.3 billion, or $1.02, a year ago. Excluding
one-time items, the company reported income of $19 million, or 1 cent a share,
down from $39 million, or 2 cents. That exceeded by one penny the consensus of
analysts surveyed by Thomson First Call. Revenue fell 10 percent to $6.2 billion
from $6.9 billion a year ago.
Looking ahead, Motorola said it does not see much improvement in the second half
of the year. In the third quarter, Motorola expects sales of $6.3 billion to
$6.5 billion and earnings per share of 2 cents to 4 cents, excluding special
items. Wall Street had been expecting per-share earnings of 5 cents.
At last check, Motorola shares had fallen 12 cents, or 1.2 percent, to $9.66.
Lucent Technologies shares tumbled in the after-hours session Tuesday after the
maker of telecom equipment said its quarterly loss would be larger than
expected. The Murray Hill, N.J.-based company said it now expects to post a
third-quarter loss of 6 to 8 cents a share. Wall Street analysts on average
estimated a loss of 5 cents a share, according to Thomson First Call.
Lucent said revenue would be down about 18 percent from the $2.4 billion it made
in its fiscal second quarter. The company said it expects to return to
profitability in fiscal 2004.
Lucent stock fell 8 cents, or 4.2 percent, to $1.84.
The Nasdaq-100 After-Hours Indicator, a barometer of evening trade in techs
hares, was higher by 8.81 points.
RF MicroDevices said had a first-quarter net loss in fiscal 2004 of $8.1
million, or 4 cents a share. A year earlier, it posted net income of $2.3
million, or a penny per share.
Sales rose 27 percent to $131.5 million from $103.9 million the year before.
Shares of RF Micro were down 10 cents, or 1.5 percent, at $6.75.
Seagate , the nation's largest maker of hard disk drives, reported net income of
$160 million, or 33 cents a share, for the fourth quarter. A year ago, the
company lost $198 million or 49 cents a share. Revenue was $1.55 billion vs.
$1.47 billion. Analysts had expected Scotts Valley, Calif.-based Seagate to
report earnings of 31 cents a share after the company upped its own forecasts
late last month.
Seagate shares slipped 5 cents to $20.65 in light trade.
Communications-chip maker Applied Micro Circuits said its first-quarter loss
shrunk 86 percent from a year ago due to a slight improvement in the market for
communications chips. San Diego-based Applied Micro reported a 2004
first-quarter loss of $53.4 million, or 18 cents a share. During the same period
a year ago, the company lost $405 million, or $1.35 a share. Revenue came in at
$20.1 million, down 33 percent from the $30.2 million Applied Micro reported in
its 2003 first quarter.
Shares of Applied Micro fell 0.5 percent, to 3 cents, to $6.63.
Plantronics said after the market closed Tuesday that its fiscal first-quarter
profit rose 10 percent on greater sales of headsets for wireless phones. The
company also said it sees fiscal second-quarter earnings per share of 24 to 27
cents, surrounding the average analyst estimate of 24 cents, and revenue of $92
million to $97 million, which would easily surpass the average forecast of $82.4
million. Plantronics said it earned $11.3 million, or 25 cents a share, compared
with $10.2 million, or 21 cents, in the year-ago period. Analysts polled by
Thomson First Call were looking for a profit of 23 cents in the latest period.
Plantronics shares rose 80 cents, or 3.5 percent, to change hands for $23.50 on
very light volume.
The Dow Jones Industrial Average fell 48.18 points, or 0.5 percent, to close at
9,128.97 while the Nasdaq Composite slipped 1.54 points, or 0.1 percent, to
close at 1,753.28.
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