Apple's Earnings Bite: Tech Weekly Recap
The Corning, N.Y.-based company, which provides glass for LCD televisions, computer monitors, and other information display applications, reported earnings of 31 cents a share on revenue of $1.9 billion. Analysts were looking for 31 cents in earnings on revenue of $2.02 billion.
Earnings fell 35% year over year while revenue declined 5% during the same time period, largely driven by the 16% drop in sales at the company's display technologies segment over last year's second quarter. LCD glass prices fell moderately from last year as well.
Shares of Corning fell 6.0% during the week to $11.53.
Online retailer Amazon.com(AMZN) reported earnings Thursday, delivering mixed results.
The Seattle-based company reported second-quarter earnings of $7 million, or a penny per share, on revenue of $12.83 billion. Analysts polled by Thomson Reuters were looking for 2 cents a share on revenue of $12.88 billion.
Amazon expects an operating loss for the third quarter. For the quarter ending in September, Amazon is forecasting an operating loss between $50 million and $350 million, on revenue ranging from $12.9 billion to $14.3 billion. Wall Street's current estimate is 14 cents a share in earnings on revenue of $13.99 billion.
Shares of Amazon gained 4.0% during the week to $237.32.
Next week is the beginning of the end of earnings season, especially in technology, with just a few major releases.
Enjoy your weekend everyone.
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-- Written by Chris Ciaccia in New York
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