Tech Stocks Struggling On Earnings (RLD, SNDK, INTU, CHL, AOS, PGI)
RealD (NYSE:RLD) surged up 3.44% to $12.02. The Board of Directors has authorized the buyback shares of up to $50 million. The Company had approximately $30 million in cash and cash equivalents as of April 19, 2012.
SanDisk Corporation (NASDAQ:SNDK) declined 14.16% to $34.74 after the company posted net income of $114.4 million, or 46 cents a share in its first quarter, down from a year ago profit of $224.1 million, or 92 cents a share. On an adjusted basis, earnings stood at 63 cents a share, missing analysts’ estimates by 4 cents.
Revenue during the latest quarter slid 7% year-over-year to $1.21 billion, which matched analysts’ expectations.
The company projects to generate revenue of $950 million to $1.05 billion in the current quarter, well below analysts’ forecast of $1.29 billion estimate.
Intuit Inc (NASDAQ:INTU) moved down 6.40% to $57.0. The Company expects consumer tax revenue growth of around 11%for fiscal year 2012. The Company provides guidance for third quarter and restated EPS to be in the range $2.47-2.51.
China Mobile Ltd (ADR) (NYSE:CHL) soared 1.65% to $56.15 after the Company announced unaudited first quarter results. Net profit was CNY27.8 billion compared to CNY26.86 billion in the prior year period. Operating revenue increased 7.8% to CNY127.4 billion. The increase in profit was due to wider customer base.
A. O. Smith Corporation (NYSE:AOS) climbed up 7.08% to $47.64. The Company posted first quarter net earnings of $23.3 million compared to $24.2 million or $.52 per share in the first quarter of 2011. Sales were $468.6 million compared to $417.4 million in the same period last year. The increase in sales was due to first quarter contributions from Lochinvar that was acquired in August 2011.
Premiere Global Services Inc (NYSE:PGI) jumped up 21.59% to $9.80 after the Company released first quarter results. Revenues increased 8.3% to $126.6 million. EPS from continuing operations was $0.13 compared to EPS from continuing operations of $0.06 in the first quarter of 2011.
The Company expects net revenues from continuing operations will be in the range of $500-$510 million in fiscal year 2012. Non-GAAP diluted EPS from continuing operations will be in the range of $0.72-$0.75 for 2012.
Riverbed Technology, Inc. (NASDAQ:RVBD) posted net income of $7 million, or 4 cents per share, down from a year ago profit of $13 million, or 8 cents per share. On an adjusted basis, the company earned 20 cents a share, matching analysts’ estimates.
Revenue during the quarter came at $183 million, up 12% from a year ago, but missing the Street’s estimates of $186.1 million.
The company projects to earn 21-22 cents a share on revenue of $193 million to $197 million in the current quarter, below analysts’ estimates of 24 cents a share on revenue of $201.9 million.